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The Fund has also adopted certain non","page_number":28,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"325dcb3d-3afa-4958-a015-fa5ce21e9d0e","block_type":"box","text":"fundamental investment restrictions, which may be changed by the Board of Trustees without shareholder approval.","page_number":28,"box":{"x":68,"y":60,"width":824,"height":11}},{"id":"0fde0759-12f5-4e36-8249-c8dd1c5f9513","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":28,"box":{"x":102,"y":82,"width":463,"height":12}},{"id":"ad4ed7c6-7363-4ef8-85e8-b8e2a9bb009a","block_type":"box","text":"1. 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A guarantee of a security shall not be deemed to be a security issued by the guarantors","page_number":28,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"69275541-0c73-422e-a7a5-6112d69c9571","block_type":"box","text":"when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund, does not exceed","page_number":28,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"90835225-66df-49fa-8bd5-f23ff5db9665","block_type":"box","text":"10% of the value of the Fund’s total assets.","page_number":28,"box":{"x":70,"y":226,"width":310,"height":9}},{"id":"58f044b6-0082-4e6a-af51-70b756b12738","block_type":"box","text":"2. 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Write or sell put options, call options, straddles, spreads, or any combination thereof, except for transactions","page_number":28,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"7806d1d4-e924-4fbf-8802-fc734abba028","block_type":"box","text":"in options on securities and securities indices, futures contracts and options on futures contracts.","page_number":28,"box":{"x":70,"y":680,"width":699,"height":11}},{"id":"58fa8beb-71ca-431b-a8a6-914328ddc753","block_type":"box","text":"8. Purchase securities of companies for the purpose of exercising control.","page_number":28,"box":{"x":101,"y":702,"width":527,"height":12}},{"id":"1f460da2-f763-42be-b9ef-25413c7aefa3","block_type":"box","text":"9. Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development programs,","page_number":28,"box":{"x":102,"y":725,"width":782,"height":11}},{"id":"345309df-0ccb-4dad-a7fc-3306abb428c5","block_type":"box","text":"except that the Fund may, to the extent appropriate to its investment policies, purchase securities of companies","page_number":28,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"c7ff1ca8-18a1-4e0a-af29-ceda1679ab30","block_type":"box","text":"engaging in whole or in part in such activities and may enter into futures contracts and related options.","page_number":28,"box":{"x":69,"y":755,"width":734,"height":11}},{"id":"07085cec-7176-417b-ac49-1f8329539247","block_type":"box","text":"10. Make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":28,"box":{"x":102,"y":778,"width":755,"height":11}},{"id":"d9766e2e-a9ce-4dfc-acd6-9cac6156ba66","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend portfolio securities. See","page_number":28,"box":{"x":69,"y":793,"width":763,"height":11}},{"id":"b43615b7-8224-42fd-afbe-ec8a24fd22c6","block_type":"box","text":"“Securities Lending” in Part II of this SAI.","page_number":28,"box":{"x":70,"y":808,"width":292,"height":11}},{"id":"a487ade9-7c7e-4ea4-9b4d-19e08a14fdc8","block_type":"box","text":"11. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment policies,","page_number":28,"box":{"x":102,"y":831,"width":798,"height":11}},{"id":"417e51bb-b1b7-4c6d-9218-6e31029ff424","block_type":"box","text":"purchase securities of companies engaging in whole or in part in such activities, may engage in currency transactions","page_number":28,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"0f78a212-163b-49a5-9090-380e7ada951d","block_type":"box","text":"and may enter into futures contracts and related options.","page_number":28,"box":{"x":69,"y":861,"width":406,"height":11}},{"id":"d5408822-07c2-45f7-a75c-c09874bfd148","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":884,"width":494,"height":11}},{"id":"0e52418c-8fe9-4e82-a884-5cd1792c0134","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"976068c8-166e-4f5e-84fb-3491031b74a7","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf649853-835f-431c-9d8c-cb295ca0a0cf","block_type":"box","text":"The following notations are not considered part of the Fund’s fundamental investment restrictions and are","page_number":29,"box":{"x":101,"y":45,"width":757,"height":11}},{"id":"49b28441-3cce-464a-80df-6a9329c1dc92","block_type":"box","text":"subject to change without shareholder approval.","page_number":29,"box":{"x":69,"y":60,"width":341,"height":11}},{"id":"1ef08e6d-d1a1-4113-bfac-3b394a99d662","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities in fundamental restriction no. 3","page_number":29,"box":{"x":101,"y":82,"width":760,"height":12}},{"id":"8e7b7c27-9a64-4b96-a549-c19516a457d2","block_type":"box","text":"above, the Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from","page_number":29,"box":{"x":69,"y":98,"width":837,"height":11}},{"id":"0eb135d4-b818-4d39-85ab-17889d16db85","block_type":"box","text":"issuing senior securities (other than certain temporary borrowings) unless immediately after the issuance the Fund","page_number":29,"box":{"x":70,"y":113,"width":818,"height":11}},{"id":"2cc35694-8f15-41ec-b417-08d3c8047391","block_type":"box","text":"has satisfied an asset coverage requirement with respect to senior securities representing indebtedness prescribed","page_number":29,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"f4149c9e-5644-466e-9893-975c4072f0ec","block_type":"box","text":"by the Investment Company Act. Certain trading practices and investments, such as derivatives transactions, may be","page_number":29,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"7b42a062-31cd-4521-8fc4-21b7bc89ea4b","block_type":"box","text":"treated as senior securities. Prior to the adoption and implementation of Rule 18f-4 under the Investment Company","page_number":29,"box":{"x":68,"y":158,"width":824,"height":11}},{"id":"7d54e159-8911-4d9c-b556-e0e9df01fcc0","block_type":"box","text":"Act, when the Fund/Portfolio engaged in a derivatives transaction that creates future payment obligations, consistent","page_number":29,"box":{"x":68,"y":173,"width":837,"height":11}},{"id":"97e526dd-8e5d-40a0-bf2b-cc9224e3646d","block_type":"box","text":"with SEC staff guidance and interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter","page_number":29,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"b1ca4e3c-9b86-406b-b558-33c99c29f0fd","block_type":"box","text":"into an offsetting position, in an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the","page_number":29,"box":{"x":70,"y":203,"width":805,"height":12}},{"id":"e5ca912c-6f39-41e1-82be-a0e685f684d0","block_type":"box","text":"transaction, instead of meeting the asset coverage requirement with respect to senior securities prescribed by the","page_number":29,"box":{"x":68,"y":218,"width":817,"height":12}},{"id":"9c60bf34-645c-4833-bec3-2598c16f2841","block_type":"box","text":"Investment Company Act. The SEC staff guidance and interpretations were rescinded in connection with the adoption","page_number":29,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"3573cf8c-1b55-4c01-b8ba-3b279f43b95d","block_type":"box","text":"of Rule 18f-4, and the Fund now complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the","page_number":29,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"8a9fefa0-994a-4d60-97b2-39faa13383aa","block_type":"box","text":"fundamental policy relating to issuing senior securities above will not restrict the Fund from entering into derivatives","page_number":29,"box":{"x":68,"y":264,"width":826,"height":11}},{"id":"92531650-ea55-490d-86b3-9b4bd0508974","block_type":"box","text":"transactions that are treated as senior securities so long as the Fund complies with Rule 18f-4 with respect to such","page_number":29,"box":{"x":68,"y":279,"width":827,"height":11}},{"id":"814b9415-c832-4e8d-8124-82f8d4872ea6","block_type":"box","text":"derivatives transactions.","page_number":29,"box":{"x":69,"y":294,"width":172,"height":9}},{"id":"16b35ea9-9965-419f-9e06-96ee68698ce4","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":29,"box":{"x":101,"y":317,"width":793,"height":11}},{"id":"ce0871c1-0d57-4f39-8378-00f90d50500b","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 7, 9 and 11","page_number":29,"box":{"x":68,"y":332,"width":796,"height":11}},{"id":"860dcbbf-7647-491b-9435-f33bdf8d2e56","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable law.","page_number":29,"box":{"x":69,"y":347,"width":752,"height":11}},{"id":"93963e38-d4e5-4518-b80a-98d87fbc4281","block_type":"box","text":"Accordingly, fundamental investment restriction no. 7, which does not restrict transactions in options on securities","page_number":29,"box":{"x":68,"y":362,"width":817,"height":11}},{"id":"8afd4e4d-306a-4b6a-a747-975783866237","block_type":"box","text":"and securities indices, and fundamental restrictions no. 9 and 11 are being interpreted to permit the Fund to engage","page_number":29,"box":{"x":69,"y":377,"width":834,"height":12}},{"id":"38ebc070-6a99-4c6e-8a9a-89c34478e34f","block_type":"box","text":"in transactions in swaps and options on swaps, as applicable, related to financial instruments, such as securities,","page_number":29,"box":{"x":70,"y":392,"width":815,"height":11}},{"id":"6382005f-194b-4928-b79e-073aebdcdf6a","block_type":"box","text":"securities indices and currencies, but not to engage in transactions in swaps or options on swaps related to physical","page_number":29,"box":{"x":69,"y":408,"width":833,"height":11}},{"id":"3242253c-efe7-4301-b194-37f3a62132b1","block_type":"box","text":"commodities, such as oil or metals.","page_number":29,"box":{"x":69,"y":423,"width":254,"height":10}},{"id":"667bca38-7be1-4d1f-bfb2-5a76915e7fa2","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":29,"box":{"x":102,"y":445,"width":764,"height":12}},{"id":"99fe055e-0d09-4dde-afdb-8dc7ae4dc3d3","block_type":"box","text":"shareholder approval, the Fund may not:","page_number":29,"box":{"x":69,"y":461,"width":286,"height":11}},{"id":"28adfc8c-d61f-450b-85d9-55842a7d3aad","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":483,"width":742,"height":11}},{"id":"a2d9121b-67db-417d-b8d5-421f88baa10a","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":498,"width":759,"height":11}},{"id":"98703190-90ae-44c4-8471-a2fc7505a76e","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":513,"width":829,"height":12}},{"id":"a719b554-0b6c-4bb9-a87b-c72db65645a2","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":528,"width":808,"height":12}},{"id":"4eb319b0-8f51-47d1-9c08-e4966bb24336","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":543,"width":763,"height":12}},{"id":"4667f35a-f941-4799-9e81-1494671b752b","block_type":"box","text":"b. Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"1d598495-f50f-4bc0-b456-e6f888a3ffc1","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":29,"box":{"x":69,"y":581,"width":741,"height":11}},{"id":"3736d69b-84ad-4865-b068-89e86c59775a","block_type":"box","text":"Unless otherwise indicated, all limitations apply only at the time that a transaction is undertaken. Any change in","page_number":29,"box":{"x":102,"y":604,"width":799,"height":11}},{"id":"074b6b2f-7b9e-48cc-b84c-2b18718a48be","block_type":"box","text":"the percentage of the Fund’s assets invested in certain securities or other instruments resulting from market","page_number":29,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"cf9faa38-cb74-4268-a98a-eef95f310cc4","block_type":"box","text":"fluctuations or other changes in the Fund’s total assets will not require the Fund to dispose of an investment until the","page_number":29,"box":{"x":68,"y":634,"width":841,"height":12}},{"id":"44de7316-9220-49ca-acb0-4edd488c8b94","block_type":"box","text":"adviser or sub-adviser determines that it is practicable to sell or close out the investment without undue market or","page_number":29,"box":{"x":69,"y":650,"width":816,"height":10}},{"id":"8a20d022-7de3-409d-bb86-de882a4773cb","block_type":"box","text":"tax consequences.","page_number":29,"box":{"x":68,"y":665,"width":133,"height":10}},{"id":"a6e45aa8-2ddb-4a6f-907e-f69b98d79049","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":695,"width":290,"height":9}},{"id":"218a3752-2755-4a5c-bfc8-754876f837be","block_type":"box","text":"The Board of Trustees (the “Board”) of the Fund consists of ten individuals (each a “Trustee”), eight of whom are","page_number":29,"box":{"x":101,"y":717,"width":807,"height":12}},{"id":"b5bf5757-9d58-49d7-864b-49adc8edfdf1","block_type":"box","text":"not “interested persons” of the Trust as defined in the Investment Company Act (the “Independent Trustees”). The","page_number":29,"box":{"x":69,"y":732,"width":818,"height":12}},{"id":"1bf9003c-d403-4a3e-a9c7-1391db2192f9","block_type":"box","text":"registered investment companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are","page_number":29,"box":{"x":69,"y":748,"width":785,"height":11}},{"id":"c7f29244-479c-4be3-a775-e6f7b6d3b47b","block_type":"box","text":"organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex","page_number":29,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"5fda9694-5a68-40e1-8f2c-cd11708105c1","block_type":"box","text":"(each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to as the","page_number":29,"box":{"x":69,"y":778,"width":776,"height":11}},{"id":"d2d181ff-8485-4eb5-9ee7-81e2a516a08e","block_type":"box","text":"BlackRock Fixed-Income Complex. The Trustees also oversee as board members the operations of the other open-end","page_number":29,"box":{"x":70,"y":793,"width":838,"height":11}},{"id":"3dd7787a-ca04-48d4-babf-311fae416900","block_type":"box","text":"and closed-end registered investment companies included in the BlackRock Fixed-Income Complex.","page_number":29,"box":{"x":69,"y":808,"width":704,"height":11}},{"id":"da990a93-e77b-4f12-b66e-d12810620588","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board and the","page_number":29,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"a440e752-0126-4595-9647-c1d55f8946d7","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":29,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"00da5674-0a33-421d-87f5-47eaf28e1049","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":29,"box":{"x":69,"y":861,"width":781,"height":11}},{"id":"9ded6301-6167-4ca1-bf43-3ded94e4c1b1","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":29,"box":{"x":69,"y":876,"width":750,"height":11}},{"id":"e9aa4dfc-c399-47a6-84ed-8eb862e4f911","block_type":"box","text":"Performance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":29,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"276f78d8-e510-4905-b05b-fd674b24f8a3","block_type":"box","text":"Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers,","page_number":29,"box":{"x":69,"y":906,"width":836,"height":12}},{"id":"67504e64-a123-48cf-9267-7bfdd63eb22b","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"954cf5e1-f29d-42b1-985a-04bb68904067","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd529fd3-c16c-4e89-9c1e-2af1ddb25bdb","block_type":"box","text":"attorneys, and other Trustees between meetings. The Chair of each Committee performs a similar role with respect","page_number":30,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"d863f4fe-84fa-4465-ae60-e46d7127488a","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also perform such other functions as may be","page_number":30,"box":{"x":68,"y":60,"width":770,"height":11}},{"id":"b5175c89-27d5-4551-b957-e94e0102df20","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":"a4852e0a-174e-4609-b5e9-38d56e5ddfc1","block_type":"box","text":"presence of the Fund’s management, in executive sessions or with other service providers to the Fund. The Board","page_number":30,"box":{"x":70,"y":90,"width":812,"height":11}},{"id":"ba8c9508-08e9-4c30-8b7c-dee6a67dcb65","block_type":"box","text":"has regular meetings five times a year, including a meeting to consider the approval of the Fund’s investment","page_number":30,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"b537c29d-315f-4275-9f13-54101e7dad9d","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":30,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"e3f271fa-a275-4540-aa34-2c203a94761e","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Performance Oversight","page_number":30,"box":{"x":69,"y":135,"width":801,"height":12}},{"id":"df1d9c92-d84e-4833-830f-0dd8861cff98","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":30,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"0801b513-51f4-4c9c-8b09-1365c9243b9c","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":30,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"d78a2918-d9a6-43cf-9490-8770a3aff5c8","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":30,"box":{"x":70,"y":181,"width":773,"height":11}},{"id":"2ad042a4-7d0b-40d5-894c-18515f55496d","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":30,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"8669637b-021e-4734-b94a-ed908b22f64e","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":30,"box":{"x":68,"y":211,"width":823,"height":11}},{"id":"361ac120-9eb3-452f-a983-a58148af573a","block_type":"box","text":"the Board to enhance oversight.","page_number":30,"box":{"x":68,"y":226,"width":227,"height":11}},{"id":"ea6ad012-df4c-45a7-ae1c-9bbd5d48b92a","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":30,"box":{"x":101,"y":249,"width":805,"height":11}},{"id":"9e7b2bff-f79d-4c45-bf89-9e159671eab9","block_type":"box","text":"an independent Chair:","page_number":30,"box":{"x":69,"y":264,"width":155,"height":11}},{"id":"2d1282ba-b3e8-4c6f-b6c6-1e2bd7293254","block_type":"box","text":"•","page_number":30,"box":{"x":102,"y":287,"width":6,"height":4}},{"id":"56ab3032-04f5-473d-89bf-9243c63dbe1e","block_type":"box","text":"increases the independent oversight of the Fund and enhances the Board’s objective evaluation of the Chief","page_number":30,"box":{"x":135,"y":284,"width":771,"height":11}},{"id":"8aaf4229-33e1-45e7-955f-fcc093342f5f","block_type":"box","text":"Executive Officer;","page_number":30,"box":{"x":135,"y":299,"width":121,"height":11}},{"id":"f1b9f261-057f-437e-813b-51e932f4e4f8","block_type":"box","text":"•","page_number":30,"box":{"x":102,"y":322,"width":6,"height":5}},{"id":"84b6c859-afbf-4cae-8987-2dfef8f7bea6","block_type":"box","text":"allows the Chief Executive Officer to focus on the Fund’s operations instead of Board administration;","page_number":30,"box":{"x":134,"y":319,"width":717,"height":11}},{"id":"1833310d-ec66-4224-8175-9b406fadbdfd","block_type":"box","text":"•","page_number":30,"box":{"x":102,"y":342,"width":6,"height":5}},{"id":"73b95377-c0f4-4102-9683-5594da4b6d2a","block_type":"box","text":"provides greater opportunities for direct and independent communication between shareholders and the","page_number":30,"box":{"x":135,"y":339,"width":742,"height":12}},{"id":"58800657-8910-4bc2-a1dc-5fcd3bebffcf","block_type":"box","text":"Board; and","page_number":30,"box":{"x":135,"y":355,"width":76,"height":10}},{"id":"dcafd7de-4059-4560-9027-0c082dfb3695","block_type":"box","text":"•","page_number":30,"box":{"x":102,"y":378,"width":6,"height":4}},{"id":"5e9ac8a3-3707-43c0-97b9-f82d3d9e46ab","block_type":"box","text":"provides an independent spokesman for the Fund.","page_number":30,"box":{"x":135,"y":375,"width":356,"height":11}},{"id":"a0930880-e07b-492a-855f-92356f19112f","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":397,"width":777,"height":12}},{"id":"ac92066a-0887-4542-8af2-538d19ee8e5d","block_type":"box","text":"overseeing the Manager, sub-advisers, other service providers, the operations of the Fund and associated risks in","page_number":30,"box":{"x":69,"y":412,"width":811,"height":12}},{"id":"f7e6e60b-6673-479d-9b8c-fd148611af76","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s charter,","page_number":30,"box":{"x":69,"y":428,"width":826,"height":11}},{"id":"c780fbd3-7540-4ab8-a471-53f1b69202fb","block_type":"box","text":"and the Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s","page_number":30,"box":{"x":69,"y":443,"width":743,"height":11}},{"id":"fd69b52d-9236-4d38-a4be-e16ee97a93f1","block_type":"box","text":"performance, operations, and investment strategies and techniques. The Board also conducts reviews of the","page_number":30,"box":{"x":70,"y":458,"width":776,"height":11}},{"id":"74e840aa-49f6-4fbf-ab14-cb80e245e2f8","block_type":"box","text":"Manager and its role in running the operations of the Fund.","page_number":30,"box":{"x":70,"y":473,"width":419,"height":11}},{"id":"a5d24d5e-d420-4404-9754-7eb5ee7fc717","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager, sub-advisers or other","page_number":30,"box":{"x":102,"y":496,"width":793,"height":11}},{"id":"52bbce90-1a94-4ff1-866d-e02412ce1dd1","block_type":"box","text":"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":511,"width":787,"height":11}},{"id":"8e611598-06df-418d-b9f5-2d11fa778449","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":526,"width":832,"height":11}},{"id":"e0c60e86-6e5b-4cfa-bd00-e267cd2c9923","block_type":"box","text":"there are a number of risk management functions performed by the Manager, sub-advisers or other service providers,","page_number":30,"box":{"x":68,"y":541,"width":839,"height":11}},{"id":"0185d4a1-2be2-4dfb-ba14-a2843dd18af7","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight is part of the","page_number":30,"box":{"x":69,"y":556,"width":789,"height":11}},{"id":"bbe14847-3a5a-4f90-96de-37371206ee53","block_type":"box","text":"Board’s general oversight of the Fund and is addressed as part of various Board and Committee activities. The","page_number":30,"box":{"x":70,"y":571,"width":790,"height":12}},{"id":"3ba0c4f9-83c5-4ed4-8cac-4d46a27596c7","block_type":"box","text":"Board, directly or through Committees, also reviews reports from, among others, management, the independent","page_number":30,"box":{"x":70,"y":586,"width":799,"height":12}},{"id":"6d320808-3c48-417e-b729-81de4fc46604","block_type":"box","text":"registered public accounting firm for the Fund, the Manager, sub-advisers and internal auditors for the Manager or its","page_number":30,"box":{"x":69,"y":601,"width":833,"height":12}},{"id":"dcb780f8-0b93-42fa-936a-83331070a6c2","block_type":"box","text":"affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s risk","page_number":30,"box":{"x":69,"y":617,"width":774,"height":11}},{"id":"6e902628-f8b6-4267-a70e-3764ed90148c","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":30,"box":{"x":68,"y":632,"width":809,"height":11}},{"id":"76ab3dc8-67c9-4c7e-b620-1de72a2945c2","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities and","page_number":30,"box":{"x":68,"y":647,"width":818,"height":11}},{"id":"0a9be0cf-fdea-43ac-baa8-f575637f6572","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":30,"box":{"x":69,"y":662,"width":831,"height":11}},{"id":"0b575960-79ba-4fab-8500-9196ef3bd720","block_type":"box","text":"implementation and testing of the Fund’s compliance program and reports regularly to the Board regarding","page_number":30,"box":{"x":70,"y":677,"width":760,"height":11}},{"id":"7752019f-df22-4958-a8c4-25ad82805bb3","block_type":"box","text":"compliance matters for the Fund and its service providers. The Independent Trustees have engaged independent","page_number":30,"box":{"x":69,"y":692,"width":804,"height":11}},{"id":"71ed0a8c-8d4c-4e84-b0f2-1b11c77ef52c","block_type":"box","text":"legal counsel to assist them in performing their oversight responsibilities.","page_number":30,"box":{"x":70,"y":707,"width":524,"height":12}},{"id":"ea8b0aa4-912b-4c8d-acdc-ed41a5a2e6e6","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":730,"width":122,"height":9}},{"id":"d23a52d8-2901-471b-bfa3-f2111b2ed163","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":30,"box":{"x":229,"y":730,"width":676,"height":11}},{"id":"82b361c7-2615-4dda-bbae-83c70d1f4041","block_type":"box","text":"Flores, J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":70,"y":745,"width":734,"height":11}},{"id":"4c87310a-9559-40a3-b048-4477d0f0670a","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":30,"box":{"x":69,"y":760,"width":834,"height":12}},{"id":"c9b7dfa1-6b7a-4552-9416-2afb74f18d4f","block_type":"box","text":"accounting and financial reporting policies and practices of the Fund. The Audit Committee’s responsibilities include,","page_number":30,"box":{"x":69,"y":775,"width":832,"height":12}},{"id":"b8042a76-b8ef-4371-9dbf-49d7f97ae781","block_type":"box","text":"without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention, termination","page_number":30,"box":{"x":68,"y":790,"width":840,"height":12}},{"id":"c2b7020d-b21a-45db-885c-7a24aeec046e","block_type":"box","text":"and compensation of the Fund’s independent registered public accounting firm (the “Independent Registered Public","page_number":30,"box":{"x":69,"y":806,"width":823,"height":11}},{"id":"26d51729-fafc-49f1-a567-75c2f166b9bc","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":30,"box":{"x":68,"y":821,"width":824,"height":11}},{"id":"55d33252-51b4-41d4-b3d1-2762741bd534","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each","page_number":30,"box":{"x":70,"y":836,"width":822,"height":11}},{"id":"85e51620-422e-4c30-97a2-390bbd820284","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Fund’s Independent Registered Public Accounting Firm or management","page_number":30,"box":{"x":69,"y":851,"width":824,"height":11}},{"id":"b560b3f2-b698-448f-a94a-a34b1c55b0e3","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund, its internal controls, and, as","page_number":30,"box":{"x":69,"y":866,"width":785,"height":11}},{"id":"5105d384-e9f0-4d3a-a29c-05e63a3e1e8f","block_type":"box","text":"appropriate, the internal controls of certain service providers and management’s response to any such issues;","page_number":30,"box":{"x":69,"y":881,"width":791,"height":11}},{"id":"ae8fbf21-e9d5-4b5c-9de7-c6b39c001107","block_type":"box","text":"(v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s","page_number":30,"box":{"x":69,"y":896,"width":801,"height":12}},{"id":"00db873a-c677-4937-91c7-f851a746561f","block_type":"box","text":"shareholder reports relating to the Fund’s performance; (vi) assisting the Board’s responsibilities with respect to the","page_number":30,"box":{"x":69,"y":911,"width":833,"height":12}},{"id":"1baec107-a9d2-463b-97d6-5744846e2d10","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"68c6492c-1931-4a76-9fa5-e3719bf55d1e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b286123-0aae-46a2-8ecd-d7f78dde638d","block_type":"box","text":"internal controls of the Fund and its service providers with respect to accounting and financial matters; and","page_number":31,"box":{"x":70,"y":45,"width":764,"height":11}},{"id":"88b4bd3f-bb80-481b-ba9f-2ac8217d2682","block_type":"box","text":"(vii) resolving any disagreements between the Fund’s management and the Fund’s Independent Registered Public","page_number":31,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"c7cc9fb0-b71c-4f75-b310-ca2d01fed008","block_type":"box","text":"Accounting Firm regarding financial reporting. The Board has adopted a written charter for the Board’s Audit","page_number":31,"box":{"x":68,"y":75,"width":770,"height":11}},{"id":"46296161-5391-4399-a593-49a41d667aba","block_type":"box","text":"Committee. During the fiscal year ended September 30, 2025, the Audit Committee met six times.","page_number":31,"box":{"x":69,"y":90,"width":703,"height":11}},{"id":"b7c5a43f-fcf9-4c49-9ed4-2d422b5dbeea","block_type":"box","text":"Governance and Nominating Committee.","page_number":31,"box":{"x":102,"y":113,"width":286,"height":11}},{"id":"11d2f51a-345b-4e12-9499-5fcf67d4d095","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":31,"box":{"x":394,"y":113,"width":471,"height":11}},{"id":"7070a722-f3e2-4bc0-87d1-6fc009c09ddc","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard and Catherine A. Lynch,","page_number":31,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"8ea73217-b0d5-4447-8f85-b621541ce007","block_type":"box","text":"all of whom are Independent Trustees. The principal responsibilities of the Governance and Nominating Committee","page_number":31,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"b7349050-e043-428f-bed3-235eba546cd7","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Trustees and recommending Board nominees that are","page_number":31,"box":{"x":69,"y":158,"width":838,"height":11}},{"id":"d4b46de3-7ad8-4f22-acc5-d70eabdf032e","block_type":"box","text":"not “interested persons” of the Fund (as defined in the Investment Company Act) for election by shareholders or","page_number":31,"box":{"x":69,"y":173,"width":801,"height":11}},{"id":"8b405544-0584-460c-9e70-cbbe42faa796","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":31,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"5cb7216a-95a0-4691-8802-c0a4717d12ad","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":31,"box":{"x":68,"y":203,"width":829,"height":12}},{"id":"f4fcd153-0409-4c74-97cc-6f72573c24c2","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":31,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"461a109f-5c46-4bd0-9127-5a2306abaa8e","block_type":"box","text":"Trustee compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":31,"box":{"x":68,"y":234,"width":837,"height":11}},{"id":"d6ac7b9a-8b30-4e7a-90c9-79534a21035e","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":31,"box":{"x":68,"y":249,"width":820,"height":11}},{"id":"24b0d405-3e26-4eaa-af38-16f99a66be41","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":31,"box":{"x":70,"y":264,"width":796,"height":11}},{"id":"4faa2f32-e471-4269-a14a-54ea5fe5b524","block_type":"box","text":"Trustees; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":31,"box":{"x":68,"y":279,"width":816,"height":11}},{"id":"12dc8644-acd7-4734-9aab-975c89531903","block_type":"box","text":"Independent Trustees. The Board has adopted a written charter for the Board’s Governance and Nominating","page_number":31,"box":{"x":70,"y":294,"width":770,"height":11}},{"id":"2cae692b-cbf7-4439-bc1f-cddf297b8e1f","block_type":"box","text":"Committee. During the fiscal year ended September 30, 2025, the Governance and Nominating Committee met four","page_number":31,"box":{"x":69,"y":309,"width":828,"height":11}},{"id":"ea9275b6-4f89-43f7-871c-ef0552c0aa9a","block_type":"box","text":"times.","page_number":31,"box":{"x":68,"y":325,"width":43,"height":8}},{"id":"cdd74843-e724-479d-b36f-32c73e8040d9","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":31,"box":{"x":101,"y":347,"width":803,"height":11}},{"id":"8d317fae-2e16-4076-b3a5-ae955da364c3","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":31,"box":{"x":69,"y":362,"width":825,"height":11}},{"id":"bec0809a-e7dd-4e8d-977f-5aa40d48ed78","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance and","page_number":31,"box":{"x":69,"y":377,"width":759,"height":12}},{"id":"b90466d8-8c2c-4758-99c9-216e2693473c","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":31,"box":{"x":70,"y":392,"width":833,"height":12}},{"id":"e7c46241-6d54-49ee-ac28-7a2c905d029c","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Fund in determining","page_number":31,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"92cf3c73-2588-405f-8cdc-c7b089acf92d","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":31,"box":{"x":68,"y":423,"width":836,"height":11}},{"id":"a64c06d2-a200-4a7b-ab76-dbfd04f5c2b6","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":31,"box":{"x":68,"y":438,"width":775,"height":11}},{"id":"aff23b42-052b-46bb-a5e4-e30f353c6a82","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The","page_number":31,"box":{"x":68,"y":453,"width":801,"height":11}},{"id":"580a4a9e-57dd-45d0-a167-8456e0214fbd","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that","page_number":31,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"f825b2bb-3fc4-46c8-b16a-595715ed4ec2","block_type":"box","text":"the Trustees bring to the Fund.","page_number":31,"box":{"x":68,"y":483,"width":219,"height":11}},{"id":"7e00afb4-0f59-461a-8bf1-d4df164b539f","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Fund’s","page_number":31,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"c11dcc26-803d-44dd-a28f-99a81f8a0e08","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow certain procedures to","page_number":31,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"6aa4e62b-42bb-4f55-b1dc-a7f6809e8d79","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":31,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"139697a8-0c9e-4aaf-b7ba-6b4ef29bbef6","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":31,"box":{"x":68,"y":551,"width":801,"height":11}},{"id":"4287edb3-5512-4f66-b79a-02f8e5a72a85","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":31,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"2c41e0a3-46b3-43b6-8081-2beb8e7b7591","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":31,"box":{"x":68,"y":581,"width":784,"height":12}},{"id":"8df50c29-947c-416f-82d7-3e774a3254d5","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":31,"box":{"x":69,"y":596,"width":302,"height":12}},{"id":"b4249a92-0e15-4a77-b54f-cc0bac358cd7","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":31,"box":{"x":101,"y":619,"width":769,"height":11}},{"id":"08f7d1f8-386b-4de3-bba1-2be6e6dcaa26","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":31,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"1acc366f-223b-46b5-81ec-85031948c4b6","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":31,"box":{"x":69,"y":649,"width":615,"height":12}},{"id":"b5fa1224-9937-4bc6-80a1-2e5c6646c900","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":672,"width":168,"height":11}},{"id":"b43c642a-55b3-4c2b-b1e0-07b27e05b049","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":31,"box":{"x":276,"y":672,"width":628,"height":11}},{"id":"8a348438-f2a6-4a81-b06d-952ea4736820","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":31,"box":{"x":70,"y":687,"width":813,"height":11}},{"id":"b9fda5db-c9be-4247-afd7-addf287c39e3","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":31,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"08b9146e-13f2-4986-b03c-86fb6ed7a010","block_type":"box","text":"compliance matters involving the Fund, the fund-related activities of BlackRock, and any sub-advisers and the Fund’s","page_number":31,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"7b556f45-5d58-4d6c-a297-cb8cfa8e71fa","block_type":"box","text":"other third party service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":31,"box":{"x":69,"y":733,"width":765,"height":11}},{"id":"7a25d34d-aa71-4c83-af02-64f981b1392a","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Fund and its service providers and recommending","page_number":31,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"e2e5b740-fb8a-4e4a-9366-5a30a4d63655","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":31,"box":{"x":69,"y":763,"width":762,"height":11}},{"id":"5d5874b9-9f1f-495a-866b-18d7586597ed","block_type":"box","text":"recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any","page_number":31,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"77968bdf-7a68-48c0-8080-b2fa7028fef8","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and","page_number":31,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"0eb3077c-4475-41b7-abe7-9544618f49f4","block_type":"box","text":"any employee complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing","page_number":31,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"6da93038-c951-49ce-b151-c90f6d2a1050","block_type":"box","text":"reports from, overseeing the annual performance review of, and making certain recommendations in respect of, the","page_number":31,"box":{"x":69,"y":823,"width":827,"height":12}},{"id":"e29d174c-6faa-48b9-9ce9-1cf3fe28fd9a","block_type":"box","text":"Fund’s CCO, including, without limitation, determining the amount and structure of the CCO’s compensation. The","page_number":31,"box":{"x":70,"y":838,"width":803,"height":12}},{"id":"f68d20d8-1db9-4e9a-b647-5fdb9903dce4","block_type":"box","text":"Board has adopted a written charter for the Board’s Compliance Committee. During the fiscal year ended","page_number":31,"box":{"x":70,"y":853,"width":747,"height":12}},{"id":"6445cce1-ce3f-4964-bbca-58013df8339e","block_type":"box","text":"September 30, 2025, the Compliance Committee met four times.","page_number":31,"box":{"x":69,"y":869,"width":467,"height":11}},{"id":"05702822-6969-4b39-9c17-05178f75af2d","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":891,"width":248,"height":12}},{"id":"9cf08107-ae30-40df-abaf-283ab21f72ab","block_type":"box","text":"The Board has a Performance Oversight Committee composed of Arthur P.","page_number":31,"box":{"x":356,"y":891,"width":530,"height":12}},{"id":"18007957-3e5d-4298-86fe-a219b8bf53fd","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl","page_number":31,"box":{"x":69,"y":906,"width":835,"height":12}},{"id":"24a53d2f-c814-4d1b-8372-811d9992176c","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f1d0a08b-cc4e-4c34-bf2f-165188e3a713","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40c85844-1d22-4cfd-bbf6-a67f7c832ebc","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Trustees. The Performance Oversight Committee’s","page_number":32,"box":{"x":70,"y":45,"width":793,"height":11}},{"id":"dfd37469-2446-486c-962c-d4665a7deb62","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to","page_number":32,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"e0da5834-afc0-47d1-b3f6-377a3a1e514a","block_type":"box","text":"the Fund’s investment objective, policies and practices. The Performance Oversight Committee’s responsibilities","page_number":32,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"23d84636-ab27-4fa7-a893-2acf745f7b77","block_type":"box","text":"include, without limitation: (i) reviewing the Fund’s investment objective, policies and practices; (ii) recommending to","page_number":32,"box":{"x":70,"y":90,"width":827,"height":11}},{"id":"c313ba1a-1b3c-4beb-8726-12ff5b0da736","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":32,"box":{"x":68,"y":105,"width":809,"height":11}},{"id":"df19d4fa-13b2-4a4b-8c77-1a6c791bb73b","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment","page_number":32,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"059916e4-73c8-4740-93ac-0b892cd6b0bc","block_type":"box","text":"performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":32,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"dc17808c-c084-49bd-ac60-1966bf00628f","block_type":"box","text":"(vi) reviewing whether the Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":32,"box":{"x":69,"y":151,"width":782,"height":11}},{"id":"867046c3-efa8-4bd6-b794-118d9f0836ed","block_type":"box","text":"policies, procedures and controls regarding valuation of the Fund’s investments. The Board has adopted a written","page_number":32,"box":{"x":70,"y":166,"width":809,"height":11}},{"id":"6912b331-29e9-4447-a0e0-c83208c6cfbc","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended September 30, 2025, the","page_number":32,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"2c74bdfa-9e6b-4004-b73d-09be5ce6c972","block_type":"box","text":"Performance Oversight Committee met four times.","page_number":32,"box":{"x":69,"y":196,"width":358,"height":11}},{"id":"02c62a1a-4344-403f-804d-8c5b2382d4e9","block_type":"box","text":"Securities Lending Committee.","page_number":32,"box":{"x":102,"y":219,"width":217,"height":11}},{"id":"e6cb8cae-da48-4b1c-8cbb-9b4f762551fc","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":32,"box":{"x":325,"y":218,"width":570,"height":12}},{"id":"0aaa0ecd-2031-401f-822e-cd780167e9c7","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Trustees. The principal responsibilities of","page_number":32,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"7b72470f-0796-4b2f-8fd5-aef7d0f0a369","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf of","page_number":32,"box":{"x":68,"y":249,"width":820,"height":11}},{"id":"83aafc82-1047-4d8d-95b8-5a41926c1d86","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":32,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"fc9cafb1-2ea1-4521-8779-d4b5e6e6e749","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":32,"box":{"x":68,"y":279,"width":827,"height":11}},{"id":"205e5c11-acea-4158-b59f-cc4e92ad819f","block_type":"box","text":"the lending agent. The Board has adopted a written charter for the Board’s Securities Lending Committee. During the","page_number":32,"box":{"x":68,"y":294,"width":836,"height":11}},{"id":"3c33e83f-d3e5-4f6f-84df-e0ba27251c1e","block_type":"box","text":"fiscal year ended September 30, 2025, the Securities Lending Committee met one time.","page_number":32,"box":{"x":68,"y":309,"width":632,"height":11}},{"id":"534e52ad-72e5-4784-99c2-0c5ee985da5e","block_type":"box","text":"Executive Committee.","page_number":32,"box":{"x":102,"y":332,"width":152,"height":9}},{"id":"3a9f55a6-28f6-4b50-86a8-9a1cabf322d4","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":32,"box":{"x":260,"y":332,"width":645,"height":11}},{"id":"405d4261-5e56-4bda-aa7f-13e4f4ece1fb","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":32,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"2b21f42d-f9e0-45cc-8734-84612eb0bd43","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":32,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"8f210567-6b54-44e8-8fe2-9b8889f5dd5d","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":32,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"781fe98a-317a-46ad-b562-3fe2f4f4de66","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":32,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"a266964c-4d8c-4c2b-a872-790bc09b26ed","block_type":"box","text":"The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year ended","page_number":32,"box":{"x":68,"y":407,"width":764,"height":12}},{"id":"28319d35-c2a7-45d1-b28a-2110d25180bf","block_type":"box","text":"September 30, 2025, the Executive Committee did not meet.","page_number":32,"box":{"x":69,"y":423,"width":436,"height":11}},{"id":"f85dc5fb-3dd3-4cf2-8e23-b25d43ec66c9","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":32,"box":{"x":101,"y":445,"width":775,"height":11}},{"id":"9bbe91b0-481c-4a97-959d-29ebf0fb749a","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":32,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"b0631398-18f1-43be-944d-9c151b5c3cfd","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":475,"width":830,"height":12}},{"id":"3ecc5cb2-12de-4f09-9a30-ade3b7df3027","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":32,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"b36057c2-32ff-4bb9-89cf-d76f2b812978","block_type":"box","text":"standards set forth in the Fund’s Bylaws. Furthermore, in determining that a particular Trustee was and continues to","page_number":32,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"e9649807-3c99-4bfd-ad68-8de7782f8503","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":32,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"2ea8fd02-a701-4060-846c-3fa9061923f7","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":32,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"1beff100-2743-40cb-89d3-5b66cc195c44","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Fund and protecting the","page_number":32,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"9c88db3c-5dfc-46d6-9e4d-bcec77bc3065","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":32,"box":{"x":70,"y":566,"width":814,"height":11}},{"id":"b0107fb9-4057-4766-8850-5f943eb04057","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":32,"box":{"x":69,"y":581,"width":796,"height":12}},{"id":"7cffd12c-7cad-4c40-911f-46faabd05224","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":32,"box":{"x":69,"y":596,"width":744,"height":12}},{"id":"c2794386-cf3f-4bce-a82e-b4cf9b1c8be0","block_type":"box","text":"performance of their duties as Trustees. Each Trustee’s ability to perform his or her duties effectively is evidenced by","page_number":32,"box":{"x":70,"y":612,"width":840,"height":11}},{"id":"66ac1abe-3c1d-4fc2-97e7-1fa96a1573dd","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":32,"box":{"x":69,"y":627,"width":768,"height":11}},{"id":"ce47a49f-81c3-4a8a-9862-9a44939120b7","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":32,"box":{"x":70,"y":642,"width":771,"height":11}},{"id":"6eb6fae3-70f6-4697-bc09-5f8fd96d5c29","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":32,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"c2ea9f0a-c0d5-4acd-8b7e-340209a185d3","block_type":"box","text":"organizations; ongoing commitment and participation in Board and Committee meetings, as well as his or her","page_number":32,"box":{"x":69,"y":672,"width":782,"height":11}},{"id":"fa4769c9-772f-4afe-942e-7df7c32a3689","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":70,"y":687,"width":719,"height":11}},{"id":"d72059ce-8ba1-4dc3-bf53-63b11ae766ef","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cfd76d1f-da9b-4dcf-851c-59d7722b9621","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6bbbbfae-ffa4-468f-a969-bc27c6666235","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that support the","page_number":33,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"3ce80c87-de4b-4c99-a2e6-16664ac3f90c","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":33,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"c1a85261-eed7-45b8-b7c0-78e136ef43ad","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"ed0bba6c-39fe-4a52-8bf8-e8bd5fe0b877","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"fa520c82-f771-46d4-94d3-0466144063a9","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":33,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"9b5ca776-e463-4c14-a4c1-c2e497a97875","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":33,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"ecce8529-8e30-4da4-91be-9657a045cfa3","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":33,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"fc3e6699-9e2a-49be-83d3-2831b1b4ffcf","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":33,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"20c2853a-d927-4d0a-bb60-c18b911e7de9","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":33,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"a5e7a39e-90c8-4308-a142-c96521f03088","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":33,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"763722a6-8981-4042-929f-1d87886cc840","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on","page_number":33,"box":{"x":265,"y":210,"width":595,"height":12}},{"id":"203e3aba-b585-4899-b333-50f7f0eb00a7","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":33,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"0c24dc17-50cf-4fab-94f3-b2ec74b7e9c7","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":33,"box":{"x":265,"y":241,"width":581,"height":11}},{"id":"a2e466ae-4ad0-4543-84b2-101a496f18a2","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":33,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"d30c833a-72ad-4cff-8901-a2a0642d6ede","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":33,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"b14cc701-a117-4a66-a8d0-1262586e4db3","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Fund, its","page_number":33,"box":{"x":265,"y":286,"width":573,"height":11}},{"id":"fd58ec5d-3367-4e28-aaa3-900a395dfcaa","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s","page_number":33,"box":{"x":265,"y":301,"width":589,"height":11}},{"id":"140998de-c099-4d79-b3e3-57ef4cde8269","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Chair of the","page_number":33,"box":{"x":265,"y":316,"width":595,"height":11}},{"id":"680ad7b2-6b06-4013-b6da-f582ad2c3789","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":33,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"f0a33a19-2052-4006-897d-d66fd704c209","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Performance Oversight","page_number":33,"box":{"x":265,"y":346,"width":592,"height":12}},{"id":"fecb7eea-9ffd-4572-ac4b-5f8778072574","block_type":"box","text":"Committee.","page_number":33,"box":{"x":265,"y":362,"width":80,"height":8}},{"id":"bad0bfeb-121e-4265-8941-b5a941ffed67","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":33,"box":{"x":68,"y":384,"width":786,"height":11}},{"id":"b7b17943-265d-4fea-af3f-dd6eedf06cbd","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":33,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"23d7d1a8-59cf-4f73-8921-ec0dbea63f39","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":33,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"9fc717d6-c347-4cc8-9694-a6f42c4b1e2d","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":33,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"a64cfc81-1077-4534-a70a-1e6fac88a99e","block_type":"box","text":"expertise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":33,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"316248ff-1a37-4a71-a56f-4f79690ff8dc","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":33,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"5330b419-e716-4fb8-a925-52e6c980e354","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":33,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"37552459-10a1-4541-b54c-653e4ce0edb4","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":33,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"9a2039ee-8451-4c00-9be0-291ad9c13076","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":33,"box":{"x":265,"y":505,"width":613,"height":11}},{"id":"b9c8f3ee-3e6a-4dd1-99d8-f0c6e6fb3da5","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Kester’s","page_number":33,"box":{"x":265,"y":520,"width":576,"height":12}},{"id":"b72eef81-6d69-4b22-838c-6a249620dc2e","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Vice Chair of the","page_number":33,"box":{"x":265,"y":535,"width":630,"height":12}},{"id":"966726a7-efa0-4b9e-bf3a-1a6baa979ec7","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":33,"box":{"x":265,"y":550,"width":576,"height":12}},{"id":"dfb458d5-8239-480a-a0e1-6b7666558850","block_type":"box","text":"Executive Committee, the Compliance Committee, the Performance Oversight Committee","page_number":33,"box":{"x":265,"y":566,"width":634,"height":11}},{"id":"c0e379bb-3333-4154-b8b0-32839fb6a71b","block_type":"box","text":"and the Securities Lending Committee.","page_number":33,"box":{"x":265,"y":581,"width":275,"height":11}},{"id":"ba0e150a-5f1f-4377-869c-aed1bfff32a8","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":33,"box":{"x":69,"y":603,"width":775,"height":12}},{"id":"b92e0690-fd52-4c5a-b8bb-7b8dd587ad9f","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":33,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"08a66294-7f6e-4f6a-bf7c-398fc4254a48","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":33,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"d9058f6d-9067-4aca-9ca8-a5bd7006aaf3","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":33,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"8a5ba9ae-b865-4cc5-9c68-cf8de33d4f3a","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":33,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"95a8feae-a6cb-4be7-a917-0d0ea46073f0","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":33,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"dceb55a8-0685-43cf-a8d4-aa750b03f300","block_type":"box","text":"Department of Treasury as an expert in domestic retirement security. 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Ms. Egan","page_number":33,"box":{"x":264,"y":755,"width":640,"height":11}},{"id":"6883ef29-f3d0-4f8b-84e1-aa7667e6776f","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":33,"box":{"x":265,"y":770,"width":583,"height":11}},{"id":"437831b3-9848-420c-9602-5fd548cecce6","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":33,"box":{"x":265,"y":785,"width":643,"height":11}},{"id":"14ce346f-541c-48a7-a1a5-175067075971","block_type":"box","text":"Ms. Egan’s independence from the Fund and the Manager enhances her service as Chair","page_number":33,"box":{"x":265,"y":800,"width":636,"height":11}},{"id":"e04d6aaa-0114-42e6-8556-c0abe00e5b0a","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":33,"box":{"x":265,"y":815,"width":571,"height":11}},{"id":"200fddde-bd8b-4dcd-8933-806e1aa1d36e","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":33,"box":{"x":265,"y":830,"width":641,"height":11}},{"id":"7b24ff5f-b0f1-403b-8b81-5beceb9e51c9","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7ad92c01-b072-498f-b0bb-8c19fe0cfcd3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24430a00-20f3-4ad7-ba30-9138d4e6f172","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"069713c9-dd07-492a-9fc4-a2da5b208e02","block_type":"box","text":"Lorenzo A. 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Mr. Flores’s knowledge","page_number":34,"box":{"x":265,"y":201,"width":628,"height":12}},{"id":"15ea397f-bc4c-4f7c-93ae-fdc6c115a8bd","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":34,"box":{"x":265,"y":217,"width":596,"height":11}},{"id":"c1320dfe-dfcc-4ec8-a530-af702c7176fb","block_type":"box","text":"Committee. Mr. Flores’s independence from the Fund and the Manager enhances his","page_number":34,"box":{"x":265,"y":232,"width":605,"height":11}},{"id":"55ffdfe5-0167-45f8-b542-a53fc0af4fcb","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":34,"box":{"x":265,"y":247,"width":450,"height":11}},{"id":"113e3aed-4b26-4eb1-896c-39c550728069","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":34,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"0540e573-b2d8-4639-9475-49150a3d6010","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":34,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"43afa0a3-2d3a-4628-b1c4-f1a91e2a30e9","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris reported to the Secretary and","page_number":34,"box":{"x":265,"y":300,"width":637,"height":11}},{"id":"10392584-99ea-4ade-86bc-8da528dba36d","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":34,"box":{"x":265,"y":315,"width":617,"height":11}},{"id":"9c92598c-1261-4040-bff0-613ccee90f01","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":34,"box":{"x":265,"y":330,"width":635,"height":11}},{"id":"1726cc03-f0ff-4dd5-8784-4bdfb0fc74c2","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":34,"box":{"x":265,"y":345,"width":643,"height":11}},{"id":"c042b726-dd9a-4dc8-adb9-3f3b3569c116","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":34,"box":{"x":264,"y":360,"width":614,"height":11}},{"id":"81d340e6-6761-47d4-bac7-61e4ef13ff4a","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":34,"box":{"x":265,"y":375,"width":573,"height":12}},{"id":"3fdefa35-ab89-4871-8857-84b061e46877","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":34,"box":{"x":265,"y":390,"width":612,"height":12}},{"id":"8a1df394-c39e-493f-bec5-a992590ac63c","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":34,"box":{"x":264,"y":406,"width":630,"height":11}},{"id":"116f0fff-43c5-44e4-bc0b-3da217bcba85","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Fund and the Manager","page_number":34,"box":{"x":265,"y":421,"width":599,"height":11}},{"id":"a7c6a35e-516f-4969-9f57-230ff9b85edd","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Performance","page_number":34,"box":{"x":265,"y":436,"width":623,"height":11}},{"id":"c8ac9d20-ca82-4178-8dde-52a4fbe6f5ac","block_type":"box","text":"Oversight Committee.","page_number":34,"box":{"x":265,"y":451,"width":151,"height":11}},{"id":"42987a03-cc75-40ad-bc32-0fd328d90b9b","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":34,"box":{"x":69,"y":474,"width":800,"height":11}},{"id":"f7698646-6276-44da-a61f-44e1bd0f722a","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":34,"box":{"x":265,"y":489,"width":612,"height":11}},{"id":"65ef3477-d00e-4840-9fff-ce76001440d6","block_type":"box","text":"private companies. In particular, Mr. Holloman’s service as Interim Executive Chairman,","page_number":34,"box":{"x":265,"y":504,"width":624,"height":11}},{"id":"bcdd425e-1bc7-4797-8bf0-eab279e25e1f","block_type":"box","text":"President and Chief Executive Officer of Vestis Corporation, President and Chief Operating","page_number":34,"box":{"x":265,"y":519,"width":640,"height":11}},{"id":"ba6642a7-5bd1-4cef-9070-2f94760e340a","block_type":"box","text":"Officer of Cintas Corporation allows him to provide insight into business trends and","page_number":34,"box":{"x":265,"y":534,"width":593,"height":11}},{"id":"08c8a765-aa6f-4cb6-9cf8-8ef03d6261db","block_type":"box","text":"conditions. Mr. Holloman’s knowledge of financial and accounting matters qualifies him to","page_number":34,"box":{"x":264,"y":549,"width":642,"height":11}},{"id":"35c22020-a440-4650-8972-ed2fabe77ce3","block_type":"box","text":"serve as a member of the Audit Committee. Mr. Holloman’s independence from the Fund","page_number":34,"box":{"x":265,"y":564,"width":633,"height":11}},{"id":"b0cb4b16-0491-496f-9c09-0d2f22ae2331","block_type":"box","text":"and the Manager enhances his service as a member of the Governance and Nominating","page_number":34,"box":{"x":265,"y":579,"width":628,"height":12}},{"id":"ec8e4bdd-bfe8-4926-9d53-e5cb3c6408f3","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":34,"box":{"x":265,"y":595,"width":389,"height":11}},{"id":"54c7e416-e817-4b8f-a9f2-5a6af3f961f5","block_type":"box","text":"Catherine A. Lynch Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment","page_number":34,"box":{"x":69,"y":617,"width":792,"height":11}},{"id":"539201de-c3ae-462f-b2a9-1e668a1f6489","block_type":"box","text":"Officer of the National Railroad Retirement Investment Trust, benefits the Board by","page_number":34,"box":{"x":265,"y":632,"width":591,"height":12}},{"id":"1743cdba-14d2-4cca-ba38-aa530374ec29","block_type":"box","text":"providing business leadership and experience and a diverse knowledge of pensions and","page_number":34,"box":{"x":265,"y":647,"width":624,"height":12}},{"id":"a8d23d93-a80b-420f-b148-e12009fc2835","block_type":"box","text":"endowments. Ms. Lynch is also a trustee of PennyMac Mortgage Investment Trust, a","page_number":34,"box":{"x":265,"y":663,"width":605,"height":11}},{"id":"020f7eec-387c-4536-a6ee-e46b8ca77051","block_type":"box","text":"specialty finance company that invests primarily in mortgage-related assets. Ms. Lynch","page_number":34,"box":{"x":265,"y":678,"width":618,"height":11}},{"id":"f230d728-d4ee-48ab-91f7-edca6b867a0f","block_type":"box","text":"also holds the designation of Chartered Financial Analyst. Ms. Lynch’s knowledge of","page_number":34,"box":{"x":265,"y":693,"width":601,"height":11}},{"id":"e30e0bd3-7868-4c4e-9828-b5ad3b5b894f","block_type":"box","text":"financial and accounting matters qualifies her to serve as Chair of the Audit Committee.","page_number":34,"box":{"x":264,"y":708,"width":626,"height":11}},{"id":"2a7668b9-1eb7-466b-80ab-894e307175b8","block_type":"box","text":"Ms. Lynch’s independence from the Fund and the Manager enhances her service as the","page_number":34,"box":{"x":265,"y":723,"width":627,"height":11}},{"id":"448c8c1e-0e1e-49b8-93a4-67181744fb5f","block_type":"box","text":"Chair of the Securities Lending Committee, and a member of the Governance and","page_number":34,"box":{"x":265,"y":738,"width":580,"height":11}},{"id":"de0664ef-88fe-46f6-b490-cceb81d3f29c","block_type":"box","text":"Nominating Committee and the Performance Oversight Committee.","page_number":34,"box":{"x":265,"y":753,"width":475,"height":12}},{"id":"d2dba327-7619-4975-8a83-bdd1cb6ee7b7","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership","page_number":34,"box":{"x":68,"y":776,"width":808,"height":11}},{"id":"3b1c10d9-24ee-4b59-9bce-7f263dd556d3","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":34,"box":{"x":265,"y":791,"width":624,"height":11}},{"id":"d63467f9-a2fe-47e1-aa69-7e73a3848cf0","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":34,"box":{"x":265,"y":806,"width":622,"height":11}},{"id":"f0b8f9bf-9a58-4766-b54f-21dbe26ca192","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":34,"box":{"x":264,"y":821,"width":629,"height":11}},{"id":"26b998dd-70c6-485a-a594-4ee74fbccf49","block_type":"box","text":"certain OppenheimerFunds funds provides insight into the asset management industry.","page_number":34,"box":{"x":264,"y":836,"width":621,"height":12}},{"id":"c1ddefbb-6472-41c8-b386-cea695a5282f","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s knowledge of","page_number":34,"box":{"x":265,"y":852,"width":604,"height":11}},{"id":"261e55b7-6521-4e64-91a3-9eaa8c39b73f","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":34,"box":{"x":264,"y":867,"width":579,"height":11}},{"id":"e6203a4c-70c0-4fef-a84a-a73a15b976b5","block_type":"box","text":"Committee. Mr. Steinmetz’s independence from the Fund and the Manager enhances his","page_number":34,"box":{"x":265,"y":882,"width":632,"height":11}},{"id":"1a461b26-39e3-499d-9295-00656004c8c5","block_type":"box","text":"service as Chair of the Performance Oversight Committee.","page_number":34,"box":{"x":265,"y":897,"width":415,"height":11}},{"id":"a956f139-48bd-4767-8bf4-a1fe07a9815b","block_type":"box","text":"I-12","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"02d13acf-8371-48d0-841f-874745f78c8b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de56f199-2d3d-43c5-94a8-a74f85334a32","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"fe3cf62f-7d15-4166-89ca-109c78064d3e","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"10b9a0bf-f1cb-4cb7-a54d-c53cfa399aab","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":35,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"c00b2f21-f143-4285-8a23-4f50275cec35","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":35,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"1026c3e0-f2a6-43d0-8506-6d30595411e6","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":35,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"156adbe6-7362-405f-90c1-e914ab7014da","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":35,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"4df7dc3d-db98-433e-98e9-1cc5f157a9ab","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":35,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"6e876710-55a5-4082-aee5-a549afc087f3","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":35,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"ed727649-2be6-47f5-ba99-b7f7e56978ef","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":35,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"5d310c87-9f54-4dbe-99a5-df6b23a5e1b5","block_type":"box","text":"and iShares","page_number":35,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"42e82bf6-30c8-4699-ba32-af2d9dd410eb","block_type":"box","text":"®","page_number":35,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"14fd8e73-77cb-4ec3-ae87-4f707b901a06","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":35,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"cacbcfea-0f59-4df0-a2a0-6d0f37dff531","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":35,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"59d143a8-6f2b-4f18-9f33-2460985c59ad","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. 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Amounts shown may include shares as to which a Trustee has indirect beneficial ownership, such as","page_number":38,"box":{"x":69,"y":437,"width":810,"height":11}},{"id":"f137c1ac-e94d-4590-9373-41ebe91faa30","block_type":"box","text":"through participation in certain family accounts, 529 college savings plan interests, or similar arrangements where","page_number":38,"box":{"x":68,"y":452,"width":821,"height":11}},{"id":"b12ccf16-16b4-4971-96a1-1d85c8eea683","block_type":"box","text":"the Trustee has beneficial economic interest but not a direct ownership interest.","page_number":38,"box":{"x":68,"y":467,"width":573,"height":11}},{"id":"1274e719-c37a-4bd1-bb7c-5c4b8777b53b","block_type":"box","text":"Name","page_number":38,"box":{"x":69,"y":516,"width":32,"height":7}},{"id":"6a9990c2-fd5e-4fdb-950a-f6fae6891913","block_type":"box","text":"Dollar Range","page_number":38,"box":{"x":647,"y":496,"width":74,"height":8}},{"id":"c265839e-c6af-45cf-8bee-3b5092600de2","block_type":"box","text":"of Equity Securities","page_number":38,"box":{"x":627,"y":506,"width":113,"height":9}},{"id":"3046f84a-d74d-4cde-a1ec-40ba320b2ae4","block_type":"box","text":"in the Fund","page_number":38,"box":{"x":652,"y":516,"width":64,"height":7}},{"id":"e153948e-14fa-4678-bf81-5e86bb88bbc9","block_type":"box","text":"Aggregate Dollar Range","page_number":38,"box":{"x":770,"y":496,"width":139,"height":8}},{"id":"8f32463d-bfe8-4d8f-b41a-c5e2a7a29246","block_type":"box","text":"of Equity Securities","page_number":38,"box":{"x":783,"y":506,"width":113,"height":9}},{"id":"2f176099-566a-43b6-ab0c-81928fba71a7","block_type":"box","text":"in Supervised Funds*","page_number":38,"box":{"x":778,"y":516,"width":123,"height":9}},{"id":"39487200-9485-4d1a-b69d-361d6359ae9b","block_type":"box","text":"Independent Trustees","page_number":38,"box":{"x":70,"y":534,"width":154,"height":10}},{"id":"4faec839-0e98-4c7f-8b3c-220490cbcfe2","block_type":"box","text":"Cynthia L. 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Carl Kester . . .","page_number":38,"box":{"x":78,"y":624,"width":127,"height":9}},{"id":"6637d383-98dd-44e4-af30-d3dc1b82bc91","block_type":"box","text":"................................................","page_number":38,"box":{"x":211,"y":632,"width":385,"height":1}},{"id":"e90e9790-6126-47eb-888c-a26bbbde8268","block_type":"box","text":"None Over $100,000","page_number":38,"box":{"x":666,"y":624,"width":228,"height":11}},{"id":"8afb64b4-75fa-4bf1-90f7-8bd5567f0f37","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":79,"y":639,"width":517,"height":11}},{"id":"b1f2ead7-69d5-4e70-bcbc-b03561be1559","block_type":"box","text":"None Over $100,000","page_number":38,"box":{"x":666,"y":639,"width":228,"height":11}},{"id":"6a43fcbd-7b6a-40b6-b451-a59b65623b05","block_type":"box","text":"Arthur P. Steinmetz. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":78,"y":655,"width":518,"height":8}},{"id":"e2ddc859-ab83-43b0-b744-ef4d9deab627","block_type":"box","text":"None Over $100,000","page_number":38,"box":{"x":666,"y":654,"width":228,"height":11}},{"id":"0ce4ea7d-473b-46c1-99bc-77bcb9ba1d0a","block_type":"box","text":"Interested Trustees","page_number":38,"box":{"x":70,"y":670,"width":138,"height":9}},{"id":"b51ac67f-c38e-4baf-8dbc-c73301061423","block_type":"box","text":"Robert Fairbairn","page_number":38,"box":{"x":79,"y":685,"width":113,"height":9}},{"id":"d5962fff-95ba-40ea-99be-62f5e0b513d6","block_type":"box","text":"..................................................","page_number":38,"box":{"x":195,"y":692,"width":401,"height":2}},{"id":"8ddffa1c-5fa7-4d4c-b6be-5adfaec8ed32","block_type":"box","text":"None Over $100,000","page_number":38,"box":{"x":666,"y":684,"width":228,"height":11}},{"id":"b676ac81-4b94-49b6-a9f2-e3cea98cd4bf","block_type":"box","text":"John M. 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As of December 31, 2025, none of","page_number":38,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"47708859-313f-429b-bfdf-99beb37eaa8c","block_type":"box","text":"the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":38,"box":{"x":68,"y":785,"width":776,"height":12}},{"id":"b4973de8-69d4-40c3-b50e-ca53da4ba761","block_type":"box","text":"securities of the Fund’s investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly","page_number":38,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"9ab95835-83ef-4aba-968f-7fff8581a22d","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":38,"box":{"x":69,"y":816,"width":495,"height":11}},{"id":"8bca8297-6e87-4d70-b8be-c3d9a3d4c618","block_type":"box","text":"Compensation of Trustees","page_number":38,"box":{"x":69,"y":846,"width":190,"height":11}},{"id":"4d47d17a-684c-487a-8906-b0a1eeb455a8","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":38,"box":{"x":102,"y":868,"width":775,"height":12}},{"id":"2c103c7a-9b90-4e81-96c1-ae176e31d578","block_type":"box","text":"member of the BlackRock-advised Funds, including the Fund, together with out-of-pocket expenses in accordance with","page_number":38,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"08cc4bd1-3e51-47b2-a29a-e577ef4591d8","block_type":"box","text":"a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair of the","page_number":38,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"7ca3dd88-0980-49a4-bd30-f8058d594cc9","block_type":"box","text":"I-16","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"15839694-7869-4ea3-bad4-31d6d3b1c895","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80b18768-cdfa-4939-a2db-343b26a56599","block_type":"box","text":"Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000, respectively.","page_number":39,"box":{"x":70,"y":44,"width":835,"height":12}},{"id":"55032577-f68e-4746-a098-6621961e3f9b","block_type":"box","text":"The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee, Governance and","page_number":39,"box":{"x":68,"y":60,"width":801,"height":11}},{"id":"cf47618b-0f4e-44d0-ad37-faf6ef1ad7ea","block_type":"box","text":"Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of $55,000,","page_number":39,"box":{"x":70,"y":74,"width":780,"height":12}},{"id":"42ff3727-b71a-48ea-bb8c-b83c85d0bf53","block_type":"box","text":"$42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit Committee,","page_number":39,"box":{"x":69,"y":89,"width":779,"height":12}},{"id":"6d191692-1582-48f1-8c77-4e433e23e710","block_type":"box","text":"Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an","page_number":39,"box":{"x":69,"y":105,"width":798,"height":11}},{"id":"d433095a-5c7d-4236-b46b-f14f569cfa6d","block_type":"box","text":"additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service on such","page_number":39,"box":{"x":69,"y":120,"width":826,"height":11}},{"id":"f83c9158-7c90-4721-8f79-5514395d579a","block_type":"box","text":"committee. An Independent Trustee may receive additional compensation for his or her service as a member or Chair,","page_number":39,"box":{"x":69,"y":135,"width":839,"height":11}},{"id":"8a1fdd5c-3eea-49c0-9997-e608cfaab124","block_type":"box","text":"as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro rata portion quarterly (based","page_number":39,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"4d7c41eb-76ff-441b-b547-98a894ea2573","block_type":"box","text":"on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed-Income Complex.","page_number":39,"box":{"x":69,"y":166,"width":789,"height":11}},{"id":"0a8a10be-718d-46e5-906b-340a466d5570","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":39,"box":{"x":101,"y":188,"width":711,"height":12}},{"id":"e17c79c9-d8ea-47b8-921a-945378edd92e","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":39,"box":{"x":69,"y":203,"width":801,"height":12}},{"id":"e411eae9-f79b-46e6-900f-cc4a79ee4265","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":39,"box":{"x":70,"y":218,"width":833,"height":11}},{"id":"df0c161b-5e1a-4f04-9a4a-32289d63244f","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of certain","page_number":39,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"61a9fb89-40c7-49ee-ac9b-a4f9cab436a0","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":39,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"43850541-fdc1-4dcd-9bf4-4fae243e3f84","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":39,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"beab28ab-268b-4228-ac3f-ecc35fe3278b","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":39,"box":{"x":68,"y":279,"width":800,"height":11}},{"id":"2012842f-d63d-423f-90a2-4b283e0253d5","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":39,"box":{"x":69,"y":294,"width":760,"height":11}},{"id":"ed3cd100-2eda-4832-8a92-62aaa484292f","block_type":"box","text":"accounting purposes.","page_number":39,"box":{"x":69,"y":309,"width":151,"height":11}},{"id":"bc7b499a-1f1b-4841-9458-b25a08d725c5","block_type":"box","text":"The following table sets forth the compensation paid to the Trustees by the Trust, on behalf of the Fund, for the","page_number":39,"box":{"x":101,"y":332,"width":796,"height":11}},{"id":"e25124ee-553d-4e59-a247-0b28a8af3948","block_type":"box","text":"fiscal year ended September 30, 2025 and the aggregate compensation, including deferred compensation amounts,","page_number":39,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"9f3503ee-dde1-47c3-9e65-6d4a0464743b","block_type":"box","text":"paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":39,"box":{"x":70,"y":362,"width":670,"height":11}},{"id":"109c0f19-f75b-470e-a351-9231aaa7b2e6","block_type":"box","text":"Name","page_number":39,"box":{"x":69,"y":431,"width":32,"height":7}},{"id":"2606cb3f-3983-49de-bef0-8a58be0c4bf8","block_type":"box","text":"1","page_number":39,"box":{"x":102,"y":431,"width":4,"height":3}},{"id":"334b8ab1-22bf-44c8-b0ed-47951ee657d7","block_type":"box","text":"Compensation","page_number":39,"box":{"x":537,"y":411,"width":83,"height":8}},{"id":"a075954e-f8be-4328-b55b-a7e51adff618","block_type":"box","text":"from the","page_number":39,"box":{"x":554,"y":421,"width":49,"height":7}},{"id":"8b036121-1d02-4fbf-bd1b-e18199a2f723","block_type":"box","text":"Fund","page_number":39,"box":{"x":565,"y":431,"width":27,"height":7}},{"id":"b39c487d-6dcf-439b-8ad5-ca0f7a18af60","block_type":"box","text":"Estimated Annual","page_number":39,"box":{"x":651,"y":411,"width":101,"height":7}},{"id":"7ce09d50-642d-45de-96d1-c68a19fb3dfa","block_type":"box","text":"Benefits Upon","page_number":39,"box":{"x":661,"y":421,"width":81,"height":8}},{"id":"f4d93adf-1ebf-42ff-b175-9a5e11206499","block_type":"box","text":"Retirement","page_number":39,"box":{"x":669,"y":431,"width":65,"height":7}},{"id":"8032e92d-d875-4503-bc3c-710e01b11334","block_type":"box","text":"Aggregate","page_number":39,"box":{"x":815,"y":391,"width":61,"height":8}},{"id":"ddda7739-4d01-4c48-9dde-d4ee97ef4917","block_type":"box","text":"Compensation from","page_number":39,"box":{"x":789,"y":400,"width":113,"height":9}},{"id":"788db4bf-c99e-4235-a822-37810dcfd3fe","block_type":"box","text":"the Fund","page_number":39,"box":{"x":820,"y":411,"width":51,"height":7}},{"id":"8fddd65a-e0a8-493f-92da-a13853d25dff","block_type":"box","text":"and Other BlackRock","page_number":39,"box":{"x":782,"y":421,"width":127,"height":7}},{"id":"06f5a12d-3c36-4550-bcb3-9cfec4f5de17","block_type":"box","text":"Advised Funds","page_number":39,"box":{"x":799,"y":431,"width":84,"height":7}},{"id":"511892b9-f03c-4147-bb66-fc3ad58b16c6","block_type":"box","text":"2,3","page_number":39,"box":{"x":883,"y":431,"width":10,"height":4}},{"id":"7ab23865-480a-444c-a87b-c24042b9868f","block_type":"box","text":"Independent Trustees","page_number":39,"box":{"x":70,"y":449,"width":154,"height":10}},{"id":"e99610d9-0cb1-4a78-859d-72fbdc380658","block_type":"box","text":"Cynthia L. Egan","page_number":39,"box":{"x":79,"y":464,"width":108,"height":11}},{"id":"7399b516-0adb-4480-bb26-bcd950fc64fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,169 None","page_number":39,"box":{"x":195,"y":463,"width":524,"height":11}},{"id":"e1fafbef-9a12-4807-bc78-8b85a1252875","block_type":"box","text":"$580,000","page_number":39,"box":{"x":810,"y":463,"width":72,"height":11}},{"id":"2eae175d-bf83-4bc1-a3a8-b509fd33aeef","block_type":"box","text":"Lorenzo A. Flores. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,773 None","page_number":39,"box":{"x":79,"y":478,"width":640,"height":11}},{"id":"ff7cfe33-b214-465f-98cc-9e1a5d90f8d3","block_type":"box","text":"$400,000","page_number":39,"box":{"x":810,"y":478,"width":72,"height":11}},{"id":"fc1811ea-4184-4b27-a627-1e3777c3be4c","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,675 None","page_number":39,"box":{"x":79,"y":493,"width":640,"height":12}},{"id":"84e395f1-c65c-4421-90b3-1b1361f47ddd","block_type":"box","text":"$395,000","page_number":39,"box":{"x":810,"y":493,"width":72,"height":11}},{"id":"57a31687-20bc-46a4-a5e1-555e6cf08a4c","block_type":"box","text":"J. Phillip Holloman","page_number":39,"box":{"x":78,"y":509,"width":130,"height":11}},{"id":"23bae18e-a209-44bc-8d1c-92aec51c52f5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,793 None","page_number":39,"box":{"x":211,"y":508,"width":508,"height":11}},{"id":"caa23211-23a8-4eb5-8bf3-a036b3d478c5","block_type":"box","text":"$425,000","page_number":39,"box":{"x":810,"y":508,"width":72,"height":11}},{"id":"31ada4a3-029f-410e-9dd6-6cd9576300eb","block_type":"box","text":"R. Glenn Hubbard . . .","page_number":39,"box":{"x":79,"y":524,"width":150,"height":9}},{"id":"e7469dbf-988b-4748-967a-254ea9244480","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,406 None","page_number":39,"box":{"x":235,"y":523,"width":484,"height":11}},{"id":"a953eb0d-3dc3-4b9f-894a-65013959bcb8","block_type":"box","text":"$560,000","page_number":39,"box":{"x":810,"y":523,"width":72,"height":11}},{"id":"d183fb1d-417e-44c2-a117-ba8854fd5ab2","block_type":"box","text":"W. Carl Kester","page_number":39,"box":{"x":78,"y":539,"width":102,"height":9}},{"id":"1621e2a3-2ba0-479d-9f0d-0c2d77e60356","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,472 None","page_number":39,"box":{"x":186,"y":538,"width":533,"height":12}},{"id":"fab8ca27-e32e-4ce5-9817-257273a7f332","block_type":"box","text":"$671,500","page_number":39,"box":{"x":810,"y":538,"width":72,"height":12}},{"id":"894b37ce-9dde-43e2-a54a-8aac94b48d7b","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,243 None","page_number":39,"box":{"x":79,"y":554,"width":640,"height":11}},{"id":"b59d5e44-c6e9-47ee-8784-c111ed337e12","block_type":"box","text":"$610,000","page_number":39,"box":{"x":810,"y":554,"width":72,"height":11}},{"id":"b84ca878-e357-4e8f-bb55-51bf9a349b47","block_type":"box","text":"Arthur P. Steinmetz. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,922 None","page_number":39,"box":{"x":78,"y":569,"width":641,"height":11}},{"id":"25f42367-2cdb-497d-b70c-563a78bf5c60","block_type":"box","text":"$537,500","page_number":39,"box":{"x":810,"y":569,"width":72,"height":11}},{"id":"6bb49acd-ed56-4d46-91a7-1a4245e55c47","block_type":"box","text":"Interested Trustees","page_number":39,"box":{"x":70,"y":585,"width":138,"height":8}},{"id":"f5fbdc63-438a-45d1-a3dc-c3556776b79d","block_type":"box","text":"Robert Fairbairn . . .","page_number":39,"box":{"x":79,"y":600,"width":142,"height":9}},{"id":"a665102d-6440-4366-bf8f-8299ff5d689b","block_type":"box","text":"...................................","page_number":39,"box":{"x":227,"y":607,"width":279,"height":1}},{"id":"c35e6db0-c100-46c5-a030-8f9c28ebd166","block_type":"box","text":"None None None","page_number":39,"box":{"x":561,"y":600,"width":303,"height":9}},{"id":"8505f736-dbec-423f-9720-1fff1413c4a1","block_type":"box","text":"John M. Perlowski","page_number":39,"box":{"x":78,"y":615,"width":127,"height":9}},{"id":"f8da5998-951d-48d8-ba0a-412c94ad7b2a","block_type":"box","text":".....................................","page_number":39,"box":{"x":211,"y":622,"width":295,"height":2}},{"id":"701566d2-c73d-44e7-86ca-737996e3747e","block_type":"box","text":"None None None","page_number":39,"box":{"x":561,"y":615,"width":303,"height":9}},{"id":"cb7108d2-3b95-4593-9267-e2e57a299191","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":639,"width":3,"height":4}},{"id":"0b34f0f9-824b-4b22-b863-7d0fa0f62efb","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Chart beginning","page_number":39,"box":{"x":94,"y":639,"width":811,"height":9}},{"id":"c3de5c20-550e-41f2-b24b-db02a4ce87e7","block_type":"box","text":"on page I-13.","page_number":39,"box":{"x":93,"y":649,"width":74,"height":9}},{"id":"d2a4de85-58fe-4055-8975-4ebd30472226","block_type":"box","text":"2","page_number":39,"box":{"x":69,"y":662,"width":3,"height":3}},{"id":"c686c3c8-6dcd-4799-ae4d-209a8dc92abc","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":39,"box":{"x":94,"y":662,"width":782,"height":9}},{"id":"030e24be-b594-47df-bd7c-6756c8be85b5","block_type":"box","text":"Complex during the calendar year ended December 31, 2025. Of this amount, Ms. Egan, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":39,"box":{"x":93,"y":672,"width":797,"height":9}},{"id":"ff247e73-d72a-4341-9e46-0851b41a816d","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz deferred $580,000, $200,000, $197,500, $212,500, $280,000, $546,859, $603,900 and","page_number":39,"box":{"x":94,"y":681,"width":767,"height":10}},{"id":"cc3365ae-82d0-4560-87cc-ebc28324bbab","block_type":"box","text":"$268,750, respectively, pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":39,"box":{"x":93,"y":692,"width":599,"height":9}},{"id":"d5e5942e-83d8-436c-8a07-7842c341a983","block_type":"box","text":"3","page_number":39,"box":{"x":69,"y":705,"width":3,"height":3}},{"id":"565c36ca-3c5b-4c81-8106-3b5e6b78e4f4","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":39,"box":{"x":93,"y":705,"width":810,"height":9}},{"id":"d5e139bc-1509-40d9-bcd5-28d474f1ccca","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,387, $1,101,752, $5907,215, $2,544,830, $720,927 and $603,379,","page_number":39,"box":{"x":94,"y":714,"width":783,"height":10}},{"id":"53f4b939-60f7-4850-899e-655d1e132cd1","block_type":"box","text":"respectively, as of December 31, 2025. Ms. Egan did not participate in the deferred compensation plan as of December 31, 2025.","page_number":39,"box":{"x":94,"y":725,"width":748,"height":9}},{"id":"94c15a8d-7624-4770-bec6-c1ceab810153","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":39,"box":{"x":69,"y":753,"width":432,"height":11}},{"id":"19bbabac-7917-479b-82b7-642bdd54c2bb","block_type":"box","text":"Management Agreement","page_number":39,"box":{"x":69,"y":784,"width":180,"height":11}},{"id":"84e79a4d-2203-4244-8170-6a321af456d6","block_type":"box","text":"The Trust on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":39,"box":{"x":101,"y":806,"width":703,"height":11}},{"id":"2d485475-9ed7-4113-966d-dcdda03360ab","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager receives as compensation for its services to the Fund, a","page_number":39,"box":{"x":70,"y":821,"width":830,"height":12}},{"id":"6cfe8e39-d8ba-4bcf-8927-5cb9fd41df20","block_type":"box","text":"fee with respect to the Fund at the end of each month.","page_number":39,"box":{"x":68,"y":836,"width":389,"height":11}},{"id":"1724d11b-eaaa-43b1-9147-be50b285d5f8","block_type":"box","text":"The Manager has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":39,"box":{"x":101,"y":859,"width":782,"height":11}},{"id":"9ba8ccf2-2470-4fa0-8ae2-1b67d7228451","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":39,"box":{"x":69,"y":874,"width":799,"height":12}},{"id":"6b1e1e16-38b9-4e5c-bd14-cdde62e73377","block_type":"box","text":"traded funds managed by the Manager or its affiliates that have a contractual management fee, through","page_number":39,"box":{"x":68,"y":889,"width":742,"height":12}},{"id":"05140096-4aba-4103-a3a2-fd0dccc209ec","block_type":"box","text":"June 30, 2027. The Manager has contractually agreed to waive its management fees by the amount of investment","page_number":39,"box":{"x":69,"y":904,"width":816,"height":12}},{"id":"5668d85d-ff32-43fe-94f6-a809a47c767b","block_type":"box","text":"I-17","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"b5f86d70-b519-4928-bce9-462825300b5c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35166ad0-48d5-4842-85ae-eb0cfa2deb7f","block_type":"box","text":"advisory fees the Fund pays to the Manager indirectly through its investment in money market funds managed by the","page_number":40,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"2db031fa-de96-490e-b568-c5f0ddc862c5","block_type":"box","text":"Manager or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’","page_number":40,"box":{"x":70,"y":60,"width":798,"height":11}},{"id":"5e7db336-fd36-4c98-b6b9-5a85c092a482","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":40,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"064eaf83-b698-417e-8939-e43935acb16c","block_type":"box","text":"Fund.","page_number":40,"box":{"x":70,"y":90,"width":36,"height":9}},{"id":"2ddf73ee-0944-4984-bbb8-164f73289309","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":40,"box":{"x":101,"y":113,"width":798,"height":11}},{"id":"67d0eba2-0542-4aa4-82a6-844b1ab7b9ce","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Interest Expense, Dividend","page_number":40,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"57828869-baac-4c0d-8f6b-776f321a4853","block_type":"box","text":"Expense, Acquired Fund Fees and expenses and certain other Fund expenses (as defined in the Fund’s","page_number":40,"box":{"x":70,"y":143,"width":734,"height":11}},{"id":"eb1c6675-3fc1-4adf-aad9-d2a20ad31052","block_type":"box","text":"Prospectuses)) as a percentage of average daily net assets to 0.87% for Investor A Shares, 1.62% for Investor C","page_number":40,"box":{"x":69,"y":158,"width":803,"height":11}},{"id":"7a01685b-1fa7-447d-8033-046fed0518b8","block_type":"box","text":"Shares, 0.62% for Institutional Shares and 0.57% for Class K Shares through June 30, 2027. The contractual","page_number":40,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"229753ab-e731-4136-8bdf-5c7dfeab4583","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a","page_number":40,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"e1bd7d1b-f1a7-4bab-b7a3-6e83e3be6c3d","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":203,"width":400,"height":12}},{"id":"d0847801-31ec-44cf-a0e2-eb62841fe249","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":40,"box":{"x":102,"y":226,"width":800,"height":11}},{"id":"002edd99-e311-47bd-83a4-87d3e29ac78a","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":40,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"7e947f69-dbca-4161-9803-cc796799445b","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":40,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"78464b8d-6958-4596-8c5a-7cb351a11943","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":40,"box":{"x":70,"y":271,"width":801,"height":12}},{"id":"91217cb8-0d2e-40c8-928f-2f3f9538ece4","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":40,"box":{"x":70,"y":287,"width":823,"height":11}},{"id":"57c7c5c9-e94a-455c-a993-c125386952de","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":40,"box":{"x":70,"y":302,"width":508,"height":11}},{"id":"ea9b70c6-e4c4-471f-9289-2e6c58f09d16","block_type":"box","text":"The Manager entered into sub-advisory agreements (the “Sub-Advisory Agreements”) with BlackRock","page_number":40,"box":{"x":101,"y":324,"width":718,"height":12}},{"id":"341b2463-6771-49a8-81d9-7bfcb15ad89f","block_type":"box","text":"International Limited (“BIL”) and BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisers”)","page_number":40,"box":{"x":70,"y":340,"width":810,"height":11}},{"id":"3a819332-05e6-469d-883d-0dfc443f6dc2","block_type":"box","text":"pursuant to which the Sub-Advisers receive for the services they provide for that portion of the Fund for which each","page_number":40,"box":{"x":70,"y":355,"width":817,"height":11}},{"id":"8489a82a-928c-40f6-919e-b6d7ecab717e","block_type":"box","text":"Sub-Adviser serves as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid","page_number":40,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"47e587f0-96e1-4d9a-96c2-295f439e2ee5","block_type":"box","text":"to the Manager under the Management Agreement.","page_number":40,"box":{"x":68,"y":385,"width":365,"height":11}},{"id":"97c539a9-2214-4cc6-b618-4f0ccfb10766","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager (which","page_number":40,"box":{"x":101,"y":407,"width":802,"height":12}},{"id":"d9581355-1dd9-4df6-8e7c-4458bcc1edda","block_type":"box","text":"includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or reimbursed by the","page_number":40,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"20411eed-d7b9-4390-8451-1aec7d1406d7","block_type":"box","text":"Manager, for the periods indicated:","page_number":40,"box":{"x":70,"y":438,"width":247,"height":11}},{"id":"dcd8a08a-bb76-4755-8b16-1d76570b56c4","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager Fees Reimbursed by the Manager","page_number":40,"box":{"x":336,"y":466,"width":573,"height":9}},{"id":"2f399e8e-d005-443a-8fba-2fbe8b1e019a","block_type":"box","text":"Fiscal Year Ended","page_number":40,"box":{"x":70,"y":484,"width":122,"height":9}},{"id":"3f7cbe7c-98e1-473c-835e-e228fa8c9011","block_type":"box","text":"September 30, 2025","page_number":40,"box":{"x":79,"y":498,"width":150,"height":11}},{"id":"6de15394-832d-4440-be66-643c41c14f9e","block_type":"box","text":". . . . . . . . . $5,","page_number":40,"box":{"x":237,"y":498,"width":152,"height":11}},{"id":"9cede354-b2bd-4320-86f6-492440d1da4e","block_type":"box","text":"985,240 $443,218 $ 293,150","page_number":40,"box":{"x":392,"y":498,"width":463,"height":11}},{"id":"47457563-3335-4fa8-bcb0-28e23b2e850d","block_type":"box","text":"Fiscal Year Ended","page_number":40,"box":{"x":70,"y":514,"width":122,"height":8}},{"id":"966e9a8a-8b54-4120-b4f1-33ab7ceb5616","block_type":"box","text":"September 30, 2024","page_number":40,"box":{"x":79,"y":528,"width":150,"height":11}},{"id":"4c667ef5-31e9-47c4-87d6-c9bbe315d9fe","block_type":"box","text":". . . . . . . . . $5,","page_number":40,"box":{"x":237,"y":527,"width":152,"height":11}},{"id":"14a142e0-117c-4ba1-b50b-bea33412b067","block_type":"box","text":"532,339 $487,812 $ 134,441","page_number":40,"box":{"x":392,"y":527,"width":463,"height":11}},{"id":"72be8325-0092-4d5c-b386-e77246937a55","block_type":"box","text":"Fiscal Year Ended","page_number":40,"box":{"x":70,"y":543,"width":122,"height":9}},{"id":"cc0b8093-6aba-4b8c-8778-ae7b67c863f4","block_type":"box","text":"September 30, 2023","page_number":40,"box":{"x":79,"y":558,"width":150,"height":10}},{"id":"958a3b3b-2cc6-4fe3-8dc8-f92c17526398","block_type":"box","text":". . . . . . . . . $6,","page_number":40,"box":{"x":237,"y":557,"width":152,"height":11}},{"id":"7032e776-7106-46b6-96c6-f70836ddcc44","block_type":"box","text":"222,494 $531,676 $1,550,101","page_number":40,"box":{"x":392,"y":557,"width":463,"height":11}},{"id":"73465416-09df-4959-950c-bc4d3821f033","block_type":"box","text":"Administration Agreement","page_number":40,"box":{"x":68,"y":589,"width":191,"height":11}},{"id":"9e761573-dce5-4ac0-aac9-4d9411be3294","block_type":"box","text":"BlackRock serves as the Fund’s administrator pursuant to an administration agreement (the “Administration","page_number":40,"box":{"x":102,"y":612,"width":771,"height":11}},{"id":"96f6708b-3c63-4e36-b16f-01e0c431d863","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Fund; furnish the Fund with clerical,","page_number":40,"box":{"x":68,"y":627,"width":761,"height":11}},{"id":"a760ea3d-9b3d-4918-8e1f-c82c2ac30f16","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Fund’s net asset value;","page_number":40,"box":{"x":69,"y":642,"width":819,"height":11}},{"id":"c7650370-bd46-4258-b5b7-c8c7d9b1d041","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports required by","page_number":40,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"ff1df476-f2d0-4590-92cf-69cf82d916c6","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":40,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"cd9cfb5d-88ec-492c-96b0-89bd07558e13","block_type":"box","text":"available for payment by the Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":40,"box":{"x":69,"y":687,"width":800,"height":11}},{"id":"4b787a85-3d33-48e3-a68c-c20bddd15957","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":40,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"a5894d71-3f32-48bc-842b-84bead0bbdd0","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":40,"box":{"x":69,"y":717,"width":825,"height":12}},{"id":"0d2a2686-f4e0-4748-ac25-e105ca68dffb","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of the Fund and","page_number":40,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"cdc70e45-55a5-4194-ab72-4496df423ff4","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":40,"box":{"x":69,"y":748,"width":773,"height":11}},{"id":"47d96d24-e1df-499e-a70c-e176c0b8783a","block_type":"box","text":"administration fees with respect to the Fund and may voluntarily reimburse the Fund for expenses.","page_number":40,"box":{"x":69,"y":763,"width":700,"height":11}},{"id":"29f784a2-db76-4b48-a0d1-11b3c796a8e7","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Fund, pays to BlackRock a fee,","page_number":40,"box":{"x":102,"y":785,"width":789,"height":12}},{"id":"b5cd25b5-a00c-44c7-a7b8-f87441e5cf9f","block_type":"box","text":"computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":40,"box":{"x":69,"y":800,"width":792,"height":12}},{"id":"806261c0-16a7-4791-bff0-40587d5a80a5","block_type":"box","text":"Fund’s average daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of","page_number":40,"box":{"x":70,"y":815,"width":838,"height":12}},{"id":"4131c43b-44f9-47cc-8646-4b9b3e900988","block_type":"box","text":"the next $1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily","page_number":40,"box":{"x":68,"y":830,"width":821,"height":12}},{"id":"82f4c8ca-1ac1-47d5-ba69-17d5e0cf2141","block_type":"box","text":"net assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily","page_number":40,"box":{"x":69,"y":845,"width":816,"height":12}},{"id":"270d8678-dc0b-4991-8594-5504eed179c6","block_type":"box","text":"net 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":40,"box":{"x":69,"y":860,"width":833,"height":12}},{"id":"c890bde3-916d-40bd-b191-dd84f5cc1202","block_type":"box","text":"shares of the Fund.","page_number":40,"box":{"x":69,"y":876,"width":137,"height":9}},{"id":"c7a200b8-f7bc-4542-bccc-0e4a79c39077","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cea7a9ab-e25a-464e-ae69-f8fc83e6b16c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a573224-3fc1-4206-ab68-9392685ff89a","block_type":"box","text":"The table below sets forth information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":41,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"6ad40cac-dc69-493a-a216-060667b67b91","block_type":"box","text":"BlackRock, and the amounts waived, for the past three fiscal years.","page_number":41,"box":{"x":70,"y":60,"width":480,"height":11}},{"id":"b7683ef3-da3e-4edd-b335-edeea4261222","block_type":"box","text":"Fees Paid to","page_number":41,"box":{"x":727,"y":88,"width":72,"height":7}},{"id":"da016541-a9ba-4696-8750-85c31e078b95","block_type":"box","text":"BlackRock","page_number":41,"box":{"x":732,"y":98,"width":63,"height":7}},{"id":"c5572853-2287-4f19-bd93-6460c5537d6b","block_type":"box","text":"Fees Waived","page_number":41,"box":{"x":833,"y":88,"width":72,"height":7}},{"id":"0158a862-1e26-4801-b437-c3077f012c68","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":830,"y":98,"width":80,"height":9}},{"id":"2862b5e8-f913-40c5-897d-8c8ab971a899","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . .","page_number":41,"box":{"x":70,"y":116,"width":299,"height":11}},{"id":"7de6d8a7-949a-4104-b9f0-6ea9d9dfbbf1","block_type":"box","text":"........................................","page_number":41,"box":{"x":376,"y":123,"width":319,"height":2}},{"id":"6e1fd985-7126-4ca6-9a0f-65bcfaa18a51","block_type":"box","text":"$738,392 $243,789","page_number":41,"box":{"x":727,"y":115,"width":178,"height":11}},{"id":"e321c0bc-2f6c-4ff3-83d9-cd888a52ad50","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . .","page_number":41,"box":{"x":70,"y":131,"width":299,"height":11}},{"id":"51437288-043e-4b49-8b42-c20d162a7a45","block_type":"box","text":"........................................","page_number":41,"box":{"x":376,"y":138,"width":319,"height":2}},{"id":"709f550d-f475-47a3-b0f3-db4e068fd823","block_type":"box","text":"$680,521 $196,078","page_number":41,"box":{"x":727,"y":130,"width":178,"height":11}},{"id":"512b49ca-a71e-4212-be07-165f44fac4d7","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . .","page_number":41,"box":{"x":70,"y":146,"width":299,"height":11}},{"id":"0cc0a00c-4899-4325-a91f-b3e793ff92db","block_type":"box","text":"........................................","page_number":41,"box":{"x":376,"y":154,"width":319,"height":1}},{"id":"66bbf163-df37-4757-94ef-d75995997fd5","block_type":"box","text":"$768,707 $250,517","page_number":41,"box":{"x":727,"y":145,"width":178,"height":12}},{"id":"c1e1149c-5f6f-4bfd-84d3-83c5dd381a8c","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":41,"box":{"x":101,"y":170,"width":708,"height":11}},{"id":"9abcc9c5-7ccc-4ee6-b4c0-050a4758f850","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":41,"box":{"x":69,"y":185,"width":838,"height":11}},{"id":"5a7e733e-808a-4dfd-ad13-0b120e8251f2","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":41,"box":{"x":68,"y":200,"width":800,"height":12}},{"id":"596c22e2-c470-483a-bc9d-cd53fbf2a793","block_type":"box","text":"shares of the Fund.","page_number":41,"box":{"x":69,"y":215,"width":137,"height":9}},{"id":"8e699cc3-39e4-45e6-997a-9e45a2fda439","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain","page_number":41,"box":{"x":102,"y":238,"width":740,"height":11}},{"id":"2163edfe-b64b-4252-82d2-9fcb31629ff2","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":41,"box":{"x":69,"y":253,"width":824,"height":11}},{"id":"eb854967-1a6e-42da-ab12-8b9f13520f94","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":41,"box":{"x":69,"y":268,"width":787,"height":12}},{"id":"c8d55942-04a7-4bcf-96f7-f2fec0168f97","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":41,"box":{"x":69,"y":283,"width":531,"height":12}},{"id":"f276d88b-d353-42cd-b88d-446ae23c4929","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, paid to BlackRock and BlackRock waived fees for","page_number":41,"box":{"x":102,"y":306,"width":752,"height":11}},{"id":"a3f0c984-fad9-4ae1-bd3c-22af63386bf5","block_type":"box","text":"shareholder liaison services pursuant to such agreement as follows:","page_number":41,"box":{"x":69,"y":321,"width":487,"height":11}},{"id":"8e62cb77-2c45-4fe9-8242-f77b6d282286","block_type":"box","text":"Fees Paid to BlackRock Fees Waived by BlackRock","page_number":41,"box":{"x":583,"y":349,"width":327,"height":9}},{"id":"e6578408-4113-43db-91a6-7e83a94dac40","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . .","page_number":41,"box":{"x":70,"y":367,"width":302,"height":11}},{"id":"9028713b-d299-4325-9d0e-b7e11f19d502","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $4,765 $4,765","page_number":41,"box":{"x":378,"y":366,"width":479,"height":12}},{"id":"d5fa3c08-039e-4d54-86b8-d0eeabc2f1ff","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . .","page_number":41,"box":{"x":70,"y":382,"width":302,"height":11}},{"id":"664dba1d-1703-4107-a9bf-ace79a56b842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $3,055 $2,967","page_number":41,"box":{"x":378,"y":382,"width":478,"height":11}},{"id":"d8745cb7-bea5-4202-ba02-fde58f5febb6","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . .","page_number":41,"box":{"x":70,"y":398,"width":302,"height":10}},{"id":"17cb0e50-b116-45ec-9b7d-6895d997e01e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $7,604 $7,507","page_number":41,"box":{"x":378,"y":397,"width":478,"height":11}},{"id":"f8ed34d2-013d-4b72-903c-1aa1f60d6c88","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":41,"box":{"x":69,"y":429,"width":335,"height":11}},{"id":"812a6c99-68c9-49e3-adb0-86df7b1065a7","block_type":"box","text":"Jeffrey Cucunato, Mitchell Garfin, CFA and Jose Aguilar are the Fund’s portfolio managers. Mr. Cucunato is","page_number":41,"box":{"x":101,"y":452,"width":761,"height":11}},{"id":"0176c481-34fe-4ca6-a958-ef61a2020255","block_type":"box","text":"primarily responsible for setting the Fund’s overall investment strategy and overseeing the Fund’s investment process","page_number":41,"box":{"x":70,"y":467,"width":838,"height":11}},{"id":"27ac98ce-16ab-43f7-bb33-bbe1038b93a7","block_type":"box","text":"and performance, and Messrs. Garfin and Aguilar are jointly and are primarily responsible for the day-to-day","page_number":41,"box":{"x":69,"y":482,"width":766,"height":11}},{"id":"b902179b-0374-4c1d-afc6-5532e5e9b3ec","block_type":"box","text":"management of the Fund’s portfolio.","page_number":41,"box":{"x":69,"y":497,"width":259,"height":11}},{"id":"9a704d90-a026-41fd-ac03-c006a778a967","block_type":"box","text":"Other Funds and Accounts Managed","page_number":41,"box":{"x":70,"y":527,"width":257,"height":11}},{"id":"dc3b2054-4c3d-4d36-b0dc-918707f33c14","block_type":"box","text":"The following table sets forth information about the funds and accounts other than the Fund for which the","page_number":41,"box":{"x":101,"y":550,"width":753,"height":11}},{"id":"6bcf8eb4-78c1-46b7-80b4-6249e7fbaaed","block_type":"box","text":"managers are primarily responsible for the day-to-day portfolio management as of September 30, 2025.","page_number":41,"box":{"x":69,"y":565,"width":740,"height":11}},{"id":"59036c9d-6c8f-4a6e-92b3-6cdc17aaa081","block_type":"box","text":"Number of Other Accounts Managed","page_number":41,"box":{"x":355,"y":593,"width":211,"height":9}},{"id":"7cd0952f-ea84-4cb5-8e4c-7315a3a88eff","block_type":"box","text":"and Assets by Account Type","page_number":41,"box":{"x":378,"y":603,"width":165,"height":9}},{"id":"73d51364-f0d8-44e3-bd58-980efd63b3a8","block_type":"box","text":"Number of Other Accounts and Assets","page_number":41,"box":{"x":653,"y":593,"width":222,"height":7}},{"id":"050c240d-a71d-498c-a926-813b6a1fb634","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":41,"box":{"x":631,"y":603,"width":265,"height":9}},{"id":"d88be6b8-4298-4a34-8ab3-55ceb036a059","block_type":"box","text":"Name of Portfolio 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Pooled","page_number":41,"box":{"x":713,"y":626,"width":75,"height":7}},{"id":"1f53857c-79db-46f5-9b8e-122f6b3b5871","block_type":"box","text":"Investment","page_number":41,"box":{"x":718,"y":636,"width":65,"height":7}},{"id":"c1007f45-bc30-4afa-ad23-ef14a694eecf","block_type":"box","text":"Vehicles","page_number":41,"box":{"x":726,"y":646,"width":48,"height":7}},{"id":"805188cf-06f9-47f8-adca-227f4aa6382e","block_type":"box","text":"Other","page_number":41,"box":{"x":838,"y":636,"width":32,"height":7}},{"id":"809ad8e1-cf3a-4833-b241-fbdabc661713","block_type":"box","text":"Accounts","page_number":41,"box":{"x":826,"y":646,"width":55,"height":7}},{"id":"a3f5987c-35f3-45ea-8e94-c1c22c8b6b85","block_type":"box","text":"Jose Aguilar 6 37 6 0 1 0","page_number":41,"box":{"x":73,"y":660,"width":784,"height":9}},{"id":"4b48d429-1825-48f4-a77c-a9d3d8455a4a","block_type":"box","text":"$1.53 Billion $10.74 Billion $1.66 Billion $0 $0 $0","page_number":41,"box":{"x":318,"y":672,"width":543,"height":8}},{"id":"b2ffb2fc-9035-454f-95c1-ea0796938bb2","block_type":"box","text":"Jeffrey Cucunato 3 4 24 0 0 0","page_number":41,"box":{"x":73,"y":685,"width":784,"height":9}},{"id":"68620afe-3e74-4398-8a3c-fdf97e4c00db","block_type":"box","text":"$2.06 Billion $515.53 Million $1.08 Billion $0 $0 $0","page_number":41,"box":{"x":318,"y":697,"width":543,"height":9}},{"id":"4c1620b2-cdf1-4be9-93e2-6d4d71eee37f","block_type":"box","text":"Mitchell Garfin, CFA 30 22 129 0 0 5","page_number":41,"box":{"x":74,"y":710,"width":783,"height":9}},{"id":"2bfcaa75-be83-4e17-accb-b8d4d3f7d13e","block_type":"box","text":"$45.13 Billion $9.49 Billion $19.18 Billion $0 $0 $757.68 Million","page_number":41,"box":{"x":314,"y":722,"width":585,"height":9}},{"id":"62a698ab-d431-4252-b51f-352b54dd1de2","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":41,"box":{"x":69,"y":757,"width":304,"height":11}},{"id":"74d1b8a7-845b-4c94-943f-65602ed75773","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of September 30, 2025.","page_number":41,"box":{"x":101,"y":780,"width":705,"height":11}},{"id":"715e2370-7643-4419-820a-fdebe1d0c009","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":41,"box":{"x":102,"y":802,"width":774,"height":12}},{"id":"67a4bea7-4b03-44e2-9ee4-db809deb5278","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":41,"box":{"x":70,"y":818,"width":837,"height":11}},{"id":"96492409-6c8e-4d8b-9915-b3018ab159fa","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":41,"box":{"x":69,"y":833,"width":823,"height":11}},{"id":"dc389f41-6df6-47bc-b744-f6e8aed32911","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":41,"box":{"x":69,"y":848,"width":799,"height":11}},{"id":"725d6d0a-fd8d-4a6a-ab05-b3ddbc855bb4","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":41,"box":{"x":70,"y":863,"width":670,"height":11}},{"id":"9ae09adc-18dc-45a1-ad2f-e6b20a758de7","block_type":"box","text":"Base Compensation.","page_number":41,"box":{"x":102,"y":886,"width":148,"height":11}},{"id":"0e916ecf-a6e6-4fdb-a142-321883751c14","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":41,"box":{"x":257,"y":886,"width":640,"height":11}},{"id":"8c91fa5f-edf7-4a2e-865a-ad4391adb758","block_type":"box","text":"firm.","page_number":41,"box":{"x":68,"y":901,"width":32,"height":9}},{"id":"8c3ec42d-bda5-4a67-9d04-9a49c244be0b","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"b3aed3ee-5786-43d0-8ad7-dcf12a6e463d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8294cf2-28f1-4629-9c2b-ef61347e39ef","block_type":"box","text":"Discretionary Incentive Compensation","page_number":42,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"230458d5-a134-405e-b7dc-6d219ac7715f","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc.,","page_number":42,"box":{"x":102,"y":67,"width":792,"height":11}},{"id":"bd154783-cb92-4238-8f3c-ebf481652d00","block_type":"box","text":"the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk","page_number":42,"box":{"x":68,"y":82,"width":800,"height":12}},{"id":"ed3cb868-fc61-46ac-a9c5-fe0fae117b87","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to","page_number":42,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"4ae1db78-a0a5-492a-a47a-5a60185a32a2","block_type":"box","text":"predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these","page_number":42,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"44e3f8cd-52ba-4bfe-a368-c12ec5038ed7","block_type":"box","text":"portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":42,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"ec328553-a3f1-4830-8ba2-7e6d97cb680a","block_type":"box","text":"which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among","page_number":42,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"773a7a7b-6c94-443c-9425-d0582736607e","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio","page_number":42,"box":{"x":69,"y":158,"width":819,"height":11}},{"id":"08fec801-433e-4253-b305-fe425734b5c2","block_type":"box","text":"manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio","page_number":42,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"d2e2931a-4ade-499a-b7d7-e3b333c8ae71","block_type":"box","text":"manager relative to the various benchmarks. Performance of fixed-income funds is measured on a pre-tax and/or","page_number":42,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"6947c8f8-7a41-4a60-9286-37b2da264819","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":42,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"26b6fca3-3285-4930-a9cf-1af5e5e1cc39","block_type":"box","text":"portfolio managers, such benchmarks for the Fund and other accounts are:","page_number":42,"box":{"x":70,"y":218,"width":534,"height":12}},{"id":"e014e47e-e213-4e73-ad3f-70b3681828b7","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":42,"box":{"x":69,"y":247,"width":267,"height":9}},{"id":"4fb4b106-b58f-4851-886b-6cd0ea246b72","block_type":"box","text":"Mitchell Garfin, CFA A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2%","page_number":42,"box":{"x":70,"y":263,"width":836,"height":12}},{"id":"cb5b07bf-68ae-4c70-944f-021fef60da12","block_type":"box","text":"Issuer Cap Index), certain customized indices and certain fund industry peer groups.","page_number":42,"box":{"x":265,"y":278,"width":602,"height":12}},{"id":"35e775e5-072f-46d0-954f-159315b52419","block_type":"box","text":"Jeff Cucunato Bloomberg US Credit Index.","page_number":42,"box":{"x":69,"y":301,"width":390,"height":11}},{"id":"6916720e-3bb3-45a8-954c-aaaf1a0d258c","block_type":"box","text":"Jose Aguilar A combination of market-based indices (e.g., ICE BofA 3-Month U.S. Treasury Bill Index).","page_number":42,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"8b4f9c9a-69ab-42d6-93dc-3cf8f002305c","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":348,"width":389,"height":11}},{"id":"9508b242-11d8-423a-855b-2f0f4f2abc47","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":348,"width":383,"height":11}},{"id":"beb985d2-2b67-492b-8c64-d7a0208b46af","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":363,"width":815,"height":11}},{"id":"234e92d5-df50-41f7-9c6a-e52c27b78c4e","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":42,"box":{"x":68,"y":378,"width":522,"height":11}},{"id":"1b355fbc-237a-481c-add9-5aec9e54939c","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":42,"box":{"x":102,"y":401,"width":760,"height":11}},{"id":"ca37afcf-0ba0-4015-a27e-09b885e33104","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":416,"width":795,"height":11}},{"id":"35e7a0cd-3f75-48a2-a32b-5e72a5ddb2a7","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":42,"box":{"x":69,"y":431,"width":805,"height":11}},{"id":"308f34c9-e8a4-4478-a150-631b1ce75486","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":42,"box":{"x":69,"y":446,"width":822,"height":11}},{"id":"484a89f8-0cef-4227-aea9-19923f1105dc","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":42,"box":{"x":68,"y":461,"width":839,"height":11}},{"id":"3c3d35f3-5208-4aaa-8abc-cb706dc18cbe","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":42,"box":{"x":69,"y":476,"width":802,"height":11}},{"id":"05722440-6df4-4fa5-a3ee-79730cb56b1d","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":42,"box":{"x":70,"y":491,"width":820,"height":12}},{"id":"d9d73d31-31d0-48c7-abfa-b9c73423449f","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":42,"box":{"x":70,"y":506,"width":801,"height":12}},{"id":"d38d6d59-7a61-4221-bc63-74304990bf8a","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":42,"box":{"x":70,"y":521,"width":831,"height":11}},{"id":"6cc1d4a4-bf30-4bca-b9db-fa48486112e9","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":537,"width":479,"height":11}},{"id":"fbd45591-0834-4a88-a5e8-939d47d07166","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":42,"box":{"x":102,"y":559,"width":785,"height":12}},{"id":"d3dd78e8-6010-4eb7-973e-b458eac86ae3","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":42,"box":{"x":68,"y":574,"width":836,"height":12}},{"id":"1ab16d94-a6fe-45da-9322-c9fc9ca5f67b","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":42,"box":{"x":68,"y":589,"width":821,"height":12}},{"id":"755ab222-3cfd-4c30-9cce-0a037df5cf5b","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":42,"box":{"x":69,"y":605,"width":829,"height":11}},{"id":"9e9d0985-e1be-47e2-acf6-c4e5b6bd9680","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":42,"box":{"x":70,"y":620,"width":835,"height":11}},{"id":"7843092d-2b30-4424-9faa-a97fbecc9cbd","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":635,"width":414,"height":11}},{"id":"7df4b439-7db7-464d-aee8-960fa9d07d37","block_type":"box","text":"Other Compensation Benefits.","page_number":42,"box":{"x":101,"y":658,"width":218,"height":11}},{"id":"24462b0d-535a-4ad4-aaf5-b62b668f3c72","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":42,"box":{"x":327,"y":658,"width":552,"height":11}},{"id":"2574bea9-1305-44f7-8afd-45690266a643","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":42,"box":{"x":69,"y":673,"width":582,"height":11}},{"id":"7f6bff34-6097-43c9-b136-48ffa023de17","block_type":"box","text":"Incentive Savings Plans","page_number":42,"box":{"x":102,"y":695,"width":167,"height":12}},{"id":"72037a24-1e3f-48f8-9ed1-d7068b2e8782","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":42,"box":{"x":274,"y":695,"width":614,"height":12}},{"id":"9f642be5-7cdd-4609-8dd7-628aaaa1a0ab","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":42,"box":{"x":69,"y":711,"width":831,"height":11}},{"id":"6c013a41-8776-4081-ae31-eb9a192f8b79","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":42,"box":{"x":70,"y":726,"width":785,"height":11}},{"id":"047d282e-e2df-4982-b7ee-1b4c9fde30df","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":42,"box":{"x":69,"y":740,"width":830,"height":12}},{"id":"977c5628-62ef-4fc9-9fad-0ea8052b4b50","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":42,"box":{"x":69,"y":756,"width":799,"height":11}},{"id":"73b5f90b-e917-414e-ab47-c97069be0161","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":42,"box":{"x":69,"y":770,"width":831,"height":12}},{"id":"8ed4b2d2-f945-42bb-8859-88bce42e11d1","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":42,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"fb4178a4-969e-4876-80b3-fbbbec121379","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":42,"box":{"x":70,"y":801,"width":809,"height":11}},{"id":"6d749000-4b46-4a58-b3ef-e77018d2a12c","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":42,"box":{"x":68,"y":816,"width":793,"height":12}},{"id":"ae1543b8-2e79-4933-91cf-27a9e4ef87d4","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":42,"box":{"x":70,"y":831,"width":832,"height":11}},{"id":"9ce911d2-fe69-4efb-8756-0e6ed5d4668d","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":42,"box":{"x":68,"y":846,"width":805,"height":11}},{"id":"08e73e8b-f9ed-4a0e-8b50-e1a1c6a33e5f","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. Messrs. Cucunato and Garfin are eligible to","page_number":42,"box":{"x":69,"y":861,"width":759,"height":12}},{"id":"e5e8ba9b-9a28-43d1-bd7e-f58fdaa915b9","block_type":"box","text":"participate in these plans.","page_number":42,"box":{"x":70,"y":877,"width":185,"height":11}},{"id":"b7544f02-78e1-4c4d-a2b8-f650ecaa1c04","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2befb1af-a3a6-47c1-80ff-d1172bb1fa74","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e52e62c-52f7-46a3-a326-f6363f6d8138","block_type":"box","text":"United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally","page_number":43,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"f6083ebc-a923-40b2-a546-a71740d9d40a","block_type":"box","text":"to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example,","page_number":43,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"b4f367b3-7395-4fa9-892e-e95bcb31264b","block_type":"box","text":"BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate,","page_number":43,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"b89f85e3-8fe8-4644-bf49-6ca39b6bf3d1","block_type":"box","text":"including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP).","page_number":43,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"93196ec2-3b9e-4128-b0a9-32be4ce8ead0","block_type":"box","text":"The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The","page_number":43,"box":{"x":68,"y":105,"width":824,"height":11}},{"id":"d96634a8-973f-4d24-a942-77e4074a7f0a","block_type":"box","text":"RSP offers a range of investment options, including several collective investment funds managed by the firm.","page_number":43,"box":{"x":70,"y":120,"width":776,"height":12}},{"id":"91b78a8a-ef7b-467f-9bb9-54cb0ac7f95a","block_type":"box","text":"BlackRock contributions follow the investment direction set by participants for their own contributions or, in the","page_number":43,"box":{"x":70,"y":135,"width":790,"height":11}},{"id":"65eef54b-3f2d-4e63-9457-21dce4e78f5f","block_type":"box","text":"absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest","page_number":43,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"33628014-80fa-4f9c-a70d-f38c7084d96c","block_type":"box","text":"to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a","page_number":43,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"5e72a78f-5ba1-4948-b8c3-eb9bc67bac05","block_type":"box","text":"5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to","page_number":43,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"ac30153d-fd90-403f-ade6-3f97b5902e7b","block_type":"box","text":"the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on","page_number":43,"box":{"x":68,"y":195,"width":814,"height":12}},{"id":"8b13fc5c-0644-45d0-ac8f-7d8d3808e489","block_type":"box","text":"the purchase dateMr. Aguilar is eligible to participate in these plans.","page_number":43,"box":{"x":68,"y":211,"width":489,"height":11}},{"id":"52e54ec3-c065-42fd-aa84-e386fa63a035","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":241,"width":268,"height":11}},{"id":"fc4a3f12-3368-466c-b7b9-b565ad9600c8","block_type":"box","text":"As of September 30, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":264,"width":780,"height":11}},{"id":"5d513b0c-b346-4b15-abac-5adb75a88d74","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":43,"box":{"x":69,"y":279,"width":519,"height":11}},{"id":"3b077732-1939-4efe-bcca-99b7533b2c06","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":69,"y":317,"width":105,"height":9}},{"id":"fab0d60f-01e1-4056-8287-b10931d90a7e","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":307,"width":129,"height":9}},{"id":"e8bf1407-db7d-4437-9c42-83b346132a8c","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":317,"width":173,"height":9}},{"id":"a7a0722c-b007-4f79-ae5b-ed03f23d99ba","block_type":"box","text":"Jose Aguilar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":69,"y":335,"width":636,"height":11}},{"id":"a58d8cdb-56c5-44bf-a25c-5d6bef5db0e3","block_type":"box","text":"$100,001 - $500,000","page_number":43,"box":{"x":744,"y":334,"width":158,"height":12}},{"id":"b0a577b8-96cd-458e-a907-40b92d528c83","block_type":"box","text":"Jeff Cucunato . .","page_number":43,"box":{"x":69,"y":350,"width":115,"height":9}},{"id":"439a9b54-a5e8-49ae-8346-46e418d90d5c","block_type":"box","text":"................................................................","page_number":43,"box":{"x":190,"y":358,"width":515,"height":1}},{"id":"be18cd4d-3f87-49de-a2bb-1bc5a1f8f6d7","block_type":"box","text":"$100,001 - $500,000","page_number":43,"box":{"x":744,"y":349,"width":158,"height":12}},{"id":"6cf2201d-53a5-40c1-98fb-1ffbe1c9d529","block_type":"box","text":"Mitchell Garfin, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":365,"width":635,"height":11}},{"id":"d63dbe32-673b-4cd6-8144-df54ee96dd90","block_type":"box","text":"$50,001 - $100,000","page_number":43,"box":{"x":749,"y":365,"width":148,"height":11}},{"id":"74c62d8f-fb3c-476e-af2a-56866ebfa317","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":397,"width":403,"height":11}},{"id":"6afa4b06-bf44-424e-b775-df7de5dcab44","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":419,"width":727,"height":12}},{"id":"f707a4c1-5fdc-4cb8-bc9a-2cb519f3d118","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":435,"width":814,"height":11}},{"id":"2a3a1a50-3e41-4eef-8a3a-90bb1c0f4a35","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":43,"box":{"x":70,"y":450,"width":837,"height":11}},{"id":"5406c4d0-c657-472d-aa9a-73ad40be2ecb","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":465,"width":810,"height":11}},{"id":"e5a37ca9-c1d2-4209-a148-348aec2f258f","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":480,"width":782,"height":11}},{"id":"61b89976-be85-413c-af3c-e1ffb55e72be","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":495,"width":830,"height":11}},{"id":"f9c072ff-993e-4f7f-bc56-84c08f9aa411","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":510,"width":828,"height":11}},{"id":"9ead506f-26d5-419b-af88-0952f6f4ed9a","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":525,"width":834,"height":12}},{"id":"9c4dc7c9-9fee-4e65-aac2-5e449409dc89","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":43,"box":{"x":70,"y":540,"width":777,"height":12}},{"id":"2997b997-d8b5-4afb-9248-3f3661762837","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":555,"width":821,"height":12}},{"id":"64ef5905-bc55-4520-93e1-9a068c262abb","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":571,"width":819,"height":11}},{"id":"01714f5b-397c-462a-9076-4f05daf94a63","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":586,"width":832,"height":11}},{"id":"3fd1e7df-eb27-49cb-8c73-12a522fc8c50","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":601,"width":804,"height":11}},{"id":"49a10d40-fc6a-4aa3-ae19-f890f661e278","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":43,"box":{"x":69,"y":616,"width":760,"height":11}},{"id":"a60e65d5-57f4-4993-b367-32aaccf14586","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":43,"box":{"x":69,"y":631,"width":834,"height":11}},{"id":"02cab565-5aaa-4958-a5ba-99f512126c29","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":43,"box":{"x":69,"y":646,"width":836,"height":11}},{"id":"ea460c03-e518-494c-9fda-d6fc4270e3ec","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":43,"box":{"x":69,"y":661,"width":822,"height":11}},{"id":"b35fc1d9-0d9e-43f5-83ef-2ee4da1c3950","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":43,"box":{"x":70,"y":676,"width":835,"height":12}},{"id":"6bb107a6-6720-4a5b-8927-fd02fb0c9c88","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Cucunato and Garfin may be","page_number":43,"box":{"x":69,"y":692,"width":815,"height":11}},{"id":"e4036ca2-81db-4c8e-aa5b-5d7cd19af7b6","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only","page_number":43,"box":{"x":69,"y":707,"width":811,"height":11}},{"id":"aa192f44-bca0-4717-887f-68e183463a55","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Cucunato and Garfin may therefore be entitled to receive a portion of","page_number":43,"box":{"x":69,"y":722,"width":816,"height":11}},{"id":"86fd36aa-7812-4e46-aac1-9acf4741f853","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":43,"box":{"x":69,"y":737,"width":316,"height":11}},{"id":"fe958c9f-17a8-40fa-a87d-b4500c399957","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":43,"box":{"x":101,"y":760,"width":788,"height":11}},{"id":"f0db3435-cc8d-4e07-b1a4-1fd0e6578455","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":43,"box":{"x":70,"y":775,"width":839,"height":11}},{"id":"8192ee21-dad9-42a6-996e-da5d13ab2a6b","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":43,"box":{"x":68,"y":790,"width":823,"height":11}},{"id":"99c8f10d-d08d-492f-be20-266b24429f11","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":43,"box":{"x":68,"y":805,"width":812,"height":11}},{"id":"0f70219d-70fc-4f66-a6f0-c5254e2ec15a","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":43,"box":{"x":69,"y":820,"width":777,"height":11}},{"id":"719937de-9250-4aaf-9623-11f72a1b30e8","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":43,"box":{"x":70,"y":835,"width":826,"height":11}},{"id":"e49faad8-3960-403b-8b0d-531c290132b9","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"29002467-501f-496f-8c32-27d0554659e3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ad66925-e078-43f6-a9f9-bd58af9f8822","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":45,"width":150,"height":11}},{"id":"108f71e9-3a42-42cd-8da9-1948b4e4e418","block_type":"box","text":"JP Morgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. JPM records","page_number":44,"box":{"x":101,"y":67,"width":762,"height":12}},{"id":"5b1d6eff-546e-4f80-a373-3ba41009ca04","block_type":"box","text":"investment, capital share and income and expense activities; verifies and transmits trade tickets; maintains","page_number":44,"box":{"x":70,"y":82,"width":769,"height":11}},{"id":"a3bdb701-42ce-40ed-bf16-a45c81fd4fbe","block_type":"box","text":"accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s custodian; reports","page_number":44,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"f7a6a334-ebd3-46a0-ba80-3258c8e8e4f0","block_type":"box","text":"cash balances to BlackRock; prepares certain financial statements; calculates expenses, gains, losses and income;","page_number":44,"box":{"x":69,"y":113,"width":830,"height":11}},{"id":"8c75137c-299d-4c87-8ccc-c2675f5c46ea","block_type":"box","text":"controls disbursements; works with independent pricing sources; and computes and reports net asset value. In","page_number":44,"box":{"x":69,"y":128,"width":795,"height":11}},{"id":"cae748b2-ff7b-4d13-bdc0-4bc955b3c08f","block_type":"box","text":"connection with its accounting services, JPM also provides certain administration services to the Fund.","page_number":44,"box":{"x":69,"y":143,"width":735,"height":11}},{"id":"85939208-e38a-41d8-82ab-e62fff7bb487","block_type":"box","text":"The table below shows the amount paid by the Trust, on behalf of the Fund, to JPM or BNY Mellon Investment","page_number":44,"box":{"x":101,"y":166,"width":782,"height":11}},{"id":"1ba5fdc0-c199-4d0b-870e-8ac2ff963660","block_type":"box","text":"Servicing (US) Inc. (“BNY”), as applicable, for accounting services for the periods indicated:","page_number":44,"box":{"x":69,"y":181,"width":653,"height":11}},{"id":"9f674ec5-6d2d-4825-9a7e-08b1f5f40bd3","block_type":"box","text":"Fees Paid to JPM","page_number":44,"box":{"x":809,"y":209,"width":100,"height":7}},{"id":"7013db6e-fce0-4b0d-8f8d-f9912a6f1814","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":227,"width":487,"height":11}},{"id":"b7fa6255-8211-43c9-b09b-f395c354b69e","block_type":"box","text":"...........................","page_number":44,"box":{"x":563,"y":234,"width":214,"height":2}},{"id":"580ff133-57a7-4ccb-86f8-2a1196267ca7","block_type":"box","text":"$443,861","page_number":44,"box":{"x":823,"y":226,"width":72,"height":11}},{"id":"7726a454-85c2-4a13-ab0b-e63dbf87c15c","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":242,"width":487,"height":11}},{"id":"e5e39f48-577b-4f09-8995-529b31e66ff4","block_type":"box","text":"...........................","page_number":44,"box":{"x":563,"y":249,"width":214,"height":2}},{"id":"50539312-a58d-4a9f-9aef-e00aaf35c2ec","block_type":"box","text":"$401,536","page_number":44,"box":{"x":823,"y":241,"width":72,"height":11}},{"id":"48c9ea58-120e-45b5-8017-d06cb36dcba3","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":257,"width":487,"height":11}},{"id":"60907921-9d7d-48ed-9eef-0d2c0a418777","block_type":"box","text":"...........................","page_number":44,"box":{"x":563,"y":264,"width":214,"height":2}},{"id":"52c4e2f3-e8b9-4e3b-88f1-616d84d9eafa","block_type":"box","text":"$402,604","page_number":44,"box":{"x":823,"y":256,"width":72,"height":11}},{"id":"d6dce31b-f953-4a89-89b6-7b529b541b6f","block_type":"box","text":"Custodian","page_number":44,"box":{"x":69,"y":289,"width":72,"height":8}},{"id":"0dc8361a-f3b8-42fe-96cb-1c027af3ee54","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, serves as the","page_number":44,"box":{"x":101,"y":311,"width":736,"height":11}},{"id":"688e6915-d56b-4813-bdfd-6ef276f89945","block_type":"box","text":"custodian for the Fund. Among other responsibilities, JPM maintains a custody account or accounts in the name of","page_number":44,"box":{"x":69,"y":326,"width":818,"height":11}},{"id":"30e5254a-710f-4e85-9a2b-727eef0ce426","block_type":"box","text":"the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and collects and","page_number":44,"box":{"x":68,"y":341,"width":811,"height":11}},{"id":"1ff431f4-ecd4-4647-abbd-1b3c018b7e46","block_type":"box","text":"receives all income and other payments and distributions on account of the assets of the Fund.","page_number":44,"box":{"x":69,"y":356,"width":680,"height":12}},{"id":"a98ed7f3-c2d0-46e6-8e86-ce0cd891e32f","block_type":"box","text":"Transfer Agent","page_number":44,"box":{"x":68,"y":387,"width":107,"height":11}},{"id":"7396561f-0f91-46b3-bf51-389cd553b6f1","block_type":"box","text":"BNY which has its principal place of business at 301 Bellevue Parkway, Wilmington, Delaware 19809, serves as","page_number":44,"box":{"x":102,"y":409,"width":801,"height":12}},{"id":"00872d68-7913-4881-acd8-e2ac9bbbb09e","block_type":"box","text":"the transfer and dividend disbursement agent for the Fund.","page_number":44,"box":{"x":68,"y":424,"width":420,"height":12}},{"id":"448a9a2e-2ef9-4234-a41e-77a32df22db3","block_type":"box","text":"Credit Agreement","page_number":44,"box":{"x":69,"y":455,"width":129,"height":11}},{"id":"ca799479-b77c-44dc-94ba-976b1cf9f308","block_type":"box","text":"The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates","page_number":44,"box":{"x":101,"y":477,"width":757,"height":12}},{"id":"76ec6c0e-f493-45c6-84b3-b4994fea3aeb","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":44,"box":{"x":69,"y":492,"width":817,"height":12}},{"id":"b551762d-4da8-492f-9a08-e1a3d14fc00c","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":44,"box":{"x":68,"y":508,"width":743,"height":11}},{"id":"b16024a7-d0e4-44db-a3cd-f0dd6aea333a","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Fund, can borrow up","page_number":44,"box":{"x":69,"y":523,"width":825,"height":11}},{"id":"983649e1-dfdc-49be-874a-a73a2aabb475","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":44,"box":{"x":68,"y":537,"width":818,"height":12}},{"id":"b45fb6c4-c412-4ac3-bbd7-2f88724760f8","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":44,"box":{"x":70,"y":553,"width":761,"height":11}},{"id":"f23a9ae5-6965-43f1-9e69-ee693f094a74","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":44,"box":{"x":69,"y":568,"width":768,"height":11}},{"id":"18c89c58-c6e3-4852-b867-7779ff884de4","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":44,"box":{"x":68,"y":583,"width":825,"height":12}},{"id":"626e1db1-fc5b-47f2-8046-f5a6c0a66f27","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":44,"box":{"x":69,"y":598,"width":805,"height":12}},{"id":"5a877f35-1c7d-47b0-b30f-f1d20c634528","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":44,"box":{"x":69,"y":613,"width":838,"height":12}},{"id":"7bb89709-76c6-4c2e-b7e8-17fea31f29d1","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":44,"box":{"x":68,"y":629,"width":801,"height":11}},{"id":"8d929431-7534-4379-a339-07073d6c5b5b","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":44,"box":{"x":69,"y":644,"width":833,"height":11}},{"id":"bfd2d820-7e6d-455b-96ae-e57d3c692ecb","block_type":"box","text":"charged interest at a variable rate.","page_number":44,"box":{"x":69,"y":659,"width":245,"height":11}},{"id":"0fb45ae0-e461-4b95-b81d-2bc4ca2b428b","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":44,"box":{"x":68,"y":689,"width":491,"height":11}},{"id":"7a4e41f9-29e9-48ee-8b16-3d5725a5624e","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":44,"box":{"x":102,"y":712,"width":421,"height":11}},{"id":"d3bc35e7-113a-4923-a8c1-66593729a0ef","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":44,"box":{"x":529,"y":712,"width":368,"height":11}},{"id":"63515d0c-177d-44f6-8c90-66c7f9fb1976","block_type":"box","text":"with BlackRock Investments, LLC (previously defined as “BRIL,” or the “Distributor”) under which BRIL, as agent,","page_number":44,"box":{"x":68,"y":727,"width":803,"height":11}},{"id":"bdb5fdce-6702-4d54-86c1-7934054d77be","block_type":"box","text":"offers shares of the Fund on a continuous basis. 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by","page_number":45,"box":{"x":757,"y":242,"width":69,"height":9}},{"id":"c2399dee-43c4-4a1c-9ef2-ef1edc565baf","block_type":"box","text":"BRIL","page_number":45,"box":{"x":778,"y":253,"width":27,"height":7}},{"id":"16a73f65-3bad-449d-9216-60bbdb6d0249","block_type":"box","text":"CDSCs","page_number":45,"box":{"x":863,"y":232,"width":39,"height":7}},{"id":"a3f8a8be-34ec-4752-8f8a-6be09e0a486f","block_type":"box","text":"Paid to","page_number":45,"box":{"x":863,"y":242,"width":40,"height":8}},{"id":"d9d9f0a9-39a6-48b8-950f-92ea2294aa13","block_type":"box","text":"Affiliates","page_number":45,"box":{"x":856,"y":252,"width":52,"height":8}},{"id":"4765ef66-0e60-4c9a-9b13-b0c63e453926","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . .","page_number":45,"box":{"x":70,"y":270,"width":329,"height":11}},{"id":"f97babb3-d760-4f60-8c4a-ef06f20d2829","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733 $ 733","page_number":45,"box":{"x":405,"y":269,"width":504,"height":11}},{"id":"c0deb795-f3f2-4d76-adce-548411949a5f","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . .","page_number":45,"box":{"x":70,"y":285,"width":329,"height":11}},{"id":"c343e048-4ec7-4cf4-ad60-03e9ada4ca99","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,432 $3,432","page_number":45,"box":{"x":405,"y":285,"width":504,"height":11}},{"id":"9725ddab-f220-4117-92d1-65f300692098","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . .","page_number":45,"box":{"x":70,"y":300,"width":329,"height":11}},{"id":"90888cb3-57e8-49d4-b154-2a05743e1409","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,002 $1,002","page_number":45,"box":{"x":405,"y":300,"width":504,"height":11}},{"id":"01d4c36a-c308-4081-bfa0-4d9c831b6e51","block_type":"box","text":"The table below provides information for the fiscal year ended September 30, 2025 about the 12b-1 fees the","page_number":45,"box":{"x":101,"y":324,"width":780,"height":11}},{"id":"0811fbbc-5906-4070-a453-9d2b957a3b5a","block_type":"box","text":"Fund paid to BRIL under the Fund’s 12b-1 plans. A significant amount of the fees collected by BRIL were paid to","page_number":45,"box":{"x":70,"y":339,"width":796,"height":12}},{"id":"19d8768d-d596-415c-a2f6-c4c0abd61bad","block_type":"box","text":"affiliates for providing shareholder servicing activities for Investor A Shares and for providing shareholder servicing","page_number":45,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"a322a0cd-4d19-445b-ab88-8b37b49fc113","block_type":"box","text":"and distribution-related activities and services for Investor C Shares.","page_number":45,"box":{"x":69,"y":370,"width":488,"height":9}},{"id":"926ff1cc-9aaa-4323-9c9c-807e7d52b412","block_type":"box","text":"Class Name","page_number":45,"box":{"x":69,"y":398,"width":68,"height":7}},{"id":"0af7f9a1-ae19-4afa-a3e5-b6e5e08ab8c3","block_type":"box","text":"Fees Paid to BRIL","page_number":45,"box":{"x":806,"y":398,"width":103,"height":7}},{"id":"a49f3cc2-116d-45c5-b978-9466c33f1cc3","block_type":"box","text":"Investor A Shares .","page_number":45,"box":{"x":70,"y":416,"width":134,"height":9}},{"id":"5824ddad-e8c9-4851-91c2-5039de0c0962","block_type":"box","text":"......................................................................","page_number":45,"box":{"x":210,"y":423,"width":564,"height":2}},{"id":"57dfe05d-9d40-4eeb-840b-e5ea92706eb5","block_type":"box","text":"$443,612","page_number":45,"box":{"x":822,"y":415,"width":71,"height":11}},{"id":"b68d7567-51d2-4ca1-b0f0-414a9a659512","block_type":"box","text":"Investor C Shares","page_number":45,"box":{"x":70,"y":431,"width":125,"height":9}},{"id":"3e0ee91c-3539-4f78-9283-aabb386cf8d1","block_type":"box","text":"......................................................................","page_number":45,"box":{"x":210,"y":438,"width":564,"height":2}},{"id":"9c8ff6b5-bd26-453a-b96f-85b1160206f9","block_type":"box","text":"$123,629","page_number":45,"box":{"x":822,"y":430,"width":71,"height":11}},{"id":"637a652b-0fbb-45d5-a431-da6d32b7d5b1","block_type":"box","text":"See “Purchase of Shares” in Part II of this SAI for more information on sales charges and other distribution","page_number":45,"box":{"x":102,"y":455,"width":766,"height":11}},{"id":"a76e6619-3ae4-40f6-ae1a-7c05177c6049","block_type":"box","text":"related expenses.","page_number":45,"box":{"x":69,"y":470,"width":126,"height":11}},{"id":"e4d953ec-170f-41ef-bb4c-53bdaa9ab69c","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":45,"box":{"x":68,"y":500,"width":318,"height":11}},{"id":"aebc1723-6b83-454d-97c6-d1ed24925b6d","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":45,"box":{"x":101,"y":523,"width":790,"height":11}},{"id":"1c47f127-d932-44dd-87f1-2f3fc4cdf51f","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of","page_number":45,"box":{"x":68,"y":538,"width":723,"height":11}},{"id":"1522ca94-4539-4780-8120-eb6c12f7cc0c","block_type":"box","text":"September 30, 2025 follows:","page_number":45,"box":{"x":69,"y":553,"width":208,"height":11}},{"id":"1c7a6a93-467a-4826-96c6-c797bcbbb5c7","block_type":"box","text":"Investor A Shares","page_number":45,"box":{"x":805,"y":581,"width":102,"height":7}},{"id":"74af6ce6-5b96-4bf7-bca6-b920fd74b69a","block_type":"box","text":"Net Assets","page_number":45,"box":{"x":70,"y":599,"width":76,"height":9}},{"id":"156f8234-ff62-4df8-983f-9a6d1a3319f8","block_type":"box","text":"............................................................................","page_number":45,"box":{"x":158,"y":606,"width":613,"height":2}},{"id":"09273a23-ed7e-4c86-aeb5-84fc0cc9cad1","block_type":"box","text":"$183,338,059","page_number":45,"box":{"x":803,"y":598,"width":106,"height":11}},{"id":"7cd09646-3cdc-40ed-80a9-068c070bae2e","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":45,"box":{"x":70,"y":614,"width":245,"height":11}},{"id":"8dee232b-0225-493b-b081-4c6973155ab3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,","page_number":45,"box":{"x":321,"y":614,"width":524,"height":11}},{"id":"e83604de-ecdb-4351-8171-eed1b0357fe4","block_type":"box","text":"996,629","page_number":45,"box":{"x":847,"y":614,"width":62,"height":11}},{"id":"0382d42c-f330-4889-865c-dd5bb9cb7150","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) . .","page_number":45,"box":{"x":70,"y":629,"width":595,"height":11}},{"id":"ecec41e9-4d5d-4fe5-9f6f-a3df40a2a73e","block_type":"box","text":". . . . . . . . . . . . . $9.17","page_number":45,"box":{"x":672,"y":629,"width":236,"height":10}},{"id":"48deaf80-8c9c-42b2-80db-277543dd096d","block_type":"box","text":"Sales Charge (2.50% of offering price; 2.56% of net asset value per share)","page_number":45,"box":{"x":69,"y":644,"width":534,"height":12}},{"id":"38dd1b83-f4f7-456c-b00d-a0cfc2ed3b1a","block_type":"box","text":"1","page_number":45,"box":{"x":604,"y":645,"width":4,"height":4}},{"id":"10ac28af-d0e7-4762-aa03-99af94a256b0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $0.23","page_number":45,"box":{"x":623,"y":644,"width":286,"height":10}},{"id":"4a4f71c1-ebcf-4fa3-b4dd-2c942929dfec","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.40","page_number":45,"box":{"x":69,"y":663,"width":840,"height":12}},{"id":"f0d57795-91da-4e18-8d84-638d1bf54043","block_type":"box","text":"1","page_number":45,"box":{"x":69,"y":696,"width":3,"height":3}},{"id":"d4ef6326-d469-4966-9a0e-9475514d2fa2","block_type":"box","text":"Assumes maximum sales charge applicable.","page_number":45,"box":{"x":93,"y":696,"width":253,"height":9}},{"id":"27ab06c4-5e92-4385-a2e0-2b206b9f249c","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":45,"box":{"x":101,"y":717,"width":787,"height":11}},{"id":"88645ae0-0c07-402f-8408-d54d631708d0","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":45,"box":{"x":69,"y":732,"width":833,"height":11}},{"id":"a27733b0-662e-40ac-915b-18a858c1eaf6","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":45,"box":{"x":69,"y":747,"width":813,"height":11}},{"id":"b40f7455-2b9f-4fe3-a9f5-493d0a9af955","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":45,"box":{"x":69,"y":762,"width":377,"height":11}},{"id":"2ae6ee23-4ed7-4a5c-a079-fabbbb7ffacc","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":45,"box":{"x":68,"y":792,"width":302,"height":11}},{"id":"a6eca316-3df7-415a-a09b-11deb5e4a20c","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":45,"box":{"x":102,"y":815,"width":609,"height":11}},{"id":"3ba7c207-926b-43ff-be91-1fba9a1d8a59","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"91d4e142-8c34-4876-812d-dddeb4473658","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"517e772b-350d-4b15-9f22-b632c44cc187","block_type":"box","text":"Information about the brokerage commissions paid by the Fund including commissions paid to affiliates is set","page_number":46,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"701738d6-fd0b-4664-a1f9-68d07fcbdec7","block_type":"box","text":"forth in the following table:","page_number":46,"box":{"x":68,"y":60,"width":191,"height":11}},{"id":"732312b4-e366-4baa-ab0b-c3fff86d4f4c","block_type":"box","text":"Aggregate Brokerage","page_number":46,"box":{"x":613,"y":88,"width":125,"height":9}},{"id":"41df128c-2964-449f-9659-746aef81abb4","block_type":"box","text":"Commissions Paid","page_number":46,"box":{"x":623,"y":98,"width":106,"height":7}},{"id":"df87deed-da92-4600-bd75-43479e4a42bb","block_type":"box","text":"Brokerage Commissions","page_number":46,"box":{"x":769,"y":88,"width":140,"height":9}},{"id":"e1e47344-ee2c-4df4-81e5-061c32d066c1","block_type":"box","text":"Paid to Affiliates","page_number":46,"box":{"x":791,"y":98,"width":96,"height":7}},{"id":"11accd27-8685-4501-8895-a4b194cb2423","block_type":"box","text":"Fiscal Year Ended September 30, 2025. .","page_number":46,"box":{"x":70,"y":116,"width":292,"height":11}},{"id":"12c01694-ce9e-4d6d-818c-8a22e369a543","block_type":"box","text":"...........................","page_number":46,"box":{"x":369,"y":123,"width":213,"height":2}},{"id":"9b13266c-a980-4e68-b201-519ee40a8134","block_type":"box","text":"$230,828 $0","page_number":46,"box":{"x":640,"y":115,"width":208,"height":11}},{"id":"85ba8fdc-86ec-445a-aa60-67f0c5ccd797","block_type":"box","text":"Fiscal Year Ended September 30, 2024. .","page_number":46,"box":{"x":70,"y":131,"width":292,"height":11}},{"id":"b5440fa7-8eee-4ac4-bfb7-e827cbd6632e","block_type":"box","text":"...........................","page_number":46,"box":{"x":369,"y":138,"width":213,"height":2}},{"id":"e000fe99-f312-4f19-96ad-f333ec190905","block_type":"box","text":"$262,368 $0","page_number":46,"box":{"x":640,"y":130,"width":208,"height":11}},{"id":"01c6934d-2fe7-48ba-bef2-8532054be602","block_type":"box","text":"Fiscal Year Ended September 30, 2023. .","page_number":46,"box":{"x":70,"y":146,"width":292,"height":11}},{"id":"16400e4f-7a4c-4e8c-80cd-1de55f747e68","block_type":"box","text":"...........................","page_number":46,"box":{"x":369,"y":154,"width":213,"height":1}},{"id":"58c4816f-db90-4ca3-b763-f4be36956861","block_type":"box","text":"$517,403 $0","page_number":46,"box":{"x":640,"y":145,"width":208,"height":12}},{"id":"7b77349d-5fb7-4382-89e6-3e2a343e5355","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing third-party","page_number":46,"box":{"x":101,"y":170,"width":790,"height":11}},{"id":"97e96368-e895-4435-b31d-fa91c99c2cf9","block_type":"box","text":"research services and the approximate dollar amount of the transactions involved for the fiscal year ended","page_number":46,"box":{"x":69,"y":185,"width":760,"height":11}},{"id":"2c06b253-f0c5-49d5-9e8d-c8819a2cfea0","block_type":"box","text":"September 30, 2025. The provision of third party research services was not necessarily a factor in the placement of","page_number":46,"box":{"x":69,"y":200,"width":833,"height":11}},{"id":"655a34eb-84c8-4552-85b2-de4351791bbb","block_type":"box","text":"all brokerage business with such brokers.","page_number":46,"box":{"x":69,"y":216,"width":296,"height":11}},{"id":"9fa48136-35c8-4934-b280-81bc6b84396c","block_type":"box","text":"Amount of Commissions","page_number":46,"box":{"x":357,"y":244,"width":141,"height":7}},{"id":"a70b22bb-71d5-45ee-b093-e445ecc04915","block_type":"box","text":"Paid to Brokers for","page_number":46,"box":{"x":374,"y":254,"width":109,"height":7}},{"id":"fab398ad-1261-4d9e-b717-83b9ac701ff8","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":46,"box":{"x":304,"y":264,"width":249,"height":9}},{"id":"2b5d4a7b-8724-44c2-92dd-8d6f746b3821","block_type":"box","text":"Amount of Brokerage","page_number":46,"box":{"x":593,"y":254,"width":124,"height":9}},{"id":"001446c3-5bce-444d-b15a-0455c4433275","block_type":"box","text":"Transactions Involved","page_number":46,"box":{"x":592,"y":264,"width":126,"height":7}},{"id":"e33bd192-9b59-44cc-af76-ac6b17943512","block_type":"box","text":"$0 $0","page_number":46,"box":{"x":419,"y":281,"width":245,"height":10}},{"id":"2e864700-bb54-4e21-bd31-f565960054dd","block_type":"box","text":"As of September 30, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":46,"box":{"x":101,"y":305,"width":808,"height":12}},{"id":"293f64e5-113b-424a-98b4-cc419ad39c76","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act) or their parents, if any portion of such holdings were","page_number":46,"box":{"x":69,"y":321,"width":791,"height":11}},{"id":"19ce8a24-4a69-4cfc-a661-f8b748ed470f","block_type":"box","text":"purchased during the fiscal year ended September 30, 2025 is as follows:","page_number":46,"box":{"x":70,"y":336,"width":529,"height":11}},{"id":"96073f48-11ff-4155-b2a3-5d407dfb0360","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":46,"box":{"x":69,"y":364,"width":840,"height":9}},{"id":"e20cc50d-cc46-46c0-b017-40bbcd7738f6","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D","page_number":46,"box":{"x":70,"y":382,"width":592,"height":10}},{"id":"93000470-e1d5-4dae-8835-d5ea76789c7e","block_type":"box","text":"$24,020","page_number":46,"box":{"x":797,"y":381,"width":62,"height":11}},{"id":"46fc5344-944a-4317-8fbe-4002181d66f0","block_type":"box","text":"UBS Securities LLC","page_number":46,"box":{"x":70,"y":397,"width":135,"height":9}},{"id":"2e14dab8-1fc8-4845-add0-cc0074113f34","block_type":"box","text":"............................................ D","page_number":46,"box":{"x":215,"y":397,"width":447,"height":9}},{"id":"48241865-688b-47b1-980c-61ee562db50d","block_type":"box","text":"$18,308","page_number":46,"box":{"x":797,"y":396,"width":62,"height":11}},{"id":"05201d59-fa8e-43f2-a913-be125f8f4adc","block_type":"box","text":"Citigroup Global Markets Inc. .","page_number":46,"box":{"x":69,"y":412,"width":213,"height":11}},{"id":"8a8a2701-fbba-4e30-b793-17615c039098","block_type":"box","text":"................................... D","page_number":46,"box":{"x":288,"y":412,"width":374,"height":9}},{"id":"c6c24fd2-fd76-453d-bdd8-3aa48bc20ed8","block_type":"box","text":"$14,569","page_number":46,"box":{"x":797,"y":411,"width":62,"height":11}},{"id":"08dc6767-7cbf-4867-9dc2-eb0d2b7dad5a","block_type":"box","text":"Barclays Capital, Inc.","page_number":46,"box":{"x":70,"y":427,"width":147,"height":11}},{"id":"009bab51-634d-4ca4-89c4-7270ecc04179","block_type":"box","text":"........................................... D","page_number":46,"box":{"x":223,"y":427,"width":439,"height":9}},{"id":"81ba7634-d09e-4d9c-807c-205fbde81116","block_type":"box","text":"$12,036","page_number":46,"box":{"x":797,"y":426,"width":62,"height":11}},{"id":"5fe66155-92f4-4317-af63-c1b1566038bd","block_type":"box","text":"Goldman Sachs & Co. LLC . .","page_number":46,"box":{"x":69,"y":442,"width":205,"height":9}},{"id":"45cd0109-f6a2-4c73-873d-aa85af32dd35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 8,358","page_number":46,"box":{"x":280,"y":441,"width":579,"height":12}},{"id":"660bb559-3251-43ee-98db-0a81dda0f64f","block_type":"box","text":"Wells Fargo Securities, LLC . . . . . . . . . . . . . . . . .","page_number":46,"box":{"x":68,"y":457,"width":336,"height":12}},{"id":"b38588b8-ce7c-4d1d-82a2-4d48cc5c03ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . D $ 7,336","page_number":46,"box":{"x":410,"y":457,"width":449,"height":11}},{"id":"b09e1c1b-7f12-4cf8-8f1f-7f835f80fb60","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 6,957","page_number":46,"box":{"x":70,"y":472,"width":789,"height":12}},{"id":"2da916dc-8556-437c-9f36-934e8e05555c","block_type":"box","text":"J.P. Morgan Securities LLC . . . . . . . . .","page_number":46,"box":{"x":69,"y":488,"width":262,"height":11}},{"id":"f069ecf5-c3ba-4ad5-82fb-042bd106d79b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 2,170","page_number":46,"box":{"x":337,"y":487,"width":522,"height":11}},{"id":"da5c3616-6365-4977-a32b-e9394a53cb94","block_type":"box","text":"Mizuho Securities USA LLC.","page_number":46,"box":{"x":70,"y":503,"width":195,"height":9}},{"id":"e3d0c415-9411-4a45-b97f-01c01b164a12","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 277","page_number":46,"box":{"x":272,"y":502,"width":587,"height":10}},{"id":"510ff66a-e215-421f-8666-7e45a226b56d","block_type":"box","text":"Portfolio Turnover","page_number":46,"box":{"x":69,"y":534,"width":129,"height":9}},{"id":"f0d68e7e-bc03-4e6a-9abf-c75347c2dd39","block_type":"box","text":"For the fiscal years ended September 30, 2025 and 2024, the Fund’s portfolio turnover was 403% and 521%,","page_number":46,"box":{"x":102,"y":557,"width":787,"height":11}},{"id":"0e204b81-c980-4656-9d4e-67524867d12e","block_type":"box","text":"respectively.","page_number":46,"box":{"x":69,"y":572,"width":86,"height":11}},{"id":"b0d27d99-a195-4f42-82eb-4588cd400a4d","block_type":"box","text":"Securities Lending","page_number":46,"box":{"x":68,"y":602,"width":135,"height":11}},{"id":"6a7114da-d834-4bac-a587-48c82242149b","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":625,"width":807,"height":11}},{"id":"5b1fd79c-3834-4403-923d-7cc0ad4b67b9","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":46,"box":{"x":69,"y":640,"width":817,"height":11}},{"id":"61bff1ce-dcda-46d2-9211-05415ecc2fbb","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":655,"width":813,"height":11}},{"id":"d4791ff1-0bf4-4827-bc4f-c503429025ed","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":670,"width":838,"height":11}},{"id":"2d792269-fe4c-4f84-8a8f-ec0045f9aec0","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":685,"width":813,"height":12}},{"id":"d4902527-b835-4255-9e41-a715268e1dd2","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":46,"box":{"x":70,"y":701,"width":646,"height":11}},{"id":"b8b38f1d-6c2a-43d1-ae0c-d904934b91b0","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a portion of the securities lending income","page_number":46,"box":{"x":101,"y":723,"width":800,"height":11}},{"id":"a6ad9d08-aee1-4bba-a71b-0063bbb1c8ac","block_type":"box","text":"and remits the remaining portion to BIM as compensation for its services as securities lending agent. Securities","page_number":46,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"d50ff240-2ea7-4124-9f56-88a4b4c5b63d","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":753,"width":774,"height":12}},{"id":"1fb34a04-e20b-4f4a-a2b5-ee333604ec19","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":768,"width":801,"height":12}},{"id":"22d6db44-0d25-4274-9c08-0a19d27785a1","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":784,"width":837,"height":11}},{"id":"c55b79ec-942c-4745-ac2b-6eccaa95a545","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":799,"width":834,"height":11}},{"id":"20148c90-52aa-4c52-9eef-aedb22a046bd","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":814,"width":802,"height":11}},{"id":"8987c8d4-c714-47d4-9a58-2b91564af271","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":829,"width":778,"height":11}},{"id":"c78f6742-9f5e-48b7-8e25-ed0c447cf703","block_type":"box","text":"investment fees a 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":844,"width":814,"height":11}},{"id":"c2df8cb3-cedf-4d35-bb94-5c044dd118da","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":46,"box":{"x":69,"y":859,"width":296,"height":11}},{"id":"2064a467-ec6a-4808-a9f0-995e9a9f4831","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":882,"width":776,"height":11}},{"id":"691bc635-dddc-4091-9295-60d431dd5ca4","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":897,"width":831,"height":11}},{"id":"9e578500-8011-43c2-ae85-a0eee7f765ef","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":912,"width":812,"height":11}},{"id":"e38f6683-430c-431a-b85e-f4fee5daf812","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"00121dab-9dcc-4d10-9e26-faa9faa89d82","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a92c4690-1fe9-40b9-8e1c-98a86313e7a5","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":47,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"73644805-a310-4f6a-b914-181a904edbfa","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":47,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"3df015b1-8ed4-499c-b2fc-93b8759e6e3c","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":47,"box":{"x":69,"y":75,"width":818,"height":11}},{"id":"2b565802-512a-4fcd-99e4-3ad99d1ec04f","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":47,"box":{"x":68,"y":90,"width":789,"height":11}},{"id":"e1472af1-4126-439d-88f4-906569198e01","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":47,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"cfaaaa92-f861-49f9-b776-a0d62ea45097","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":47,"box":{"x":69,"y":120,"width":839,"height":11}},{"id":"828d93f5-3a5b-4cdf-81e8-5a9c52ddc53b","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":47,"box":{"x":69,"y":135,"width":802,"height":12}},{"id":"c8a6efac-0df4-495c-abd0-5cc350bc26d8","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":47,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"884af15b-d71f-4b6d-b3f2-215485e7cbb3","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":47,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"e8ffbb83-aaf4-4ee6-a629-b65cc74a3f63","block_type":"box","text":"Fund’s returns on securities lending.","page_number":47,"box":{"x":70,"y":181,"width":258,"height":11}},{"id":"f840817c-1f1a-4365-b8ad-a252b567ef28","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":47,"box":{"x":102,"y":203,"width":774,"height":12}},{"id":"d0995f6e-abd4-4bae-a3df-ac60658fda74","block_type":"box","text":"determination of the Fund’s asset class category (fixed income, domestic equity, international equity, or fund of","page_number":47,"box":{"x":69,"y":218,"width":796,"height":12}},{"id":"5942f724-2c35-405c-9635-85547d0548d0","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":47,"box":{"x":68,"y":234,"width":809,"height":11}},{"id":"5927eb13-496b-4e4a-9aac-316daad1582d","block_type":"box","text":"Trust and BIM.","page_number":47,"box":{"x":68,"y":249,"width":103,"height":9}},{"id":"715c5f95-63eb-419a-b6a0-c1855d8f8e63","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Fund were to engage in securities lending, the","page_number":47,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"153b45a4-2bdd-4e9b-a418-dcb3a541eb81","block_type":"box","text":"Fund retains 82% of securities lending income (which excludes collateral investment expenses), and (ii) this amount","page_number":47,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"5a56bcfc-4dd9-4eca-968c-01f4a3f9ca17","block_type":"box","text":"can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":47,"box":{"x":69,"y":302,"width":750,"height":11}},{"id":"98e89929-6305-4896-9558-dc597815b117","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":47,"box":{"x":102,"y":324,"width":753,"height":12}},{"id":"f6436c4f-7509-46bd-b0a7-02691292be49","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":47,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"3ebd7f61-fab9-4cbd-9411-9fd76a849cad","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":47,"box":{"x":70,"y":355,"width":817,"height":11}},{"id":"3301e913-d87e-429d-a95d-96c9f975fc29","block_type":"box","text":"lending income as follows:","page_number":47,"box":{"x":70,"y":370,"width":186,"height":11}},{"id":"bc814fde-f4dc-4a5c-83dc-94ec107d1751","block_type":"box","text":"(i) If the Fund were to engage in securities lending, 85% of securities lending income (which excludes collateral","page_number":47,"box":{"x":102,"y":392,"width":788,"height":12}},{"id":"7fc5f60e-395b-412a-8dcd-d59213e5ccdb","block_type":"box","text":"investment expenses); and (ii) this amount can never be less than 70% of the sum of securities lending income plus","page_number":47,"box":{"x":70,"y":407,"width":828,"height":12}},{"id":"b42d4549-c50d-42b2-b558-c13e7aafa7e5","block_type":"box","text":"collateral investment expenses.","page_number":47,"box":{"x":69,"y":423,"width":224,"height":11}},{"id":"90570107-2343-49ca-a025-84812fdb5353","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":47,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"e3cd1f1e-be15-4794-9390-e7ce3783fcb7","block_type":"box","text":"fiscal year ended September 30, 2025.","page_number":47,"box":{"x":68,"y":460,"width":281,"height":12}},{"id":"a51d4bd2-7169-4e4b-a954-57a943d11ea6","block_type":"box","text":"VIII. Additional Information","page_number":47,"box":{"x":68,"y":491,"width":195,"height":9}},{"id":"fe00df8a-6a1e-4c73-bbdd-fe7b01a7d28b","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018 and is registered under the","page_number":47,"box":{"x":101,"y":513,"width":760,"height":12}},{"id":"ab4cba1e-6412-42aa-b6cb-b7dd5ae79dfe","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Trust and its series were organized","page_number":47,"box":{"x":70,"y":529,"width":833,"height":11}},{"id":"da1c4421-0a38-4197-8ecd-cc2d50c5e08b","block_type":"box","text":"for the purpose of acquiring the assets of corresponding series of BlackRock Funds II in reorganizations that occurred","page_number":47,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"ade85fe5-ec84-4d09-bb3c-bb0e1c6320a4","block_type":"box","text":"on September 17, 2018. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of","page_number":47,"box":{"x":69,"y":559,"width":818,"height":11}},{"id":"a7873856-9b10-450f-9f63-91ce6b8746e7","block_type":"box","text":"BlackRock Credit Strategies Income Fund (the “Predecessor Fund”), a series of BlackRock Funds II (the “Predecessor","page_number":47,"box":{"x":70,"y":574,"width":837,"height":11}},{"id":"36c67d1e-99a9-4e3c-ba35-7d56efce693b","block_type":"box","text":"Trust”), through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the accounting survivor of","page_number":47,"box":{"x":68,"y":589,"width":828,"height":11}},{"id":"7df5b907-5880-411d-8538-9c1bb1822037","block_type":"box","text":"the Reorganization, which means the Fund adopted the performance and financial history of the Predecessor Fund as","page_number":47,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"a1b51ea3-a10e-477b-8543-496d30665d27","block_type":"box","text":"of the date of the Reorganization. The Reorganization resulted in the Predecessor Fund effectively becoming a series","page_number":47,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"03703fc0-24bb-4e0e-9a0d-0f74fb8c2187","block_type":"box","text":"of the Trust. The Fund had the same investment objectives, strategies and policies, portfolio management team,","page_number":47,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"007705cb-ca37-4e54-a164-518efb10cba9","block_type":"box","text":"service providers and contractual arrangements, including the same contractual fees and expenses, as those of the","page_number":47,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"73450159-195d-4b67-980f-b88723edaa90","block_type":"box","text":"Predecessor Fund as of the date of the Reorganization.","page_number":47,"box":{"x":69,"y":664,"width":392,"height":12}},{"id":"10a017b8-e4bc-4e7e-8e0b-460901d384ca","block_type":"box","text":"Shares of each class of shares of the Fund bear their pro-rata portion of all operating expenses paid by shares,","page_number":47,"box":{"x":102,"y":687,"width":793,"height":11}},{"id":"6fdd8dbd-7614-4d5c-93ba-490a34315ae9","block_type":"box","text":"except transfer agency fees, certain administrative/servicing fees and amounts payable under the Trust’s","page_number":47,"box":{"x":69,"y":702,"width":754,"height":12}},{"id":"1477d74a-39f2-459b-96c0-c4c7c4ca4c51","block_type":"box","text":"Distribution and Service Plan. Each share of the Fund has a par value of $.001, represents an interest in the Fund","page_number":47,"box":{"x":70,"y":717,"width":815,"height":11}},{"id":"6b222234-6a11-4e17-8ed0-b9205eb078df","block_type":"box","text":"and is entitled to the dividends and distributions earned on the Fund’s assets that are declared in the discretion of","page_number":47,"box":{"x":69,"y":732,"width":821,"height":10}},{"id":"5738e320-7b2b-4852-8291-b52dba09c00b","block_type":"box","text":"the Board of Trustees. The number of shares of each series of the Trust, and class thereof, is unlimited. The Trust’s","page_number":47,"box":{"x":68,"y":748,"width":831,"height":10}},{"id":"b815856e-186e-4f8e-9104-75aea92382a9","block_type":"box","text":"shareholders are entitled to one vote for each full share held and proportionate fractional votes for fractional shares","page_number":47,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"6624b666-1284-4c3a-81e5-b705aedb1586","block_type":"box","text":"held, and shares of each series will be voted in the aggregate and not by class, except where otherwise required by","page_number":47,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"4ca2af90-75d0-4043-bd35-f0b1a9298779","block_type":"box","text":"law or as determined by the Board of Trustees.","page_number":47,"box":{"x":70,"y":793,"width":333,"height":11}},{"id":"1a0e5377-d5a4-487f-bb2d-28fd57d77497","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":47,"box":{"x":102,"y":816,"width":765,"height":11}},{"id":"42a9830a-03d9-46fb-bd2e-095b101ea6a1","block_type":"box","text":"Trust’s outstanding shares (irrespective of series or class) may elect all of the Trustees. Shares have no preemptive","page_number":47,"box":{"x":68,"y":831,"width":830,"height":11}},{"id":"c4e2e9b1-4a92-4921-a02d-5f7390d74f3e","block_type":"box","text":"rights and only such conversion and exchange rights as the Board may grant in its discretion. When issued for","page_number":47,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"993a0b01-9f4d-486e-99dc-0b7ea0673bab","block_type":"box","text":"payment, shares will be fully paid and non-assessable by the Trust.","page_number":47,"box":{"x":70,"y":861,"width":476,"height":11}},{"id":"5904d28b-7348-415f-88f8-89f9acf46efe","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":47,"box":{"x":101,"y":884,"width":781,"height":11}},{"id":"59acedad-5757-4ca7-8684-0f29c56621e5","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":47,"box":{"x":68,"y":899,"width":816,"height":11}},{"id":"4478bef3-d584-4e69-b5de-2c7107fb9503","block_type":"box","text":"I-25","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7e240cbf-1951-4433-86c2-e89b09a0b0fc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7eb7f037-c5e0-4171-a14f-633c218abc2d","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":48,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"44e84e79-f730-4f29-94c4-7d4de4dfedf2","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":48,"box":{"x":68,"y":60,"width":817,"height":11}},{"id":"f7b8ecad-ba2b-424c-8fcc-45f4b966bd2a","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":48,"box":{"x":69,"y":75,"width":744,"height":11}},{"id":"69a02215-8d36-4c3c-b306-659bacc2b46b","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":48,"box":{"x":102,"y":98,"width":742,"height":11}},{"id":"2d6aa1d8-b6a0-41de-95e5-5f3be3bb8102","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":48,"box":{"x":70,"y":113,"width":800,"height":11}},{"id":"e6b5c7ee-d667-4c57-b50c-81819d0bb2d0","block_type":"box","text":"voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted","page_number":48,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"6489b608-62b2-4ed6-974f-d571a4403278","block_type":"box","text":"upon unless approved by the holders of a majority of the outstanding shares of each investment portfolio affected by","page_number":48,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"3144775d-d90a-45bf-86c0-691568d5ed10","block_type":"box","text":"such matter. Rule 18f-2 further provides that an investment portfolio shall be deemed to be affected by a matter","page_number":48,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"0b9c2e22-a33e-4317-abba-fb1dabebc45c","block_type":"box","text":"unless the interests of each investment portfolio in the matter are substantially identical or the matter does not","page_number":48,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"85a1b38b-87c5-4158-8078-2e77c9797124","block_type":"box","text":"affect any interest of the investment portfolio. Under Rule 18f-2, the approval of a management contract, a","page_number":48,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"9b5d810f-54d1-4958-bf75-dbab38f152e7","block_type":"box","text":"distribution plan subject to Rule 12b-1 under the Investment Company Act or any change in a fundamental investment","page_number":48,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"8c5f760e-e040-4873-9f96-28b12f877002","block_type":"box","text":"policy would be effectively acted upon with respect to an investment portfolio only if approved by a majority of the","page_number":48,"box":{"x":70,"y":218,"width":808,"height":12}},{"id":"3fe3cbc5-a726-415e-bfd4-f2ac8feaadec","block_type":"box","text":"outstanding shares of such investment portfolio. However, Rule 18f-2 also provides that the ratification of the","page_number":48,"box":{"x":69,"y":234,"width":782,"height":11}},{"id":"024c81b4-71a2-46ed-bfe1-a37b1dc1c344","block_type":"box","text":"appointment of independent accountants, the approval of principal underwriting contracts and the election of","page_number":48,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"c2a9e9df-5bb0-4311-b977-4e45c390f839","block_type":"box","text":"Trustees may be effectively acted upon by shareholders of the Trust voting together in the aggregate without regard","page_number":48,"box":{"x":68,"y":264,"width":823,"height":11}},{"id":"961df380-04a9-40d7-ae87-443e87edb504","block_type":"box","text":"to a particular investment portfolio.","page_number":48,"box":{"x":68,"y":279,"width":252,"height":11}},{"id":"768df488-9452-4d3b-96c9-3c4801385208","block_type":"box","text":"The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized","page_number":48,"box":{"x":101,"y":302,"width":792,"height":11}},{"id":"1619b5d0-6754-4a4f-878c-fb7e44cc3fb6","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":48,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"596727a5-b0e8-443f-b74e-ae7d8e69742d","block_type":"box","text":"constitute the underlying assets of that Fund. The underlying assets of the Fund will be segregated on the books of","page_number":48,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"3b2ab6c1-1a89-45b6-a50f-a63db1c7b851","block_type":"box","text":"account, and will be charged with the liabilities in respect to that Fund and with a share of the general liabilities of","page_number":48,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"56f0798c-0d78-4155-8f05-2ad774698d88","block_type":"box","text":"the Trust. As stated herein, certain expenses of the Fund may be charged to a specific class of shares representing","page_number":48,"box":{"x":68,"y":362,"width":828,"height":11}},{"id":"ef9ca8f2-6aca-4f0a-9cc9-62dd3042bd83","block_type":"box","text":"interests in the Fund.","page_number":48,"box":{"x":70,"y":377,"width":149,"height":9}},{"id":"bf4554d6-0c5d-4c1a-99df-4c57000ab8f3","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":48,"box":{"x":101,"y":400,"width":736,"height":11}},{"id":"30220179-7805-4054-9932-0aea18a4b11d","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a series of the Trust to another","page_number":48,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"d512f6ce-15a9-4c79-bf27-b7cd1037ebae","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":48,"box":{"x":69,"y":430,"width":807,"height":11}},{"id":"de2c576b-a39f-4fcf-b3f2-299e44b6364b","block_type":"box","text":"connection therewith, to cause all outstanding shares of such series to be redeemed at a price which is equal to","page_number":48,"box":{"x":69,"y":445,"width":803,"height":12}},{"id":"89e39158-4ba5-4e8c-85e0-9d87493721ec","block_type":"box","text":"their net asset value and which may be paid in cash or by distribution of the securities or other consideration","page_number":48,"box":{"x":68,"y":460,"width":777,"height":12}},{"id":"09bef9d5-5a10-4cdd-949d-ea4e7c5097b5","block_type":"box","text":"received from the sale and conveyance; (ii) sell and convert the assets belonging to one or more series into money","page_number":48,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"5275dcde-e71a-42eb-972f-c36ffc5cbd0d","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such series to be redeemed at their net asset value;","page_number":48,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"b186807b-2738-4128-af91-c9307661139e","block_type":"box","text":"or (iii) combine the assets belonging to a series with the assets belonging to one or more other series, if the Board of","page_number":48,"box":{"x":69,"y":506,"width":840,"height":11}},{"id":"d26304e5-1424-43bf-b7f1-5b8af12b85a3","block_type":"box","text":"Trustees reasonably determines that such combination will not have a material adverse effect on the shareholders of","page_number":48,"box":{"x":68,"y":521,"width":839,"height":11}},{"id":"2866fb3b-052c-4014-aa7a-6e039d155dc9","block_type":"box","text":"any class of shares participating in such combination and, in connection therewith, to cause all outstanding shares","page_number":48,"box":{"x":69,"y":536,"width":822,"height":11}},{"id":"60d3aae9-f719-45cd-81cd-eda61ac75336","block_type":"box","text":"of any such class to be redeemed or converted into shares of another class of shares at their net asset value. 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Upon any liquidation of the Fund,","page_number":48,"box":{"x":70,"y":566,"width":793,"height":11}},{"id":"d4a2c75c-a554-470a-90be-96ba077790a4","block_type":"box","text":"shareholders of each class of the Fund are entitled to share pro-rata in the net assets belonging to that class","page_number":48,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"dcfdfdf2-45da-4a66-9280-8b1d4de5e722","block_type":"box","text":"available for distribution.","page_number":48,"box":{"x":69,"y":596,"width":174,"height":9}},{"id":"c6a71109-b767-49f4-8407-159f665a7932","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held","page_number":48,"box":{"x":102,"y":619,"width":734,"height":11}},{"id":"41adcb86-4ff3-439e-9ef4-89913a117d9a","block_type":"box","text":"personally liable as partners for the obligations of the Trust. 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Financial Statements","page_number":50,"box":{"x":69,"y":469,"width":179,"height":9}},{"id":"81d6b398-4c7b-48fe-b022-4af11d7252ae","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":50,"box":{"x":101,"y":491,"width":726,"height":12}},{"id":"30a36211-b062-4838-9625-9c849a4e13bd","block_type":"box","text":"Statements and Additional Information for the fiscal year ended September 30, 2025, as filed with the SEC on Form","page_number":50,"box":{"x":69,"y":506,"width":828,"height":12}},{"id":"ba1b7460-7491-468d-8b3c-55ce239efe25","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the","page_number":50,"box":{"x":70,"y":521,"width":804,"height":12}},{"id":"63ca79c9-47fa-4ddb-81bf-b41f2f328432","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":50,"box":{"x":69,"y":537,"width":837,"height":11}},{"id":"95d16ec8-8471-46e3-ac68-b5746e35db4c","block_type":"box","text":"been audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such","page_number":50,"box":{"x":69,"y":552,"width":835,"height":11}},{"id":"ad5b1ca4-bafa-4c97-b735-ed94a2c20933","block_type":"box","text":"2025 Annual Financial Statements have been incorporated herein in reliance upon the report of such firm given their","page_number":50,"box":{"x":69,"y":567,"width":833,"height":11}},{"id":"3dd47590-7394-4b4c-8c6e-4a962e818f20","block_type":"box","text":"authority as experts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual reports to","page_number":50,"box":{"x":69,"y":582,"width":815,"height":11}},{"id":"3101d07a-d7b2-412c-b1fa-9b7a572f0db1","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":50,"box":{"x":69,"y":597,"width":785,"height":11}},{"id":"152f0969-6cc8-4077-8680-3070ca173d3a","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":50,"box":{"x":69,"y":612,"width":836,"height":11}},{"id":"71367268-2596-467f-94c7-00dfb9b183a8","block_type":"box","text":"I-28","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"aa28a6f7-bd16-4d35-8c5e-f03a31a7fe2b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a4a966e-829a-4232-a3e4-23914bab1db5","block_type":"box","text":"PART II","page_number":51,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"a0b01016-872e-485e-ae86-1753ff9874a0","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":51,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"ba684753-a098-4cd4-a127-5734d7061681","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":51,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"b3ca88f6-89ec-4cbf-8c93-e7ee7af3f7ce","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":51,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"09fdc007-6937-41d9-b3b9-d1be3a13aedb","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":51,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"1521ea3e-23cf-45ef-8929-541e415a26c2","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":51,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"ed738051-60ea-4780-a616-9d6662969059","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":51,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"ef393b83-9c39-4918-a1f6-31179f14031d","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":51,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"0f0d48de-902f-47a4-ad43-542a8a3eb6c6","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":51,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"e9631688-54f3-4746-b8b4-c54a273da007","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":51,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"4e7f3139-4d36-42a5-b126-178f06cb459a","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":51,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"fc7c881b-f281-48a0-9e26-7fafed6b2386","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":51,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"078cdae4-4b25-4644-ba45-c5eca96abbf2","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":51,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"a0d510da-0919-4074-8792-ab6c6a061e5b","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":51,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"c56fb296-7549-4277-a68c-399e83dc7c8d","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":51,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"768d86a9-d9d5-4c32-8671-fc5209e8d7e5","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":51,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"6d7ee16a-6e46-4b92-ae1d-65c646801832","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":51,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"08f9630b-f63c-44b8-9eb8-1d2a28b0e876","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":51,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"80540721-b28a-4599-b31c-57c5d7c5056d","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":51,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"47975e6c-08b4-491e-9d80-8f4faa61d01a","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":51,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"6b11ca75-fd31-429d-86bd-204a20c24bb1","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":51,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"db15d3b6-b1fc-4cde-8128-e38d7440d5fe","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":51,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"37d7695a-6a2f-4be6-be1f-8c3954938d39","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":51,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"32bd9463-444d-4591-b74c-ead5b63a3e78","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":51,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"6d5ae118-94e0-434c-8346-a1cc64550119","block_type":"box","text":"particular Fund.","page_number":51,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"3743bd83-9fad-4826-8d5d-3a515a2808d7","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":51,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"e9ac2440-ef7e-4bc3-99d4-ecefec97c395","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":51,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"b8fb0bb0-02ee-4ca4-995a-1eaf68a85278","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":51,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"4b764eb4-e01b-48d2-b78e-fd8431705814","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":51,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"905c050d-103f-4fe2-81e7-216f776376cf","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":51,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"87d8f947-a042-472d-a401-3c356fc0d1b6","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":51,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"46b8f25e-52a2-4b0c-a50a-34cbbe8e3ac2","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":51,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"59b98824-2a12-4c73-8154-84542f2534a6","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":51,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"bc868c89-b567-467b-8fe6-b203251c5e6c","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":51,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"761c3f2c-7781-4c8d-a13e-0bcd21258b9c","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":51,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"fda7ab25-01c3-417a-88a1-9a090ef3970f","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":51,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"4f70b599-7a0b-40b5-8cf6-7178dfca7bf7","block_type":"box","text":"Asset-Backed Securities.","page_number":51,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"94fde91c-e04f-4730-aec2-947880dac874","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":51,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"da0b348b-592f-48e0-a391-f4cdd54bf06a","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":51,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"2fde0fd2-f8d3-4bcf-adf5-a83f460281bb","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":51,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"319bb803-ad8a-44a5-a465-e101b5cea983","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":51,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"d5bf6a0d-7f86-489c-8100-b002185b2834","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":51,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"28e20cfb-22cc-458b-9f00-eeddead1150d","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":51,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"b566ae12-044a-480d-bd40-5c50b851cb1d","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":51,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"4c01bfc4-eaf8-4540-a3b9-7ebc5997482c","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":51,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"624f9568-de76-4729-ae2f-28e675bbbfbd","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":51,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"1f796b67-d6f3-420b-bacc-65fa724a16fa","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":51,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"30475cf5-021b-4f4d-97b0-406036415e4f","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":51,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"74a84bb4-f51c-409a-b043-cb584ee1c161","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":51,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"2c149f85-e341-4aab-afe7-c654da3ae919","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":51,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"9de205e8-0ab5-461b-bbe2-5d790f98a43b","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":51,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"19f42f6a-cdca-4da2-91ae-19c49104ede2","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":51,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"eee831b0-4408-4e82-af49-a70409a3c872","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":51,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"82aa6c33-811f-4ae4-94d4-58929178caba","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":51,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"6b64c396-134f-4e5d-aa1d-8914b5e2ab83","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":51,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"9797d14c-cb8c-4927-a60c-5956bd094f4f","block_type":"box","text":"II-1","page_number":51,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"8f749bfd-d9ac-42fa-abf6-49e910158f98","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03acfbff-bb07-4c88-a329-5d19a006fd20","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":52,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"5096960f-0fac-444f-ad40-bfa2f1234a43","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":52,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"949cc821-dfcd-4586-85e1-5174d91313d6","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":52,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"c2f2984f-a167-4469-a148-204b0b7c5d9d","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":52,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"0d22dc9f-3014-489c-98f7-43f03901517f","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":52,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"41a1683b-351f-40f7-bacd-e69b62811275","block_type":"box","text":"Asset-Based Securities.","page_number":52,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"c944045f-aeef-4a96-bc24-6eb793230020","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":52,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"b44b3a7e-1a18-42ed-8e1c-9bc3718ad199","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"b0f0aca2-41f9-4fd4-b824-3e1e545bdb15","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":52,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"b6e45f83-d9fd-4ce1-9fbc-a16840760199","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":52,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"705e14cd-e655-4196-9c6d-2ec32d893186","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":52,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"ea2f8f99-ba1a-48a5-aa8d-37266cdee459","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":52,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"716d1b4b-571b-462b-823a-26768c1d58c1","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":52,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"7f58e120-4a8b-4101-ae0f-0b330f037eb8","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":52,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"ffe4c55a-1875-4cb4-95bf-be25259dd77a","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":52,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"918921af-9d38-43fc-9fa8-563567a98746","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":52,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"688a9580-cee2-426a-b79f-f28542c408e9","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":52,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"f4c93ec3-9721-4372-b5e9-49493319e40a","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":52,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"440344ee-ac4a-44e1-b656-c9bf393b2bae","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":52,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"695b063d-d5aa-4e5f-b188-beb4c6a49d9e","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":52,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"0540830e-f4f1-49ad-b4b4-248fceed7520","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":52,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"36f382ea-c347-4ae0-9c77-5c1c104d4a55","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":52,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"8fc6b522-66fe-4380-8d56-a8c1bfdbe2bc","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":52,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"7ba345b7-063a-4fa4-bd5f-34368ab1e07d","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":52,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"f4e0e81d-a0a7-49d8-b117-77ffa9d1a0fa","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":52,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"91197e05-6058-4ade-a774-bc2e0619285b","block_type":"box","text":"appreciation in the underlying asset.","page_number":52,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"d88521c9-9815-4b43-8fb4-595105495c0f","block_type":"box","text":"Precious Metal-Related Securities.","page_number":52,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"3da66f5d-01d9-4ac2-b096-e707ccc99836","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":52,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"761d69dd-f8d9-4470-847f-7760d884d5c5","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":52,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"ec8b2b6c-0e33-4f70-b471-5078a678fbcf","block_type":"box","text":"e.g.","page_number":52,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"5bf6ff4e-24b1-4fbe-9872-a0faecf07a66","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":52,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"4171dc41-84d3-4598-9122-af637c370286","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":52,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"ff9278e3-a14e-4361-92d8-207f1b8fb871","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":52,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"f96214e1-fd8f-4b0a-9beb-abe38f9f8cef","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":52,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"f239d213-5326-4fa4-9b06-9d8991c0c50a","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":52,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"8878dc31-b7e4-4d20-9f2c-973aee57bfaa","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":52,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"c5db87f1-9d9f-4d66-9e55-4ff61725bde0","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":52,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"a2fde792-5013-4ea4-854b-6d89ea45d026","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":52,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"8ffc4ab2-352b-4339-b9b6-0074bc3e94c5","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":52,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"2652aaa3-1a90-4d2d-a099-36144c331408","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":52,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"cac1703a-8d97-4330-abad-d9e0e8309498","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":52,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"65250118-2568-453e-8bbf-429fbe68ed53","block_type":"box","text":"South African gold production.","page_number":52,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"67d0c32a-b850-4809-b4cd-1fa2442ef643","block_type":"box","text":"Borrowing and Leverage.","page_number":52,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"67766b9e-962b-4516-90ae-7c6f5c5c6174","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":52,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"d4aa81bd-00cd-4e8c-a5a4-5eda1bc176c6","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":52,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"a3320350-165e-4543-8be0-84aa9126e778","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":52,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"1d814b26-ccac-4006-b08d-9aa0c57638eb","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":52,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"5c1a0e21-6cb3-4e80-b8d8-9bb5cad12b1d","block_type":"box","text":"other securities transactions.","page_number":52,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"12557666-4f06-48df-b38e-e3c5a53e2d28","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":52,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"94da100d-fbfb-407a-afd3-991e9ecd7f65","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":52,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"65987b6b-d107-4672-9e08-501830ae8444","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":52,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"a96deddc-f240-4f70-a665-cf5c3a77d308","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":52,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"602397c8-ef92-49ea-b6cd-965329fb7ee6","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":52,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"7fdf8941-f5f1-4f79-8a92-1ff80bf33483","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":52,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"34246fd9-19cf-4fb0-b9f0-bba4ad3c54cc","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":52,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"fcbad3e7-a282-43f5-b53b-ca9ab089d9a5","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":52,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"6bda4b64-429e-478a-9566-a4ad5350679f","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":52,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"0c0520d2-a052-48b0-9184-0bdb1c13044d","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":52,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"91f8aa37-0f51-4bcd-bf81-9d76b7734687","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":52,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"c4233296-001f-471b-9d04-7b696dfa6e36","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":52,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"c3b8efbe-e058-4bc7-b254-6f8c128300a7","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":52,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"4d66a7bb-9c5d-4f3a-82cd-1962db004a4c","block_type":"box","text":"II-2","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"054329fa-e37a-433d-90b3-ef5b2d91297a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"135bae91-c1a1-4632-9f27-446acaa7137a","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":53,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"748991f8-d32a-45e6-a828-a74680d83f63","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":53,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"e65dca92-4598-4d0c-8dba-7259fe3301e8","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":53,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"934a8d63-5633-4eee-a918-30d6086980a8","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":53,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"8ef129fb-060e-489d-988e-c90f1c6e2420","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":53,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"ae446918-4cdc-428e-b10e-74f128ae0fbd","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":53,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"00697081-34a4-44fb-a9e6-68ceb219ce68","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":53,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"911227cc-e992-4513-900d-17f04e241d50","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":53,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"a8fa5d30-76a6-4e62-9d7a-4ad5887279ec","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":53,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"bacc830f-4811-4b0a-b387-964ead3d6100","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":53,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"6dd239c3-3404-4172-bf4b-09d3aaf1ae75","block_type":"box","text":"Cash Management.","page_number":53,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"2c3acb67-64d8-40c5-a82a-c70a4ef5eb92","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":53,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"04a45a81-e856-4526-bba1-a3c675d37442","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"34be2089-2730-4e45-8e4d-52ac557ce32c","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":53,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"e03c1d68-6009-4845-9845-525ab43ead90","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":53,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"8a5a0e24-8125-4617-8d38-5fdf00f21df4","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":53,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"d204536f-cfaf-4b40-afc2-408d5d2e40df","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":53,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"34886241-e02e-46d8-b360-eccbacb1314e","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":53,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"9bf58626-19e4-48f2-8344-f12173052e8b","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":53,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"09c66d31-dc5a-44d0-a600-ad1373febc19","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":53,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"238228d1-c745-46e0-b374-ead795d3c6f7","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":53,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"9632734f-6fba-4ec0-a7be-20932934dfaa","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":53,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"bebd8ce0-ed6d-4b40-8203-bdc9b737bc9a","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":53,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"68ea452a-9ebc-4020-9368-1d842d6e1378","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":53,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"164efd8f-3eab-4806-a8ed-2bcf31e36a09","block_type":"box","text":"Collateralized Debt Obligations.","page_number":53,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"72e6ad1e-825a-4fef-ae9f-fd5bf256fdce","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":53,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"ebaf3ad6-5d07-492f-b98b-c6cd32ee7423","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":53,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"2608bba8-71b9-4a12-9dbb-10ad6f10b539","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":53,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"551c64c3-cd68-4035-85a1-c63bdaeea170","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":53,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"95b3aee1-34f4-47f9-b95d-326fe33e8e62","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":53,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"fac47f68-5ce3-4a07-b648-3ab00cbb997d","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":53,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"9f0b5c6b-a9e8-4345-b945-807a68b7ddb7","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":53,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"629ffbf0-6bbf-44f7-9d2e-7dbe994d7b81","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":53,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"975e3bbf-31c0-4f57-8375-ae1ea7c1940b","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":53,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"412286c0-dd4d-4be9-8366-484bcc5278c8","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":53,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"a9a48843-31d7-4965-912d-e47a0811d118","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":53,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"5efafb02-a530-4ea8-b4f8-4cbba6de1f29","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":53,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"d2bc6e0b-176f-4ca0-9a27-950cf462106d","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":53,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"2bca4df4-cc73-4da4-9881-35551265974a","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":53,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"7caeba9e-9031-4c12-b63f-deb07a80c23e","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":53,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"daaf729c-a07f-4f5d-97bb-0de51d86ae3f","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":53,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"4acd9d7a-a79a-43a6-97d7-69f37f3c8784","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":53,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"84fa7599-23b1-4998-9e92-2896ca1cb838","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":53,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"d4d7582f-28fe-4556-bdb1-ac05f17bee4c","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":53,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"a3bcda50-b025-4f22-878c-0dcf2e9f42c2","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":53,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"0d358bf5-d274-4e45-8023-6235ebd64cb0","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":53,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"8811f40e-5183-4414-8bdb-ae1f7b5f702c","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":53,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"c9bf95a1-ad6b-4d21-be56-ff8a50a60b30","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":53,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"725b913d-1952-4851-bf75-7dc3b16ba0c1","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":53,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"220bdb62-350a-4cb4-8809-ae68057f9b3a","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":53,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a73ab92c-2eaa-4bf0-bb64-c6cabdbae509","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":53,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"44428b8a-38a3-40fc-a5b2-15510cb092e5","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":53,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"d06debbd-b160-4968-82ae-89eac27cade0","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":53,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"49faef2e-aa6d-4598-9b93-15fef033b39c","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":53,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"8cab1ccb-62cb-46a9-9a98-cf9c2de0019e","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":53,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"b619a970-fb2e-4155-a874-1c5ba36bb183","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":53,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"80a6bd9c-5ea8-4843-b459-4c3a11dd2219","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":53,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"1eeab4cf-d7df-405c-9e8b-09afb8b16414","block_type":"box","text":"II-3","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7fefd7e8-f64e-4d70-ab2d-b0787cc7cc4d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b6bbaf7-adaf-43d4-8bf5-289cb62d1501","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":54,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"1066bc26-f273-4dab-94d0-f7b29e7a04fa","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":54,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"fbfd9941-0cb4-498f-8849-52cb1ab2cff5","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":54,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"320e81b2-562a-4034-993a-cf83fbc1dfdd","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":54,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"64bba45a-73cb-406e-9c7a-d367e2bf694a","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":54,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"61ca6eea-4142-480e-acc8-0e88aa61a774","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":54,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"70e5f22e-39bb-472a-9305-580e94d324e0","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":54,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"9d347319-0d94-47f8-8b91-4843459cdc30","block_type":"box","text":"Commercial Paper.","page_number":54,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"5157040b-7b60-4e56-a12c-bd8f0e7a43eb","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":54,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"47e32117-61e1-4981-9684-c0ccb49f9c9e","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":54,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"57f15a98-9610-4e41-8fb0-8711aa5a85b9","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":54,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"784dbdb6-18c9-4d46-b878-66d4f314ed3c","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":54,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"33acbcbf-2da7-48c1-9798-68243e45c446","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":54,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"15c2d650-1744-4818-a181-8e5947cd89ca","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":54,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"542ddfae-0c56-495b-a54f-a87f695e58d9","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":54,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"31f6e2d7-2d4e-44e9-8e8a-9b9bb8ecf524","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":54,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"c4dba953-bcbf-424a-bfaf-128de747b840","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":54,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"19ce83f0-a171-4b17-a15b-1049e9246ffe","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":54,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"03d2673a-21cc-4328-a8e4-de0f90055af8","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":54,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"941345fb-cfaa-415b-9d94-3c8cacd1ccb3","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":54,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"8bf5ed49-974b-4a1e-8db2-1fee9a758c9e","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":54,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"7b7c8873-64e7-4b9b-bd71-defdc671c798","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":54,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"a6bc756e-85d4-4fc2-a3e5-89cb2e057680","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":54,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"cb44120d-d344-4e3f-b1eb-1bffb79e6ab2","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":54,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"a783d2d7-4ac3-4ff4-a3ca-80f9aae049d9","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":54,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"006e6644-018f-4e5a-be0c-73981284d8fe","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":54,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"1438cb2e-43d4-4a86-9a58-ef7de4b24874","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":54,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c8f9392a-c797-425c-874e-ef9771419d4c","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":54,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"90ab03bc-c936-4bb1-88b9-36493811c0dd","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":54,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"5ac97a69-e08c-4762-bc62-33c78e637938","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":54,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"af892292-ad63-4f34-88d1-a67c42afe61e","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"f870c78b-5bb8-41ca-9757-301cda161048","block_type":"box","text":"variable.","page_number":54,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"65dcefe6-558d-4bf2-b0b2-b10243fbc94f","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":54,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"a208d349-3c11-4da2-bca4-95aa6c44c9cc","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":54,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"b4215d62-d138-4660-9711-f46b98d3ef0c","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":54,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"6d06f295-09a3-4aa5-b66f-bdad905e8e9b","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":54,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"8b9de7c1-6dd3-43c9-95d6-883be924d0fd","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":54,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"ee5d7f7a-69b2-45ca-910d-4b0cd836f44f","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":54,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"9a4d794d-b83e-4c42-ab7e-9d26a3f2cdf2","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":54,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"c3061af5-5b82-405e-83d0-c563e1f3ea90","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":54,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"00684bea-2d23-4ced-b5a8-bd10d0055077","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":54,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"f2188c0d-93b2-488d-a8ef-debe3a4ecfd2","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":54,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"0a8caee7-c860-4b55-9a05-069eefa526f7","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":54,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"6aa604d2-8ec6-45b0-a8bc-dcb0f7c44797","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":54,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"2fb4dcf7-83e5-4dce-a4c7-7f4ab19df55d","block_type":"box","text":"correlation with stocks and bonds.","page_number":54,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"1ee605a7-1b53-4ce8-a917-a9fec55621a3","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":54,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"26b9a561-95d2-486d-830a-7b2a9db7b463","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":54,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"2e982586-0522-4870-850b-651a07f7f65b","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":54,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"75e8b922-edbb-408b-bfe2-ba2120132101","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":54,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"b5bfac68-e724-4dd0-8474-c9cc1fef182f","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":54,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"b890c3cc-d280-4384-82a0-9dde4c2f22b3","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":54,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"18261373-59d9-4d55-a636-f9c12e4e452e","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":54,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"39cad6e9-3d72-4fdb-a369-f1da95ba6e93","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":54,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"6fd6f1ed-3c31-4e81-b5a6-2d1e4b656370","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":54,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"a3138981-f7f3-44e4-ac6c-d5319c4cb9ff","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":54,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"e2e9f430-28b4-45ca-ab60-7eab492eb48a","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":54,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"646018b0-f016-475d-bd5d-e77295891772","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":54,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"c06614a7-ae06-44e1-bd28-fc3fa7061ee9","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":54,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"53f5423d-3311-4cd1-804f-da1a8af5c960","block_type":"box","text":"II-4","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"fc550551-0db3-48cd-9783-178ef1e921f5","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9682743c-8fdd-4e3b-8519-2e709e046fb4","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":55,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"51559f3a-860e-4646-a57d-a9568c161cd3","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":55,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"2a0a8475-403b-46c9-a942-11e6ddd42799","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":55,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"4578890c-838c-467c-a8c0-656a10798a33","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":55,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"8458d4ca-cd91-4db8-be74-251af24ee0cb","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":55,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"81f0cefe-5599-47c8-8a27-298c9a5e98f9","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":55,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"74884613-9ddc-4d73-8ac9-53a679bffb98","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":55,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"3479126f-2705-48a6-844a-591fd81c12e2","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":55,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"55075258-2434-460d-b06f-7a0a0b670edd","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":55,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"92abfb13-5cf3-41e6-b673-cdcf87f9c2ec","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":55,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"18fed5cf-6e6a-45a5-82fd-b24608efbe86","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":55,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"a745b885-59a8-4ebb-85f2-23ac13e87b25","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":55,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"dcf6805c-42be-4a96-83b2-d4e75186c3f0","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":55,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"1f208c0a-f295-4963-b6db-83e4aa21631d","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":55,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"c21cea7c-be21-4aff-9ac9-f9d534593c70","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":55,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"68e8db40-fd50-4c9c-b43d-b22f12c0e7aa","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":55,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"afedf913-f1fe-49a5-a754-4e523027cc42","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":55,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"a73470b4-ef24-41e9-a5ab-7dca7d17631e","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":55,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"488de7a5-2ff6-4704-a55e-cd5bd87c32ab","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":55,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"6b27c831-f4ef-4d20-8b59-60a620c234e5","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":55,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"25f6bae1-0c49-4179-8299-305d5fa672a7","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":55,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"6e63a93c-4780-4c6b-b877-373c9f797a75","block_type":"box","text":"the Manager believes are relevant.","page_number":55,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"f39e257d-8df7-4313-bf6c-0351486e4b2c","block_type":"box","text":"Limitations on Leverage.","page_number":55,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"f4419cec-1a0c-4ba0-8caa-51e9f2d060cc","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":55,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"9d68b2a6-4b7a-45ff-af55-7e0e04f31270","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":55,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"29fcd562-510c-40fc-8229-f1cc2be4fa5c","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":55,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"43c2683e-3bbf-4d6d-996d-57a38cee9fa2","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":55,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d606eef2-9e17-41af-b809-5cfe1240b9de","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":55,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"f561c621-dc48-41e4-8942-933e88f5efeb","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":55,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"777e3621-a472-48d6-bc9f-16753b58ff40","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":55,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"d66bee21-afe7-410e-a76a-d304d44f3295","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":55,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"14876622-c5c0-470a-8b78-f641fc5d705a","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":55,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"a47533a5-99fe-41bf-98c9-1aaef7554f77","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":55,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"66e8413a-6983-47a7-8ac6-2a1a1d5a5417","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":55,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"2cf31203-2a5e-422e-beda-df030d39cd22","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":55,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"7771fb5e-d2de-46fa-9380-a8a6a1fca418","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":55,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"661bc122-311f-416d-8d97-4fd8615a7134","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":55,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"680ddbf0-5ca8-49de-901e-46444357daf5","block_type":"box","text":"Counterpar ty Risk.","page_number":55,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"6c6baf60-7e81-45ac-b8eb-e2134fd48811","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":55,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"e7101ce5-3597-4eb8-af82-198dd381770f","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":55,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"c133a53b-a41f-4b40-a3d7-2591a52c6cfb","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":55,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"05c1b0f4-359c-4f23-a66e-f3d9afa631be","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":55,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"1d0119bf-c0f0-4f30-a2c4-4a8b6d5ec7d2","block_type":"box","text":"e.g.","page_number":55,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"4f93802a-4d15-4db2-bc59-ba3ccd69c8f8","block_type":"box","text":",","page_number":55,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"ff782381-a426-40c2-a390-3d129a45083d","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":55,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"dc62daef-7ddc-4ae9-bf39-d1414e857748","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":55,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"80c4d504-51e0-4ca4-904b-957e7303c09b","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":55,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"2a886158-3962-4693-b85c-8a64979e0555","block_type":"box","text":"obligations under the structured note.","page_number":55,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"024fdb34-770a-446d-a00f-6d06feaa3aab","block_type":"box","text":"Convertible Securities.","page_number":55,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"f2a18dea-cdab-4bc0-93c8-92d1e39ec823","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":55,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"e002dfb6-ec4c-4822-bca4-615b90ec6514","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":55,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"e47c695a-4de2-4e93-8d26-3721d8c0651d","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":55,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"1c136aac-f97e-4e30-96dd-8a9bc2524d53","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":55,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"7069ffe4-3c51-4199-b403-07901847c7b8","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":55,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"b674cce9-ffe2-4f39-a457-d64f005c5f5c","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":55,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"da07279d-048f-4fb1-9e4f-120cac4cbfe6","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":55,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"ce51aecd-6de9-4675-b3b1-1f43bfcf23b8","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":55,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"2f547fe1-7b77-47eb-91ab-347986285f74","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":55,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"cb6ab821-ca31-4ad1-b791-c4cec9d62200","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":55,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"19114feb-5c8f-4bf7-968e-cd62eb1e587a","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":55,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"80d8b426-33b5-4d02-82d4-56683b53c9eb","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":55,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"d809a599-5033-4bf6-bb09-44746b035eed","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":55,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"46755a4e-3bd2-43fb-a04c-92539b2aa5a0","block_type":"box","text":"II-5","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f2117160-b9d1-4662-9260-aaaa77779abd","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"785c6086-e716-4170-8585-85a7a5906d78","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":56,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"545b950b-d0a2-4c23-9429-4b4a3c7f87dd","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":56,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"b0bf97ba-ad6b-4e48-ba83-7e501346ad67","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":56,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"abf4e2f3-eb4a-4845-8bf1-4a14fb9a4d7e","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":56,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"ab058487-5a41-403c-9e7a-efd7963c9818","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":56,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"f92411ef-a71e-40a8-9329-4406b3abae56","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":56,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"997b05f5-b986-4be7-8376-593775f3f41f","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":56,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"6019ef78-e953-4556-af97-54fa868ccddc","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":56,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"6798a141-8cf2-4058-953d-baea47aec7fe","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":56,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"18b4109f-3b09-47da-a002-8d399193a426","block_type":"box","text":"things.","page_number":56,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"ed23606c-7dbb-4773-92ad-80637fb6a059","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":56,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"831fb627-4ab6-42e2-8e63-94a0d6914dd6","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":56,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"7c531b61-d6df-41e0-8c2b-9840353d0f1c","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":56,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"9eab7c99-709f-4e67-af34-ecfe8ba0803c","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":56,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"bf275d74-4b67-4ad2-bf38-c3e0e0fa994d","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":56,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"15370490-196f-4237-ae03-03eec38c2327","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":56,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"d3471a8f-7fc4-42f2-a7b9-ee54b4d953d5","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":56,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"05d2d5ae-5c32-41fa-864e-57f10be9b8aa","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":56,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"9353531d-54eb-4000-8c6c-4c7679176872","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":56,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"4e801b10-9cc4-401d-b0a9-354c40cc0592","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":56,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"861b7556-5c93-492d-9b97-d88fada614fc","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":56,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"9bfa8234-16c7-440c-8620-6fa5588bdc77","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":56,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"60f0a664-08ba-48ab-90fd-86bc8ee6f30c","block_type":"box","text":"i.e.","page_number":56,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"2d49e9b6-3f98-4529-b8c9-04b655e0b348","block_type":"box","text":", strictly on the basis of its yield) is","page_number":56,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"dceae058-17c3-43f7-88aa-791b4e4a96a1","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":56,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"9bfbd5ec-c3bc-483d-9b77-7c050ffe569d","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":56,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"7893d659-f535-43c7-b60b-5456b0f104c7","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":56,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"5b1bb574-438a-4129-a064-f06acdc57daa","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":56,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"36488c40-f987-4106-81ba-e8dad8920ff6","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":56,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"ac8bd3d9-4cfe-4e69-9960-2f70ea3b2d68","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":56,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"29ab727b-498d-4974-a8d3-72386f8290b3","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":56,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"7fd7e930-108b-44be-92bd-ed9055beea0a","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":56,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"f1c5b36e-569b-4a0d-9adc-0290c18749a5","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":56,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"98eefded-0d8d-4850-8e22-60609654b554","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":56,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"f9d3e744-5f4b-4356-8c35-abef70ed4f14","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":56,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"399db9ed-448a-4579-a015-1674d5c69674","block_type":"box","text":"than the securities’ investment value.","page_number":56,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"82503ccd-daa1-48ff-9179-17fc5ef89e6e","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":56,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"525c760e-d758-4388-9ff2-0dffe86f0b4f","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":56,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"9601b5bc-8bb8-40df-bddc-2c351a197dd7","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":56,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"661d2f0e-63c9-4d2b-b57a-60657ddab8d7","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":56,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"709b7ca5-5408-4b75-86f6-6e2a176d4567","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":56,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"d14ebe5f-d51e-4913-9eaf-7eec7ea0f570","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":56,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"4e7772fb-060c-4107-8a9b-7233efa5db75","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":56,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"f2ff5b4a-c133-4253-ab1b-69814fe37b5c","block_type":"box","text":"security under certain circumstances.","page_number":56,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"7b2d8c5a-beca-4feb-b118-a3ae1da1ebf3","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":56,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"306e2cde-2e6d-480c-adfa-7d2657d89555","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":56,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"b970a5b4-7ca4-4379-9caf-a7ba72fc64bf","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":56,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"8fd1e576-3910-425f-97b4-2ee154f24864","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":56,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"125105bb-215e-4282-b2d0-601b0df6ef72","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":56,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"5af982a8-044a-44e0-b0e0-94d3a07eb45c","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":56,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"3ae20a15-115a-46bc-97e9-1fdcf6220df7","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":56,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"8a1a64b5-f2c2-4b2d-9e51-85c9a1c2696b","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":56,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"70c217db-32d1-4172-91f5-12ee9029adb2","block_type":"box","text":"i.e.","page_number":56,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"d128ee5f-ec9f-4e78-b0dd-7339d95a077c","block_type":"box","text":", fixed-income (“fixed","page_number":56,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"ec363a88-50ba-4b04-b6f1-68ce6395b12b","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":56,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"7be1f541-5dff-43b6-87ad-3ce39fb73d3f","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":56,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"8109dba1-91b8-4aa3-80e0-0bfc535f5670","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":56,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"24d02a14-a80b-4e82-8155-211d3e948515","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":56,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"223d4ba7-728e-42bd-ab3c-95e188301fa0","block_type":"box","text":"II-6","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"56d566d0-4194-441f-b452-6ccb438eff55","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5501f08d-4822-4890-9610-61867f998495","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":57,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"482b1130-65d3-4e39-9ccf-77cfb3c744f4","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":57,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"4633c673-9aa1-44db-92f8-517db5c4c7ba","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":57,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"1daab8bf-5e70-4c41-9303-44d3d2ef1fe9","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":57,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"b7f12804-38f8-4456-b7cc-7486605b6ad3","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":57,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"14a0a5ed-49cd-4dd9-9f14-de79f986fc56","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":57,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"786a10fd-a21b-413c-bcdc-c1a99e807991","block_type":"box","text":"component.","page_number":57,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"f7159a9d-043e-4a13-bc0a-c1e4abfcc1a1","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":57,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"4c3958e1-4359-457e-836e-83bdabbd5dae","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":57,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"7f28c173-7bc0-4f58-95d9-d9153574edd5","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":57,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"62e2efbf-9d54-4e36-bcd5-b55f8460dede","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":57,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"8d28cd16-ed35-4cf5-a25e-b8e787fbf0d2","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":57,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"9f1b7c46-0387-46b3-8a04-fcf89f01bd64","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":57,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"2f6b8c35-3076-46b9-8b98-6dd284bebbb7","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":57,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"ad81ed0c-77cc-4f05-b588-10a34b25446b","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":57,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"0ad45bba-1303-45be-a37d-f4a2e628df9a","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":57,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"df9d0f9e-6936-4a7e-80eb-5fa5c35f403e","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":57,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"b2342043-d5e7-4064-a62d-dba6acef7428","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":57,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"6eb32341-4015-4a4b-8ec4-77226c90ee5c","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":57,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"5dfa9257-ded7-45c8-910d-73c520eb1a4e","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":57,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"df88026d-28e8-4ce6-9dd6-04b7c8949bd0","block_type":"box","text":"favorable market conditions.","page_number":57,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"25802794-3358-42bc-a54a-d63c46ea3632","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":57,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"e16fdeb0-8f6c-4c4e-b172-049408078c2b","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":57,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"5479c42c-05f5-4131-9f08-906def413a8f","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":57,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"fb841d14-0470-48f2-9c7a-82f1e9a2f196","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":57,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"f7c9203a-bb18-4226-ad9d-df7e759bc402","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":57,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"8b309bd6-397d-429b-a388-a260e167fa8e","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":57,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"9d885619-c2d6-4c18-9936-7d66cb8e4f8d","block_type":"box","text":"Corporate Loans.","page_number":57,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"33fb7c3f-2eab-45f8-9498-4e5fadbbf093","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":57,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"8341e4e9-ba27-4719-96e0-b9691a2100dc","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":57,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"301babe7-24af-41d6-a00f-5f4c52191723","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":57,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"6eacb6b4-4ce7-46b6-b964-35d51641b2ef","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":57,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"36dbff95-4cc7-4ac4-901b-420f81d2edbd","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":57,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"ab1947f7-ccb9-4dcd-8fb6-f74b565edca4","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":57,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"bcbe1193-ebce-45f6-afbc-c4871c5f5670","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":57,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"8216c59e-b8fe-4b2b-97bb-be90f36ba268","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":57,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"35eecadd-256d-4330-8d1f-3641815703e0","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":57,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"8922f15a-d60a-4669-bcf5-177985e9cd2b","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":57,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"58ed0f44-9a8c-4098-a957-96754c9b08fa","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":57,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"83b83a03-34e8-494f-bdca-1f11551741c8","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":57,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"a01a5f24-7ee7-41e1-a13d-ddd9800d5f1f","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":57,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"1d719edc-fbd0-4560-9d04-193fb0f426e5","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":57,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"70bdcb4b-7c9a-40df-8d0e-c8c6c1007d31","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":57,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"2e091fd5-c111-4458-99b7-919b6541571b","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":57,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c25f89ad-93a5-411d-b21b-e3f2855f527d","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":57,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"00dd4203-65a8-4c13-b098-4c021a4cdebe","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":57,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"59696a3b-c771-497e-85f8-12cf220614b4","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":57,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"5726faa4-d75d-40e7-a99e-4663f14a1219","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":57,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"6a26f897-e3dc-489c-8e91-5ea81183d21c","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":57,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"9e628c5a-de2a-4f5c-8dea-13ed06816e08","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":57,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"bac42969-fd2b-4df3-abb4-dafbc5059d03","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":57,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"68675f04-2b39-42c9-ae06-2b38e06fccf1","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":57,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"34617a2d-5ad0-4110-a655-d5965bd83f7e","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":57,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"05f42d8f-38fb-4429-835e-10986e1504dd","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":57,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"58a2b0c4-52ac-4be2-81ab-a6f00f416844","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":57,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"4d2847d3-4101-44bc-9e05-cd4ed15f0fb9","block_type":"box","text":"of the borrower.","page_number":57,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"f92a82dd-1665-4ea1-8d53-86645284fb67","block_type":"box","text":"II-7","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8c0e61d0-41ef-4ba4-8cf2-bec5cb05952d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2850ea06-b8a7-41b5-ba3f-79534df070df","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":58,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"c3041c8d-8e1e-46c6-8332-bdf6a70be744","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":58,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"408861a5-c394-4327-9774-1dd56f46adb9","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":58,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"f437d355-1716-43da-8193-08f0293d82e9","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":58,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"a2b70fdb-f2f5-47b2-bf8e-b9a2218f0b48","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":58,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"4ac795b4-593e-4a00-8ada-2aa4773685f1","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":58,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"a6943e39-cbcb-49b8-9a2c-a98040f384fe","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":58,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0d7a56fc-6097-404c-9a92-fe4f283d6160","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":58,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"984392df-28c1-4f1f-9689-fed83a1efd40","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":58,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"6e8b115c-0794-4902-8b66-25b95bf9931e","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":58,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"af40bef3-667f-4c47-8682-001b58e82214","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":58,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"6e9b2ee9-89a0-416a-a4a7-9f456e3d07cd","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":58,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"5f4c80c4-d2eb-46f1-a9be-8dc9cc3fbb4d","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":58,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"b0f78ce0-4251-43ab-9f22-d9facc955bff","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":58,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"94e3c802-039c-46d9-a3ef-331adc2c49b9","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":58,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"83e884b6-fbae-4a35-908f-4ebb137bc93a","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":58,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"71fbe743-4e28-4064-9978-8e8839b4d192","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":58,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"6ec46743-cf96-4ea2-8a0f-ee5916f946f2","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":58,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"6211ab53-97e8-4703-828a-cee72ed6958e","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":58,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"5f5a2440-ce29-4c2b-9b93-6faf5ae2c25c","block_type":"box","text":"state law.","page_number":58,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"bfe0a674-45f6-4eb7-9514-7ef5ee203d9a","block_type":"box","text":"Direct Lending.","page_number":58,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"c11f2026-f558-4c99-8ad1-8dcbc3abf25e","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":58,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"6c680ec1-c9d0-494b-a9a4-95ee84f0b48e","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":58,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"67514703-f176-4eed-9962-6b83e1085959","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":58,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"5cb30e07-e06c-4ef7-a276-61934705d5c4","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":58,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"8d7be46d-7a19-4da4-8f7f-ccd8f3a81869","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":58,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"6000cef5-ddb2-4f4e-9bd6-729e558c5f11","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":58,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"458b9305-526e-4799-b978-2e1a12a18463","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":58,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"63c89128-766a-4c72-8048-0fb59001b0f6","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":58,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"baa1334b-7f7f-4e1e-b05d-2bbb5d47949f","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":58,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"67163e27-e00d-4af9-a8bf-8bfa3ce2702c","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":58,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"b6924450-1763-423a-8217-ae6ce158999f","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":58,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"bff90b6e-7f2b-4f7e-8a82-adb429bbfbbb","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":58,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"4a87338b-f443-4a6a-9dd2-52da65907983","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":58,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"d16d59c1-2fa9-45c3-a2b4-9d4628335579","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":58,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"16c8df70-a0e9-461b-aa72-106d1717489a","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":58,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"3bd89a7b-11e8-481e-bf75-794334c0e630","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":58,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"ad4d95df-b1ec-450b-86d4-6f2133a55bab","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":58,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"1aec84f4-0377-439b-8601-0dcfb9bb8bab","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":58,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"2d75ce9e-5b5c-470d-b79b-ca000abcfe89","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":58,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"dff4c0cc-65b7-4aba-9b3e-91a935691859","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":58,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"f1957bce-7f16-4f73-a4cd-6edb8bcb455c","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":58,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"fed9f3fa-1ef1-4561-815c-5792a420930b","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":58,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"b8d3674d-307e-453b-828d-74cdaa520f27","block_type":"box","text":"Credit Linked Securities.","page_number":58,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"0765c23d-6ac8-4a4a-ad4b-e3b27ea7a249","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":58,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"60af8ec1-13dd-470f-b2dd-68344aaa5f2c","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":58,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"079ba47a-7cc9-4d67-bae5-a5f7a249108e","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":58,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"5e54dce3-0a49-4112-9ab9-49b1545843eb","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":58,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"7af436c9-dbed-4ce0-bfe3-977f433b06c3","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":58,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"6df11e20-8878-445d-8aab-5cc031cf3c60","block_type":"box","text":"traditional income producing securities are not available.","page_number":58,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"d0678c5b-bf11-4ed4-a9e7-34d097e44b10","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":58,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"c28fdd54-67dc-427e-8849-d5edad3f9aed","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":58,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"2f91ed73-efb6-4a14-a9ff-c60c905ab24b","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":58,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"4f074125-9533-44b9-9c05-5ed6f3f5bdaa","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":58,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"2a049e9e-4c1c-41b3-b0eb-9553004431b5","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":58,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"b465c9c2-1db1-4c75-a1f8-fefb9136f1bf","block_type":"box","text":"II-8","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"871cee77-cd14-4a03-a873-6b157474432e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b88e0f78-cda7-4a3e-be54-6128314064ae","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":59,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ed042cc3-efaa-4efa-a180-a0267d7ea2db","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":59,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"e567605e-f3ec-44a1-9c3d-4cefeb80019f","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":59,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"064d3b30-7ac0-46a5-b3b4-5d0de4518613","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":59,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"72cea6e0-7702-4aba-8df6-75983543cf27","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":59,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"8410fd87-ae03-476e-9ad2-8ae5e0a6fce6","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":59,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"2f0133bd-1c1a-4794-9ace-77ee54494286","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":59,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"757ab815-c77c-411a-b2e3-91f1f495bb3d","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":59,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"8fc5ba37-2e3e-4c82-9e2f-1e0607895228","block_type":"box","text":"investments.","page_number":59,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"b8243371-c702-478f-bc4b-701ccbec5168","block_type":"box","text":"Debt Securities.","page_number":59,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"dd7be329-8385-43de-a6f5-dd29275a34ce","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":59,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"4eb2cc05-c223-4f6a-9d13-970ca577fcfb","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":59,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"569ef213-c320-472d-b4e7-455e658c4d17","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":59,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"e095ca18-07bb-4a0e-8bc2-b67de40daec2","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":59,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"ed8e58bb-29c7-49c8-b18e-f2599ef4cc4b","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":59,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"11a9ea13-ca5e-462e-8bba-b1ffb080a6ab","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":59,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"1718b475-c86a-4967-ac50-2ee5556f46d8","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":59,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"ecde3b9e-5a10-497d-b3b1-395e4960c799","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":59,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"2b18ebe6-1a08-429e-b62e-0415b49d02fa","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":59,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"e8f5b0c5-a649-47d3-bcb3-064b929e6629","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":59,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"60a6c256-1b57-4c0b-8a1d-5c839f32f7f6","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":59,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"cacef688-6dce-482b-8cc8-58377c207faa","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":59,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"200ba938-a2ca-4e73-a6c8-69bb450d6c15","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":59,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"5b27910a-fc31-4a98-a587-a1acc54d3871","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":59,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"b6b1d9d7-280c-4f16-b687-997aea859c72","block_type":"box","text":"lose value. This is known as extension risk.","page_number":59,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"7233c242-2779-4adb-bcb9-3945f2bb19a5","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":59,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"055330ca-5a8b-4021-9d38-7febefef561f","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":59,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"4d833acb-9489-411b-9661-5187522c4714","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":59,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"8f98d46b-2b8b-4e0b-91f8-088f14f5c320","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":59,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"77d61aec-b11e-46a9-a59c-95796fe98f4f","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":59,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"172d8c7b-252b-401a-b3a6-e26575f7df92","block_type":"box","text":"Floating and Variable Rate Securities","page_number":59,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"916a5b2b-4181-48d0-8f08-3ab0284d3017","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":59,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"3f212006-f3a5-4b7d-b9a9-2e87832a733c","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":59,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"44a0708e-f6b7-4c36-871e-b8b5d3c64f5f","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":59,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"8c9019b1-0984-4453-bb9d-b1ee040093fd","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":59,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c123ccad-56cd-4f24-84d5-ed6be37fe630","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":59,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"567f0f97-1600-426d-b797-29a326165578","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":59,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"5f332cb1-11ab-4619-bcd4-5c1d2b56daaa","block_type":"box","text":"market interest rates.","page_number":59,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"31c77023-b1c5-45d7-bccb-3acd992859ad","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":59,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"e85c6963-3385-47a6-95bd-9994d0efc98d","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":59,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"b9d347f1-c02c-44e8-a2a0-9743c787cc7e","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":59,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"d191ecef-9dcb-40f0-aa1c-f071f2e49711","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":59,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"c34c230f-0a1c-4998-9e7b-b7d6bbccd8fc","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":59,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"2e4d3c32-8c67-451a-a8eb-848c2409334b","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":59,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"b6ffc8f8-0656-4b23-901c-138956685785","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":59,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"8c53e692-f17a-414a-b6a7-1f3698eb2485","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":59,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"7d07337a-9f23-4e18-90d7-f38f20cf1b96","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":59,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"9ef06add-d132-4dbe-8f65-3f51546ed4be","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":59,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"535a65e0-d9dd-464f-9ac1-63abb7036a9f","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":59,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"e9e1654b-24dd-4791-8fb7-d0cf4a85c222","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":59,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"825da1ef-8ae7-434e-a781-aac54d66833f","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":59,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"8f1f79e9-e633-41f0-b4dc-96d8ff309ca3","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":59,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"341eb0e8-c0d5-41ee-ba1c-6d9c9f9dbe1d","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":59,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"7f698410-d2fb-4418-bad1-06fe1c888f4a","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":59,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"034c5cfe-156d-4502-be88-a20377454b75","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":59,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"22c57518-1cfc-4cab-afa9-e45118ac413a","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":59,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"90c56c36-fe1d-4a10-b9bc-76f891c62264","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":59,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"139445fd-ceb7-4b48-9ff4-c0d0d2f4452a","block_type":"box","text":"II-9","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"55da6a04-b389-4adc-a331-979d65d557b8","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45d0b7e3-e32b-44b6-969b-054f795dbf26","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":60,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"89d4f693-0822-4a98-a019-595843b7ef40","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":60,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"43ef255d-52f0-4c5a-a87b-ff7d90c8c754","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":60,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"7e3e051a-f216-443e-81c4-02df297893bd","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":60,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"939eaed9-5d38-42df-8951-764557f47a47","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":60,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"91aef5fd-0781-4eee-ba40-dbd1c45b50f9","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":60,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"32a29c26-a44d-45c1-8a8a-991ca88acc43","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":60,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"e2323129-b5e5-4322-afeb-27f5f39939c0","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":60,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"2c76383a-2127-4fa5-901c-a0590f7802c1","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":60,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"52943823-90ee-4179-90e5-f92f68e8ef08","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":60,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"d2e8b1a4-65b9-4991-bd53-92a2ddf5aaf7","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":60,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"49f28671-c920-4e8c-a4f3-9d5a3a3ca9af","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":60,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"03a405ac-2bdd-407a-bfaf-ab0b0a99ca36","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":60,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"f6161337-32fa-447b-87cb-b2d1a5dd990e","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":60,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"61c2b99f-771e-4115-b3cf-54d4b88a3c66","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":60,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"9542b2fd-dd48-412d-a27f-6f99a4b8c54f","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":60,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"26785d19-177b-4580-b92b-449cb7600087","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":60,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"6f6a5361-c19b-439c-b423-b2cce46b5c2b","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":60,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"e76e8d62-ab01-48de-b41e-89048f077386","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":60,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"07bb2779-9ccd-4fe5-9c91-fa5719a0c2cb","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":60,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"65afaa62-04de-407d-bffe-8d78dd906659","block_type":"box","text":"United States.","page_number":60,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"65ac9826-d821-4e37-8083-ab753de802a0","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":60,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"5e64d82e-8f57-4d3a-a908-7960ea9658d2","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":60,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"b9a230c5-9b2d-4a5f-bec7-00406af854df","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":60,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"0220f03a-7906-48cc-aba1-225e62484f35","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":60,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"bcf64e50-5947-435f-8af4-97266d6132fb","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":60,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"d6a29e1c-4e67-4ba1-a23e-73198a6e1200","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":60,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"1ded4fc5-b6d6-4db0-95af-0c28d6abf712","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":60,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"78d5bd99-dddc-4406-a251-8f512d7eeebc","block_type":"box","text":"i.e.","page_number":60,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"d47feebd-079a-49ac-af83-7edd819f269c","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":60,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"42f95832-0d8c-46ec-9797-bd7b02e715d1","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":60,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"3b60df11-2370-4f0a-a5ef-587f9a5501a0","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":60,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"44c140c2-44f8-48d8-81a8-2738e1348591","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":60,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"ae3ab203-6483-4a1d-b7b7-19db2942a92c","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":60,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"a99ae3f6-10e0-40d5-822b-c027fcb35a92","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":60,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"a1636ce2-ae82-49b3-9520-c001f862ab11","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":60,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"f4c6da12-26fb-4d1c-b6ae-eb5f6ae6b0f8","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":60,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"fa8959cf-3af2-425a-910e-b97b63839d6e","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":60,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"317e910a-c94c-4c74-8252-edd46ad53a05","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":60,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"e4a2c86f-0f88-4579-8c79-d73ecd224db6","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":60,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"54a1ef0e-7cb0-4d69-b8bc-f2f88a9c95cc","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":60,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"db3d8522-3109-464a-ad87-173a3d458881","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":60,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"b7ca9e04-3557-4d3e-8717-6b5d2e8c10a8","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":60,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"51d6465c-ce41-4f7c-8e89-7723ebcb4e8e","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":60,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"725fcef4-5417-40ad-b141-0d95e2664beb","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":60,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"4d145d14-33ff-40a0-a95c-9a2ea9d1f0d5","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":60,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"0bf847f2-0c5b-469b-9d43-2c8657cd58c3","block_type":"box","text":"risk than higher rated securities.","page_number":60,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"aa34e593-1b1b-4e6d-8854-4ae4eba0bc4e","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":60,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"97992d48-d15b-43e6-ae89-ee360e27440d","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"b99f2031-9cdc-42f3-b90b-82b3fffe28ce","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":60,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"5dbb7a65-9d82-4bd7-9d30-e1eb944eec4a","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":60,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"9c86f9a5-6e1f-4528-8f4d-2eb26e1c6d42","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":60,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"9f95f55e-3842-405d-adf7-25544e2ded30","block_type":"box","text":"unavailability of additional financing.","page_number":60,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"5d68a3bf-1f22-4a90-9538-83f3ae30dd1b","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"10ceb090-705c-4290-abf1-fa30ae180912","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":60,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"105da189-444f-4daa-be97-4cc9a095a50c","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":60,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"4312e356-c7ec-4a96-bce2-f567bd991cb3","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":60,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"75e43b30-94fb-48a4-b8ef-e798b1649067","block_type":"box","text":"II-10","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"687d9120-d9a1-425a-9489-8e4a5c8cd2dc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd79809f-d58e-4c24-a8da-8fe60e692054","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":61,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"fdde4140-1df3-4d6a-86f7-e7d6d21f1812","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":61,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"23dd1a8c-4ad6-4294-9a4b-96813d53ea8b","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"5aa76454-95eb-4560-8c8b-a4596e9e10d5","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":61,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"bb529b9d-fb1b-4a5c-9296-028e866b3420","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":61,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"dbb2b321-49b9-44ee-8ddb-eb3f568266d1","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":61,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"696fd9c5-14f7-4731-bdea-7e8cbcbe23ab","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":61,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"a103b144-c84c-4b89-8f45-fb609106e55f","block_type":"box","text":"investors in higher rated securities.","page_number":61,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"44a93a75-16c9-47fe-a409-61f6337ababe","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"57a30788-7de6-431f-9a8c-a159c73d08f0","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":61,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"3658e237-eac6-4e3a-a756-b1c4e0add6b8","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":61,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"14f2f1a2-60f0-48b9-ac6a-ece3615be2d7","block_type":"box","text":"lower yields and may lose income.","page_number":61,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"0019343e-3e19-4cad-8cfb-dfc93a1d6c5f","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"4f267373-4e07-4bbe-a005-71ce1ae00598","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":61,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"29f419c5-07e0-4d05-baa5-b6e33871cb03","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":61,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"a661887a-5e6c-4812-8658-f6200abfb52c","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"6dd11764-1395-4a6d-aacc-8f203179aa47","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":61,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"e3499d99-0daf-4e6f-ae1f-2634795e13ff","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":61,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"cb8b6afc-124c-4af9-98ad-9aa0647ee3bd","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":61,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"4730734f-496a-4b7d-a3cf-2bb7cfb4c05b","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":61,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"da3b5a60-9a1d-4938-8d81-a3280421bfb3","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":61,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"ff9a1927-d9dd-438c-8dde-a4e14455fd9f","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":61,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"42d2bfaf-1e56-4fd8-a039-0e6c76f6e59c","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":61,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"b5f0a3f3-51ed-4928-aee2-0d671e6f73ee","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"1f55eaa6-6a26-40a9-a8cf-b7cf42cb4889","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":61,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"7e7b9c6d-15f8-422b-80e5-dada0b1316b3","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":61,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"d9b8b69c-8e2d-45c6-8611-27b5cc9024f0","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":61,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"e4400808-e20b-4243-8fa9-d9928b184e3e","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":61,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"52324692-9ab6-461c-8a3b-d443bc111ce2","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":61,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"2d8a265a-63d0-441a-a545-0cde085e6b68","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":61,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"89da41fd-b005-41df-8835-6f8a6d788a36","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":61,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"84d4cddc-94d6-4e28-9598-5707f582bc93","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":61,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"744a3be7-414e-4909-bb1d-d91d5dee11af","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":61,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"189956ef-3c9e-490a-b91e-0cf4505cbae7","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":61,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"ac3641b9-781e-406f-acc3-c010628fd6f0","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":61,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"e4c1d63e-790a-4b29-9301-907c588f15e1","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":61,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"f4d78c5d-a1eb-42af-bda0-85342be779d7","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":61,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"d004f0f8-3207-4839-921a-885eb6e4e599","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":61,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"570e3dd6-676e-42e3-9083-40250d6fce22","block_type":"box","text":"role in determining such valuations.","page_number":61,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"9046e831-835c-49f5-a9b3-95ea69377608","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"c4250218-e9b7-4b26-a0da-510053123e7f","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":61,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"899f9e55-67e8-4c12-a0a9-5c93d9983538","block_type":"box","text":"a defaulting issuer.","page_number":61,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"5307dda7-0476-443a-8e26-d535ab03e783","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"a2c19783-d5d1-4846-80a3-d242b18af3b6","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":61,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"c7c073c8-a5e9-4d5c-ad17-e1d81e6f7829","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":61,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"612bcb19-651c-4f2d-9c20-30a9ce665b5e","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":61,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"f86ff8e9-ba2a-4602-8cec-36afe5748a44","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":61,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"4d6b70ab-72c4-495e-994d-222e5c4b7238","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":61,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"d7784f9f-c9b9-46e2-935a-df2da1bf9723","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":61,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"a9325641-013e-4fc2-9c19-40ca58015ee0","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":61,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"1302778c-389d-4c60-a7c9-485517f2564a","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":61,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"bd58e43a-063e-449f-b348-ce6384d68f1b","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"08ea07cd-acec-4c45-ab90-884cb1d814a1","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":61,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"08f72f2e-62ff-4e7c-be93-d6bd41ca4145","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":61,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"568ec1b5-1983-434e-8bfa-f1ff254aa56a","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":61,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"f19a35d6-7a55-4b22-9049-9cc62603e58d","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":61,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"35ca271d-0931-4ef4-b0bb-45cec41c6bda","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":61,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"04c3092a-c1b9-4578-86ff-bae93fb0079f","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":61,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"902e89c8-d2e3-42e9-b536-0b2f77add10c","block_type":"box","text":"higher-rated securities.","page_number":61,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"5513688c-f518-407a-8afc-e3c4411051aa","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":61,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"a50a93d9-57ea-4d10-99e3-783011c3182a","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":61,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"69e8e950-e585-452b-a3a1-14a15f9790bf","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":61,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"7a47093f-0109-4b35-9283-f2ec59c27936","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":61,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"581d7fd3-20c0-4ca5-a097-5cdae1f5ddb1","block_type":"box","text":"II-11","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"967956b2-4a1f-4462-a6cf-5f5e4cdefbae","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3eb889e3-8ad0-4345-acd4-741c1c9166eb","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":62,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"528a6eab-3109-418a-b9bd-119f44001edd","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":62,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"db26961d-5c18-4b20-9686-e060305a108c","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":62,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"b2e45589-2c45-4bab-877f-3de3efeedc98","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":62,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"1cae468a-8185-4797-b7d8-e1eee740eb1d","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":62,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"7b54229f-1b1a-46d3-88a6-a3231aac595e","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":62,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"65ddcf80-c56c-4831-b843-b4eecfc0df37","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":62,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"e2800747-c810-4255-be0e-ab2bddcd08d3","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":62,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"0a744778-f199-4edd-a5ae-f183062a536c","block_type":"box","text":"Mezzanine Investments.","page_number":62,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"cdb08519-e7ae-4d5d-96d6-12240338ce24","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":62,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"b770f1a0-d97d-4e35-ac4a-7f5660f8d6de","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":62,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"2f50a366-405a-462c-9deb-8b4c0e121a0e","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":62,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"4391f86d-46ae-478c-b3de-de218156fce2","block_type":"box","text":"e.g.","page_number":62,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"445ad4e9-c96e-453c-b23a-6377c264a537","block_type":"box","text":", with","page_number":62,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"34f57072-9108-4b26-a0a6-3b6178693d14","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":62,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"0d6b60d6-9b7b-46fc-8368-7fac06e9d386","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":62,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"f692f38f-8f6e-4076-8134-ade72233bbb6","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":62,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"61d774d9-7cfc-4a2c-a710-0b1e9b5934df","block_type":"box","text":"other obligations of the issuer.","page_number":62,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"468ce3de-c782-4d4f-bd7c-f7f9b0cf415f","block_type":"box","text":"Pay-in-kind Bonds.","page_number":62,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"aecf667d-c9c8-41f6-984e-cc6e02283616","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":62,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"bcfda463-7b03-4f44-b243-6e10cd963c12","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":62,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"193dd396-fc17-48cc-a0d6-33f57f3c3da9","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":62,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"fba8ad67-30a9-4acc-a1b1-89c167842de2","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":62,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"78fe2fad-6c3b-416f-ac25-01fb5ed14418","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":62,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"9c959610-1b41-45de-9caa-4c7909ba8d5b","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":62,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"da8a8e79-e325-4e41-8f61-2c709830f3ff","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":62,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"ac0b94c5-8790-4a82-9259-674bcf023e63","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":62,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"f214b0d6-89e6-41a6-8069-a1cecb32f12e","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":62,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"debf0fd6-c214-461c-b5f2-346b5fc9a29c","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":62,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"bb946038-1b06-4af2-ad64-ce90a1e356f0","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":62,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"b48c3526-6670-4f1c-8c59-b15d695bf963","block_type":"box","text":"Supranational Entities.","page_number":62,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"38042904-a0a4-4b0c-ab22-e52c2b802393","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":62,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"f043736d-4737-4db6-8ae6-5825dc7ce138","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":62,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"43e7723f-e213-4dc6-ae3d-dc7fed01214c","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":62,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"3661327c-9bda-4c1c-8b07-caae142bff2a","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":62,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"d39f291d-9ef1-4335-a6e9-cf1ff92c963d","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":62,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"dfbd0bde-b0b3-4d29-8d79-37643bfb4539","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":62,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"7004d1b0-1e44-4027-a866-d3e1cc18c22e","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":62,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"7faaae4b-cc99-4685-919b-d3bf10f2c36e","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":62,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"55df8012-0675-4a54-b234-067c3f4540a4","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":62,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"45ff3ccc-c97f-43d6-8124-c04de3565ea5","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":62,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"ea2151eb-c7dc-429b-87bf-96912416ff41","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":62,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"f07d9498-ccaa-4266-9e96-8939860d1f96","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":62,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"6509b308-e200-465c-8f6e-82193d022355","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":62,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"796fe882-75d4-4fd1-ab08-42a7f3b74bf0","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":62,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"770b0bd9-57ee-4953-9ded-cbb2b93662b6","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":62,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"4c55d381-c2ee-4db1-81a8-2b87d0a9aa4a","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":62,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"b17b7bef-1cf9-4891-b865-074cd396829c","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":62,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"f3c78d31-074c-4e2e-bd94-44e886422272","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":62,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"7c412ccc-1ac2-4e90-978e-6ceeae2ce872","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":62,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"61ac1102-b35e-47e0-8fbf-7f0263297d0a","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":62,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"06bfb5d8-00cd-4174-ae2a-21ec4b6c1bba","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":62,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"db27c286-d8f8-4478-86af-17b8a6781745","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":62,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"11562bac-c8dc-4971-bf94-3680a9ceb284","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":62,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"e1744a28-6ee4-46fe-be57-c774d48008e7","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":62,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"660fc116-d387-4aa6-a135-36b3eb7c73c9","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":62,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"a7638637-7b2c-455a-8b55-bc7c30532b13","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":62,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"123d7733-bbe8-45a1-afcd-e8d41f8282fc","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":62,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"47ca3cc3-325a-4bab-842e-bacda5c3e91f","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":62,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"aa41c9df-3afd-4f4e-b5f7-1173b92b0a10","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":62,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"c9590f82-f559-4101-8c01-d6beb4536416","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":62,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"b62cd6e8-fe8b-4b51-bcb2-30678e3affb0","block_type":"box","text":"II-12","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07645c2e-1c7e-4913-b951-0939f7acc879","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1fad696-99e9-45f5-8ad0-cc7ab1e0eb3a","block_type":"box","text":"Derivatives.","page_number":63,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"4ef25eaa-6658-4c11-9f2f-21bc03bbad33","block_type":"box","text":"General.","page_number":63,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"779e8a96-aa1b-44b6-92db-4a7e2bd19f71","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":63,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"baf72e7f-3151-45c6-8be2-ec07db97c4ea","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":63,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"a61b74fc-42ef-4467-b0d1-b9bef427f255","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":63,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"d9e2db84-a8d1-49a0-8eeb-670453f14fe7","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":63,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"c6b5aeb8-95b7-4762-bc2d-cd5184ae1df7","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":63,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"3b75d2f9-5136-4d55-b544-43ac5915772d","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":63,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"7f7af33e-d3ba-4c54-8b8e-659c592e079c","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":63,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"b7f1bf90-fed5-486d-9bea-3391e0f14cd5","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":63,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"07baf360-b4d3-4224-863a-ee7d78aa0adb","block_type":"box","text":"i.e.","page_number":63,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"d65eaf8f-c9ca-4419-8a34-2c0e9a8309c0","block_type":"box","text":", the payment","page_number":63,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"23c7fbd4-1bd4-410b-926a-9b2b5549410c","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":63,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"b507a15c-c414-4c03-8465-34d8a96d3373","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":63,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"c01df69f-7e69-4a96-b9e9-788bc00d0085","block_type":"box","text":"Hedging.","page_number":63,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"9fae2cfc-36b2-488f-acd2-d112d188a8ec","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":63,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"0afc192d-2159-4d45-bf0e-30af16a860b3","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":63,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"7e308920-26a6-46a8-9755-43f000dbf1ba","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":63,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"0a89946d-1eac-469f-973a-81250d49cc83","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":63,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"557deab5-77fb-42f9-8fba-61eff8bdaf24","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":63,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"5e83eef2-c203-4c2c-b01a-9e68b5b637b0","block_type":"box","text":"correlation risk,","page_number":63,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"c637b5e4-6796-45b4-a9d4-ff7957d32049","block_type":"box","text":"i.e.","page_number":63,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"c075cfc4-8486-4ca2-a5e7-5ab452d3174a","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":63,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"f6215c60-d075-49c4-a001-8500d99c2fb2","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":63,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"ca2fceb8-879c-4ca3-8d38-d642d57ebc7e","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":63,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"c6496135-bd08-4c85-abfa-3ea6ef231575","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":63,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"4b991da1-959a-481d-8510-d2c16ab435ab","block_type":"box","text":"Speculation.","page_number":63,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"1818d4d7-53ad-411b-93e3-194f6ab24af7","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":63,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"3da63980-fb60-4c4d-8798-ead8019fc567","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":63,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"54d35cce-f664-4fc0-9831-d42aa4fc174b","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":63,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"4ea5521c-fac0-4857-9f93-8009e05e55b4","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":63,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"9920761a-63d4-490c-92ef-44363ccd5dfe","block_type":"box","text":"in certain cases may be unlimited.","page_number":63,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"8498cc4a-4122-4920-b026-4fbc55ca5152","block_type":"box","text":"Regulation of Derivatives.","page_number":63,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"8c8c49d9-38a1-464d-b1aa-f6b0b594e7da","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":63,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"2b9b9865-b1d7-4e05-a2af-5fd06458c4f5","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":63,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"e7b7d8cf-6c4f-45cc-b84a-107df261278e","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":63,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"153a91c3-a5f4-4f51-8043-54559fe26e00","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":63,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"28ef1c35-9fe9-4cee-be53-f3148750e94c","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":63,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"27e48312-f64b-4fc2-8ddd-5edc6190ea96","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":63,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"fe44df42-8306-46f6-936d-c55ab9e9fbb2","block_type":"box","text":"coverage”).","page_number":63,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"80937bab-6abb-4ec9-b4e8-5cbd89a34f6a","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":63,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"d0ecafe7-474a-4f87-a948-1b856220794a","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":63,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"559e5cf3-665d-4c77-8813-9bf1ad77f272","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":63,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"1238aea9-93e1-4983-8174-fad2c706b2d3","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":63,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"f3c24c0d-0a3f-4369-a304-483d7f74844a","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":63,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"5fc0f547-a77e-43cb-8c25-97c3cfb31e73","block_type":"box","text":"financing transactions (","page_number":63,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"bd173daf-3b98-4bb7-b4c3-3fc0f60fceb3","block_type":"box","text":"e.g.","page_number":63,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"dcebb58c-053c-4a36-92c7-16a88507cfeb","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":63,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"8f372724-b42e-46eb-b923-0564109229da","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":63,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"7ca0c7f3-591a-4ebf-941d-71c49187313e","block_type":"box","text":"securities (","page_number":63,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"b0b8bac3-2a9a-4ea1-92a8-8bbce7bbd6ab","block_type":"box","text":"e.g.","page_number":63,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"bf07296a-5b69-4032-8db3-e9e3ca5396a8","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":63,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"634f9442-50dd-42d7-8d75-fb2197c08986","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":63,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"2a68be79-6570-4a85-898c-1e5084881d76","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":63,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"bc934328-5361-4ba3-84ed-e694fd4aec37","block_type":"box","text":"Commitments”).","page_number":63,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"5c819cd4-4510-4ce9-b531-e74311b7e076","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":63,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"3e5411b7-ff30-4f41-b5fc-e11122a88fe5","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":63,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"5622d521-7997-4212-9f08-71100bb95b3e","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":63,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"699e18e4-6156-41c2-b6be-830a835a59d3","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":63,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"07bcb72d-9068-487f-bc18-bd1bfc341465","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":63,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"77f606a2-9525-4274-9a85-6fac3dfb36e8","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":63,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"f1eee881-af76-4e37-9b0c-a240b20325f0","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":63,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"c8548351-e836-4b17-b396-7fed49b1e0e6","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":63,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"c67bbd9b-63a0-4a5b-ad42-d85d0c10fc36","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":63,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"80b0e53d-cb6d-48b6-ae6d-ad119407b505","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":63,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"47d40cda-30c0-407a-83d1-74363ffc3d3b","block_type":"box","text":"II-13","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a46f374c-fa4f-4756-a9ea-6ae888e3fbb7","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abcbb57b-1e63-4009-bf2e-22e45bdea455","block_type":"box","text":"Dodd-Frank Regulations.","page_number":64,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"038a8eca-5243-479a-b79c-6edcd24e8475","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":64,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"0f2a6ec4-59f5-42bd-853a-6d452f07f8fd","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":64,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"7126f811-1c92-400a-aaea-b27145a016e1","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":64,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"ca45fb40-a51f-458c-be4a-ed30ec3ecab0","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":64,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"64027c73-cd8e-4587-bfa4-731f265b36c5","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":64,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"9eed563f-ad08-42aa-b92b-ca3f0f452d5b","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":64,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"f52a27fb-e739-4314-b0d0-bd697f737359","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":64,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"d95a3fd6-ed69-4ee4-8fc2-89f86a280584","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":64,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"ad3aa224-880b-4d37-b41f-affeaf32f503","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":64,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"95c51610-2aea-4ccb-bc4b-6639fbce0995","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":64,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"d6693c0f-6d7c-4dce-b129-6bb067dec56f","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":64,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"52ec8196-2192-4415-bc53-8f29a8ba37f9","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":64,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"8c781a16-9f29-4da7-9a0d-9e32dae3abcc","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":64,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"ac9e763d-eeb8-408b-a7aa-c5739df5c49b","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":64,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"9ef8e78d-6e23-477f-93e1-b85369c5251f","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":64,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"b1c10fd1-aaaf-4533-b4ca-9ec9fee59d46","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":64,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"7991fe16-257e-4279-afce-4d08a419f712","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":64,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"f5805713-03c4-470e-b0a4-a80be132659f","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":64,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"8606e68f-05a2-4279-bbd4-3e7b3dfa569a","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":64,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"3bf1c3a5-d4ab-4dd6-8dee-9946f1fc3521","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":64,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"1fc83f35-6d22-4ca8-a7cd-b1ae272128e5","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":64,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"5accecd0-3d83-45c9-ad03-f96311b446b5","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":64,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"d5b2d028-5c80-4a7c-9900-6437ff7c7b16","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":64,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"65afa7a9-47f6-4cff-9b6f-6862a32afd03","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":64,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"462eb7d5-8550-402c-b409-aa1c7ff491bc","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":64,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"3cbef064-dd16-4eef-96b5-fb952e2109f0","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":64,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"a1310889-6f41-45b2-b5f7-65f4f66d645a","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":64,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"645f184b-c1de-4b19-9bae-9d663b36530a","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":64,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"7e0368af-98f6-46dd-a89e-d89bff63966b","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":64,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"a96d3513-fe4d-4a1b-b40f-013daca30f7a","block_type":"box","text":"member.","page_number":64,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"d85dcf95-da41-4542-bfbb-a6502aecb3eb","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":64,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"6b8909c8-e9ac-441c-9279-99d41cc73d39","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":64,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"48f6305c-8f9d-4ed0-9638-a8fd4ec0138e","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":64,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"9335b616-a392-48f8-af77-c154081e518f","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":64,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"cc862859-2e4f-42a6-9941-afa3a63aacfa","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":64,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"eabbfe50-5d8b-4310-ab48-5c2d1ba50785","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":64,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"8cb85534-b2a4-4274-9387-70e6d57b4c18","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":64,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"f5ead0a2-f182-409c-9a58-1c1f26db683d","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":64,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"3e3db740-b4aa-43b2-b4d0-6327b37c6f43","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":64,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"2f838f9e-f84d-423a-9a8a-35c65da7b4dd","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":64,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"c1373b46-fead-4e9d-bccd-3db729251a38","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":64,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"5a58201a-3274-4b54-af35-98a0eac713e1","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":64,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"f2205ff3-77af-4087-a991-bf0a0981af75","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":64,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"6808acda-f747-4316-b3d0-7fdda741fe1a","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":64,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"89ce479e-0244-453b-bf43-f99e916a8b6d","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":64,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"cd74a9a7-cfbf-4c42-8fec-0ecef07907c5","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":64,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"2887cad9-ef1e-46c2-9480-add25fbdf3ba","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":64,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"e2502608-6f10-4e52-a66c-72605bb3a96f","block_type":"box","text":"and","page_number":64,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"10740b77-2406-456c-9449-7120c4b3f117","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":64,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"5b7a583a-b7cc-4225-968b-89330284aadb","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":64,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"18873909-a57c-4594-9c78-668914b76a24","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":64,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"ccb939a9-c3fe-4129-a15d-898124b7f7ef","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":64,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"d7791279-c31c-48fe-91d5-c114df61bc65","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":64,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"66431843-0225-49f6-b7a5-2f47b6109f03","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":64,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"eeca725c-6c3b-4c8a-a326-5d50d7653140","block_type":"box","text":"II-14","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e09d686e-a007-4ab5-ad84-c7979a202fa8","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"469ca82b-babc-4c58-b0f4-76e99ba3f15c","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":65,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"9232f083-72e4-461b-b11e-5a8a678f0cdb","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":65,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"8ee6e863-3800-4516-ae48-67b9a7e90dab","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":65,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"4d229c49-25fa-4d1d-9df3-6c84485e3c1e","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":65,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"24bb640c-f0a9-4372-8974-3963c13e1613","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":65,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"4265b220-4d9c-44ab-9cb8-353e40129ede","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":65,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"b6044974-bc77-4f5b-bc0b-debd0fd91c03","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":65,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"6b72ad97-c22f-4033-a470-a798287b879e","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":65,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"ce039d74-740f-4f70-b33c-d93c7fda7c64","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":65,"box":{"x":70,"y":158,"width":757,"height":11}},{"id":"d3575a1e-9311-4aa6-b2fc-052e8c27d2c4","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":65,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"3f4952ae-5d2c-4755-82bc-f9bcc7967b0a","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":65,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"7c6552fe-b03a-4b57-88a9-f1991501a1ce","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":65,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"08f8a79a-d893-4a3f-9979-95238c20b323","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":65,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"89bac142-e484-4a77-baa5-c4fdf913a389","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":65,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"fe176a19-7869-49b0-8d63-a205bffa3ec2","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":65,"box":{"x":69,"y":249,"width":787,"height":11}},{"id":"7eba9819-50f4-4a93-8feb-f78b4323b4d0","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":65,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"060cad62-8336-4989-954a-dbcffaa0a434","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":65,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"26515da5-daa0-4b3d-aede-92fdcbe4fcab","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":65,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"633f6767-bc92-4020-b076-6baaf37248be","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":65,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"11a86a76-6488-4b25-9958-f70568aa1f33","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":65,"box":{"x":70,"y":324,"width":793,"height":11}},{"id":"d706ffff-8081-4dec-bbf1-2bfc90c681c6","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":65,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"a59b03d6-6ccb-4d9c-8b7e-61ea65b43ea2","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":65,"box":{"x":69,"y":355,"width":720,"height":11}},{"id":"bc23b4f8-aa89-4aed-b8ac-74a5cc852860","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":65,"box":{"x":102,"y":377,"width":802,"height":12}},{"id":"49c8603b-0129-468f-8446-f539743cee30","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":65,"box":{"x":69,"y":392,"width":762,"height":12}},{"id":"7eed2ccc-ebe8-49f8-946a-d4269b817a3b","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":65,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"585c5822-4671-41d4-9453-475c49cedeff","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":65,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"f639fd0a-0d43-4faa-9026-b92777a2b63e","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":65,"box":{"x":68,"y":438,"width":787,"height":11}},{"id":"0cfc493e-a69d-4f39-81d0-0487e7207b5d","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":65,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"1c6c264e-5cd9-4c89-9ed2-4e884c9cbed4","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":65,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"1bd14ab7-90fc-48c1-8dd3-0d2243babac5","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":65,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"7f38de07-577e-4bf6-a64f-bd31e165fca7","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":65,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"740dfb0d-457b-4b93-8b43-c41fa590a5c1","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":65,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"f0cb3f76-4647-4093-95ec-f9cbc16b932d","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":65,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"68339227-f6a3-4338-8768-b3fe5a2fed0f","block_type":"box","text":"collateral received under such contracts.","page_number":65,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"92e0231f-b774-432a-b643-5337bc85f02c","block_type":"box","text":"Risk Factors in Derivatives.","page_number":65,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"13f8aaac-7129-4562-9266-cd36e10c9925","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":65,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"19ff9dc5-2719-4f38-a470-5cc39cf91db5","block_type":"box","text":"Correlation Risk","page_number":65,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"a210ce2c-8d38-4d89-8003-c1c33b3afd9b","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":65,"box":{"x":220,"y":612,"width":668,"height":11}},{"id":"4fbfbc83-02fe-41f0-af30-ab72db7b6ece","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":65,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"4564fc7c-6848-42b1-96b6-76bb8c765f18","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":65,"box":{"x":68,"y":642,"width":818,"height":11}},{"id":"a68d61bd-2226-4887-bd60-d94aa6759b09","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":65,"box":{"x":70,"y":657,"width":806,"height":11}},{"id":"795baf2f-328b-4f35-9ca5-1b7059c40029","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":65,"box":{"x":69,"y":672,"width":725,"height":11}},{"id":"b9629888-874d-4ce6-832e-2eb1f4e4b400","block_type":"box","text":"Counterpar ty Risk","page_number":65,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"08a48b5c-203c-423d-bcd3-11295d6189d2","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":65,"box":{"x":233,"y":695,"width":632,"height":11}},{"id":"d8111783-8133-426b-90cb-d5de9e0ec707","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":65,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"e9fa6a7b-739e-48de-ae85-f8512a0f6bd6","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":65,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"d37db418-28a5-4733-9e3e-eedc24a916ba","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":65,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"43e0a8c4-af7e-4648-9b34-371a8f736a6c","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":65,"box":{"x":70,"y":755,"width":831,"height":11}},{"id":"f38340ce-d022-4044-9acb-0f05e7109950","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":65,"box":{"x":69,"y":770,"width":806,"height":12}},{"id":"d281df82-2ac1-4259-b78f-3943ede3c6e6","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":65,"box":{"x":69,"y":786,"width":803,"height":11}},{"id":"af3406dd-3349-4022-8952-ddf20d1f063d","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":65,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"1b036030-cd90-4ff4-a62d-f476a2113334","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":65,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"74db513b-2303-43c3-8333-1194dc665ff5","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":65,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"76ecf918-7f2b-4f23-be0b-daf31fdf9c3a","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":65,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"a2925c9d-7564-4267-97be-cb60aed4e14b","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":65,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"3e2c2607-2a1d-4077-ba8c-be5a80123a0a","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":65,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"95462e25-6bc6-473c-ad0d-33889bfa6f1b","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":65,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"969e6891-7511-4b63-a4d4-efb92307c412","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":65,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"9d35cf29-0269-4910-af54-732cb81bd4a0","block_type":"box","text":"II-15","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5d168e18-1088-47ce-b34b-755132cf5364","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b523f2f-e226-4a6b-801e-80bd71f345f0","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":66,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"6270cf71-eca7-4f82-8ef1-7d5dadcdea9e","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":66,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"53697a96-16f8-452a-87da-1b8e4b3e0d70","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":66,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"d1b9f340-df5a-4035-81e2-d4ccca09e994","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":66,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"6f928589-1e6d-4a2c-8403-4885888da00d","block_type":"box","text":"by the clearing member.","page_number":66,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"8a176bcc-9b51-4b9a-92d8-c9d725b6bfa8","block_type":"box","text":"Credit Risk","page_number":66,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"cd836098-8804-4cee-b58d-015a25346bf5","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":66,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"891d0ad1-0888-40c0-93d3-958cd9a9f887","block_type":"box","text":"honor its financial obligations.","page_number":66,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"10354ad6-ffcd-47a6-9316-fe72d12b703f","block_type":"box","text":"Currency Risk","page_number":66,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"d7d9c1f1-d753-44a1-831c-438db2c8dcbb","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":66,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"d70495e4-a264-43be-b6ce-3015a1b8e86d","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":66,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"56fb7159-7ddf-4f44-ab45-6b05bf4038c3","block_type":"box","text":"Illiquidity Risk","page_number":66,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"32faa3e8-d3b5-40a3-ba95-13e8c7689084","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":66,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"2f6a0553-e799-4174-b078-aa9f4e43f860","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":66,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"bbf7d9e9-ecaf-4916-a090-e3fdf8d9f54d","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":66,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"1b7ad370-7056-4e88-b5ed-187b3068595a","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":66,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"cb7d2dee-064e-404b-9661-eec47376a0ee","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":66,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"7c788b08-8aae-4252-943e-67bc755b8578","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":66,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"ce8a8fa2-cd9d-44e4-88cc-aad2911977fb","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":66,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"5283e9b0-a70c-4792-8582-d75ea4e2fce4","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":66,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"b7c5c2e9-253b-440c-8715-1bb4ba1f6e9c","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":66,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"4c04ea0d-ffb8-49ad-a2fc-eb2c6980bab8","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":66,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"b59cc0cd-6bc5-4649-8624-bbad2ad9b3f8","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":66,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"02ed827d-4e32-49b9-854b-5652860d57db","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":66,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"5bde324a-b2f9-49ac-b9e7-65ba3d075c8f","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":66,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"a8b9c2d8-51a3-4989-982b-7207c72ae1c1","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":66,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"2522fece-aeee-4745-aec8-49211dd043c6","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":66,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"2d9c2046-0adb-4674-badb-964c4ecf5470","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":66,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"2dbc3f7b-6d3e-431b-99aa-0672ab2a5504","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":66,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"14be93aa-b1a8-47fc-a875-7011617accc2","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":66,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"09c199b2-03fe-4a84-ae88-f676e0fece56","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":66,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"b29d66e1-c3e0-47f3-af77-ceefe5286a51","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":66,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"78d0ce74-dee1-4310-ab79-b8f3173e7b62","block_type":"box","text":"may be disadvantageous to do so.","page_number":66,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"f30e788a-260a-4604-81ae-03fc5dda3596","block_type":"box","text":"Index Risk","page_number":66,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"6f88d2ae-5035-4bc9-a317-4da4fd11e442","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":66,"box":{"x":179,"y":528,"width":714,"height":12}},{"id":"78d072ac-c566-4c6e-9adc-2727bfc28e46","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":66,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"1f3ebe18-f485-426c-8beb-8456596f6e3e","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":66,"box":{"x":69,"y":559,"width":678,"height":11}},{"id":"ae424fa7-87d4-42b3-ae17-e7b305effa38","block_type":"box","text":"Legal Risk","page_number":66,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"a52a4ae5-2626-4567-a459-5446d52150e2","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":66,"box":{"x":179,"y":581,"width":717,"height":12}},{"id":"9d358ffa-79be-47e1-97d4-4e11f740e959","block_type":"box","text":"or enforceability of a contract.","page_number":66,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"97fbd985-d425-4fac-9179-02d83b951aa9","block_type":"box","text":"Leverage Risk","page_number":66,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"7b03f299-1f0e-441c-bf91-1067fca5a306","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":66,"box":{"x":205,"y":619,"width":648,"height":11}},{"id":"857fcdbb-d5d0-4a67-963d-59ae9d1d5655","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":66,"box":{"x":70,"y":634,"width":823,"height":12}},{"id":"e39559fe-974d-4ca2-a4b8-569617610164","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":66,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"da294fab-f0a4-4f10-a5b3-26cb6188a40c","block_type":"box","text":"Market Risk","page_number":66,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"cfd461d3-6528-4cfa-97c7-a57cd9c9903e","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":66,"box":{"x":191,"y":672,"width":716,"height":11}},{"id":"0e03e636-53e5-481d-913a-3a97363f4807","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":66,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"9667364e-4d8b-4b07-9acc-62dc5763d843","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":66,"box":{"x":69,"y":703,"width":794,"height":11}},{"id":"3797f3e6-e6ff-4026-84d5-ef496205c8c3","block_type":"box","text":"affected.","page_number":66,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"e0b08656-5629-4cbb-a4c2-e2e806ea9d7c","block_type":"box","text":"Operational Risk","page_number":66,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"17864875-5617-45cb-8ef0-58ff5e561a88","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":66,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"aa7891fa-b307-405c-b1c9-3d35c2f718db","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":66,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"7ef2279c-6c0f-41b5-bb91-e19ac47c8aa1","block_type":"box","text":"Valuation Risk","page_number":66,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"24d3af0c-18bb-4fcb-b6a0-c088ad7fa48b","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":66,"box":{"x":206,"y":778,"width":701,"height":11}},{"id":"0c9978fd-907f-4713-a4cf-079ee83c97fb","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":66,"box":{"x":70,"y":793,"width":779,"height":11}},{"id":"14fdcd77-59c9-4d8a-b409-f1fb59d6e4e4","block_type":"box","text":"complex instruments or quote prices for them.","page_number":66,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"ba3f67f6-6d34-480b-8b15-cbe5a6d532be","block_type":"box","text":"Volatility Risk","page_number":66,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"f6548fd6-5922-4b3e-ad91-80c61d73952b","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":66,"box":{"x":200,"y":831,"width":652,"height":11}},{"id":"6b291895-5a46-4b46-9132-6f612ac9324c","block_type":"box","text":"Types of Derivatives Transactions.","page_number":66,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"5a3dda44-a62b-469e-9bb3-67b4be2319c8","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":66,"box":{"x":101,"y":876,"width":771,"height":11}},{"id":"cb230698-52bf-4b8f-8dfb-13fd97a6614c","block_type":"box","text":"including the following:","page_number":66,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"a5a30a12-71e5-4ecc-90e6-3391c6f58370","block_type":"box","text":"II-16","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b572275-1732-4472-83a4-e725fa6aa69b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c298a36-45e3-4474-9b62-624c24ce043b","block_type":"box","text":"Futures.","page_number":67,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"ed22edb0-86af-4b36-a21b-b4e10e152b08","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":67,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"2004bed9-6867-434a-8d3b-554b8487e8f1","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":67,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"8b4aa360-d26b-4fd1-b07d-a7fab2331870","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":67,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"0861e6f9-19b7-4f54-b34b-83781278413e","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":67,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"aac0785f-7f5d-496f-a1ef-92c7d4cc9a48","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":67,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"4a2ea4c9-3145-4de5-a2dc-15818bda1d2e","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":67,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"1ec45201-5dca-4ef8-b927-79986772e757","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":67,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"76afcb69-cd7e-4bbc-8a41-121991b2370f","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":67,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"6a1a5c55-6b3f-4cc7-b82d-c717c8923a26","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":67,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"d32fd003-38b0-41ed-90b4-019bed6f00f6","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":67,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"e4593dc7-f004-484d-9223-fd496661d7e9","block_type":"box","text":"of the futures contract.","page_number":67,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"4b07e447-338d-485e-80fd-691b05e1cd56","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":67,"box":{"x":101,"y":249,"width":756,"height":11}},{"id":"420845d3-c04a-4a25-9e8f-b2b38577cbd8","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":67,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"54e8f327-dc9c-4d58-af8e-13a64334a4e5","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":67,"box":{"x":69,"y":279,"width":789,"height":11}},{"id":"006eb1fa-e922-454a-81ec-6c4f3aa29f96","block_type":"box","text":"relating to the futures position.","page_number":67,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"d4bb718b-68ec-4b3c-a7dc-eefcd22e5f8f","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":67,"box":{"x":102,"y":317,"width":757,"height":11}},{"id":"3070b9b8-4ec7-44ce-b800-8a72199f3d8d","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":67,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"06311be8-d6e1-4ee4-9a25-1c6324115182","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":67,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"fb4b5b96-937d-4bc1-9831-40e999c1334d","block_type":"box","text":"Regulations” above.","page_number":67,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"5d6beb80-65a5-4bb2-9b86-ffe2c4518fc1","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":67,"box":{"x":101,"y":385,"width":799,"height":11}},{"id":"c4e1b50e-5178-47b2-adee-55c9773efbd6","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":67,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"20fc4720-0c91-4a5e-aa5b-9372629fd6de","block_type":"box","text":"(","page_number":67,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"cc6ad23b-1762-45ae-906d-0c24e979311a","block_type":"box","text":"i.e.","page_number":67,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"b54cdaf4-c062-4150-9fe3-5f8ffb855e46","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":67,"box":{"x":97,"y":415,"width":803,"height":11}},{"id":"3b9324cf-a3cb-434a-9063-11f60814abde","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":67,"box":{"x":69,"y":430,"width":830,"height":11}},{"id":"9b03d7a0-c27b-4c47-ba11-7899c37c5a52","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":67,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"5436b875-c340-4285-83cc-7e98e231ed0e","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":67,"box":{"x":69,"y":460,"width":831,"height":11}},{"id":"74f259db-b390-494c-952e-ed525b823fc8","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":67,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"e62c9a4a-c4c0-4b13-9708-ecb288374aae","block_type":"box","text":"Fund intends to purchase.","page_number":67,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"74f2fed8-d1bb-4584-bcb9-72107f5d0c3d","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":67,"box":{"x":101,"y":513,"width":768,"height":12}},{"id":"c3fdfaca-a584-43ee-83a8-443c23fb87e7","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":67,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"61d8296f-f5db-4c83-9731-e808bba217b9","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":67,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"530b3dca-8389-4f86-8368-1301762e7376","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":67,"box":{"x":69,"y":559,"width":773,"height":11}},{"id":"eb528a4f-81c8-48be-9c98-e291e6105339","block_type":"box","text":"illiquidity.","page_number":67,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"9ab3e74b-3c98-47a0-8eaa-fa9b7091ec4c","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":67,"box":{"x":102,"y":596,"width":757,"height":12}},{"id":"a8cf8196-bbe9-456a-8dff-8c7e91768d16","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":67,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"5e86b2f7-89a8-43be-a46b-6acbb2f8d2d1","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"dc9f401a-46e5-4ec7-bb1f-f81f9a4bc56f","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":67,"box":{"x":102,"y":649,"width":791,"height":12}},{"id":"35e592ba-ab65-4354-9a26-8acfaa932857","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":67,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"b346c782-19a0-4bf1-be06-39391a27fef5","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":67,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"28e167e7-9c3e-4a7d-9536-049f0e031791","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":67,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"81ef9b5f-ab81-4794-bf18-bde1bdd086bd","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":67,"box":{"x":68,"y":710,"width":657,"height":9}},{"id":"c2a823eb-580d-4ecb-8dc2-ccc2d24d3ac3","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":67,"box":{"x":101,"y":732,"width":792,"height":12}},{"id":"5555891a-08db-4ccf-b3a3-2aad48549b55","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":67,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"144a9385-cb46-42ef-8a2d-f806eab6a2d9","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":67,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"b421e0cf-0aad-4029-8f4a-bd3e28c8831b","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":67,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"3a8c9a5b-cf8f-4d94-90e2-e93a5370f3db","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":67,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"023b141f-d3e2-4c31-bc7b-2addfc7fa0f5","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":67,"box":{"x":68,"y":808,"width":561,"height":11}},{"id":"9bfa09bc-d245-427d-b57a-ed1091e05fdb","block_type":"box","text":"Swap Agreements.","page_number":67,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"a1b01d42-0458-45e7-a00a-3f6e319c08d3","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":67,"box":{"x":101,"y":853,"width":782,"height":12}},{"id":"3c97c049-284b-4dc9-ab7c-b33a9d64cd36","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":67,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"363e7315-c3dd-4bd8-8690-23c02b29d8f1","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":67,"box":{"x":69,"y":884,"width":799,"height":11}},{"id":"80db6c76-7eed-438d-89db-7970b37f0058","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":67,"box":{"x":69,"y":899,"width":792,"height":11}},{"id":"7750b8f6-7dcf-495c-bc89-69f76944ce09","block_type":"box","text":"II-17","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3a8a6ba-daf9-4a9d-bb4f-ca4e477a9a9e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89cec73e-1217-4ce8-a970-24924b5176c7","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":68,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"fd44a3df-a1d5-424c-b8a2-dce4e74f29b2","block_type":"box","text":"a “notional amount,”","page_number":68,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"dfa6acc9-ecb9-4d17-bf95-b67324da4a09","block_type":"box","text":"e.g.","page_number":68,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"77769854-9022-4dde-9275-9485b821d438","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":68,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"6f184f27-367d-4d83-b59e-e4ddb5b23816","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":68,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"2162f10d-499b-4e5f-9dd6-623f75abb1aa","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":68,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"17fd914a-a557-48cc-b40e-092a6eb1fc51","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":68,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"5940ce69-703a-4c6d-ac25-753bcab5a98f","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":68,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"5a51baa1-feb0-49ea-b9ed-a441bf52a221","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":68,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"486f7e1a-0eed-41de-a8ce-43c232bdc492","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":68,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"9733afb5-90c2-47aa-bfa9-c17689eb60ad","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":68,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"b7ed7b9f-fe03-4b59-ab98-e2326b46919c","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":68,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"fbcc78f0-e9ee-4138-9279-45890d6ba39a","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":68,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"7f9c856c-6d0a-4c5a-bf62-ef1fe7db6c0b","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":68,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"336258cb-f751-4868-97e1-a140e2e4db07","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":68,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"42d1b940-e317-4071-bcd6-89d83a14d673","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":68,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"2b0204d6-ca04-499d-9702-c74c676f1667","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":68,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"d0ca9a25-acc9-49da-9946-9e630228a969","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":68,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"167df4ac-b0f1-4006-b4ca-120f6f087dd4","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":68,"box":{"x":68,"y":279,"width":798,"height":11}},{"id":"5c142cfe-7058-4991-b89c-a924484c8b79","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":68,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"820cd7b4-f011-4559-9284-7a1418fd8fa4","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":68,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"02146c25-63af-4d34-8e82-7cea4cfcdb21","block_type":"box","text":"index CDS.","page_number":68,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"11c4fb6c-5a15-4721-ac4b-3ca10ddaebdf","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":68,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"15ca6bac-8504-4df7-a564-a1ed2cb2f57f","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":68,"box":{"x":69,"y":362,"width":806,"height":9}},{"id":"2c64cc51-4764-45c8-9781-aa117ebbb146","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":68,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"ec9c3cb9-a1c8-4ca8-ad9f-06955ce69a7a","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":68,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"b6ffff29-7362-49b5-88ba-d92628714bd1","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":68,"box":{"x":70,"y":407,"width":812,"height":12}},{"id":"a3531866-feaf-4672-a66b-1e253a08bf59","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":68,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"1be875df-919a-4ca3-b1e6-c877de3b29b6","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":68,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"46c5c026-3431-4187-8e2b-af9d388fa22b","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":68,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"e9fee120-dbc7-456b-8e9a-4b7a1cfb9bbe","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":68,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"9e1ae1c1-cd1d-466f-9ca9-9fcb1cf376cc","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":68,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"f3812605-340f-4b35-a655-f7f10f2e4881","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":68,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"d6d85414-738b-4d50-91be-e56556cc9e9d","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":68,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"febe17a6-65de-4442-97aa-aa5f4b49a8aa","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":68,"box":{"x":70,"y":529,"width":834,"height":10}},{"id":"ca996ae0-fb16-4a30-b8bd-cef43518146b","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":68,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"34030d7d-9e60-45b3-bbec-85912db4ad57","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":68,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"b0c8dddf-991c-44c6-87f2-16cce9a14b02","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":68,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"0d9429fa-3f1b-4e98-86b9-bb6666103164","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":68,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"3253528a-8267-4dab-84c9-c1eaa68b8bda","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":68,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"db7f04e2-efe8-453e-b4e6-c6e7c26eadbb","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":68,"box":{"x":70,"y":619,"width":711,"height":11}},{"id":"0f7a2c96-7bee-4125-bb3f-1a90f82bf58c","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":68,"box":{"x":102,"y":642,"width":757,"height":11}},{"id":"c8a3eb07-26a1-4bbb-a11f-198aa3568723","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":68,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"afbdd346-f158-40dc-8143-9ed06a7f84b5","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":68,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"27554971-c3df-4d22-b6a9-a12f637a35ee","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":68,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"dd60f389-68eb-4df2-a32c-ff368e1f4b46","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":68,"box":{"x":70,"y":702,"width":817,"height":12}},{"id":"909fd1d9-c45b-4d62-9ab6-97fe70ddba07","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":68,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"b0ae1f54-c561-4d4b-a62b-bc0aea981646","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":68,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"ab7c3cd9-338e-42a7-9e5f-49f436b463d4","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":68,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"bfdc3713-d335-4e7c-902a-e35f79596499","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":68,"box":{"x":68,"y":763,"width":820,"height":9}},{"id":"7a80e882-6909-4d41-9565-7d0c11dff00e","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":68,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"4118edf4-da0f-4e20-a792-bdef2c7c138a","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":68,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"b0653bc2-af27-4c57-af9c-3716cd3a3f7d","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":68,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"17ae0f0d-9b47-45f1-820f-b54883efb522","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":68,"box":{"x":69,"y":823,"width":766,"height":12}},{"id":"05bf09d3-aba1-4922-9bdb-85541f9af074","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":68,"box":{"x":69,"y":839,"width":840,"height":10}},{"id":"a8a29923-1f15-4add-9176-bd47502250a9","block_type":"box","text":"conditions.","page_number":68,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"8cd9e522-f43d-4552-952d-b24f756c3cef","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":68,"box":{"x":102,"y":876,"width":762,"height":11}},{"id":"cd7443e0-a6a1-4ea3-be7f-4f0a0d5b9944","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"fdca3d82-cb7f-4e85-a5d4-6bc580151bda","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":68,"box":{"x":69,"y":906,"width":727,"height":12}},{"id":"5b095d53-8527-442a-9ae2-60820fea2474","block_type":"box","text":"II-18","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb931193-a420-4619-a0e8-a8564ae26e6c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2513a8af-4810-4b7b-b445-47ef6fda494f","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":69,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"8a78369e-e539-4dca-8280-4ebeafdc3dce","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":69,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"21d1d359-f7ce-4f2a-84c7-64a628e07c89","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":69,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"5a9da3db-6412-4364-a18f-1444e2222a29","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":69,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"d4022281-0b49-4511-8274-c5f9ec5da31c","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":69,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"b060ebd6-b5fd-4576-af51-b8345b6dca6b","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":69,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"944994c4-473f-451d-89d8-c25cb7c04253","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":69,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"6004c758-472a-4ce2-90ae-ca54dba63daa","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":69,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"b50d2b97-1257-4174-b299-a4526ef59942","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":69,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"6a0a2f16-5834-48ae-ad5b-06353b39b602","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":69,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"e07d4d56-e91a-4d89-9663-933aea4f38a0","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":69,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"a64be568-dfed-4710-9d89-c315e0c1d1cd","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":69,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"eca2a660-a057-458c-a0d0-03553dc73c90","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":69,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"3a510856-d8e4-41e9-b1a1-d790324a6e54","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":69,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"3ed1915d-42b8-446e-9694-26f259c5e8cc","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":69,"box":{"x":102,"y":271,"width":752,"height":12}},{"id":"3bbfdea6-5c7b-4cf1-b1ac-b4c764104f37","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":69,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"94e0fc70-e1e5-4c93-98f9-0a20e5e6e734","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"cd224c30-e231-4cab-8b31-118d0204d3fd","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":69,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"8798b376-5a8c-48a8-a710-629b3e8cf05c","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":69,"box":{"x":381,"y":324,"width":515,"height":11}},{"id":"95d8ab2e-491f-429f-8753-beff6e13abee","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":69,"box":{"x":69,"y":339,"width":755,"height":12}},{"id":"473e310c-72fc-4521-822b-b890f35bd72e","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":69,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"dc6b09c8-259b-49de-b1a9-d29ed56acf2b","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":69,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"c6aa2f6f-c7ca-457d-a82f-42715418d506","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":69,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"4e191113-f2ef-4f49-8503-60dea9768325","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":69,"box":{"x":102,"y":407,"width":748,"height":12}},{"id":"d2f2b717-c75c-4f57-9be1-9d18a0d9d24b","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":69,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"c7c3a25a-6eac-4f24-9e73-aac4a9f17085","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":69,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"9245ccd7-db9d-4182-b784-ec5d5ecd6da2","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":69,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"4845dec6-530a-4362-811d-d77dd01588c5","block_type":"box","text":"cleared interest rate swaps.","page_number":69,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"0ec94fee-87fd-4020-b45f-172e64d167e3","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":69,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"d3c62fd7-fb50-493f-8319-a655e8382a5f","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":69,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"e8f46d8d-21b5-43ff-96d3-e20179ecc898","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":69,"box":{"x":68,"y":521,"width":830,"height":11}},{"id":"5e487347-850b-47bd-ac7b-4d9147a44757","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":69,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"d524680e-3dfb-4e80-94c6-acc27de178c3","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":69,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"a7723bbf-a0c8-47c4-ae95-67a4f3a41051","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":69,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"703fccb6-cd0a-4cf5-8850-5288277e19e4","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":69,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"c9d9051d-b1d3-4436-9014-530841dad112","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":69,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"bf5e743f-b5a8-47b3-8848-6d8bae55bf1e","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":69,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"a7a74185-5605-4c38-8000-514568f2dc76","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":69,"box":{"x":68,"y":634,"width":825,"height":11}},{"id":"0c9ba7bd-02cb-4ba1-889b-abdd19addb60","block_type":"box","text":"or variable interest rate, index or asset.","page_number":69,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"682940b8-b4d3-4002-9068-4aa15fa3dd2e","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":69,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"d407fac5-aa21-4b49-b12a-a124c2af1fd0","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":69,"box":{"x":70,"y":687,"width":805,"height":11}},{"id":"6274943e-d085-4e5b-a91e-af8c640459f4","block_type":"box","text":"such interest rate floor.","page_number":69,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"bee21906-ca2b-485b-b6b5-1bfdd7845f01","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":69,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d4f784c6-6614-4a65-bdf9-6824270e6bae","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":69,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"a2635f93-2f57-4e8c-89cf-cf0250fb8c14","block_type":"box","text":"such interest rate cap.","page_number":69,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"e17eef9c-61a5-41a3-8101-f50484b2c882","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":69,"box":{"x":101,"y":778,"width":729,"height":11}},{"id":"8b3675ce-980d-4bdb-853e-19f0b3fd8037","block_type":"box","text":"commitments to pay or receive interest,","page_number":69,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"a25cd71e-b1ba-4042-92ff-2448bc3413d7","block_type":"box","text":"e.g.","page_number":69,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"a349054f-b3bc-4e77-8360-99c8669ed7eb","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":69,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"98b0c40d-a88e-40ce-be19-48b5bb259788","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":69,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"9b83fcab-e3b3-4c92-a881-57c34f85e9b5","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":69,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"f4476278-0007-478d-ae33-ecedd08e1c38","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":69,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"98588ac1-724e-4049-ac29-28609280cb35","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":69,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"63a2ce2a-a843-4ad7-910b-9dbbfe999774","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":69,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"bc233248-e7e0-4ec1-9fdc-801db2bc3148","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":69,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"bd354bbf-bebc-4fa9-aebd-7748298c174a","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":69,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"31fc3b88-815c-42b7-bba8-791e60e8f1cf","block_type":"box","text":"II-19","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d137e56-18c1-4ee8-94c7-22efbf9633e4","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aee6a19e-4694-43b7-b0f1-fa16c8fcf414","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":70,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"79d511ad-f0cf-4686-82f6-68c8afc4df8f","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":70,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"5163e354-d86b-493a-a8a9-ab51275a9c43","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":70,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"c7eb186c-628f-4f9b-a428-1010495e147f","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":70,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"6569f382-57ee-4a5c-87d4-cdc9ce2ad621","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":70,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"63824a9a-9e4c-433c-a4f4-c39f8860cb61","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"2a46e34f-9271-4963-a00b-b3417dd7e63c","block_type":"box","text":"Total Return Swaps.","page_number":70,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"12491c9d-c099-4b59-b0a2-3ca9c1f0aae2","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":70,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"f9c3c771-e3ae-4eb2-8e93-3aa32504a81b","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":70,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"1c8f8568-818d-48e2-ac56-c32ca4de0d1e","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":70,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"c94615b1-398f-4d16-9553-1813c8066fff","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":70,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"fcd4cbb7-0215-4cb0-a0c2-7146196f2aa7","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":70,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"44e1faff-195f-4d91-b1eb-a9a3e7d46c84","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":70,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"57041dc6-44db-4115-ad7d-8a1e7819b7d8","block_type":"box","text":"“contracts for difference.”","page_number":70,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"26034d35-ad32-4ff4-9a15-f64ec24e4094","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":70,"box":{"x":101,"y":272,"width":770,"height":11}},{"id":"4fba6fea-9386-4c46-b648-8e07b93591dc","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":70,"box":{"x":69,"y":286,"width":780,"height":12}},{"id":"2ee0beae-1684-44db-87e7-dfedee228b85","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":70,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"c28f3192-580f-4121-bb61-66cbe60c5edb","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":70,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"2e586ae6-585b-4bd1-9471-41d497d4f8ef","block_type":"box","text":"the notional amount of the swap.","page_number":70,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"4e1b678f-1b04-4e22-8f98-d4072066cd46","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":70,"box":{"x":101,"y":355,"width":746,"height":11}},{"id":"2d83c72e-5a8f-4543-801b-781a74f6c466","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"817aa15a-9bf5-4ed4-9537-3a8b910dc969","block_type":"box","text":"Options.","page_number":70,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"5f227f5e-ae87-4d7f-885e-13fd4e52b6c2","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":70,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"09f52fec-2685-43cf-b9a9-f4cc902d543e","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":70,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"32efd351-d34e-4c40-aaa4-4f280f7da687","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":70,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"07d203d3-34c3-4e12-b3c5-0682409f00fb","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":70,"box":{"x":69,"y":445,"width":820,"height":11}},{"id":"dc67ea69-4458-4d28-8c79-acab6f9e1a91","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":70,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"18217f79-42bb-4829-974b-27dc060963e9","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":70,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"0b33ff06-8ac2-49f9-8333-3f5f97ab3498","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":70,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"5d5faa30-e2d8-41cf-967a-467d6cb3124e","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":70,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"7d4d8bb3-692c-47ae-848d-6b4e4661a590","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":70,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"6b578c93-fd58-4c0b-98bb-275bb6c33aae","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":70,"box":{"x":101,"y":543,"width":743,"height":12}},{"id":"3e107e5e-cc8c-4918-8ef3-916d5de2613d","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":70,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"0f28c127-0ffe-4ff1-b996-9367b31b4d2b","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":70,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"199041cf-0737-4e86-a28a-c2860ecd1fb1","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":70,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"e17c970d-47fa-487c-9efc-bbc29093a2e7","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":70,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"75f99cef-6ab1-435e-b25b-13a2d2fe8f08","block_type":"box","text":"OTC markets.","page_number":70,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"2551954b-514a-457d-a1fd-e2ef503f3fd3","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":70,"box":{"x":101,"y":642,"width":806,"height":11}},{"id":"f8df1a0e-73ac-4760-ab09-793172879f1b","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":70,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"96fb475f-bbfa-46d3-8af7-087313eeb28a","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":70,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"d04c0760-160c-42a5-bf12-3ed76f8d5f8a","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":70,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"3823dd0e-0cd5-4313-abb8-e6e434504417","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":70,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"eb923cf2-e072-48f3-893b-39f3cd1c9daf","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":70,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"d9eac09a-e3a2-4820-b843-e58b6066bdef","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":70,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"6c1ae056-aedd-4e3d-a7a8-8bfd10619094","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":70,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"9c8ee211-e822-4d4f-8bb1-0c8facbe23c4","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":70,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"b9147038-44bf-4b97-a3b1-2b3c9de523b3","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":70,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"b3a0c02f-07df-444f-bb95-37fa6c64b373","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":70,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"473bc15d-2e1c-406c-a2c0-06fee1ab62e3","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":70,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"ac40d8cc-6073-42cf-9e21-489aa38be43b","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":70,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"c8f9ddf2-97fb-4e1e-aa54-dcf1a702e481","block_type":"box","text":"terms.","page_number":70,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"2c297d8b-89a1-4da7-b8ab-5e520ab5a9c9","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":70,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"b67d2d0d-78fd-49c1-9fa6-8a86fc866fa1","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":70,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"e5bcae4c-480d-4263-8201-994e06152d1b","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":70,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"521a4554-ac4d-44cb-a3e1-05e30fe15243","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":70,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"49e1be9c-a5ff-4a32-abeb-3810542c9922","block_type":"box","text":"II-20","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b049c55a-c869-464f-a5b3-049e4539f648","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c132c17e-d5c5-4821-910a-43910433e5f3","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":71,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"7dc0ad4d-fe0d-424c-9bdf-84d5452d7666","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":71,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"1d6d6c64-5fa4-405f-b5d5-d709bf9fe7ea","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":71,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"93c5fdbb-9b11-45ad-9967-ef46e57eadca","block_type":"box","text":"Call Options.","page_number":71,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"a44ddc11-385e-4434-9dc1-556d95520b23","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":71,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"46e6f0fc-7058-4949-8e8b-cb591b815189","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":71,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"a997dba0-0d75-44e3-85d5-8b4bb4349061","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":71,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"c19980fd-4e70-4471-b6dc-085210be93b8","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":71,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"d2653b47-81a2-4fc6-9f87-440faa7e624a","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":71,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"2e715cbb-5716-4886-b4c0-8b1a44f4d234","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":71,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"3c9c6d80-4988-449a-a3d7-289bef42dfeb","block_type":"box","text":"of the option.","page_number":71,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"143ef094-953d-4304-9605-be76c551ec8c","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":71,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"d7e38337-161f-44f9-a2dd-e04d540f3fd5","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":71,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"dd2d851b-92e9-4305-9674-c2ed28d8d25e","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":71,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"788895ce-a288-40a7-986a-60d653c475e3","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":71,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"a8dd3cb5-f36a-4ea2-8c60-dbe20e608daf","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":71,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"518f4034-e89a-40b4-8a09-c56e9af952aa","block_type":"box","text":"A Fund may write (","page_number":71,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"0608b7fb-3303-45a9-81b8-c7f9e82d3065","block_type":"box","text":"i.e.","page_number":71,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"34a1d2d9-e0b8-442a-a578-332468eebd07","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":71,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"5ad8b294-cede-40b4-9da5-115bf1a10917","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":71,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"49364956-6e08-4e17-8b62-d29690da53c7","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":71,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"74138b42-b234-4663-91b4-26a97c13feb2","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":71,"box":{"x":69,"y":339,"width":797,"height":12}},{"id":"a2562c77-0b0d-41fc-b6ed-9905351d1a5d","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":71,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"2d6ba457-c02e-4ba1-ad5f-3798594a3053","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":71,"box":{"x":70,"y":370,"width":823,"height":11}},{"id":"05005e11-280c-41ed-852f-55b77153c242","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":71,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"54803916-55c7-471c-8c57-558bc7ba1051","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":71,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"e676173b-170e-41de-85f1-ebdcc2f7bd75","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":71,"box":{"x":69,"y":415,"width":792,"height":11}},{"id":"0888489b-2f90-429b-8fe0-9ffd1cbde782","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":71,"box":{"x":70,"y":430,"width":826,"height":11}},{"id":"17da6f96-dbe3-4848-99f2-faf01bf35e73","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":71,"box":{"x":69,"y":445,"width":760,"height":12}},{"id":"dd1319e8-26cc-4daa-84ea-da8a28a40c88","block_type":"box","text":"A Fund may write","page_number":71,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"92718b09-5bcf-4426-bd16-11566f634a79","block_type":"box","text":"(i.e.","page_number":71,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"a464da90-07d6-46b8-9a76-06e3952a38f8","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":71,"box":{"x":256,"y":468,"width":628,"height":11}},{"id":"5f0f32b7-3e40-401e-97e7-17de3c4bcaaa","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":71,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"b5d74183-28ed-459c-af4a-6d5894da2182","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":71,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"937f93d1-b985-497d-973c-1459088d8fc6","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":71,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"6522fe8b-442a-4067-9525-bc0036e3ab05","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":71,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"c799a860-0d29-4cb7-954e-5325f7fed893","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":71,"box":{"x":70,"y":543,"width":806,"height":12}},{"id":"2cf43e4d-7ebc-47b7-a325-f5e64e620f75","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":71,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"27d777b3-7269-4fa0-93f5-ab68bebc6f03","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":71,"box":{"x":68,"y":574,"width":793,"height":11}},{"id":"2c1e8061-7043-49cd-810a-83540256204e","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":71,"box":{"x":69,"y":589,"width":814,"height":11}},{"id":"eacae6b4-cabb-4488-bb67-5fcde74188a5","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":71,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"660ac447-874f-42b3-96e9-ab60887af54b","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":71,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"ae8ab532-a4ca-4127-81d5-800c8b918b2e","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":71,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"22e63675-c3dd-4f20-8498-e0f895a49288","block_type":"box","text":"Put Options.","page_number":71,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"1bd3f479-f634-4dcb-8c85-5ba8bccd3dcc","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":71,"box":{"x":194,"y":657,"width":712,"height":11}},{"id":"4c9aae58-6300-4d93-a65a-bdd49bfa08a0","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":71,"box":{"x":68,"y":672,"width":828,"height":11}},{"id":"00434cd5-200d-4589-b543-cd016846e53d","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":71,"box":{"x":69,"y":687,"width":816,"height":11}},{"id":"202adc3d-060c-401f-aeb0-42802baf9ab2","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":71,"box":{"x":70,"y":702,"width":820,"height":12}},{"id":"90481397-64ef-4cc9-a83c-fd5118c034bb","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":71,"box":{"x":70,"y":717,"width":826,"height":12}},{"id":"e8e827ff-8df1-4b46-a52e-d3cecfe6ee66","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":71,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"fc41bcdf-eb47-4090-85c4-48f85bd2408a","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":71,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"f8abaded-814e-4f54-8422-af16b14da65f","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":71,"box":{"x":68,"y":763,"width":841,"height":11}},{"id":"24dc1a61-ed44-4abd-a9b4-85f2e234e19d","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":71,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"fb0caf9b-1e55-4e8d-af0d-a140fcd89c99","block_type":"box","text":"purchase uncovered put options.","page_number":71,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"9ed55eb5-afda-405d-8626-0242d0301f0d","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"5249f460-acd3-4cb1-bd2b-565cb397198c","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"e5ce4c8d-5238-4b40-b31a-a53ddbba85a7","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":71,"box":{"x":291,"y":816,"width":591,"height":11}},{"id":"854d3680-6234-4c47-91e3-0b90ba443160","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":71,"box":{"x":70,"y":831,"width":675,"height":11}},{"id":"415e8d72-82ef-4caa-afda-718fd4e8143e","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"ac8700db-938b-4d7a-9d1d-abf6a4f57f19","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"8dbd1799-8026-441f-a7ef-0bc0cb495572","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":71,"box":{"x":291,"y":854,"width":593,"height":11}},{"id":"f0eddd7e-9949-48c7-b001-a422f92c5a47","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":71,"box":{"x":68,"y":869,"width":789,"height":11}},{"id":"85b4b0a4-9cf4-4e4f-88f8-58c5a5590ae3","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":71,"box":{"x":69,"y":884,"width":773,"height":11}},{"id":"72912aa7-9ae0-4b88-bac7-f9466748b448","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":71,"box":{"x":69,"y":899,"width":807,"height":11}},{"id":"69747df0-199a-40d9-b890-126d767f27cf","block_type":"box","text":"II-21","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10373bda-c9cd-45ca-a850-49332e63c4de","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efcfaac9-f9b5-43a2-8f04-a560523a4967","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":72,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"324661ba-a22f-4970-8a04-7e1920135ab5","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":72,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"46712858-792d-4dec-b07a-d89452860496","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":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"b878eba6-1ef5-4d8d-a834-32cadc9b7b08","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":72,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"103bf3b1-fdb1-4610-90af-6a8807403460","block_type":"box","text":"the exercise price.","page_number":72,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"0c40eeba-9e96-41ca-8ee2-98a1262338c5","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":72,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"b57d95ea-5f55-4982-b1a7-ce2488703d3c","block_type":"box","text":"The following information relates","page_number":72,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"860aa7af-6d04-4c1a-b132-dfd68f670c4a","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":72,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"10e20e08-e461-455e-a525-fa7a8175ed1b","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":72,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"74ef61d2-24af-4aec-892c-b11936327a79","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":72,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"38632b7a-f3e8-4292-90d1-166ad540ed58","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":72,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"f3be5805-9c92-4119-8ac8-a4799c4c380a","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":72,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"c15decf1-c52c-4f91-bd5a-63a50a542557","block_type":"box","text":"market in order to maintain its “cover.”","page_number":72,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"f318b0d1-31f4-49e7-b7c0-e7400336442f","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":72,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"6e6fedfc-3de9-4843-a516-8d1ded69e27b","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":72,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"ff1e5783-2df2-440b-8005-0348e26f0e01","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":72,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"ea16b92c-add7-4c23-aac9-a46fe97cadd7","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":72,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"c8a19dd3-55dc-4443-b478-2e6d677d87ee","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":72,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"b3663047-c326-42b1-9efe-aa44c918cb37","block_type":"box","text":"and incur transaction costs.","page_number":72,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"6ad06ecc-d182-4b68-8314-9f12ea3c3552","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":72,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"be4b9376-ad4d-42bd-9b3a-fb6981483b52","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":72,"box":{"x":343,"y":340,"width":563,"height":11}},{"id":"0cdeb630-1e14-40e7-98d8-56a7b4ef34ae","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":72,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"ac5a7b55-7e9e-4044-9bdb-9c1df6f1adf2","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":72,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"18cad790-c6d2-48de-a18d-b4b01346ee4c","block_type":"box","text":"i.e.","page_number":72,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"5c292494-4027-41fb-a1c2-ea083b062fe4","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":72,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"632af048-ad0a-43f7-a457-df8e9d5feeb4","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":72,"box":{"x":70,"y":385,"width":826,"height":11}},{"id":"d79abf08-0aeb-4a54-914d-7cca352d9d8e","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":72,"box":{"x":70,"y":400,"width":793,"height":11}},{"id":"3729d383-f949-48f4-9568-3f7037ab4b8b","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":72,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"73c41f20-8f63-4dc3-b6bd-a84eb3e09597","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":72,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"6f7d0e49-66ef-43a1-b4ee-3c3301fc72d9","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":72,"box":{"x":68,"y":445,"width":832,"height":12}},{"id":"271f3acd-3162-407b-aba5-682512a1f787","block_type":"box","text":"required, to be cleared.","page_number":72,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"a417cefd-190f-43af-9734-5b64fa198328","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":72,"box":{"x":101,"y":483,"width":760,"height":11}},{"id":"31b4bd31-afac-46d2-96b8-a2a72fc7c8d5","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":72,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"dc6e640a-f6ab-40b3-a72a-970bdbc52b6a","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":72,"box":{"x":69,"y":513,"width":706,"height":12}},{"id":"2894be73-5378-48c5-9406-a6b63e2314aa","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":72,"box":{"x":102,"y":536,"width":805,"height":11}},{"id":"92723099-43dc-4661-8c20-390032ffb1bf","block_type":"box","text":"Derivatives” above.","page_number":72,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"617ce05b-ef5c-405a-8400-a62fdce2e95b","block_type":"box","text":"FLEX Options.","page_number":72,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"dcf00317-3b83-4456-bd3e-24cd4cdf6291","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":72,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"ef1addb6-248c-445d-aee7-0603e9310a2c","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":72,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"c4461b36-9af2-4509-b9e2-1fc8a5359170","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":72,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"60fb38ac-8c59-4162-9f3d-82b3d5e91ce2","block_type":"box","text":"exercise prices, exercise styles (","page_number":72,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"9594fc18-a7df-42eb-90dc-a487632f1177","block_type":"box","text":"i.e.","page_number":72,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"961dea9b-6ee1-414b-8496-b6b34a79056f","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":72,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"c86132bf-e85b-4e11-a124-00137237f932","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":72,"box":{"x":69,"y":634,"width":768,"height":12}},{"id":"a911a259-d664-49a8-a8f6-22270f5eb483","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":72,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"8c229fe8-8550-4f67-ad51-f99b5c5be47b","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":72,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"62da85d9-3bbe-4e5c-ac45-f81a831bf234","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":72,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"41b69976-563b-4487-9f65-fb60f5b3d37e","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":72,"box":{"x":70,"y":695,"width":802,"height":11}},{"id":"1cc62b2c-d54b-4c08-bf56-2c3ab66effd6","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":72,"box":{"x":69,"y":710,"width":806,"height":11}},{"id":"c9d8b959-3a80-4c06-bdf3-9dd72994526a","block_type":"box","text":"FLEX Option’s expiration date.","page_number":72,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"3e25e9ac-cf30-4d5f-a769-d0fae31804c3","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":72,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"041eff89-e6b0-4a99-a7e8-e19445069004","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":72,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"9d6fbc03-b25e-4e7c-a3a8-c2130411087b","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":72,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"d36d0cc1-6840-43a5-a86e-9cfd745922f2","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":72,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"737e4674-b7e1-4c16-961f-4f84bcb19257","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":72,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"11d13fd5-ad01-45cf-89ab-1cd22b03de87","block_type":"box","text":"FLEX Options contracts.","page_number":72,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"ba4efeb9-e9e9-4888-8af8-5d259a1de4a7","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":72,"box":{"x":102,"y":846,"width":748,"height":11}},{"id":"663f79f2-39ef-4f71-ad5a-f5921d718c0d","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":72,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"255df3c1-ed07-49ae-ba1e-709a802cf52e","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":72,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"38cac709-812f-445b-a55f-ded2ca5d4860","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":72,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"8b376cdc-1ba8-4f4c-a9a8-0e729ac1230d","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":72,"box":{"x":70,"y":906,"width":829,"height":12}},{"id":"00e6d221-4955-46b8-a63d-a1d921986e20","block_type":"box","text":"II-22","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4fa2f33e-a7c5-458e-912d-f0613820e8de","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4abe443a-ad72-48c9-bfa6-68346a91f86c","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":73,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"4fa8b2f6-c8f6-4d1e-b4aa-25c4581dfc37","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":73,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"5d71f225-48fe-43de-a27c-a8cb904bf31d","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":73,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"d9d78e53-6d30-41f2-b473-8251b2f3c23b","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":73,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"019126a4-64f3-4205-82bb-6418406e7965","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":73,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"585367d3-6388-4510-be52-c98fea43e43d","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":73,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"4d096bdd-4e45-41c0-bcb3-8feb9934cf2b","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":73,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"f8dfda86-0c13-48c0-b213-a5fcbd3d35bc","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":73,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"784c4ef1-5712-4926-84d1-00a84c182062","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":73,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"09fe3332-3bde-4b69-a144-0a433acd8cef","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":73,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"f1b4d1c9-13a4-46e3-b31c-74b2121469b3","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":73,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"7d75728f-c431-4ecd-bd87-c8d7bbec1d5c","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":73,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"2afbba4c-703b-4d73-ba14-b4b5f334f562","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":73,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"dc31c302-649c-4d4a-bfc6-5d5a1f14f7bd","block_type":"box","text":"expire unexercised have no value.","page_number":73,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"54384854-4085-4838-85ac-0b44d6eb7153","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":73,"box":{"x":134,"y":256,"width":747,"height":12}},{"id":"b753e3a7-f654-43f6-bb31-d37e07f53dba","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":73,"box":{"x":101,"y":271,"width":792,"height":11}},{"id":"5196c8d6-8979-4aae-b029-6342557c77e8","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":73,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"795d9a91-544d-4e86-95c7-6c58b7090c41","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":73,"box":{"x":101,"y":302,"width":798,"height":11}},{"id":"6881de8f-e7b6-41c3-97da-d94f3e608b71","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":73,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"7ac82e35-d0a5-4e07-960e-ad8dd9c18eb4","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":73,"box":{"x":102,"y":332,"width":800,"height":11}},{"id":"9f651892-f6b5-4837-9f70-f983cbdc64cb","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":73,"box":{"x":102,"y":347,"width":774,"height":11}},{"id":"224a02ff-7fee-4ff6-8286-f3a67a041cc1","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":73,"box":{"x":102,"y":362,"width":793,"height":11}},{"id":"733b8c19-c84f-405a-9616-75b510e0e7ed","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":73,"box":{"x":102,"y":377,"width":764,"height":12}},{"id":"3406f83c-d013-4b7c-9470-c406c19eac4c","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":73,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"a6da8cda-7c43-45cb-8606-0e2198e9e03e","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":73,"box":{"x":134,"y":415,"width":740,"height":11}},{"id":"6f25575a-4d4a-4a67-b19c-3dfb97fc0245","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":73,"box":{"x":102,"y":430,"width":787,"height":11}},{"id":"855d5ea8-f87b-46b6-b390-79e29e078621","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":73,"box":{"x":102,"y":445,"width":790,"height":12}},{"id":"60aee4ff-6c52-4501-a54f-0ae711d8fd6b","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":73,"box":{"x":102,"y":460,"width":793,"height":12}},{"id":"183755f2-ffba-4fd6-be81-547617d2d3d4","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":73,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"f578ff28-2bbe-425e-a520-c34ae4076679","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":73,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"33a56140-ba83-4549-8af2-0976a31c310f","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":73,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"fce8d12f-c6b7-4a90-b013-c65bb111fbe6","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":73,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"89024b6b-cc40-45ae-8647-2e35f62af8b3","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":73,"box":{"x":101,"y":528,"width":777,"height":12}},{"id":"aa8a9b08-63ba-4432-979b-9effc49bc0ab","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":73,"box":{"x":101,"y":543,"width":753,"height":12}},{"id":"f7df5820-f5da-4eec-a554-a70c81829ca5","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":73,"box":{"x":102,"y":559,"width":780,"height":11}},{"id":"67e9b818-ad1a-45e6-b5f0-1123ebbdd314","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":73,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"d16b421c-26ef-4357-a0b7-d4b79f9c89a9","block_type":"box","text":"Foreign Exchange Transactions.","page_number":73,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"1689d370-4521-4ba1-871c-96dd341a92a2","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":73,"box":{"x":101,"y":619,"width":807,"height":11}},{"id":"5521035f-c7be-4e57-90a3-1a5f9098b67d","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":73,"box":{"x":69,"y":634,"width":818,"height":11}},{"id":"702cf8aa-3c6e-4a84-8884-2b9b64958730","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":73,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"903bcd61-8205-42af-a7a4-382156933940","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":73,"box":{"x":69,"y":665,"width":792,"height":11}},{"id":"7e63f105-801f-4fff-a17a-4b39cbc8adeb","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":73,"box":{"x":102,"y":687,"width":790,"height":11}},{"id":"17cdeb8b-7a44-4fab-89aa-9123ed09f7fc","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":73,"box":{"x":70,"y":703,"width":830,"height":10}},{"id":"9b85cbe0-58f3-4736-a032-dd0529d69b5e","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":73,"box":{"x":69,"y":717,"width":808,"height":12}},{"id":"6b6fae12-f4b8-4448-bc3d-4de9428fca17","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":73,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"a0c017b6-7da9-4978-9299-a0be7ae1a330","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":73,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"12bec904-d5dc-4a65-b240-7e2fd5bc7428","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":73,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"6935d7cf-03a0-4eeb-8605-bdffe921ff74","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":73,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"35a3f171-0f31-4d61-81f3-aac009f73d8d","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":73,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"96635d0c-2c04-44cb-860d-5d73e5c3bfa3","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":73,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"2a34e144-a7a0-4ae0-9b2a-6cb93c776035","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":73,"box":{"x":68,"y":823,"width":836,"height":12}},{"id":"6d9aee81-8055-4309-8d8e-9b213b82f493","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":73,"box":{"x":68,"y":838,"width":794,"height":12}},{"id":"3d110bb2-d4cc-4be3-bc4b-ffb08c3ed67d","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":73,"box":{"x":102,"y":861,"width":805,"height":11}},{"id":"59dd801b-c3d5-430a-97ed-4a1e0468cee4","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":73,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"5eff18e8-51ec-473e-aaae-d064f0174955","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":73,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"febf148a-f8e2-4344-b83f-bda25e02e853","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":73,"box":{"x":70,"y":906,"width":773,"height":12}},{"id":"cbc3cf7f-3579-4357-aa5d-bf7a18e81126","block_type":"box","text":"II-23","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d5d9cb9-2677-4ca0-837b-e97f48197021","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27da1a68-8a6a-40aa-b5aa-d054b6eef788","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":74,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"4f101298-2536-4c39-b8ed-452e50e342f3","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":74,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"9469b08f-2b97-4c28-a465-c4b34025a2f4","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":74,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"99d3a772-cad2-4dde-b8e3-616a667e76f5","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":74,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"a21cf850-fb99-4572-871b-6735f98cc8ad","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":74,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"d0c04495-d799-4172-a668-62eab5086364","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":74,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"ebca5dec-b99b-4506-b718-0d43ec271d39","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":74,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"0367e543-c97d-4101-8caf-96a26567fcb1","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":74,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"136c62ad-9dcf-4c61-91a7-9ac23e70f27c","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":74,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"7c3b9b32-bc4c-4203-b295-62cebf953391","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":74,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"b75982be-aadf-4197-b96c-e1b1d897fc82","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":74,"box":{"x":69,"y":204,"width":794,"height":11}},{"id":"f7d1ea9c-7f57-4c1e-86f2-73eb53fb99f4","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":74,"box":{"x":69,"y":218,"width":841,"height":12}},{"id":"fc6e0d17-fcaf-48b6-b291-0d5dc2024647","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":74,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"d1a2e481-a03a-459c-941f-409cf8719408","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":74,"box":{"x":68,"y":249,"width":805,"height":11}},{"id":"04a9a2b0-b265-4e11-b039-bf97f97883aa","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":74,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"1f02099f-e026-4e5d-9232-5b976441e81d","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":74,"box":{"x":102,"y":286,"width":738,"height":12}},{"id":"e35904c3-65a7-4005-bfce-e1f6439476b3","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":74,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"549cbad7-de79-445e-aedb-f9e52457539c","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":74,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"77ad444b-4187-4f29-9bef-7ebb48689a16","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":74,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"643c4e5f-61ba-40c4-b93c-a2ef7b9f42f5","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":74,"box":{"x":68,"y":347,"width":829,"height":11}},{"id":"324c8a23-be9d-46f9-baf0-3198204d8718","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":74,"box":{"x":68,"y":362,"width":753,"height":11}},{"id":"8b91d24a-ac1e-44b4-8970-61715f882709","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":74,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"c3cf6a52-e0ef-4bcd-a8fe-190668e5fd5a","block_type":"box","text":"involved.","page_number":74,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"759bfccd-cae8-4428-8c90-3d044b3db242","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":74,"box":{"x":101,"y":415,"width":803,"height":11}},{"id":"20c3f6c3-2b08-4614-8394-9892f840925c","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":74,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"9183374c-9199-4525-b2c3-9f7906152253","block_type":"box","text":"denominated in such currency.","page_number":74,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"23e30676-52e4-4bf4-901f-d669b7ff3d91","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":74,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"feb3220b-a82a-4b9a-94e5-987abe026a4d","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":74,"box":{"x":364,"y":468,"width":527,"height":11}},{"id":"f8b4f3ab-1a9f-4ccb-bda7-ef895b78c171","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":74,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"a9801dc5-940e-46c9-89d6-b046f3f95907","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":74,"box":{"x":68,"y":498,"width":798,"height":11}},{"id":"127cea82-788b-43b1-ae0a-b434a4663bbf","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":74,"box":{"x":68,"y":513,"width":817,"height":12}},{"id":"7855bad2-ecb8-45c1-9c8a-e7077d22fe7a","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":74,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"bdb930ce-1616-4c3d-8ad7-362830d1a244","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":74,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"c89d17dd-2e2b-4660-956a-4f67c0fe389c","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":74,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"0cf0f248-fb25-43b5-8254-3ba3463b68f9","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":74,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"2de146a8-dacd-4069-b1b1-0fbcdf0e0a9d","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":74,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"e98d0a2d-c92d-4992-aa3a-282033dfb36d","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":74,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"16217b42-68f9-4f6a-9fa0-d27f2125cb18","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":74,"box":{"x":69,"y":619,"width":822,"height":11}},{"id":"12dab4d0-9ff8-4a51-b722-5991e9169744","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":74,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"33e86400-7da7-4017-a9cb-6f657f295d71","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":74,"box":{"x":69,"y":650,"width":814,"height":11}},{"id":"54fcbb31-5bb8-43ba-8f57-0e23004aa541","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":74,"box":{"x":69,"y":665,"width":745,"height":11}},{"id":"b1e3fa20-ab8d-4be1-a655-b73a206662b4","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":74,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"fcd7076f-b01b-4373-b816-1127a79090c5","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":74,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"40793dd0-3490-452d-a2f0-a8b9f4af0ec3","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":74,"box":{"x":101,"y":717,"width":797,"height":12}},{"id":"7114b5e9-146f-4f5a-a67c-363acf09e38b","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":74,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"e7a4f8f6-3541-470b-a663-8cb591594cc0","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":74,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"82572830-4432-4378-9ab3-d7a2062243b7","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":74,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"3025a89c-ac4a-4394-8104-f0a3e0974ee4","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":74,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"77d78ad7-0ad6-4554-a107-d8c923ba1849","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":74,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"8841e0f3-5dce-49aa-b5dd-5320b7f0c997","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":74,"box":{"x":68,"y":808,"width":798,"height":11}},{"id":"5e5aba82-9054-4ed2-bc8b-26524ce83950","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":74,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"263fafca-4ba4-4147-939e-92b52046ab65","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":74,"box":{"x":69,"y":839,"width":691,"height":11}},{"id":"fcae563c-7d21-4e31-a4ff-32ddd3ad1acf","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":74,"box":{"x":101,"y":861,"width":785,"height":11}},{"id":"9b1fd6b4-3533-4ae6-9bbf-874d33e9134f","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":74,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"f2837b0a-8598-4df3-b32d-601b40702074","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":74,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"4adecf7a-5b86-4c48-a0d2-6f6dae27f5e9","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":74,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"0bde4903-5b85-4174-803f-c2c764e0fed4","block_type":"box","text":"II-24","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ecbc57c-5c16-43ee-a051-3c111c8b1dfc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e4dd355-4e78-4ed0-8428-9f5b343ca83c","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":75,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"dd9a8765-480e-428e-916d-19a22e74e5ce","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":75,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"948e382b-b895-45d5-82bc-317b4158a043","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":75,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"730cdf5e-ff17-4c96-b2da-05c7b1d38761","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":75,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"5bbf28d7-cfe7-46f7-82fb-fd8b8e89cfbb","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":75,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"16b3b26f-b0db-44df-94df-71007fda97d9","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":75,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"b3f4af8f-c247-4825-94df-f75073d08154","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":75,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"669596be-ebeb-4861-98b6-1b8041b72d57","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":75,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"b1cc94e6-d1e1-40dd-9b0a-e1db9759e444","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":75,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"12acfbdb-14c4-472a-8e79-a5a6f640bdd4","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":75,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"55c3df0e-ee2f-4d53-a27f-76cdf8b9e74c","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":75,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"e361a028-ebc9-4f20-b07e-7beffb2a0af0","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":75,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"f1ee99c7-33cc-48a7-8df3-0b927a194185","block_type":"box","text":"traded.","page_number":75,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"285574fd-f8af-44fa-a3e0-87bf2f63977a","block_type":"box","text":"Currency Futures.","page_number":75,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"ca6fb825-56b9-48ff-8c1f-5de26642cd3c","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":232,"y":256,"width":654,"height":12}},{"id":"1112a490-66f8-40d3-ae41-7a644f1ef248","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":75,"box":{"x":68,"y":271,"width":782,"height":12}},{"id":"68d1b04d-b3e3-4684-b01c-4621b694000f","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":75,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"d95b3053-f831-4a0a-b236-159f020c8b35","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":75,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"1511c65b-8c1e-46cf-a2db-d5dd92db7563","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":75,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"73d287d2-2292-4017-afac-b2878655b6b7","block_type":"box","text":"Currency Options.","page_number":75,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"4f1fad72-1f64-4197-aa13-b6c46b9b7ee5","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":233,"y":339,"width":654,"height":12}},{"id":"d856e7c7-080e-475e-aeab-980a54993b9a","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":75,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"c63497d9-4223-4f6b-bf39-14b6eea09e26","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":75,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"f15ed8e1-3152-4d5b-a589-82f039ca9a3f","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":75,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a59081f0-569b-463a-b831-9e2d087d5058","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":75,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"a4b54f92-032a-4c8a-9047-deddbabba194","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":75,"box":{"x":69,"y":415,"width":824,"height":11}},{"id":"98b3cb73-7e11-462b-9e44-87b303f97de5","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":75,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"b1fdb711-2c8d-4864-a3da-15bced3b43b6","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":75,"box":{"x":69,"y":445,"width":813,"height":11}},{"id":"e42aa07f-ad9d-4e04-b249-d9ea274b9993","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":75,"box":{"x":69,"y":461,"width":826,"height":11}},{"id":"635bdf83-3524-4f05-bc93-c568cfce8908","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":75,"box":{"x":69,"y":475,"width":776,"height":12}},{"id":"2d6d941f-9726-456f-9fd0-7c29fb0fec62","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":75,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"c74545b0-5eb5-4eb1-9690-03744037eeb4","block_type":"box","text":"Currency Swaps.","page_number":75,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"1c9eef16-a59f-4ad2-8249-84aada307f9e","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":75,"box":{"x":225,"y":513,"width":652,"height":12}},{"id":"3c2bb120-f0a2-4abf-8b79-23aaadea0d3f","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":75,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"02a8c665-ad53-454e-a30e-2cb0768c3172","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":75,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"abbc8cc0-06eb-4311-8cb7-7c23d216e309","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":75,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"0deddcb7-5406-4e95-87b9-47f63a45cdcb","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":75,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"53511d5f-6c89-4c5b-98f3-c464179f8677","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":75,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"fcca5213-2ac5-4c69-81c5-9518b38b915d","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":75,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"428de917-0eaf-4daa-a1f1-5fad785ea5ff","block_type":"box","text":"Distressed Securities.","page_number":75,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"1e51c7ef-b686-4974-9e2e-a66a403bc8ee","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":75,"box":{"x":267,"y":627,"width":633,"height":11}},{"id":"642bd0f1-b904-463e-a8f8-c06697927a88","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":75,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"7d2954f5-cbef-4ee0-b1f2-6222de21f55b","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":75,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"cbae766b-67f4-4dd3-b6b9-a5a9366f8cf1","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":75,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"451056df-76b0-4d39-a238-000153b3c9aa","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":75,"box":{"x":69,"y":687,"width":784,"height":11}},{"id":"05204a13-3a85-4d7f-929a-dded81543465","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":75,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"cb89ffa5-b8be-4dcc-8e34-79e0ca42bf5d","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":75,"box":{"x":101,"y":725,"width":766,"height":11}},{"id":"768c3fe8-6104-4aa4-9b24-4ea6853e96d2","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":75,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"df4c8c47-fbd6-494a-844b-e76323a8a1b1","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":75,"box":{"x":70,"y":755,"width":826,"height":11}},{"id":"1b297b10-c344-4cae-921e-5755f0876db1","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":75,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"9af29bcf-3f95-475a-bd0f-e510e7f07b29","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":75,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"3d5aecdd-8021-4419-8665-b4ea75064dce","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":75,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"223e79b8-30cf-4009-9c65-7be6842cbb06","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":75,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"fb8dfc93-c590-4d03-98d5-241fa3152696","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":75,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"a153d56b-6024-428b-b1f4-12b8dd6c19a5","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":75,"box":{"x":70,"y":846,"width":831,"height":11}},{"id":"90d88b84-a5c2-4b47-84ae-46ef8600c717","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":75,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"ca8a630c-1df0-46e3-bf04-4778002d45b1","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":75,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"2bf05089-5315-434c-a858-67dc118a5f7d","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":75,"box":{"x":68,"y":891,"width":834,"height":12}},{"id":"fba07140-a512-486e-b384-6818047f34b7","block_type":"box","text":"satisfied (","page_number":75,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"d98841fa-2284-4967-b461-65181b1c4516","block_type":"box","text":"e.g.","page_number":75,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"edcfb802-85cd-493e-8467-b9ddd68556c5","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":75,"box":{"x":168,"y":906,"width":729,"height":12}},{"id":"ebf93f35-bab7-45e4-aaf4-be3eab255ce7","block_type":"box","text":"II-25","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"40cc26bd-9606-44ba-8426-8d85260c369b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc293bb5-b248-42ff-91aa-c03c0e623e6c","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":76,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"833dba0a-baee-40c4-95cf-219165219dc0","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":76,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"03337fe5-dd15-49e6-ba0d-24078763d1af","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":76,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"a2516af9-5c30-4167-9beb-2d2e92768f9d","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":76,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"1a605d0c-d4ff-4f7e-918b-2d7d72d7a78a","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":76,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"31eb2ecf-6fa5-4ccc-95f8-f05df4abf8a3","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":76,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"278d28c7-a52d-492b-add6-db4ff98911e2","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":76,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"e29280dc-d2ae-42af-9c6a-c2c375d94791","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":76,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"91b35f43-5b99-4cd9-9613-f2e2659c7f33","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":76,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"43c52118-120f-4d74-8922-29a568f66a93","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":76,"box":{"x":70,"y":181,"width":787,"height":11}},{"id":"600911d6-fa1b-4725-8e47-d2bb87e6794c","block_type":"box","text":"affairs.","page_number":76,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"0b9902db-15b7-4998-8762-52a8c33abec7","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":76,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"335eb857-581d-41a5-bfa3-6c310852b58c","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":76,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"8df77415-6561-48a3-9f9f-6a00abc70b0b","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":76,"box":{"x":69,"y":234,"width":785,"height":11}},{"id":"ef0989fa-c159-48f4-a831-f95dcb9c15ef","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":76,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"833c65ed-bc4d-46bb-8fa6-8506f5a594d8","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":76,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"d31e304f-3ec5-4f08-a2c7-6e49d1b85695","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":76,"box":{"x":69,"y":279,"width":806,"height":11}},{"id":"ae3fc068-c33e-4402-9dd7-27f49b3508e8","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":76,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"0ee502b3-a34b-451a-af0e-17dbcf9238a3","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":76,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"e7c405c4-df39-49c2-8d57-c425fa852940","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":76,"box":{"x":70,"y":325,"width":800,"height":10}},{"id":"c1ed690d-b996-43be-ac1d-ecbbf00f4098","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":76,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"ed9ea7c8-ca2d-4428-938e-c3c5fef3c63d","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":76,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"23b0b918-d330-4f32-9048-ce3eacae5a1b","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":76,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"b093ac5c-86de-4da5-a69c-a82cc6f77b1a","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":76,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"72972b00-c4af-4b32-a8b3-55e782f2a7ed","block_type":"box","text":"Equity Securities.","page_number":76,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"800fe96e-0336-487f-8e40-8a904fc1af89","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":76,"box":{"x":235,"y":415,"width":648,"height":11}},{"id":"72398814-35b5-461a-ab48-18b0649983bb","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":76,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"01e8fa75-aa1d-447f-985a-ee49c2cee70e","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":76,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"4fc766fa-797a-402c-8550-7356b0b2ee92","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":76,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"a1af2f7d-4e1f-4058-839a-c16e53f1d2c2","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":76,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"5430c618-80d3-4a2c-a2b0-d1c70083652d","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":76,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"9dadf222-46ab-4ae4-a310-530d1ced275f","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":76,"box":{"x":68,"y":506,"width":775,"height":11}},{"id":"ccdbe779-b5d0-4b04-8d01-2cd4a280d45f","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":76,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"36ad42af-0546-481b-9382-2c9214e087e1","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":76,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"d7710ad4-1205-4f12-b23b-56a766eb78b1","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":76,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"61b55440-d8be-4706-890e-5b07e74c5082","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":76,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"d3723d36-47f1-4f7b-9d52-7ec5396f4416","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":76,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"51ff06f4-d3c7-4563-a08f-0888b255db85","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":76,"box":{"x":102,"y":604,"width":745,"height":11}},{"id":"bc1ae4c0-6928-4f1f-8d44-bc3a958f57b0","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":76,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"36b128df-9dff-4941-af86-d75fbaf893b6","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":76,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"6940ca4a-ad9c-45d7-83c5-dfb4fc096378","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":76,"box":{"x":68,"y":649,"width":834,"height":12}},{"id":"1e7f2a0d-4e63-4208-a4c6-553e50702310","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":76,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"ecb744b6-c4d8-4cde-a690-2d0dcf36bc40","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":76,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"7e8d422b-ef39-4f49-8d0a-21bded1f750d","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":76,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"e04f5c2a-fb87-415f-9c9b-a04a12be051f","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":76,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"8123ebad-750a-4b73-a421-23701c0251fb","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":76,"box":{"x":70,"y":725,"width":836,"height":11}},{"id":"dcdab02b-a634-41a3-a177-68e8def52fe1","block_type":"box","text":"initial public offering.","page_number":76,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"f842fba0-def8-4f52-b62a-da30211224ce","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":76,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"a8276329-fd87-42a7-9eff-fa73fd4a5752","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":76,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"1dadf221-6d28-4ed6-b5a7-297a45fb6db4","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":76,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"ebae4af2-8dd1-406f-9ca0-33186e381307","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":76,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"e2919149-0d1c-488c-acc6-bef522cdcf44","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":76,"box":{"x":70,"y":823,"width":831,"height":12}},{"id":"e3df90ba-7e56-4f49-b294-21f550cb7648","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":76,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"91ff29ac-4874-4867-9795-8ddbacad4f62","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":76,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"7d2ae1fa-60d3-49d6-8942-be5c5f93e594","block_type":"box","text":"more established companies.","page_number":76,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"53d4e715-b9bf-4848-893c-eb676c667b77","block_type":"box","text":"II-26","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32893200-7936-4f64-a983-f1aca8e686bf","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90cad281-5819-4179-84aa-12681804c9b8","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":77,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"38f94bae-20ce-44d8-be80-751e56b11cc3","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":77,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"205fa81e-d2a4-4c6d-b59a-a0791037d1f4","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":77,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"266a282a-a480-4d9a-8241-9cc552359d24","block_type":"box","text":"below.","page_number":77,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"0aa6a1cb-40bf-4eb2-94dd-8aafa30ca466","block_type":"box","text":"Real Estate-Related Securities.","page_number":77,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"c7958809-7b4d-4f8f-a3f1-a6d9fbf68358","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":77,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"f8c436f9-e597-4d12-817d-be2e35fcb971","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":77,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"06cf5d98-c71f-475b-b503-56cc07f4807b","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":77,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"e2fa7277-bc50-462d-8116-905d6ca8fe5c","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":77,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"19425234-8696-4bcc-ac3b-c47ed51edd54","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":77,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"544c4f8f-520e-4381-b8fe-01d00b508da2","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":77,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"48efd8eb-010c-4e54-b289-3286f0f957cf","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":77,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"ef5cef3d-deb9-44db-b059-bc891474cb47","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":77,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"512822b1-dae6-4f21-a7a5-7818c4d2721b","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":77,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"38b1b38f-cc55-4896-a172-48a0005d06af","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":77,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"82b73402-7933-4bb8-9060-ecf009cd701c","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":77,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"55910e3a-aef5-41fc-8618-f3f85a498aab","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":77,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"edf4086b-13e1-40a9-bad5-59c33954d901","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":77,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"7292d731-7823-4def-803a-854755524c67","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":77,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"41e74a72-25d9-45be-8dab-dc9540522b32","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":77,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"311d9fea-f10d-4ecc-a179-9f4fdac588d3","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":77,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"0cb91516-ae12-47fa-85e9-8adadb9ca6e0","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":77,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"abfaf4be-ce32-4752-aa13-b0e1cf65813a","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":77,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"76abd085-def3-4ccd-8edf-4be30ca1c0e9","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":77,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"1d6d5392-4e5b-4ca6-b193-294b37872f6d","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":77,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"6843bb26-8bb2-405b-be0c-51f4721ecb14","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":77,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"db277668-a5c5-47ec-adda-299679d589ac","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":77,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"3f39f028-0aff-418b-b555-a36b1478a935","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":77,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"f0f47f13-b48d-473c-8479-083c06e959c4","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":77,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"4456d761-c2e6-4f4d-8236-1f48a880d5c7","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":77,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"a3fee5b4-90d3-4eaa-bad8-5df3a6c49797","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":77,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"f0546a5f-f472-445f-8608-bd1a751d859d","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":77,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"2b07760d-7330-4dd0-9490-563ddf71d490","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":77,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"be1901ec-6b04-4dba-bd8c-49547253e8ea","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":77,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"ccd87f06-3f63-44ba-844e-58148632e5c3","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":77,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"79b08ad5-a5bd-4db7-bbcd-8a56cfb0a70b","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":77,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"66be2f68-84cb-4476-822c-6bf8a38828cb","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":77,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"5da82481-dbf0-4ef2-bd63-7033dd441e75","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":77,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"ebce467e-4922-49b3-bb14-f055c41d1dce","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":77,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"25407fda-649f-4b7a-98a3-02f596168c5c","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":77,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"c3625ae6-3235-4110-a2cb-6917037d4f09","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":77,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"27b3ce94-5f97-4f75-9251-f6cf6b694c5a","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":77,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"10f5c166-e6ac-4de8-a937-c180241b4279","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":77,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"0ff89e85-ba75-4387-a24c-7e3a5617d639","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":77,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"cd71b717-ffda-405c-8b7a-e51e15cc457c","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":77,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"0b9910e1-817b-4e0f-8867-56b290b67486","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":77,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"d75645e0-b916-4887-954a-b1bf2e5909f5","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":77,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"48ffbbb3-dc3f-4e50-93e3-c16c9f291a5d","block_type":"box","text":"cycles.","page_number":77,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"4b2a0dfc-786c-4d00-9ec3-b7288404d056","block_type":"box","text":"Tracking Stocks","page_number":77,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"b618883f-6053-4beb-8a63-2f8f871c2bd2","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":77,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"6cb1b0f9-3cd8-4c4b-b3a8-d9430d2e2de2","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":77,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"b1d43794-32d8-4fb2-8969-fea99ba7dc7b","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":77,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"f3465566-5e17-4c64-80b2-4f6a37a266f4","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":77,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"9b01b7f0-19f5-4ee1-9fdb-7592e2f2b56c","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":77,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"7d6dfc17-08bf-466d-844c-8e489ba1a499","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":77,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"adc37bed-87e8-4d8c-8076-0a50218dc5ed","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":77,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"e9b348bc-b697-4e82-921c-2a09cc59a949","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":77,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"a604d5a8-b4bf-4640-9c66-a93e17fb3747","block_type":"box","text":"II-27","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd0f8033-1951-43c3-b2ad-d8a58a37cfb6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ae85538-054e-4945-ad0a-8d4f835a418a","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":78,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"3acfa842-113d-4668-b580-23e434ff3df3","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":78,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"5bb00deb-2513-4c4d-9925-59929e8e001a","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 performance","page_number":78,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"b8de0e0b-deb8-410a-aeb0-8b1ea6bd4b3d","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":78,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"2dcf6e2c-bc66-411c-9e8a-ef8a559654dd","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":78,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"8726c46c-9d84-4c7e-a647-d25b08fbc2fd","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":78,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"9d2b8a59-a835-45ac-9466-6cc9d379c743","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":78,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"13f1cd3c-a57a-45c0-8aac-3fcd0ec41c72","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":78,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"f1a3f900-b82a-4762-8063-9267c17c12e8","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":78,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"972f42e6-356c-427b-af4d-31f254161fda","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":78,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"72f5ab49-7413-4ff3-85ed-c142af29c419","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":78,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"ac9775fa-756d-4498-abb0-2683281445c4","block_type":"box","text":"ETN.","page_number":78,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"d9614316-2357-4c8d-a0c6-5d9e50a89699","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":78,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"cd6f41a6-c4c8-44ba-977a-9df13f31c6f5","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":78,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"618efcb6-91f4-4019-8c52-9e27b13e7abe","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":78,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"44799bea-80f1-4378-aafc-e7a5c76db0d8","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":78,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"877ed8cc-975c-4d3b-8d7a-f0c5269b3a2c","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":78,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"a3919038-89e4-495c-805b-47c8e2645120","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":78,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"5245b647-a438-4494-9a5c-76e3e271b441","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":78,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"314ec8ca-a59d-4b4c-a4e9-2eca0691e303","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":78,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"11e719ab-aedd-43d0-bc29-2c9511d778a9","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":78,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"ad09e8f6-33c7-45f7-a54c-51de6763e915","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":78,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"41256a63-6df1-479e-b9eb-a683044263ca","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":78,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"30ce7142-15b1-4240-b874-b99143e2a68e","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":78,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"7be19657-2526-4709-9332-f27aa1b6fd6f","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":78,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"08e87b18-c035-422a-839f-95bf78babdc9","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":78,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"233f18d2-2e2f-49cf-833e-71a130c89b9f","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":78,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"0d0a6bef-5784-49f6-be36-1bc49123c3a5","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":78,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"3b4fa9e7-984f-4500-90c6-80d09617d29c","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":78,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c19e5f1d-1c9c-4030-9d51-6cb60d6f5370","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":78,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"38f8a058-d157-4bd2-9097-bfe737cc7d31","block_type":"box","text":"Foreign Investments.","page_number":78,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"31124d13-6500-413f-9f08-599bf4caaab4","block_type":"box","text":"Foreign Investment Risks.","page_number":78,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"6ebd4349-c0ac-42a6-b75f-49018784fe9c","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":78,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"24532245-1b1d-4722-bd99-5d7611c5e149","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":78,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"79cc26db-8beb-4f0c-bbcd-7b2fdc026cee","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":78,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"b8cf0476-32bf-47f4-a207-5f6497455373","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":78,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"2d3f75cb-b321-4658-9dab-db8e8ef4b193","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":78,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"ee343966-f34f-4490-8145-b609c56e183b","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":78,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"4d710d57-f4c2-4b9e-b7d3-3dd7235556d2","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":78,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"801fa554-c16f-4ff4-a161-406643e7c81d","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":78,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"e9911083-f75d-4594-ac45-45c7fcc7a512","block_type":"box","text":"benchmark index.","page_number":78,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"918a3428-a638-4b49-9047-4c84eca02feb","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":78,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"02d8c521-746e-46eb-ac66-902831fb2225","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":78,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"97ccb5ff-7cda-4723-8050-80b449961ac3","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":78,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"4216a531-3b8c-4158-b9da-caac6388c6e2","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":78,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"fd6aff29-8f6a-406c-bf24-7b47207a696a","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":78,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"ee01b9d3-7bcc-4d01-8a3d-9d0eeda9c13b","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":78,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"61fb34ad-58ad-4934-a7d3-4b59e2a53cef","block_type":"box","text":"securities and zero-coupon securities.","page_number":78,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"d72ea3ac-c8f5-4435-a14d-74981e342a92","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":78,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"24e425d3-9218-44d5-bb1f-53a2ae48057d","block_type":"box","text":"taxes.","page_number":78,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"e7b9c706-d1d5-4397-8fbe-4077bab8236d","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":78,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"6edcf015-ddee-4266-9a94-3eb3bb40caff","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":78,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"5f61869b-a470-4974-a04d-b254c8a832d7","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":78,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"08919e36-6981-42ca-9f44-3377fd699c02","block_type":"box","text":"II-28","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b245391f-f2e3-4338-8323-b3d9ff7cc46a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54a8d2ca-40b7-4605-b41d-b99f644a31b9","block_type":"box","text":"underlying security (","page_number":79,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"a3ad4841-8a7b-47fd-99f1-1f14ddfb5225","block_type":"box","text":"i.e.","page_number":79,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"61319641-8cd9-4bce-943c-529280ec22ab","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":79,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"df9b08e6-29b7-4188-91ee-496ae9c2399b","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":79,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"2bf1efd1-5eda-430a-ae6e-78b7b718eedb","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":79,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"1832d56e-0a25-4dff-a223-31e45713d155","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":79,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"326240ab-a5f3-43b3-9588-b2d1ed93832c","block_type":"box","text":"Foreign Market Risk.","page_number":79,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"01faa007-3c1e-4b2d-86ad-63504097d8a6","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":79,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"d40b8997-e3da-4773-8b9f-5751563f8c0f","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":79,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"9937f80c-7270-4dbd-99af-c90615cf6628","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":79,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8850e958-58ab-464f-9a6d-eb330623ab7f","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":79,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"66219b3f-ebf5-419e-bbff-a6cddfd3113f","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":79,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"cb8fa2ba-5c38-4fa8-a067-5df194c3ac1d","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":79,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"1e83ee82-f34a-4a38-9e7a-671938085640","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":79,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"32cf38c5-4ed8-4491-adcc-de0dc5bb5dea","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":79,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"1ca6cf7f-ce9f-4e73-9ea3-50704e30531f","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"0451e33c-720a-437d-b161-b146c4e1fa8a","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":79,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"d842d417-3f1e-4f53-aa6e-6bebbe3d1f19","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":79,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"fac6d94d-42b9-4b73-b441-43b430bf5352","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ea407d49-59f2-4a91-9a33-7aae843c1697","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":79,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"abeaa80a-72fa-40e3-b0f9-9d311d29906a","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":79,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"898ef481-e38e-4b97-b78b-e4996fd140df","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":79,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"a86a5c5c-7e0d-4a5e-a36d-fedfc88ea014","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":79,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"fe367097-0c52-4a84-84f6-bfdc0187f96d","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":79,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"3a273ee3-36ec-4534-a75f-03c1bac6dc9f","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":79,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"1b54034b-5448-4dd3-87ec-1f5fe698537d","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":79,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"fd09e75f-5a86-4384-a84d-cb4dfc5f479c","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":79,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"d58a7df7-b32d-4950-b852-edefe60b0879","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":79,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"73def2a3-7aa3-49a3-a1f6-8c797d2f1fb5","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":79,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"b68240fb-aaeb-4a3c-a57c-b445411efb8f","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":79,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"f34b951d-58f5-4769-9b4b-352b02a6dbc6","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":79,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"435f1918-4e7b-41e9-8b17-a1339fd3ae99","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":79,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"d3778380-e719-4a12-a7b5-725839b38a5c","block_type":"box","text":"Fund’s operations.","page_number":79,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"12093a6c-289f-4b51-b2c2-c99996c88ad6","block_type":"box","text":"Foreign Economy Risk.","page_number":79,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"a701abf4-06d5-4691-aca3-5a4305b2309b","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":79,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"2e981b10-8ba9-430f-a3a9-becf5cbe1320","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":79,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"f26c2eea-0cfc-4515-8a5b-2c137b12ab62","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":79,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"11defc11-167c-4c74-af37-5607e71935ee","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":79,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"64b666db-429d-4243-8623-2f159662e1a1","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":79,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"7b353a5f-fee2-4597-bf01-76b252d5d501","block_type":"box","text":"measures.","page_number":79,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"ca155723-02cd-4717-8dc4-22d64e4716bc","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":79,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"a2fd4b1a-91b6-4339-a1d5-9ff146a5ef4c","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":79,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"e6c212e0-e928-4a20-8ad8-d6238e42cd7d","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":79,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"5a9d49fe-5cf1-4dc1-98bd-b4572ba2e183","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":79,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"7cdd677a-24f8-4582-9a86-4e64cb01e58f","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":79,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"f5cf24b6-2e73-41fa-9836-20eecffe3bff","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":79,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"78f791ea-ef78-4872-a7f4-0c29f8f1fade","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":79,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"2072c005-4479-40be-957c-f39bdc331f2c","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":79,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"95ff7349-ab94-4f11-aec6-409209b718b6","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":79,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"3ab5c871-a333-4104-b219-6533fc9f2a64","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":79,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"aa98aa8c-76c9-4869-855b-dc0eb7a0cc46","block_type":"box","text":"United States or abroad.","page_number":79,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"9e58246e-1b3f-4554-85ed-456b81c6a505","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":79,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"a27b4d2f-691c-4b33-8ad9-aa7813902727","block_type":"box","text":"Many foreign governments supervise and","page_number":79,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"bf33094a-6f62-4b63-881c-00d1e09b1655","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":79,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"698437cb-154c-4bad-8b08-193d8acb4b0c","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":79,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"aed9257d-e03a-418c-95f9-b0b36ec68de0","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":79,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"953c4fd5-3a89-4ba0-a267-3f444c2dfc0a","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":79,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"92f0ca21-c5d4-4c1b-bf70-ec0a193983d9","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":79,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"534c46d7-4e16-4e20-89a3-813d85f54a35","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":79,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"8901eda0-3587-4c95-9b0e-aad865029966","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":79,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"e8084080-1876-4388-8c11-8170d89e1c71","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":79,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"ec5a0316-e567-4d7a-a86e-7aa3e8b26a49","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":79,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"3c43c14a-3f33-46ed-978d-8b06f1ad8227","block_type":"box","text":"II-29","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a488f370-8e4d-462a-9f3c-570bbe1786ff","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8afb8fba-9c04-46a4-9779-009a2c006440","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":80,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"c3f7cadf-8741-468d-a930-b7236480781f","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":80,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"3e152811-9e36-45e6-80a5-c3e7293cb842","block_type":"box","text":"investments.","page_number":80,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"e755ada3-b927-427e-8529-e8eb21e0acc4","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":80,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"b7d97992-0f59-4809-9212-f32af51ced51","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":80,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"3abb0f2e-5e6b-41df-8368-e6d2cade0f1c","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":80,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"dcb01d07-d682-48c3-b4f8-dc9f37b77e86","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":80,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"a621aedb-145d-4bcd-989f-1bce22695920","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":80,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"5701d944-4b48-4bb9-a36d-1344da54691f","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":80,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"d04c356c-4d00-4dd5-9a70-fa1c9365f9a5","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":80,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"e7a3cbc1-26d4-44ce-9be6-2d69f40dc628","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":80,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"9534e665-21a1-43db-ac4a-99c859f1796b","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":80,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"c3a37a78-f70a-4bcf-a061-44899b385d7b","block_type":"box","text":"States.","page_number":80,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"4115a25f-2935-4371-b786-f4ec77a7e9ed","block_type":"box","text":"Publicly Available Information.","page_number":80,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"2c489331-0394-40ea-a74f-640d85966698","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":80,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"7580d8df-8197-4f30-af70-8bcea5796fd1","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":80,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"4e46d536-72bb-4b3a-b45b-8fd924a67210","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":80,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"30a94775-9c2c-48bf-93c3-81581b562148","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":80,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"5366fdd4-744d-4d3d-b398-b77cc06aa98a","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":80,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"3565a211-615b-4683-886d-a2f7a518ed71","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":80,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"15d976c7-dafc-4745-9684-95d5712d471f","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":80,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"7317b7d0-7710-4538-b87c-31ff6f847df0","block_type":"box","text":"United States.","page_number":80,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"a437915c-75bd-4b8e-abeb-9852f931650e","block_type":"box","text":"Settlement Risk.","page_number":80,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"10a8fc23-a7c4-4b21-a9bc-e3ea8b0af2da","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":80,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"6226dd5e-daf3-46ba-b5a1-739f1ea378dd","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":80,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"08354859-d9bf-4740-82c9-4db910eaa976","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":80,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"a82b5e8a-ce16-42fa-a09f-dcc03ad315d0","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":80,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"e322fcf0-75f7-4df7-aea9-319eaf83ad99","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":80,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"73fb2e45-2faf-4e55-b721-cd6f60ebca21","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":80,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"93727d90-7035-4b9f-b9a0-ee91c691b5a2","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":80,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"edfb4ade-9525-414b-80ab-87f860a3e2d3","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":80,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"05de9515-250b-4a34-b7b9-fd5f8f9d4ec4","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":80,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"d8f001cc-d4db-4b91-b463-bd407d935c12","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":80,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"9fbb5e1b-14b5-476e-9952-4b1b70656b75","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":80,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"27c4657f-c78b-4910-a11e-c3dc5857737c","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":80,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"1cc1346f-5070-4b9c-8afa-bdd8e3f9329b","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":80,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"9e8cc837-a475-4dd3-8792-9744536a3fb1","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":80,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"8973a76d-f548-4844-8f23-54961276921f","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":80,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"ff5bb278-6bcd-4925-8269-d1e34996926a","block_type":"box","text":"Sovereign Debt.","page_number":80,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"0e37434d-b114-4241-a458-5635e3016a0b","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":80,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"0cfc9479-9d4f-46db-910d-37b380135907","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":80,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"fcc922b3-39ce-4b43-8302-126ffe03b969","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":80,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"fcffd571-2310-4cdf-abb9-ed980af64069","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":80,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"34d62a67-8c54-406a-aaad-a911b1157b70","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":80,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"97307f01-7bf7-4e18-84d6-8dbb7a2a609e","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":80,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"8dc2c08d-523d-4eb4-897d-84ca420429ce","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":80,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"468d974e-955d-4ec6-9a77-83e3731a4744","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":80,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"97c93728-f01e-4d32-963a-d0ca1cbcaf4c","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":80,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"e5e91df9-b903-4235-9f70-5d244c689596","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":80,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"8e4dead7-6ede-43a6-a1c8-b3cf22b991f6","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":80,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"b88b6880-9adc-4211-b269-cc3cc20c7def","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":80,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"c64d6bdf-740a-414f-ad9c-193b951235ae","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":80,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"705259eb-fd64-42c0-9207-725ffc2189c7","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":80,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"cc63ce86-699f-46a1-b1d6-c13b69841190","block_type":"box","text":"debt.","page_number":80,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"0ded8bfe-7d81-4d5e-8021-bb6677ba6118","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":80,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"a30266e0-eef6-47ec-8170-4ed6a4eddc1c","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":80,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"c2b3e46e-a9af-4121-82b4-6f5a12c1dd31","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":80,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"24b244fc-4cfc-4d65-9ff4-1440a9e4cdcd","block_type":"box","text":"II-30","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a44a5d46-6b97-476e-862a-d76d76569722","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"918e445d-ad94-429f-b045-0cd2152f8b24","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":81,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"c9486f57-3aa4-4925-85d6-770555584fbc","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":81,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"e2739e9a-2090-44b2-9401-3b034f19f4b1","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":81,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"f9449a4a-4d5c-41be-a04c-c94d572402cf","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":81,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"b8c2d757-f469-481f-adea-1e9f2f8523dd","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":81,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"43efebdc-a241-4024-b0e3-7df116a140b8","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":81,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"2e841856-6456-482a-aec3-86569011e866","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":81,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"95365187-7f14-4f15-afef-619b746afa76","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":81,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"ffd5ae04-0ae5-451a-9bb1-fba7ff235ce1","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":81,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"ff11198b-8fb3-43dc-a0b3-19c9c5803905","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":81,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"3233f9c4-0030-492b-919a-fe3c8c075c3e","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":81,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"8adef4c4-bf74-44df-bcbb-22b3a5dbe9ca","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":81,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"0f230fcc-f0ed-435a-9834-e6621513ff70","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":81,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"c13eb539-1b1c-4f85-b794-6db2d3267880","block_type":"box","text":"in the Fund’s net asset value.","page_number":81,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"aa6ae1e4-b6e4-4ae0-84ac-a038cc692774","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":81,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"7fe6140f-885c-4d3a-8b89-fc36592a6cf2","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":81,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"ed83ee61-2115-417d-9a15-59fcdd772e16","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":81,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"e0a2c942-205f-4672-9091-250667b674d4","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":81,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9be009e8-d636-4928-9582-f16ec0361718","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":81,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"20e6936d-6f70-4fd8-8bcd-00d7938d4c36","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":81,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"134aae80-a7e7-4181-a853-4c8e468469d7","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":81,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"340d4779-a883-49eb-a62c-e9d487deb880","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":81,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"295050bf-ccc5-46dc-b43c-661d1d9e3b7c","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":81,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"b57998a8-0a75-4fc3-a0fb-de8af5612213","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":81,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"d4045fbd-bffd-458c-b701-553e790f73f9","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":81,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"605c205b-84b7-4a61-ae35-502e87aefea3","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":81,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"76457fc3-1013-498e-866d-0993fe326fa1","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":81,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"178d7015-8913-433e-9520-19b5a0fa89b5","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":81,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"25f3a343-84e3-462b-ba52-4daace7d8ba8","block_type":"box","text":"Fund may invest.","page_number":81,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"e309a63e-0069-49d2-a7a6-f7551b42ad96","block_type":"box","text":"Funding Agreements.","page_number":81,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"8551cc0d-0cc1-451a-8ac7-54896f8d004b","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":81,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"f9594299-a422-44ed-8ed5-8f002115763a","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":81,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"c4098255-ea8b-4843-bcd8-b2d92cfc06e3","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":81,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"c0f9d9ca-6737-43bb-bbf8-e5eb33a6bccc","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":81,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"cce6c467-273f-4f63-b835-5d6086947bbd","block_type":"box","text":"not be less than a certain minimum rate. The purchase price paid for a funding agreement becomes part of the","page_number":81,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"22d614d3-4008-4fc9-8dda-3576b6b95fee","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":81,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"93b08f86-488f-461e-87de-23c33ceb2f4a","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":81,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"303f2984-97ac-4b70-8186-80473d379d4d","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":81,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"251b7170-78ad-4811-8934-4451b4801bd9","block_type":"box","text":"Guarantees.","page_number":81,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"d963cfd8-86fb-4e94-88f7-5d8803e7326b","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":81,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"d30aea7e-14fa-4e48-9d0d-79a602290ec2","block_type":"box","text":"issuer of the security. 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An illiquid investment is any","page_number":81,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"f32aa846-872c-4c1c-aa89-7d7134baf0bc","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":81,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"d5d8fb77-8ee8-423d-a236-52f0e5827685","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":81,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"78b4537e-35d1-4b10-a089-707534dce9ee","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. 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If illiquid","page_number":81,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"cc6344d6-eab2-40d0-b2d0-d862829eb978","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":81,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"17770b39-50e8-40e3-92a7-ee758ee6c43c","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":81,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c383dcc1-d90d-44dd-8c02-3b381624ec1f","block_type":"box","text":"comparable liquid investments. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":82,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"92c0e5e7-0cf8-4aa6-aeb3-d2c3221730a9","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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Finally, since each Fund seeks to","page_number":82,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"0a996300-5d44-493c-b77a-ebcac39f239e","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":82,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"eee4fc06-ef00-447f-a8c7-5dc9df1e7766","block_type":"box","text":"particular security as an investment.","page_number":82,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"22d334bb-ca51-480c-9345-fc2646b87dff","block_type":"box","text":"Tracking Error Risk","page_number":82,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"e2b19117-db03-4032-84c9-a1cf919db3b7","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":82,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"ccf3eef7-3d44-48b2-9609-7ab4258e4f03","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":82,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"eb5b9e5e-1026-4e9f-bdde-02083d0b9139","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":82,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"c478289f-a892-4d9d-8f4c-6c69a2e06f8b","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":82,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"b47b6067-43ad-4231-a60a-2368fe29ba87","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":82,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"b645f4e8-f495-4c7e-be8f-c68278037dcc","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":82,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"a2b36af4-a412-408a-927c-0f7c9c062ff7","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":82,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"2dced3df-41ca-484c-b8ad-dbb534ed6e72","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":82,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"9078dd9c-2932-4357-9bd8-b064949a983c","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":82,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"e96c1bba-6004-4e1c-9940-f8cc64fe27f9","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":82,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"823b2440-1ebf-452e-8c61-02ca7719cead","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":82,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"ec35bac1-a259-429b-a927-5e80b170953f","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":82,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"4a3afc6d-4368-43c9-92dd-72ec4fe7c20d","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":82,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"50d86f87-d3f6-4ade-a952-33972f16932b","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":82,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"a278d84b-4f54-48ce-82c9-4a34d7b60217","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":82,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"83c5ee96-b2dd-4015-a735-cb1a4411f77d","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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If the securities continue to be included in the index, the Manager may underweight or","page_number":82,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"1ddb581a-f771-47ed-901e-0ccbc3c8f4ea","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":82,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"c3258666-a85a-4a6f-a111-72565df1fc84","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. 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S&P makes no","page_number":82,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"f537ffbe-278c-497a-b70f-d32cc531ed84","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":82,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"0cf9bcf8-67c0-4908-af34-082ebf1ecf69","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund particularly or the ability of the S&P 500 to","page_number":82,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"da9c92d0-7b38-46c8-80ff-7e6a0ce1c58f","block_type":"box","text":"track general stock market performance. 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S&P is not responsible for and has not","page_number":82,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"24162ae8-1fdf-4aaa-aa2f-116e0630eb3b","block_type":"box","text":"participated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":82,"box":{"x":70,"y":793,"width":787,"height":11}},{"id":"558278ca-9015-4c6a-ad86-9e323866bb11","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash.","page_number":82,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"ac1e4c94-84fb-4421-8824-437114e50a3a","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":82,"box":{"x":69,"y":823,"width":742,"height":12}},{"id":"20c16c0c-26c5-47db-b6c3-9ef0c7e13f24","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included","page_number":82,"box":{"x":102,"y":846,"width":761,"height":11}},{"id":"01578ead-f869-4d1f-86bc-b792338de501","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. 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The Manager believes that indexed and inverse floating obligations represent flexible","page_number":84,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"71327fed-1062-4404-aad4-cc2a3edc4fe5","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":84,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"9167821e-d64a-4908-81ea-0d230f713920","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":84,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"f2e19981-49c1-410c-9742-14d875f8dc2b","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":84,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"797230d6-73d7-47d1-969b-37910fa62cfb","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":84,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"0ad6cc85-2600-4636-94c2-76113abdd07e","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":84,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"326f0fc5-9fdb-4af2-87b0-202696ee5512","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":84,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"ec0e09e7-efb3-4957-a347-f7211418aab9","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":84,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"4c7cab9e-ccba-4d3b-8faa-d729ee697d0e","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":84,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"d579fb21-7188-4fbb-9939-8b3edd276ea9","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":84,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"376e5ab5-9b76-4ce6-83c8-d7e627467e9c","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":84,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"a88fb6a1-a0e6-4aad-8fce-31468c817eb2","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":84,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"dc5241a6-7c63-473f-904a-98957c544875","block_type":"box","text":"Inflation Risk.","page_number":84,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"db860f3c-c32b-4713-a4c9-3e05ef82a463","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":84,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"f35341d2-f869-4488-a7b2-5edd1c4cfcd0","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":84,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"73a5236d-f1f5-4d89-85da-2983e691b711","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":84,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"6e6274c7-d26d-4df8-9086-7b48050825b9","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":84,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"8124c042-3827-43f2-9c6a-b7d59323c486","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":84,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"b9c80942-8433-4c93-ad92-e63e71b17f2b","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":84,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"87372216-6066-4977-bca0-b67bfb30a1b9","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":84,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"4549ed51-324b-4318-b7e5-42738ef1c5ec","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":84,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"9212fc42-dbc3-4066-8109-74c734f6574e","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":84,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"36a18920-d126-444e-bdc4-433ecd193f4e","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":84,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"f8595941-0ed0-45c5-b60c-72eb55fd4ba0","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":84,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"c46dd36b-cfde-4f83-b9fb-9550f61eee10","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":84,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"5c5588c2-0ece-4274-a354-00e720d4436c","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":84,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"670c034a-c09b-483a-bb1e-8939145b8059","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":84,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"193a8c33-de11-48ee-a05d-a3eeffbce9e6","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":84,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"3c6389e6-2bc1-4429-b5b3-83c5e00d9b4e","block_type":"box","text":"II-34","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1ffdff34-1379-4048-be3e-bd33b8731cf3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2d54287-4f02-4f84-9159-6db4e3885a50","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":85,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"7bb28e11-7fb1-4a7a-9597-a963444a376c","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":85,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"1c8578bb-b302-42b7-9f09-c22505e804b0","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":85,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"c62753aa-1c1f-448f-900e-3e74672fc3fa","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":85,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f4761cd0-edde-4983-bd0a-afea1cadf6cd","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":85,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"a3892c56-d6d7-41bd-a9a9-749f38052a34","block_type":"box","text":"be available for very limited periods.","page_number":85,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"e53116f1-fb38-4f28-839f-60f37899061b","block_type":"box","text":"Investment in Emerging Markets.","page_number":85,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"e19561ac-675e-440a-a00d-6f57f35b97ea","block_type":"box","text":"General.","page_number":85,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"638c4421-e795-46e8-9b08-1a9eeb3e6a2a","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":85,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"895933c1-a6ae-45db-91b3-306eb84ac66c","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":85,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"7b532f54-8ba5-4ea2-8d97-c83acb199dd5","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":85,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"f21a391b-efa3-4ed5-b0ff-1797a05da40c","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":85,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"970e6b09-b719-43ea-a546-60fa6bd5f789","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":85,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"94a9036b-c3e9-4743-93a4-2ca891a893c4","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":85,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"8df5f243-772d-4b9f-95ca-401e28127fb4","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":85,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"5cdd0181-ba33-4b71-9d89-a0ce556f66a7","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":85,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"568246ce-5812-4d11-adac-8318ff5fcfe1","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":85,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"9d370fe8-b617-4847-931c-265bde5c5aa7","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":85,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"f00ef4c0-2ba0-4829-a3a5-62ee6c976f0c","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":85,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"549c6237-6acd-49e2-b74f-a2aca8854ede","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":85,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"dd76be1d-59b8-406b-8876-0df63bc649bd","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":85,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"fc725849-e73c-4888-ae87-a418b0c65cd1","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":85,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"e39adaf6-e39f-49b1-b8af-fa519bcac76b","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":85,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"1fca7cc9-0b1b-48f3-ba90-59961dff408a","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":85,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"cf39bc36-62ad-40f4-b42f-998c96deff80","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":85,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"807d7663-8bbc-4fff-9eeb-e3e79d78ca78","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":85,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"a49ce4cf-cc08-4965-82d1-79f937ba1c75","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":85,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"b2fd2378-9f30-48d8-b88c-89e07e3f3786","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":491,"width":767,"height":11}},{"id":"b93ac51f-68db-4d2f-ace6-0341476a6d5c","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":506,"width":814,"height":11}},{"id":"a65ff41a-c189-47ba-8bc3-2d22e2c8fcba","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":85,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"d9fbead2-8c13-4965-8939-ad0ce2cb942e","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":85,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"bca3b702-3566-4d2e-879f-fc576349d7eb","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":85,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"62ff2fa0-bf15-48a0-8bab-a0a6b6b4554f","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":85,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"ff182b0e-3016-4d63-9c53-07038e2752b4","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":85,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"daf4edc7-520e-463e-a1f7-4efd8595e4a5","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":596,"width":838,"height":12}},{"id":"7439435b-d11b-4757-a35f-7b7e65f35ed4","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":612,"width":788,"height":11}},{"id":"aa0a30dc-186f-4362-baa0-b0776a6b2284","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":85,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"d11d5b5c-3881-4b60-87b8-f549d2435eed","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":85,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"75abc687-23c2-4d47-a8dc-207c2866aa4c","block_type":"box","text":"volatile than investments in more established markets.","page_number":85,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"7e4814fe-5d6b-436f-baa9-20e616c8a933","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":85,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"8fbee486-96b0-436f-a6fd-3fed1572b35c","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":85,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"3662f05b-47fe-42b9-827b-ba20107c37c6","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":85,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"5635fa00-a08a-4943-86f4-c788cf2c47ed","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":85,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"81424d73-3cdf-4fd0-af3f-986ec0aa0d04","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":85,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"42074566-dbef-4468-b560-3db324f0394f","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":85,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"93f4e4fd-c5c0-4983-be62-69498b1a27ad","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":85,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"f0717975-e24f-488f-b38b-e5d0389d78fb","block_type":"box","text":"acquisition or disposal of securities.","page_number":85,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"1dbb8b29-796f-496e-b9d2-ef3ec62038c3","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":85,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"c141c694-1407-48c9-b85f-65ef108bb9be","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":85,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"3aa097d3-51a3-4aa4-a3db-0ee48df3427a","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":85,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"f4c65c70-cd44-4a5a-9263-248801361eb5","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":85,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"a53539bc-0f23-46f9-8410-8aed9e3eac8d","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":85,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"339164d3-0f89-40d2-88a1-bcacf0f75fb5","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":85,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"3387c12e-1b4e-40a1-99ac-c8b2430500e6","block_type":"box","text":"II-35","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e574ba3e-e8f1-43db-aa8b-a140d6ac3fbe","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9abfb48b-f3c2-4c64-8969-a7958da89026","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":86,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"d259260b-8c68-425c-9f8d-53d1226fa1c9","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":86,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"ba32ed80-17a2-4cf9-9bd2-0ae896f5db80","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":86,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"e0dbced3-cda7-4ab4-a5c1-db783083af2a","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":86,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"ab7e456a-2247-40e2-a027-86cb87149b9c","block_type":"box","text":"generally less available or transparent in these markets.","page_number":86,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"ffb2c183-8da7-4859-bd1b-5992cea7db28","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":86,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"2c72601a-9276-4c82-bc47-03a897a8e790","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":86,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"3e20f01f-6a8c-486f-8636-bbdf24631e6c","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":86,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"515b1c6b-f4b4-4ad4-9385-2d20f48fd948","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":86,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"65667afe-99f3-49e7-84e8-92f435cab3fb","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":86,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"4613d6a2-2854-47f5-95ff-7d5f6d5c88f9","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":86,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"ce328c8d-660a-4448-bfaf-5ccdac594da0","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":86,"box":{"x":68,"y":218,"width":740,"height":12}},{"id":"73f3afda-eae6-4e13-8d78-7f3f322957df","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"65de73fc-383d-4065-a8df-e9482cb0588a","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":86,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"0f3e620c-5c63-4230-970f-a89a5a698dd5","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":86,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"5667372a-35ff-4a27-9882-40a9cde36410","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":86,"box":{"x":69,"y":271,"width":808,"height":12}},{"id":"45eb1dfe-fd94-4468-8351-9dabbac2ece0","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":86,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"a8821136-6017-4e1c-b804-e21efd62698b","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":86,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"34fbcda9-68c1-4225-ae24-8ba0757477f0","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":86,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"44019960-1928-4f07-bb1d-12a91b1b9eaa","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":86,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"524a4d89-d6d4-454a-9575-7a5d0afddadd","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":86,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"2d6eba08-0721-495a-af52-b42a61283194","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":86,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"de7e8b2c-8b48-4fe2-94b1-4871bada1b39","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":86,"box":{"x":70,"y":377,"width":766,"height":11}},{"id":"ae36c1e1-f095-468e-a339-c3f5e5178bfe","block_type":"box","text":"performance of the Fund.","page_number":86,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"b12b3b21-eada-4b3e-a29a-36c17837e37c","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":86,"box":{"x":102,"y":415,"width":784,"height":11}},{"id":"928d0a7e-f84f-4e01-8565-92aa843a770b","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":86,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"b2ee7c73-d96f-4f36-a8e9-5f08408f2c70","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":86,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"49b59125-09ec-4bf6-b20d-3f5a68955361","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":86,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"0f5323f5-7028-4710-aaad-96e785a3849d","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":86,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"3bee00c0-2019-4945-95f2-93d26f4b06ab","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":86,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"5423816d-6c63-4f44-ab63-14f997213ab7","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":86,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"1dd2a419-1ccd-4610-ad86-fa44ba2a7504","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":86,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"9e5a34eb-d07e-495f-929e-8dd4bde5f4a1","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":86,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"ead5346b-a9fc-4f42-8926-725837e1b021","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":86,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"103b0b77-08ca-4909-9baa-8707cca15c2c","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":86,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"58c9b563-7d8e-45f1-8c13-2d0d87b8778e","block_type":"box","text":"affected by a variety of factors.","page_number":86,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"c05fcd83-ba4a-4a58-a2d4-f47723fabd3b","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":86,"box":{"x":101,"y":604,"width":785,"height":11}},{"id":"fda1044f-c16c-4557-896e-e43ac2ef2a5c","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":86,"box":{"x":70,"y":619,"width":789,"height":11}},{"id":"286ed44b-0da1-46d2-9356-d514420e489f","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":86,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"ff8c7613-3182-4c0d-83fe-8056c78a449f","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":86,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"f9bfb32c-e211-42d9-8205-85969ce7a107","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":86,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"b7c231a6-576d-48b7-974e-eb93eba55964","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":86,"box":{"x":70,"y":680,"width":652,"height":11}},{"id":"14ba9a7e-c982-402e-821c-b7c5293897da","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":86,"box":{"x":102,"y":702,"width":737,"height":12}},{"id":"626e27a8-36eb-4d44-9b3f-c8dbf04167ad","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":86,"box":{"x":69,"y":717,"width":803,"height":12}},{"id":"908bc4c8-dabf-48da-9b24-35e255127a0a","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":86,"box":{"x":69,"y":732,"width":801,"height":12}},{"id":"589e2798-b2c6-4081-b1c3-1ddee45a6fce","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":86,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"0e5ecb5e-7714-49c8-bf11-079925efcc6a","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":86,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"aac93f41-742e-43b7-8a86-e6405252477c","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":86,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"14c09d18-ae4d-4b2c-ae91-8321cdc4e1f6","block_type":"box","text":"nations.","page_number":86,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"61531eec-f652-4e95-92f5-93f0f19d156f","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":86,"box":{"x":102,"y":816,"width":794,"height":11}},{"id":"05d2c205-39b8-43dd-8154-4e6a4e134a6a","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":86,"box":{"x":68,"y":831,"width":773,"height":11}},{"id":"e7dc2b60-bb2d-49e8-b38e-f10daa188b81","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":86,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"4c0da6b2-9b00-48c8-bc63-a069f96ee8be","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":86,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"e492bb03-a2fa-49d5-ab1f-18dc873901a8","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":86,"box":{"x":69,"y":876,"width":790,"height":11}},{"id":"3c3ea8a0-3e60-4e61-bbbb-7488885c182b","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":86,"box":{"x":69,"y":891,"width":790,"height":12}},{"id":"dda5354b-b927-4381-aa2a-3f3b76dfaf74","block_type":"box","text":"market Asia-Pacific companies.","page_number":86,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"23d5fda6-e91e-4266-b7fd-6a38963c87a3","block_type":"box","text":"II-36","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5931df3d-4409-42a7-ab83-9cc5a5c49e56","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5283e921-a30b-4ede-8c37-d40e97413a68","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":87,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"89913a15-7151-48e4-86f5-0ef614e2848f","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":87,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"c3e437fe-7262-4936-90dd-c0f11612d083","block_type":"box","text":"services for such securities outside such countries.","page_number":87,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"9a415d9e-6562-4170-b059-5296f83e2014","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":87,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"2d313159-75ee-4f6c-871e-b825c63ba43b","block_type":"box","text":"to commercial banks and foreign governments.","page_number":87,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"11542f53-8eaa-47b8-9b6a-1f1f407f6390","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":87,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"1a11a164-4d0b-4723-bcc9-4363d2ba484c","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":87,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"9024bed6-a9b3-41dc-9a3f-fa9d8991a689","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":87,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"ec18c5cb-079f-4c26-916e-b0983d1e203d","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":87,"box":{"x":102,"y":188,"width":782,"height":12}},{"id":"d1f9dae8-1b77-4e94-b603-9ce06c282a69","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":87,"box":{"x":70,"y":203,"width":819,"height":12}},{"id":"84b195a5-8a2b-49f6-ab5d-dc5d52a74c04","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":87,"box":{"x":68,"y":218,"width":711,"height":12}},{"id":"faaa559e-458f-490f-a19b-1d1654507dbd","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":87,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"8be3f7d3-56e3-443b-8736-9aea2f1e4c6f","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":87,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"bf4561d4-3bb7-4e57-830c-37f9f8bf1801","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":87,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"228d2378-9087-46d7-a2a1-d3ab64f8bcc4","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":87,"box":{"x":69,"y":272,"width":836,"height":11}},{"id":"834d3b4c-1a5f-49e3-8a1e-78623ee5e3e8","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":87,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"90da6dfe-365a-43c2-8151-1db6622151e7","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":87,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"6f472d26-bbee-4386-aa92-2ada39675f8c","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":87,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"d91dd991-a16d-4b5b-a723-d4dc2ac67d92","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":87,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"09f92d21-4b45-4c93-9d1c-5210c086e5bd","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":87,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"38df0114-f1a4-491a-8639-b1537e2065e8","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":87,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"467de87b-3196-482f-b4a0-fbc48fa71c8c","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":87,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"0a9d471e-cfe5-463c-a55e-32199b390209","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":87,"box":{"x":101,"y":400,"width":787,"height":11}},{"id":"401e7d01-06b7-45cf-93a4-28039743a3c5","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":87,"box":{"x":68,"y":415,"width":833,"height":11}},{"id":"4558b97f-32f3-4a41-9e7e-d0a3a3607a65","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":87,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"ba1f34d1-7f0f-4669-990c-da7e0ba24dd0","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":87,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"da3949e1-c6d1-4dd0-84ef-08a101596436","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":87,"box":{"x":68,"y":460,"width":834,"height":12}},{"id":"4d76fa07-4d28-418e-bfaf-85fa6029820d","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":87,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"976a842e-2ef2-4d3b-b134-8fdbe33957d9","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":87,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"34afc7ad-40ec-47dd-b953-640a5a716703","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":87,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"cb917a6d-e564-4dbd-ad00-a59b595dd3cb","block_type":"box","text":"investment at that time.","page_number":87,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"9d4a2045-cd3d-404f-9e50-6b3862f27732","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":87,"box":{"x":102,"y":544,"width":774,"height":11}},{"id":"08b755be-4fdf-4c21-bd9c-6c8875980704","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":87,"box":{"x":70,"y":559,"width":803,"height":11}},{"id":"32838289-f994-4ecd-853d-142d40d1b570","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":87,"box":{"x":69,"y":574,"width":789,"height":11}},{"id":"02595ad6-0566-4125-8e53-593a973eb69d","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":87,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"c568eee4-95a9-4b86-903b-2ec1cd3abca6","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":87,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"51805cd6-b4ee-451c-8d5b-5c8141d3c12e","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":87,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"590c950c-6c74-4850-b90a-9aff5a1cb4b9","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":87,"box":{"x":68,"y":634,"width":800,"height":12}},{"id":"381f0a16-6cc3-43aa-a052-99f7043a553f","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":87,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"2a98fec9-cf5f-4253-bcfe-0c3eb11ede73","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":87,"box":{"x":68,"y":664,"width":798,"height":12}},{"id":"0b52bff4-9ee4-43cf-bd6d-fd7ea7c05180","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":87,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"a643c3aa-b6a9-44c1-b7f2-ce2ec0732782","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":87,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"206543dc-9f81-46a7-9898-aa064f74cf37","block_type":"box","text":"government).","page_number":87,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"01f641bb-a5dd-46aa-8be1-84dd7c1f7bbc","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":87,"box":{"x":102,"y":732,"width":790,"height":12}},{"id":"c873233e-accf-47e2-8200-0c62bc661640","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":87,"box":{"x":68,"y":748,"width":828,"height":11}},{"id":"c8f59f21-f7f4-4c3e-bed8-3dbc39a93fc0","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":87,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"dee792c2-45d7-4fd3-8f3f-781e9587100c","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":87,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"2351a8a6-a5c1-4787-8a34-386a65c95959","block_type":"box","text":"foreign banks and other financial institutions.","page_number":87,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"d71389df-1172-47be-9b50-9dc525f2ebce","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":87,"box":{"x":102,"y":816,"width":767,"height":11}},{"id":"61245462-1bbd-4417-9259-f94b1afd743d","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":87,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"ec1e25f4-6482-4e8e-a761-12b4305d65b3","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":87,"box":{"x":69,"y":846,"width":809,"height":11}},{"id":"9d927be2-f8bb-4a36-9420-1bb51e56b8ed","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":87,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"d5c7d5c1-ee96-4cca-97e1-09347d1b1247","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":87,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"3536fe07-7eb7-4dff-b531-4813fe9e782b","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":87,"box":{"x":69,"y":891,"width":788,"height":11}},{"id":"c539129d-beb2-4ecb-907a-bf748844a90e","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":87,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"4ef540f7-5435-4dc7-a217-2115f32eac5e","block_type":"box","text":"II-37","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32ae4e5b-5bd4-434d-b76f-e8d07544b712","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8041392c-125e-4ed7-8815-ca7ff246a405","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":88,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"edc60a00-9e52-45cf-b230-55143133cfd7","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":88,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"8cad9138-4170-4ece-bd2f-ecbe3fdd3c5d","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":88,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"416692d3-f498-4c98-94fe-cf9bf7496d51","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":88,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"64851176-9f67-473e-8886-7a767bdc2b39","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":88,"box":{"x":101,"y":113,"width":779,"height":11}},{"id":"89974613-25a9-4fb8-8a60-ecf184597353","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":88,"box":{"x":68,"y":128,"width":840,"height":11}},{"id":"bbdb1aac-d1b4-4ebe-8cb4-3a0b08f4a4e3","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":88,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"ae19b2de-268c-460d-89b3-b32163c3df06","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":88,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"842349e7-3be0-4305-ae5f-1503218b4998","block_type":"box","text":"foreign securities.","page_number":88,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"2524b304-7401-457a-a7ea-029a716a2759","block_type":"box","text":"Risks of Investments in Russia.","page_number":88,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"e640ad08-6050-470e-bdb4-3dc37cdf952c","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":88,"box":{"x":332,"y":196,"width":539,"height":11}},{"id":"b814cc27-96e6-48f0-b2f1-306593754e7c","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":88,"box":{"x":70,"y":211,"width":826,"height":11}},{"id":"39ad7b3b-6d0f-4a47-bf6b-42ef67ae81cb","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":88,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"621fa890-23a5-42e1-afb1-3926efec3898","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":88,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"12451ad5-25d8-4c88-aa49-a3726bd6f9b4","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":88,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"bfc7ce17-1009-4d98-b61a-323a41c0960c","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":88,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"9c1c2ba2-4e1f-47b3-ad01-677e663b9bdd","block_type":"box","text":"developed markets.","page_number":88,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"73d37770-a011-4d26-9890-7d5938293d7e","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":88,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"40cfbcd7-48ed-4ec6-8388-2c397816de01","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":88,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"a25e8d3e-2efc-429f-ab74-3e24600926cd","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":88,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"9fd0c3df-e3ea-4f6b-88c7-aca79628f908","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":88,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"72f4dcba-515a-49e3-aa32-81d9e51ebdad","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":88,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"ed595602-0d3a-4bb0-90f8-e7c833434c6e","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":88,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"f34033ed-7aaf-45a7-b4fc-d2bf8b2b540e","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":88,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"90516d25-8d1d-4893-89a5-5b50bac1dc6e","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":88,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"01cef93a-e32f-4fe7-adb0-060dffd00223","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":88,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"51aab761-a2f3-40cd-8430-dfce04567df4","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":88,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"b92c2cac-8c84-4b40-b5a4-1fcb83fcab1a","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":88,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"173109d9-5768-4aed-98f3-73cf1e28b7c5","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":88,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"b3ae88f1-9757-4d8c-91d7-da3cb14921aa","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":88,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"ac3cc1d6-6ef3-427f-a0f4-b69a56de95a4","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":88,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"5ee71771-d53a-4a07-9e12-5ce26881782e","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":88,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"a5784aee-7dab-4134-b553-9e37c3f09267","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":88,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"0b4ca77e-4c68-492f-9b20-c11321ed3c8d","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":88,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"8b44616f-dd1e-4473-9c44-4ef99e4324b4","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":88,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"de4d224b-5526-45a6-aeea-cb17dad620de","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":88,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"2da83958-403a-42dc-86ad-315e14a8a21a","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":88,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"34cb68ab-1827-4789-8fa6-279d40ddf21f","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":88,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"c26c11af-f085-48a6-9404-f293745d4e98","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":88,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"34dea4a2-3535-4e80-830d-22acea4da585","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":88,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"96b09242-e69e-48ae-a692-46ed38452052","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":88,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"b072af8c-9d49-4b6b-9558-f4a67ffedb82","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":88,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"ec71b30b-6ad6-4e8a-ae50-f7ea8d50a953","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":88,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"8a418258-28bd-4d59-9edc-f12f903b76e0","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":88,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"29b86b65-2d84-47da-963c-146c66e3c245","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":88,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"9fce31e9-69b8-44ea-81e8-9043f45e87b0","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":88,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"227b87fc-c205-40a7-8257-e7f21310ecd3","block_type":"box","text":"sectors globally.","page_number":88,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"72e82629-7068-4274-b819-a99911354a8f","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":88,"box":{"x":102,"y":778,"width":745,"height":11}},{"id":"9401cfd1-4704-4dc3-9ddf-5e7beeea5bc4","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":88,"box":{"x":70,"y":793,"width":826,"height":11}},{"id":"0f1b5440-8b83-437e-8eb6-cd2c426f779a","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":88,"box":{"x":70,"y":808,"width":799,"height":11}},{"id":"bd17ced8-bc04-4744-8b4d-1838f39f1db4","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":88,"box":{"x":70,"y":823,"width":788,"height":12}},{"id":"39d4be7c-4a3c-471f-932f-f0f04d575b59","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":88,"box":{"x":69,"y":838,"width":807,"height":12}},{"id":"5fae82b0-dba4-48d4-ad5a-c3be33ebf399","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":88,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"149d6444-7480-4ee4-a687-6f2803c64b16","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":88,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"66ed0877-8f8e-4d32-86a6-b1959ad409db","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":88,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"9af43f84-363b-4e7f-b6fc-279ecfe28526","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":88,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"b8020e09-2185-4c6e-b42a-f7d67f24e202","block_type":"box","text":"II-38","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d7875bb-81e1-4704-9354-7d871152d265","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74f5248b-ac75-4770-88c2-d619c7718c37","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":89,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"3c9119ee-0576-4afe-9d59-9f826a5f0c2d","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":89,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"87cff583-45ec-4e60-87c0-7f79ed0141ad","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":89,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"4f4702c1-5286-4f11-b38a-634d2b6233f5","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":89,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"2c60a15f-3ab7-4908-953a-fc080dd45620","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":89,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"2d5f8a66-ff29-46fc-9224-26d735976d2e","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":89,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"2cf5b31b-9ae2-4451-89ab-28bf473553be","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":89,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"ebfaf878-0eda-4759-8777-825c599b7bb8","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":89,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"7c7ea1a7-a4ac-40bd-8a6a-c7d250e04cd7","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":89,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"dd67c295-90e7-4bc3-b795-9f05337774e7","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":89,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"062e18ce-423c-4cf8-b66b-cec9a5d0340e","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":89,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ebaa09df-dc33-4f6b-a6b6-19f92764fa17","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":89,"box":{"x":69,"y":203,"width":765,"height":12}},{"id":"598f0e33-e498-4b62-b204-0b3d1cb6a70f","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":89,"box":{"x":69,"y":218,"width":838,"height":12}},{"id":"2a63f166-296d-46e8-b306-0354a7572d13","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":89,"box":{"x":69,"y":234,"width":805,"height":11}},{"id":"5389d582-8e1b-488c-a55a-821f254e05ef","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":89,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"57a34214-68db-4ab3-8d1e-96d517409af2","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":89,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"65c2349c-d98a-453f-9b1d-03dac36c654a","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":89,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"a101b4d6-93bc-49d5-b514-ba599cb6bdd1","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":89,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"822f05d1-a2b4-403c-840d-2a9504ef8836","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":89,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"f769bfeb-328c-4185-989b-d1ab97c8418d","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":89,"box":{"x":68,"y":324,"width":781,"height":12}},{"id":"9dafeb30-56ce-4023-914b-6c76d989b578","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":89,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"0e83c33d-32dd-43db-8cc5-72e6cc552809","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":89,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"5fef80c0-9a54-4e42-8fea-5ef5aec86cbf","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":89,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"f021c17e-ab54-4f3f-9dac-927acf310297","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":89,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"754bf464-dc92-44a3-a614-3bf8a5f73c7b","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":89,"box":{"x":69,"y":400,"width":791,"height":11}},{"id":"f384744e-259c-4a68-95e5-9382afafa9c9","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":89,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"4f8cf780-ffed-45f1-b036-43fe14c2d8a5","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":89,"box":{"x":68,"y":430,"width":799,"height":11}},{"id":"48d3e287-47ba-4595-9666-43cb841f4dee","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":89,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"0527ca85-33fd-40fe-95c3-26f0feb3448b","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":89,"box":{"x":68,"y":460,"width":818,"height":12}},{"id":"8bd9c8e8-4b45-4c39-8740-6652cf349f50","block_type":"box","text":"impacted.","page_number":89,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"f4b4fc28-93b2-4447-9a0a-67c4fc4ab0ad","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":89,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"5163771a-6284-4f99-9b2e-0081bed11e31","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":89,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"f7618ebe-3f1b-4fe6-9f24-dcb0c9ae498e","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":89,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"163ddc88-3b14-45c8-a9d7-2c1cceb1b707","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":89,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"bf75f6e8-049b-430d-b782-777e6ef34490","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":89,"box":{"x":68,"y":559,"width":826,"height":11}},{"id":"21720116-b3b0-4c5f-af14-9e66a9b11355","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":89,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"78b8a3a3-6403-4204-932d-353e68fac23d","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":89,"box":{"x":70,"y":589,"width":790,"height":11}},{"id":"31d682df-d155-44a7-a930-833e33d4f777","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":89,"box":{"x":70,"y":604,"width":798,"height":11}},{"id":"a40c5440-9da1-4645-9e16-6f0f87c630e4","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":89,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"a652f1d9-2b5d-45ae-b578-489be9e2a4ff","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":89,"box":{"x":70,"y":634,"width":836,"height":11}},{"id":"8ce9c00c-e080-4ac6-875e-28d41ddf62a0","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":89,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"0599a96b-3f2a-4765-97df-eb94993e7c54","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":89,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"a54f31c8-40c9-4c16-8101-4dc44268c29b","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":89,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"dfb36fbb-6de5-4b6a-b9f6-22528ff960b0","block_type":"box","text":"economy.","page_number":89,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"84362174-bdc6-413e-acbf-6e9aef1c1ff2","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":89,"box":{"x":101,"y":718,"width":747,"height":11}},{"id":"66d3b395-3308-47ee-b191-6fccddbc61be","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":89,"box":{"x":69,"y":733,"width":776,"height":11}},{"id":"fbae2d5f-2e7c-4525-9ad9-454a24324f8d","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":89,"box":{"x":69,"y":748,"width":836,"height":11}},{"id":"1129d78a-3529-47c9-90ff-b3352e66ba07","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":89,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"674fa439-8d83-4cc9-812e-7e20ac78adc0","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":89,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"1645997d-1068-4b32-8ce1-271675ac68e2","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":89,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"6a23ee4d-3c05-442c-9699-554f981d5f0e","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":89,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"33b9d9b3-fde5-4925-a73f-a68fc82fca8f","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":89,"box":{"x":69,"y":823,"width":826,"height":12}},{"id":"e17fd30b-fa6f-46b2-80ea-fdd74f005ba4","block_type":"box","text":"typically the case for investment managers.","page_number":89,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"46d29ef4-f9a8-41c5-86c2-4a388bdbeff8","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":89,"box":{"x":101,"y":861,"width":806,"height":11}},{"id":"e02e28fb-d1a2-4905-b0ad-039e2a0e82af","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":89,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"3d04a0af-189b-4801-a25e-3af8fa9c63bd","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":89,"box":{"x":70,"y":891,"width":777,"height":12}},{"id":"e4a781e1-f9fd-4e26-83b3-73abd381fc9a","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":89,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"77c1a9f1-85b3-48a4-bc9d-bcba3ab26088","block_type":"box","text":"II-39","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f3293fe-9408-44c0-8543-e70747ebaa59","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ba6605e-4607-48af-a728-6f427fe3432b","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":90,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"a9834007-1a05-4c97-8ed3-f798180ac480","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":90,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"194d7d4c-727e-47c0-a6c2-0d561653bb91","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":90,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"aa81f97f-a377-4d94-a13b-c53e9e00673e","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":90,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"0a4ef4bc-1a95-4be6-bc56-941c4c50246f","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":90,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"63165312-0914-47fa-a4b6-4f3abe2e3c1a","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":90,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"54fbf510-2522-45cc-84bf-fc98231f9df2","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":90,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"172a0f40-bda5-4c9d-9897-db3209548ca4","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":90,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"26f45052-3c53-4ca1-bdac-c8b454c83a40","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":90,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"088e9d97-8ab7-4723-983a-19e7603c69c3","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":90,"box":{"x":69,"y":181,"width":510,"height":11}},{"id":"5b196dd0-7b19-4e97-b613-3e1578d06389","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":90,"box":{"x":102,"y":203,"width":773,"height":12}},{"id":"bffe2388-0b8e-4f11-96c9-9ce8abbdfb8f","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":90,"box":{"x":69,"y":218,"width":820,"height":12}},{"id":"c991cd3e-fa4e-4911-a89f-a450a8f894c5","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":90,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"c22b8741-bbe2-40e9-bec6-de3186fc6eaf","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":90,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"9603ea95-0338-4ee1-ae1a-ef77267900fe","block_type":"box","text":"will be indirectly subject to those risks.","page_number":90,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"d09a3c86-ebd7-44a4-8a82-3bf50db4377b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":90,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"19f85279-a17f-4924-96a7-2d1b600b0a27","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":90,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"5d2fecf3-dff8-44bd-9305-bc0bc3519803","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":90,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"b0019ac2-97b3-465c-955c-784a8fbd007a","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":90,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"f7459276-423a-4526-8dda-a22351f8f388","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":90,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"a895e36d-0976-4c30-b4c3-7ac16c08cab3","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":90,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"f0d346d7-2a0a-4c39-9c01-6c9daa5601cb","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":90,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"491b205a-aeca-446f-801d-c4eecedf216a","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":90,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"5972f025-c91d-480b-bfdf-9ac78fff1c34","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":90,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"109fc5da-2351-4ba6-8237-c87615ce3611","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":90,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"12a295ed-8f7a-4279-b63c-c5038b7d3130","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":90,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"10d82e04-89f5-48ff-bbef-cecd6d772015","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":90,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"c850e7e3-c3e9-4251-bc73-840c868f0285","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":90,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"6ceafe2a-9ae6-496f-bb57-a2b59073cf9b","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":90,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"b66daadd-b846-4d94-a00e-32f4eb3cb11c","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":90,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"612f4c9e-d26d-4de9-b500-e23686e28a74","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":90,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"ca450ee0-ee19-4085-bfb9-a97293b3fa0f","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":90,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"f0050139-7a5e-4898-a70b-215541550e3a","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":90,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"106a7c8f-ee5c-4d8d-80cd-37abbd53b50c","block_type":"box","text":"impact on a Fund’s investments.","page_number":90,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"df450f74-e17b-4407-a4ed-0d21c4dc114d","block_type":"box","text":"Brady Bonds.","page_number":90,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"39cc55d7-8f49-49c7-984a-5642b3091f17","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":90,"box":{"x":201,"y":566,"width":689,"height":11}},{"id":"69ea5490-801d-4cc8-9c54-82cf3c478820","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":90,"box":{"x":69,"y":581,"width":815,"height":12}},{"id":"d75b70ae-5528-42ec-9876-f7585ac92f71","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":90,"box":{"x":69,"y":596,"width":766,"height":12}},{"id":"34487575-ff4a-4a3d-92fc-91a1632a4b87","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":90,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"f3979c22-f97f-40dc-8b60-d37bde858999","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":90,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"c60b0c05-cf5f-4263-af48-eaec41981ad6","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":90,"box":{"x":69,"y":642,"width":839,"height":11}},{"id":"960fbb47-adec-4676-a4ac-9e74b152aba3","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":90,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"57258fcf-acf0-451e-9e11-e3179e00c227","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":90,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"222cf355-b169-46cd-bd9e-10fb5f88f02b","block_type":"box","text":"Venezuela.","page_number":90,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"ecc581d3-4feb-4095-a062-f099f6886a94","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":90,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"0b8090cb-baf0-4313-8f53-a43710c86238","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":90,"box":{"x":69,"y":725,"width":780,"height":11}},{"id":"264135ed-1f9b-4e5d-9a51-c5bff7166b50","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":90,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"91a768d5-ec67-41f7-9c28-0220c643b817","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":90,"box":{"x":69,"y":755,"width":796,"height":11}},{"id":"7a81eeed-9eeb-4779-894e-93b3f8320e4f","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":90,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"61d333d9-ee7e-4717-9383-73a4cce64036","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":90,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"8d735774-5fd4-4e25-95ff-e83822b80223","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":90,"box":{"x":68,"y":801,"width":833,"height":11}},{"id":"0c93aa1a-750b-41ff-b609-9fa1a356516e","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":90,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"7a7b6d30-04c4-4e36-bb53-90dc2e222b4b","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":90,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"9aa0fdc0-c451-4613-ac3f-caada54d79fa","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":90,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"23617d89-2f9d-4e2d-8cd4-ce83e71fe9e1","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":90,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"8ee69e7f-79e6-47d3-9744-a236d5275ea1","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":90,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"4db5b71e-f256-47b3-9dee-9311a2567baf","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":90,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"58cf3c0c-8d43-494c-8bef-2ca27bd3bd35","block_type":"box","text":"II-40","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d64773f-028c-41de-84e7-20d262a0dafa","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2015111a-748d-4a4a-a575-82f3c4b7364e","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":91,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"0c59081f-09df-4140-b7b4-952f15911074","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":91,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"ce0ba1a5-04cd-4401-a0cf-399da730703c","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":91,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"19a0cd45-0afa-4264-bd82-607ae6d4114c","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":91,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"77cff6d9-29d7-4ab8-a248-5953fa8e04c9","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":91,"box":{"x":68,"y":105,"width":841,"height":11}},{"id":"c1989323-6f32-406d-9190-1dce8f434d79","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":91,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"412adef7-26fc-440d-874c-5f5606a1ee22","block_type":"box","text":"China Investments Risk.","page_number":91,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"9094712d-e320-44d2-bdc1-10b553288a3f","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":91,"box":{"x":102,"y":166,"width":763,"height":11}},{"id":"5702140b-e3f0-4ced-a806-2355d0e81d4b","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":91,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"e6f110cd-7508-4369-ad62-88117876cf82","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":91,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"da11bf3a-c40b-4f82-8577-ba2f623e03ae","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":91,"box":{"x":69,"y":211,"width":809,"height":11}},{"id":"8fa0b33b-f55e-400e-a9a5-5be572d0b7d6","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":91,"box":{"x":69,"y":226,"width":713,"height":11}},{"id":"c6e7ae3b-9879-4fea-8883-5cb4fef6d9dd","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":91,"box":{"x":102,"y":249,"width":762,"height":11}},{"id":"ce4bea26-a76c-49fb-add9-ddab1d10b70b","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":91,"box":{"x":69,"y":264,"width":800,"height":11}},{"id":"65190a4a-3bb1-4d2e-9081-849b1a25e518","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":91,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"0aa280a3-c927-461a-ada9-f6541e242948","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":91,"box":{"x":68,"y":294,"width":777,"height":11}},{"id":"b2c7a552-ac0b-4b9f-8649-b0f1a818ee8b","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":91,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"56eadc32-0e66-431d-9992-eaf832a3ad1b","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":91,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"bbb49dd3-3702-4eab-b20c-b0e52b5208af","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":91,"box":{"x":70,"y":340,"width":770,"height":11}},{"id":"f171e9f1-b232-4e17-90ac-3aa54baa1485","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":91,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"214b4028-be2f-41c4-88f7-8ae74cd98827","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":91,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"502cb9e6-dcb3-4e88-af64-7dd2c064cdaf","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 certain","page_number":91,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"0f73bcf5-724b-4744-8cc1-d56feb747499","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":91,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"633a7e11-60ca-422f-8c8f-f56940db2e90","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":91,"box":{"x":69,"y":415,"width":769,"height":11}},{"id":"1695b321-e9da-4b0f-b022-565290578fe6","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":91,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"b67cb6dd-fe5b-4093-9a38-412fd12dc134","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":91,"box":{"x":68,"y":445,"width":810,"height":12}},{"id":"4c342fc2-1894-4ace-8ee5-de461d3ce915","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":91,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"52a7c149-958d-4dfa-a992-ffb6f0a28867","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":91,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"fb59a1c1-22d6-4e32-af74-31241d14fa65","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":91,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"3bab1278-3501-4829-ae2d-5e92e762aadb","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":91,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"beeb2803-b292-4135-9463-ae7a4927e623","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":91,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"81e9a1f8-f674-490f-8f35-92243d439de6","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":91,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"b8067344-8913-4072-abf5-74dcdeaf40fa","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":91,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"732992aa-6817-42f0-a0d9-0013e0b3c76c","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":91,"box":{"x":101,"y":574,"width":792,"height":11}},{"id":"129747ad-5263-4eef-ad0e-ff6520ff0339","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":91,"box":{"x":70,"y":589,"width":818,"height":11}},{"id":"b6dd7b5e-5e88-4c23-8915-19bb96ac4475","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":91,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"07cb7dc1-d5c6-4bc0-a96e-987125aaa64e","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":91,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"37c87f7a-c484-419c-8e66-aa3aafcb902a","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":91,"box":{"x":70,"y":634,"width":763,"height":11}},{"id":"80768907-8382-4d91-b64d-63507314a93a","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":91,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"81bb12e4-2604-496b-abca-8235608e300e","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":91,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"a0159a1a-4402-43e4-9a15-2274383dca23","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":91,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"d6e017ca-7baf-430e-a0aa-143cfa9bf0cd","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":91,"box":{"x":101,"y":702,"width":783,"height":12}},{"id":"6b9fc3bd-18bf-48ce-9943-b634edcef955","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":91,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"cb07061b-5bfd-4676-a8be-18a9f7de2e74","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":91,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"a4a3ad22-75a4-4bcf-8a05-b47cf27cee32","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":91,"box":{"x":70,"y":748,"width":821,"height":11}},{"id":"31108ce4-7948-4a5d-a5f9-223866a9f9ad","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":91,"box":{"x":69,"y":763,"width":683,"height":11}},{"id":"8ca122d3-91c3-4e93-9e65-9804ce0a53a3","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":91,"box":{"x":102,"y":785,"width":797,"height":12}},{"id":"3ee795d9-05cb-43ea-b49b-7e72a0e6c950","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":91,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"34f9fe40-83d8-4f08-9108-7f0045cab6f1","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":91,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"18266ad6-afe8-49f7-b076-54bf2a411961","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":91,"box":{"x":70,"y":831,"width":836,"height":11}},{"id":"7ef2e7ef-5d49-4213-9c1b-6d3027daa28b","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":91,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"4d97d681-31c9-469b-89c7-a7743647cb1f","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":91,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"9e3c09af-f3e6-4dfa-a28f-3d39cef5d4af","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":91,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"0f60822d-0a91-47cf-890a-8f67d0e1b5ab","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":91,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"afdba68a-ce22-468a-b395-9a11be6a2d74","block_type":"box","text":"II-41","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1409b013-019b-41dc-9dc7-84f74de41dcb","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17c2c760-a9e8-4f6d-aed6-192cd2bc5ca8","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":92,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"b844ab4e-7602-4e26-a260-4ade2897ab1a","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":92,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"917195ce-b8cd-4a4e-a29f-e68c7e5f1508","block_type":"box","text":"sub-custodian.","page_number":92,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"799f32db-23aa-4b4d-bc1d-5d1e1bd3eb98","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":92,"box":{"x":101,"y":98,"width":801,"height":11}},{"id":"6e017165-fb0f-4e13-8fed-a9a791eb5f0c","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":92,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"b0eff188-977f-4ea0-80d8-0d193cabeb5e","block_type":"box","text":"on investor protection considerations.","page_number":92,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"399bea74-d08e-42a3-a8a8-18d680fa770f","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":92,"box":{"x":101,"y":151,"width":806,"height":11}},{"id":"d7ecbcc4-97a1-4bea-b04a-3b8253ac0cd5","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":92,"box":{"x":70,"y":166,"width":829,"height":11}},{"id":"68a9062d-da8e-4d46-aab7-d8349160ba0d","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":92,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"2406226f-93a9-43b5-a0f6-faf7405f1a19","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":92,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"f539fa20-dfe8-472f-837e-46704a7ae41e","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":92,"box":{"x":68,"y":211,"width":774,"height":11}},{"id":"5d284451-9a90-431a-a7a8-a39adf5bbd0b","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":92,"box":{"x":69,"y":226,"width":760,"height":11}},{"id":"0ac39870-377a-43a9-a388-0ce89035793f","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":92,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"97fabec3-178b-4426-aef9-2c638695c4ca","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":92,"box":{"x":70,"y":256,"width":822,"height":12}},{"id":"e8b3e256-60b0-4f63-b782-9b8a485ee4ec","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":92,"box":{"x":70,"y":271,"width":821,"height":12}},{"id":"451b8c6d-72be-4db3-ae4b-2cabec65721d","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":92,"box":{"x":70,"y":287,"width":820,"height":11}},{"id":"a5d7f785-7868-459b-9cdf-1eb803c4cb88","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":92,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"6dd2fce2-3377-4fc6-bb23-172902af17b2","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":92,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"563f53bf-9862-4b11-8d21-b9b921399f5c","block_type":"box","text":"accounting firm.","page_number":92,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"af1fca96-c5d5-43c8-bd80-8578c34d5a45","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":92,"box":{"x":101,"y":355,"width":780,"height":11}},{"id":"53e7b23a-1e63-4bad-b603-553ebca2f305","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":92,"box":{"x":70,"y":370,"width":815,"height":11}},{"id":"c3a80fc0-1c76-4370-a935-d08c4b06fb52","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":92,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"006254cd-d97c-49c1-91b1-f22d720b730f","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":92,"box":{"x":69,"y":400,"width":787,"height":11}},{"id":"9b95a4e9-4261-4564-aeef-5dec9cda4ec5","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":92,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"248e8dcf-07d4-4443-a19f-ce9c10b754ed","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":92,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"a98e3cbc-f5ac-42e7-8574-8a8268f705af","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":92,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"4bfdca32-d6a2-40f5-a8d4-d452d3400b96","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":92,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"a7ec1404-9eef-472f-955b-9ad9ea3ab0a7","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":92,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"864d1d5a-221c-4b7f-98ee-6a745f345f4e","block_type":"box","text":"RMB (“CNH”).","page_number":92,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"f859d2ee-50bb-4a0a-bd6c-1a2a11718d13","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":92,"box":{"x":102,"y":513,"width":802,"height":12}},{"id":"2eb09d77-8845-43bd-aa72-b933fce340d6","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":92,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"3689b1cf-4491-4b2c-bbb6-da806f2e6603","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":92,"box":{"x":70,"y":544,"width":822,"height":11}},{"id":"18deae65-b3c7-4490-b6c8-d14a57f44cfd","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":92,"box":{"x":70,"y":559,"width":775,"height":11}},{"id":"21aa28de-eb5c-4394-b445-e75f53126c71","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":92,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"c988bf69-60b2-44af-b53e-220feb1e7ea5","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":92,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"c4247559-76d6-4fe6-a16a-ae7309e89391","block_type":"box","text":"represent equity ownership in the operating company.","page_number":92,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"6e305eac-610b-4833-b360-d553c7330712","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":92,"box":{"x":101,"y":627,"width":801,"height":11}},{"id":"e35c6d8d-e6f3-4495-a38c-a249119be584","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":92,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"dac4cbca-1431-481e-a3d8-885f835409a6","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":92,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"d237dba2-e33a-40be-af2e-ca6216586c30","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":92,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"41265ca7-e26a-42f5-bae4-40fff1c5c626","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":92,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"e2b88dbe-eed2-43ef-8705-6a566e379626","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":92,"box":{"x":69,"y":702,"width":770,"height":12}},{"id":"e88560ec-671a-460c-b866-aae51ef64285","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":92,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"696b81b3-743e-4008-adc6-45673094919d","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":92,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"871c6a65-e988-48e1-be30-4077566f6bb0","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":92,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"80719f41-9184-48b3-9060-4172f1fa61e9","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":92,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"d77147e0-96eb-4f46-bd6e-80c775428c97","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":92,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"5e686794-dc8d-4ff7-8462-ad088e173cd0","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":92,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"2172c589-1015-4b64-98db-694f888c24de","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":92,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"cd57f417-9a9b-457c-a720-0aa7776a00ef","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":92,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"b8f6c3aa-48ed-4ab5-95c6-8cae076fa5eb","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":92,"box":{"x":70,"y":838,"width":833,"height":12}},{"id":"0220b7c7-42db-443e-ba7d-844823c95b17","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":92,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"0cd875cf-493a-4c87-8d00-b8ced0b8ad71","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":92,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"3cf5e99c-5326-4503-b336-0ca5771f7232","block_type":"box","text":"losses to a Fund.","page_number":92,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"91e5a87e-d08f-4aad-92f9-f7bffe6d36ee","block_type":"box","text":"II-42","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cff0e4ca-025c-4426-a14f-11599021a690","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94b502f7-12be-43d2-aff8-46278c249f1c","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":93,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"e25cfa83-7246-44d8-b6ec-d1638703dbbf","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":93,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"895be203-4a17-4e36-9af1-155a90d00f5f","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":93,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"af1dc43c-b4e8-40a3-a8fb-2d599675bab9","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":93,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"83bb5553-fe81-4c55-9768-93045352e18f","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":93,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"fd4e3b3f-fb3c-4f05-b86b-0e2190090df5","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":93,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"135b07e3-c849-4b93-b8b4-05c815268376","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":93,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"90a6ebe3-786c-42c6-83be-b27bd792e49b","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":93,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"c4a4146a-093d-48f4-8b5c-7e51c5526bca","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":93,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"72c5fb6d-c3dd-4b24-852a-305e4933ef9d","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":93,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"087d4274-2b88-4c2a-9ea3-cbd8d4013706","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":93,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"7b1c0a1c-546b-4892-814d-910a8a3e8b57","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":93,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"16de1e86-75b3-416f-95c3-cb96edaefcec","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":93,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"498980bf-7ba8-4534-9dbd-8f359e919ce5","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":93,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"cdc9acf7-1402-4756-9083-f1985c9625ee","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":93,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"06b021c4-1585-4a61-81aa-ca9d3dc413c6","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":93,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"4dc44626-a609-4318-a66f-1c7d03ae98be","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":93,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"26641866-4d6f-4dac-90eb-a87417ca4cc6","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":93,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"d11ba7b4-d799-4e90-890e-969e9d25c7de","block_type":"box","text":"such companies.","page_number":93,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"3b398842-c964-49e2-8484-192d1e40443d","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":93,"box":{"x":101,"y":339,"width":792,"height":12}},{"id":"eb47032f-c92f-479c-a0e7-de5d5916d3e1","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":93,"box":{"x":69,"y":355,"width":840,"height":11}},{"id":"65b3be70-afc3-4804-a0a8-6cb2990c3a2c","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":93,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"91900671-0d1d-46c9-9601-9ff0d8240aff","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":93,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"45468486-35b3-47d0-b3e0-2ba9b3e2c423","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":93,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"48c0a4a8-7e55-41b0-a183-2ccd8826f405","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":93,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"6132af43-1742-4c8f-b336-92b2a347b963","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":93,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"d3d94460-0f10-46e8-a69d-6dc864ebd7f6","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":93,"box":{"x":68,"y":445,"width":773,"height":12}},{"id":"e8ae0aeb-3597-452f-b072-64513a0572ee","block_type":"box","text":"standards.","page_number":93,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"cccebf3d-08d8-4d36-a3f5-08c88c608f28","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":93,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"fa0a2f9f-4467-425c-a1db-5885a3593a50","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":93,"box":{"x":69,"y":498,"width":792,"height":11}},{"id":"424704c9-258e-49da-89fe-30038c87f31a","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":93,"box":{"x":69,"y":513,"width":803,"height":11}},{"id":"2f3f9b0c-3e60-4d87-971c-2f6a89246b65","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":93,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"73b23e66-1c0e-48f5-a34a-097cd3cdb54e","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":93,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"a96ff6cd-3b1c-4991-89aa-f3a8662d6c05","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":93,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"2702e317-2fa3-4c8b-93ad-cc0df8a866f3","block_type":"box","text":"General","page_number":93,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"a79f2de2-1789-42ee-a7b2-f0a1078218b9","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":93,"box":{"x":158,"y":589,"width":704,"height":11}},{"id":"92ba4538-465f-4b95-adcc-f0cedc2f71a1","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":93,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"50af4557-1f24-4882-bef1-ada5da969161","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":93,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"9d308d5f-afb1-41d4-a047-96d8426f9889","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":93,"box":{"x":68,"y":634,"width":833,"height":12}},{"id":"09f5894c-c528-4f52-a2c9-591a0c13ea68","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":93,"box":{"x":69,"y":649,"width":744,"height":12}},{"id":"d495bb0e-36ee-47fa-bc74-ab950b4f8018","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":93,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"06b87d32-2429-4006-80ce-d83ef91f8e51","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":93,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"00bd408f-03f3-4639-b95c-0e1916cd3c94","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":93,"box":{"x":70,"y":702,"width":834,"height":12}},{"id":"44775066-e9bd-430b-af95-ab64c4bbd4a6","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":93,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"5c9a3155-09de-4ec1-a682-3f113a6945e2","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":93,"box":{"x":70,"y":733,"width":819,"height":11}},{"id":"d1d9d280-340b-44f4-9bdd-e21d6139e3e6","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":93,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"b0899982-bb9e-4aeb-9f02-441490348f93","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":93,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"9eaf3625-1bde-4572-9477-bc02c7f75c23","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":93,"box":{"x":68,"y":778,"width":824,"height":11}},{"id":"5c3b1e31-0521-4e4c-b77d-fd032a5e6503","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":93,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"b9139363-2329-4033-9ab0-f59a38659fd9","block_type":"box","text":"company established by SEHK.","page_number":93,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"bee45912-d853-4b1d-959a-b8cb5a62819b","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":93,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"f85c1aff-b505-48e3-9cb6-a5aadcaeaf97","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":93,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"c2b1bd94-85a4-47c3-8092-9df7b0f9d636","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":93,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"64119893-6940-4832-8754-d5573cda4da0","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":93,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"c43e905c-4ced-4d72-9a6a-4b02c2ccca32","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":93,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"07fc13e3-40ff-4845-abcc-54f50d78886f","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":93,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"3ff88c10-0357-4547-94f4-811fe558ec77","block_type":"box","text":"II-43","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82c5e4bb-d516-4126-9dbd-446efc74dec8","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"100b54b1-4c06-4213-99a3-e3b28001486d","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":94,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"2b8ed82c-6443-48e9-98e4-cd6808613b78","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":94,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"caa4dd94-55ba-4a78-8c2a-25d504616204","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":94,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"ef188165-0ca1-4543-9ceb-2e20616ba10a","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":94,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"18ed5121-e7ef-494d-b134-a0ed0aaa870c","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":94,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"fc5fcd9c-155e-41aa-b35e-a7b0bdb86fd9","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":94,"box":{"x":69,"y":120,"width":820,"height":11}},{"id":"68114382-5ee1-4fdc-806f-a1b500c90230","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":94,"box":{"x":69,"y":135,"width":820,"height":12}},{"id":"e64d6b37-46e9-406f-be9e-f6a158b81b04","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":94,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"3a3a38b6-9c3b-4eca-bdd2-2146c195f8b3","block_type":"box","text":"i.e.","page_number":94,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"ff76c347-4b07-455a-90c6-4ca818dc5d12","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":94,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"607d5274-d400-455f-8d04-5531b7ed6d34","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":94,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"8a7e9bd2-6957-4524-834f-d1ee00528e15","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":94,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"810437f7-56e5-438e-b7ab-a84ea7ab9eee","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":94,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"cd2cee19-3610-413a-aa54-b9bd62238ed7","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":94,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"ce7ce75d-1348-40a6-99b6-4c3682acc49a","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":94,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"736a47d9-eafd-405e-ba00-61bc1058838e","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":94,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"3ccd47a6-2f4e-404d-9fb6-bc6f8a1eeafa","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":94,"box":{"x":68,"y":256,"width":820,"height":11}},{"id":"547b95e3-218a-449c-84b4-a480272f6202","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":94,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"eaf2f48c-6411-4369-bd48-fa96407faa15","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":94,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"c61e69c4-e9b0-48e6-bd7d-1505a006648f","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":94,"box":{"x":68,"y":302,"width":815,"height":11}},{"id":"bf5a05a7-b938-4f0b-a61c-fea082d362d2","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":94,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"02fe2740-e2f0-406e-a90d-d8fd92822613","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":94,"box":{"x":70,"y":332,"width":777,"height":11}},{"id":"a3464132-981a-4e11-9ad2-4a460d1dbce1","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":94,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"4b2205df-cd29-4ba9-9d91-859de5a67f53","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":94,"box":{"x":102,"y":370,"width":802,"height":11}},{"id":"5b62e7e1-5a77-4a39-a0f6-3bb3e4ba254f","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":94,"box":{"x":69,"y":385,"width":784,"height":11}},{"id":"e97c1cf8-06e8-4cbc-9444-62b43e44ba51","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":94,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"85656960-2fa2-4d09-a045-531b3634be97","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":94,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"f3f5b41a-bc5e-425a-82f0-1b384b007c4c","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":94,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"c0e5fcde-c7a4-494f-ab79-857b11448f62","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":94,"box":{"x":69,"y":445,"width":805,"height":12}},{"id":"1e19231d-e016-4e09-989a-d7a8c4ccfa52","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":94,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"9c5ac0ed-6c88-4edb-9fef-a2d3768da13a","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":94,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"5660b5b1-3233-44d7-9ea4-2131b1b9eaaf","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":94,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"04896ca2-2432-4d8e-9258-14dd48b890d8","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":94,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"ebc51f1e-1bd8-43fb-9f96-d234bdbf7dcd","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":94,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"b33330ae-bc40-4d5d-825a-075139347da1","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":94,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"aff84a8c-34cf-4284-a811-ac75a0a4ba16","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":94,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"66662ab7-8b1a-4b77-8a7d-6dd50052e3d2","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":94,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"14177015-6d9c-40b0-a40e-9935fd37ee95","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":94,"box":{"x":69,"y":582,"width":811,"height":11}},{"id":"b4fcb7e2-e4b7-4166-9457-6d9d8d059f3d","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":94,"box":{"x":70,"y":596,"width":783,"height":12}},{"id":"d9012dfd-6ce9-4897-9703-2ee6cfd0d1f5","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":94,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"6edff272-f689-41ef-9f23-6affbb4f2797","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":94,"box":{"x":69,"y":627,"width":752,"height":11}},{"id":"6e35de1b-1a41-4e47-bd0a-aab6330fa86d","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":94,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"c9795489-4866-4276-b5f1-0329bfe45963","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":94,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"c35360b9-898c-4fd2-9651-1f800dd15cca","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":94,"box":{"x":68,"y":680,"width":769,"height":11}},{"id":"f8db6681-2e3f-49e7-8d04-de07d7a5433a","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":94,"box":{"x":70,"y":695,"width":809,"height":11}},{"id":"08151614-19d4-4bd9-a2d4-5be08add586c","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":94,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"161c73a9-3d7f-46fb-a24c-6d823f9e87dc","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":94,"box":{"x":68,"y":725,"width":822,"height":11}},{"id":"0f3ccdf7-30f9-450e-ac46-082412bf31f2","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":94,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"ecb5f027-6e2f-47fa-a9d9-74752c26e1e5","block_type":"box","text":"PRC.","page_number":94,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"dae0713c-867e-45e0-9224-344dc8d35d55","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":94,"box":{"x":102,"y":778,"width":796,"height":11}},{"id":"a9af1564-bc30-4bbf-8923-153c0340f878","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":94,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"6dc3ed77-e07c-426d-a150-02de019b46d5","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":94,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"f879c691-2f04-42c3-a8e1-5471181a5eaf","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":94,"box":{"x":68,"y":823,"width":818,"height":12}},{"id":"7ef643c7-046d-4bed-8053-a78adce07503","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":94,"box":{"x":70,"y":838,"width":813,"height":11}},{"id":"3ff6d7cb-3b2a-49da-b017-f8b21d40f531","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":94,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"732d679a-b7c3-4198-9985-51e126ca911b","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":94,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"610379f6-4fc5-4817-b2c9-98b471691382","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":94,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"ace1039a-318a-4b92-bf6a-1463d3d1e120","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":94,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"0e21f21d-58de-440e-a518-0058f57d704e","block_type":"box","text":"II-44","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26d6ffff-1eb2-426e-b801-4a20a5be3226","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0c09f5c-d46f-4c93-9b46-b984f4847e78","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":95,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"c8e6c135-ee30-4538-868b-5576b8a9a0a5","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":95,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"a26f0929-1e1c-4109-8655-a7ddfcdd3955","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":95,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"8f803311-152c-4282-9fc0-dd967a2a70fb","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":95,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"b1770aed-b1aa-4cfb-b485-3fac5ce86723","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":95,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"c7ba2889-c8b5-4e98-9d64-53ef3f670127","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":95,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"1954d66e-4946-4829-ad14-550bfbd3c785","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":95,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"93818d33-fede-499d-8930-b27488dbbb57","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":95,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"d4bba05e-fd25-41cb-87da-79895f35d034","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":95,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"3f2e0391-b518-4552-815b-16a7844e6b40","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":95,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"7240f023-78e9-4bfa-bbd2-3b27fed9441f","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":95,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"f602e7ff-772e-46eb-9a1e-726cf13738eb","block_type":"box","text":"Suspension Risk.","page_number":95,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"4c2e3374-a1f6-44b9-91e8-bdcac80d7fed","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":95,"box":{"x":231,"y":218,"width":675,"height":12}},{"id":"af6fff23-3118-41d8-bae1-727b3dc89d54","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":95,"box":{"x":68,"y":234,"width":829,"height":11}},{"id":"97ca02ef-7858-4315-bb9f-0f5370bc83b5","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":95,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"86e9d476-4182-4a97-bb90-9ae26046841b","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":95,"box":{"x":68,"y":264,"width":831,"height":11}},{"id":"2e4e3d6f-2ba1-40fb-a279-b702dd6885e9","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":95,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"a01b1aac-55a8-4db9-99b0-481061294215","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":95,"box":{"x":68,"y":294,"width":791,"height":11}},{"id":"266ffa61-ecb9-4a68-b135-00c950be4994","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":95,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"13255fd8-8a56-4363-b626-bfe7d5207d2e","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":95,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"cd087497-6e6f-4bcb-9b83-e72c7e74d62a","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":95,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"da7116f7-d931-4a78-9507-5d48aeaf5e6a","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":95,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"9096ba5a-d2a3-4dec-ab3e-9d177176b3cd","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":95,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"88d414fe-e667-4129-a4fe-1fceb5343938","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":95,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"1d36fc91-648c-4e5d-b89a-488a35bc01c4","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":95,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"87fc4d18-c494-468d-8bbd-97838680e6bf","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":95,"box":{"x":69,"y":415,"width":563,"height":11}},{"id":"9c3927dc-dedf-44ee-a144-3638da6aee6f","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":95,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"c3a10a04-1293-41fa-8201-8f0cf5f4b199","block_type":"box","text":"A Fund may invest directly in the","page_number":95,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"23fd930c-c160-4c27-afab-03439989a73b","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":95,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"d7c683d7-62ee-43fc-8979-57d05f8ca7a9","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":95,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"b649521d-6b9e-4c87-8551-f52e305dfe5b","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":95,"box":{"x":69,"y":483,"width":803,"height":11}},{"id":"8d84e138-3f13-436f-990b-60407e50e817","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":95,"box":{"x":70,"y":498,"width":832,"height":11}},{"id":"75ea2d06-62ba-445a-b698-478cdf78d1ba","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":95,"box":{"x":70,"y":513,"width":821,"height":12}},{"id":"2704ce17-7fe9-4565-9198-eb7fe55d1ecf","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":95,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"e604cea8-d168-415a-922e-7db8a4bc846c","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":95,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"0a361164-1352-47bc-af24-fa55ab7d6da0","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":95,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"a6f55a92-f169-4545-8e0c-5ed98ca4aa94","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":95,"box":{"x":68,"y":574,"width":786,"height":11}},{"id":"eace71b5-4cca-45db-b56f-1da53fcdf56a","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":95,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"dd3f46fb-8966-4ed2-8bae-5ec0ee0cfe02","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":95,"box":{"x":68,"y":604,"width":788,"height":11}},{"id":"f3ca08fe-d320-4277-9638-af1390d3be04","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":95,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"4ded4285-8a14-4895-a295-b575f583f30a","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":95,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"57b84956-1b9e-4106-a011-105c1cec24ae","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":95,"box":{"x":101,"y":657,"width":773,"height":11}},{"id":"01c7a466-aa6c-44ac-a612-f8e68fa818e2","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":95,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"f0e86c0d-5087-4bd2-a923-5ec809c4c498","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":95,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"151c5f45-9851-46ac-9d02-12ef1a4c2cec","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":95,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"425a10b8-739c-432b-acc3-23167c8699e6","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":95,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"56cd84ad-251f-47f1-a033-5c1e8ebc035a","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":95,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"80f2951c-fa6d-4a75-a235-17630d826f32","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":95,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"745022c9-41b0-4040-89ff-c8f078f71b4c","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":95,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"e7e203a8-401a-4f2f-bc50-92355ca2b759","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":95,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"c0abfed2-b5d3-407a-baac-ca834d3ce8f5","block_type":"box","text":"i.e.","page_number":95,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"4ba69b80-2173-4beb-a84c-680a6ee2b158","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":95,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"aa7eb221-8a8d-4824-a91f-266c74793c4e","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":95,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"1a2462d3-2e37-4d8f-b83e-e36253ffba14","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":95,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"d9304717-0e0c-4348-9da5-1243549dec4b","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":95,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"7bf17b32-4a46-4195-8fac-7dd1379d9505","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":95,"box":{"x":68,"y":838,"width":822,"height":12}},{"id":"c4c9f48e-d1bb-4a87-b8c1-f6ee02d17a6e","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":95,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"b6878e6d-974f-465a-b9c7-3c32fa8860b5","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":95,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"195b42d6-c821-4e50-b311-94c3a2dbd495","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":95,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"a6d3970c-1416-4eb0-ac9c-0f2d47943147","block_type":"box","text":"parties.","page_number":95,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"18b86aeb-e69f-462d-a781-14061e86e302","block_type":"box","text":"II-45","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0aa9f33e-c513-4567-8b64-6d00b84cce16","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0abfbd58-0d35-4b6c-aa4f-099e75ed805a","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":96,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"d1b08c71-a739-48c7-99f7-522860679432","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":96,"box":{"x":70,"y":60,"width":785,"height":11}},{"id":"eb52a338-068b-4180-9693-d5fcd11bd8c7","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":96,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"8003bcf2-f57c-43ff-948d-3ed1f53171af","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":96,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"92299d11-6bb8-45dc-b7b6-1a0841864ff3","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":96,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"37af1c10-e29b-46be-ba36-eb54c3ce7591","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":96,"box":{"x":102,"y":128,"width":793,"height":11}},{"id":"617c2afa-087c-402a-a34c-6800486c507b","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":96,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"69e8bd53-b07b-45d9-b8f7-26006bb9affb","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":96,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"949d0d88-5d75-49f6-beab-0a4ccdfb6cf6","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":96,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"dbed6bd2-a828-499e-b1fe-b843a2e7692c","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":96,"box":{"x":68,"y":188,"width":798,"height":11}},{"id":"c6c70897-c1de-41ae-b3d5-28afd139b191","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":96,"box":{"x":70,"y":203,"width":556,"height":12}},{"id":"f694e658-e976-4237-80e3-9c99e63dcdb8","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":96,"box":{"x":102,"y":226,"width":762,"height":11}},{"id":"8fe4be60-b94e-4485-85f7-6b5b9eb8616b","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":96,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"01b437c7-3100-4e5c-b542-26a5bfe32142","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":96,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"f4613adf-2821-4bf8-99fc-6af32279c8fe","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":96,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"aad8b6f3-ab36-4a9b-b4c1-36ca99027ef1","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":96,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"5b1b2bd8-f292-49e2-991c-ed314f9c4ec0","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":96,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"010cb31b-f27c-4b23-8cbd-6f29f0b12af5","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":96,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"350c3b5d-c60e-4b3a-98e4-eb9140a718db","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":96,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"5c0f8f11-37ab-4ee5-9fd7-4f892b05c8ea","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":96,"box":{"x":69,"y":347,"width":789,"height":11}},{"id":"e3c6ea16-64a4-4827-b94f-a116dc9be5e8","block_type":"box","text":"performance.","page_number":96,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"7d3a121f-b463-49a1-9709-950d74bc0292","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":96,"box":{"x":101,"y":385,"width":803,"height":11}},{"id":"623b53a9-7b85-47bc-9524-1a69d2e6c701","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":96,"box":{"x":68,"y":400,"width":776,"height":11}},{"id":"a402c8c0-d837-42ee-938b-71762f38e2c2","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":96,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"97ad7b5d-1923-4770-83d2-786a5cb8fd1d","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":96,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"4d8ccf47-5904-4ee9-9900-35f963bbb7e6","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":96,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"41c495b1-2663-4895-bf61-94c32e739d16","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":96,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"5cc1cca6-02b4-4efe-acae-3c460a6f311e","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":96,"box":{"x":102,"y":483,"width":755,"height":11}},{"id":"f3f1ccec-0168-408b-b763-8743ac3b1bb7","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":96,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"45ea1988-0860-473b-932b-6860007cff4a","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":96,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"7b605445-7a72-425c-9740-9ad689706a0f","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":96,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"7c8b539d-266f-4fab-b9c4-ae95cca24b26","block_type":"box","text":".","page_number":96,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"d274845c-a439-47b1-ba25-1ab2d9728b08","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":96,"box":{"x":101,"y":559,"width":758,"height":11}},{"id":"b00aee5f-497a-46ff-b7e0-36c833d58eb9","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":96,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"874fe8a9-c3c0-4546-a3a2-2e5efd3f8d31","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":96,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"b88f12ca-65cd-45be-8007-13d62dcc6b4d","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":96,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"fc73b274-af39-414c-9fac-947021f209f8","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":627,"width":697,"height":11}},{"id":"4b6cd83e-5fee-49df-85fa-fa56bd3c3f25","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":96,"box":{"x":102,"y":649,"width":803,"height":12}},{"id":"580b7893-7909-4a3e-95ba-12f00a28054f","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":96,"box":{"x":68,"y":665,"width":822,"height":11}},{"id":"6fae24dd-2518-4240-8b64-568f623e9e0d","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":96,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"2df3dc84-3e4c-463c-a73f-42b185d7ab83","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":96,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"dd3a7e24-0e4b-4c40-972e-585b7bb0cbf8","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":96,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"65956ad3-136a-49c2-a9d5-f283581c390d","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":96,"box":{"x":68,"y":725,"width":783,"height":11}},{"id":"17fea3c6-6395-4ace-b943-6c58a1bb9b7d","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":96,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"f28e73ec-e056-4193-a827-8ef68d9fe511","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":96,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"dce465b9-8519-4385-af6b-228e3e70741e","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":96,"box":{"x":68,"y":770,"width":818,"height":11}},{"id":"f02aa2fe-c7df-463c-9e34-06bec5a24c89","block_type":"box","text":"without notice.","page_number":96,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"e7b0a8e0-7bd8-4727-b689-679644294f64","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":808,"width":759,"height":11}},{"id":"49117ed7-8653-4f0f-9c51-31dedd727766","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":96,"box":{"x":70,"y":823,"width":827,"height":12}},{"id":"923c4a38-2a9c-4985-b0cc-8e6b0f39a991","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":96,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"61cf5f2f-8a52-49ec-984f-376f7fa19d22","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":96,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"d14c7974-2f0d-4937-bcaf-e4833256158b","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":96,"box":{"x":69,"y":869,"width":473,"height":11}},{"id":"5a6969d4-2d5a-4435-84ca-3bf4df6b40dd","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":96,"box":{"x":103,"y":891,"width":225,"height":11}},{"id":"0b797f09-21cc-4b38-905c-b8e39cff0278","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":96,"box":{"x":333,"y":891,"width":569,"height":12}},{"id":"655af766-e83f-4dc1-b88e-f562c0e03546","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":96,"box":{"x":69,"y":906,"width":528,"height":12}},{"id":"5ebc9b92-060a-4e1d-acda-f19542cf1f17","block_type":"box","text":"II-46","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4e58e5d-d46e-4e62-accf-928007060bbc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99258b6d-2820-4b06-8ec0-02e48f8c385f","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":97,"box":{"x":101,"y":45,"width":697,"height":11}},{"id":"ad28a715-ebe4-4d8d-aad8-28f959bd091b","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":97,"box":{"x":101,"y":67,"width":789,"height":12}},{"id":"d2d9a5e3-5bbf-4aa4-ba15-0eb94dced6ba","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":97,"box":{"x":69,"y":83,"width":565,"height":8}},{"id":"1b4d8431-ba96-4c05-8a18-fa493289bd74","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":97,"box":{"x":102,"y":105,"width":749,"height":11}},{"id":"b2bdafb3-efc8-4b99-a0c8-af1e1b1461c1","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":97,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"3982dcf2-5172-436e-b459-c082e45b195d","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":97,"box":{"x":69,"y":135,"width":840,"height":11}},{"id":"a74eb889-5fb5-44ed-b0fe-e7623922dc5b","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":97,"box":{"x":70,"y":150,"width":766,"height":12}},{"id":"dca794d8-c219-43b0-a736-2a0aab52e7a9","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":97,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"e4b4b444-44ba-4898-8fb9-bc66120642c0","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":97,"box":{"x":70,"y":181,"width":772,"height":11}},{"id":"8cd19cee-f846-4518-a084-efb180b6de72","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":97,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"d11bc96b-1c85-4629-9de1-b639c0ab3bbb","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":97,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"b24d4600-c71a-4b87-9957-6c398e01ce93","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":97,"box":{"x":70,"y":226,"width":820,"height":11}},{"id":"ced1a48d-5d1f-46bc-9599-736ecc9163c0","block_type":"box","text":"issued before August 8, 2025.","page_number":97,"box":{"x":70,"y":241,"width":216,"height":11}},{"id":"c5f86876-4fe7-4c64-8e81-7956d40948dc","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":97,"box":{"x":101,"y":264,"width":801,"height":11}},{"id":"4a6a8af0-d397-44b4-878e-589389744fd2","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":97,"box":{"x":68,"y":279,"width":821,"height":11}},{"id":"baf67107-6d73-4d35-93e2-e08937852540","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":97,"box":{"x":68,"y":294,"width":808,"height":11}},{"id":"60797434-ab6a-4983-871f-90d70f1ae50d","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":97,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"f78db160-5378-428b-9487-ba725cca6a54","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":97,"box":{"x":68,"y":325,"width":829,"height":10}},{"id":"91fc2c92-4ea2-452c-b168-089cc15ce74a","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":97,"box":{"x":69,"y":340,"width":819,"height":11}},{"id":"cab369b1-0b0b-454c-8736-be1ad188046d","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":97,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"a32ef379-d562-4030-8a0e-a52917bd31aa","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":97,"box":{"x":68,"y":370,"width":474,"height":11}},{"id":"91a78493-ba18-4b74-914f-2a7dca7d5913","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":97,"box":{"x":102,"y":392,"width":777,"height":12}},{"id":"5fda0313-77f3-4b77-a171-084716b335ba","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":97,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"cf6eb9b5-3ed9-4ea8-9306-cc96049b1a5e","block_type":"box","text":"the PRC in notifications.","page_number":97,"box":{"x":68,"y":423,"width":171,"height":9}},{"id":"31914bba-117b-417a-9838-883795faf55f","block_type":"box","text":"Investment in Other Investment Companies.","page_number":97,"box":{"x":102,"y":445,"width":320,"height":11}},{"id":"88c38df6-64c4-41e8-b7f5-cae81988d97c","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":97,"box":{"x":429,"y":446,"width":402,"height":10}},{"id":"6a27b5e0-2237-4363-b09b-6f17ea6e435c","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":97,"box":{"x":70,"y":460,"width":818,"height":12}},{"id":"fd8c04df-4e58-4497-a7fc-97dff0c660e3","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":97,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"ded95d51-8c6e-4fec-b8db-3afe6fddb6b2","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":97,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"c2ce554a-8d2a-4742-bdf9-6cebd662d883","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":97,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"799fa195-733b-44a3-9643-b1639ec6d209","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":97,"box":{"x":70,"y":521,"width":793,"height":11}},{"id":"4db86d16-1593-4d17-bc6d-517627aca137","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":97,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"348272db-ead5-4863-9521-28e3fd99d630","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":97,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"bf572b2f-5c4f-4387-9f43-e359d122067c","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":97,"box":{"x":68,"y":566,"width":812,"height":11}},{"id":"c47219fd-5b3e-49fe-8aa1-f256f400d542","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":97,"box":{"x":69,"y":581,"width":829,"height":12}},{"id":"e1c2a4c9-a5ec-443c-bb11-945cb9847e4a","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":97,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"1e5e1ba9-ba1d-42a8-85b5-ba4aaf4eeb33","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":97,"box":{"x":68,"y":612,"width":821,"height":11}},{"id":"78b74f00-a834-4019-9870-24559e463018","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":97,"box":{"x":69,"y":627,"width":817,"height":11}},{"id":"8dc78948-53eb-44f4-aadc-836de56eb818","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":97,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"b9699620-88ec-4cef-80fb-27d1a93570d5","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":97,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"440155a4-a34d-49f5-9f75-30b0230fefd3","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":97,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"3320e623-f3fd-49df-a026-ecafa68b6da8","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":97,"box":{"x":70,"y":687,"width":829,"height":11}},{"id":"840c3e5f-8f14-4efc-9697-e2684790a4cb","block_type":"box","text":"subject to certain conditions.","page_number":97,"box":{"x":69,"y":703,"width":206,"height":10}},{"id":"7a61a26f-9d23-469f-a8d5-8429aa31bd76","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":97,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"b7d8bd48-3bd8-4923-ab0c-24d7644497c5","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":97,"box":{"x":102,"y":748,"width":779,"height":11}},{"id":"5a72322a-4e5a-417f-910b-cb00275dae2d","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":97,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"d64d7d7e-4f3a-4096-ab3d-4f15d584f7c2","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":97,"box":{"x":69,"y":778,"width":836,"height":11}},{"id":"371f6bd4-7565-4be6-8283-1ff8a3ce8d6c","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":97,"box":{"x":68,"y":793,"width":839,"height":11}},{"id":"40502a67-5da7-4b76-87b2-beb8748e913d","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":97,"box":{"x":68,"y":808,"width":806,"height":11}},{"id":"0b220c4a-3ff4-4bf3-925b-304dc2726726","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":97,"box":{"x":68,"y":823,"width":810,"height":11}},{"id":"45a953a4-04b6-45cd-80d8-807868c634ec","block_type":"box","text":"loss.","page_number":97,"box":{"x":70,"y":839,"width":31,"height":8}},{"id":"0b81ef57-09f6-4c0d-be19-4132ffa99fb7","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":97,"box":{"x":102,"y":861,"width":758,"height":11}},{"id":"3fa26a3b-bddf-42b7-8be9-b6cad06c9922","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":97,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"020912e6-203d-4089-a0f5-a3416bf58f4c","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":97,"box":{"x":70,"y":891,"width":835,"height":11}},{"id":"025b5e93-bc5b-491e-8945-1373465c1813","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":97,"box":{"x":69,"y":906,"width":816,"height":12}},{"id":"cf78d1e8-4743-4112-9386-5bf89d844ae1","block_type":"box","text":"II-47","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d0ca85dd-860b-4e6e-aa44-277063966577","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9303747-6895-4b38-93b6-f53ea4bf0e68","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":98,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"46812f6b-d695-49cc-b4ec-eb62cb79e79d","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":98,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"7ea4ed38-3661-40f9-8fd8-019e22872d33","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":98,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"7b068f13-bd6a-4d2e-88ea-4afde4ac0f6c","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":98,"box":{"x":68,"y":90,"width":804,"height":11}},{"id":"74162324-d853-40a1-93cd-4854c5f9babd","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":98,"box":{"x":70,"y":105,"width":778,"height":11}},{"id":"27c394e7-8d66-4c11-8554-15bd3cb4c8d7","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":98,"box":{"x":69,"y":120,"width":796,"height":12}},{"id":"d698981e-4c66-473f-9f85-c87c83613565","block_type":"box","text":"assets.","page_number":98,"box":{"x":69,"y":136,"width":51,"height":8}},{"id":"42e61cf0-864b-49a4-9d39-3b647a8b1acd","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":98,"box":{"x":101,"y":158,"width":776,"height":11}},{"id":"45ed67b7-7020-44d7-8302-584bada7ed22","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":98,"box":{"x":69,"y":173,"width":313,"height":11}},{"id":"6b3c60bb-ac38-4b3d-9865-e61f4b60ae93","block_type":"box","text":"e.g.","page_number":98,"box":{"x":384,"y":175,"width":24,"height":9}},{"id":"df991fec-c8ea-4621-ad75-b6e22eccdcde","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":98,"box":{"x":411,"y":173,"width":491,"height":11}},{"id":"84933dc8-80d3-430d-96d9-949a9dd536ab","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":98,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"ba57f51b-cb31-460f-b5eb-0777c83a1ca1","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":98,"box":{"x":69,"y":203,"width":472,"height":12}},{"id":"88e2a63a-21a6-4805-9598-fcf8d3cbbe9d","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":98,"box":{"x":101,"y":226,"width":790,"height":11}},{"id":"a76164f6-0ec5-4400-bbfd-e77677e8ac53","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":98,"box":{"x":70,"y":241,"width":818,"height":11}},{"id":"070c304e-2fa1-44ce-9be1-9056b385e745","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":98,"box":{"x":69,"y":256,"width":791,"height":11}},{"id":"78c0a6a8-55b5-4c2a-9acf-d6d95e20d064","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":98,"box":{"x":70,"y":271,"width":795,"height":11}},{"id":"ac54255c-2fdc-4ff7-85ef-4d1e818fded2","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":98,"box":{"x":70,"y":286,"width":807,"height":12}},{"id":"814ba700-1d13-4551-a681-f7ff699f83b3","block_type":"box","text":"countries.","page_number":98,"box":{"x":69,"y":302,"width":69,"height":9}},{"id":"807b3fea-50f9-440b-9993-696596a86d04","block_type":"box","text":"Issuer Insolvency Risk.","page_number":98,"box":{"x":102,"y":324,"width":166,"height":11}},{"id":"f7ba750d-8500-48ad-bfe3-42afafbf6a0c","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":98,"box":{"x":275,"y":324,"width":631,"height":11}},{"id":"3686c5b9-d215-4a50-8a59-9b3ee2c43965","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":98,"box":{"x":69,"y":339,"width":832,"height":12}},{"id":"e4a46eff-da49-4883-9c9f-30cac0db5598","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":98,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"f5681186-c567-48cf-bed5-845174baefe2","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":98,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"1f1d53e3-cb47-478a-8870-e70c5c180a6b","block_type":"box","text":"issuer uncertain.","page_number":98,"box":{"x":70,"y":385,"width":118,"height":9}},{"id":"c3542ce4-d17a-4cd8-8caf-b5a8c3dca9f1","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":98,"box":{"x":102,"y":407,"width":788,"height":12}},{"id":"cc6e89d9-4873-473c-9898-9d5b24b9b529","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":98,"box":{"x":68,"y":423,"width":827,"height":11}},{"id":"289184e0-e7b6-495b-9434-93f1282dc348","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":98,"box":{"x":68,"y":438,"width":779,"height":11}},{"id":"76dd1f51-756d-4903-ba48-430a596c0c02","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":98,"box":{"x":69,"y":453,"width":829,"height":11}},{"id":"07330b46-c05e-456d-bb73-a345c8015c00","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":98,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"ef304a92-ae4b-4d20-9259-4d5ec195f30a","block_type":"box","text":"eventually be satisfied.","page_number":98,"box":{"x":69,"y":483,"width":162,"height":11}},{"id":"8d7d5486-a607-4be8-9415-559d0c40f050","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":98,"box":{"x":102,"y":506,"width":805,"height":11}},{"id":"660f0fc8-5e83-4ce9-a1bd-eb2f50051367","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":98,"box":{"x":70,"y":521,"width":827,"height":11}},{"id":"5c35b7d7-1b3c-4ee6-b6a4-ca9189e3cc2d","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":98,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"df2b20a9-26d3-40c6-8c1e-31733a4c4584","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":98,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"7efd8a8a-ac22-4c95-a513-78906caa38a6","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":98,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"a72fa03a-e82a-452b-b653-bf5d69a0c23b","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":98,"box":{"x":70,"y":581,"width":805,"height":11}},{"id":"eeada928-0b32-4c6d-9338-cf99c6d4f12e","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":98,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"5adf63a4-0b79-4dc7-9a1b-4012a864754d","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":98,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"c839737a-c92e-46b2-8b3f-9f82a96c685e","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":98,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"08e7dbc3-598d-4b2e-bdba-f34c7b8240b7","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":98,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"93cc6949-784f-4121-93fe-d3660b9bf3b3","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":98,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"c98457e5-6e14-40f3-a973-a97f99fa98b4","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":98,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"87dc1a5d-f5cb-4ea1-9fc8-20e25b18f1ca","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":98,"box":{"x":68,"y":687,"width":826,"height":11}},{"id":"b5663307-4e01-4e94-ab5e-9ea1d630bcbf","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":98,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"cdfdf664-afe5-4b64-a1a7-5236be678b4e","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":98,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"73e69467-cca6-492a-a29f-ac9edd6d2099","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":98,"box":{"x":69,"y":733,"width":741,"height":11}},{"id":"bb0d5781-60d1-4b96-84ac-6132a046bcaa","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":98,"box":{"x":101,"y":755,"width":780,"height":11}},{"id":"4cb93457-652e-4ab6-bdc6-3ce2cefc82ce","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":98,"box":{"x":68,"y":770,"width":807,"height":12}},{"id":"f89988f0-b526-4a76-bb98-f76032aec19f","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 part of a","page_number":98,"box":{"x":69,"y":785,"width":795,"height":11}},{"id":"43f88c2b-cb71-49e1-93c4-203181f0ba80","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":98,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"f4fbe90a-6401-4c76-9f5d-8f5e82391c7f","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":98,"box":{"x":70,"y":816,"width":439,"height":11}},{"id":"83b5207a-2785-4963-b4d0-e2369183be52","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":98,"box":{"x":102,"y":838,"width":806,"height":12}},{"id":"c9e7342a-dd37-4f5e-aa29-d5f0ff69c247","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":98,"box":{"x":70,"y":853,"width":829,"height":12}},{"id":"fb507647-0273-41bc-a0f1-156a4a8feee0","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":98,"box":{"x":69,"y":869,"width":767,"height":11}},{"id":"307a8047-4bcc-43ca-8ce8-10389ebb0fd1","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":98,"box":{"x":69,"y":884,"width":771,"height":11}},{"id":"674f3158-63df-4617-9674-17e8a0642f0b","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":98,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"596e07c4-b9b3-41b4-9171-ed3ba8fa16ac","block_type":"box","text":"II-48","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1086061d-1bc3-492b-b5e7-8685ceda2ca0","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba1a9546-646d-451f-adbd-d83d21fed36b","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":99,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"7e74987d-5857-4703-a52d-4c65bf6f1229","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":99,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"faa0ae64-c2d1-40a7-9de0-ef0656ce586e","block_type":"box","text":"that assumed generally by an investor.","page_number":99,"box":{"x":68,"y":75,"width":274,"height":11}},{"id":"f7dc026a-9ef4-453e-9d6b-fb25a2ff699d","block_type":"box","text":"Lease Obligations.","page_number":99,"box":{"x":102,"y":98,"width":133,"height":11}},{"id":"f45e79d4-ee7d-46ed-acff-14e1c66b48cd","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":99,"box":{"x":241,"y":98,"width":653,"height":11}},{"id":"0df69030-4480-49b5-9af6-e2b998411abe","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":99,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"f3e83630-11cb-42fb-95f6-82613902628e","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":99,"box":{"x":69,"y":128,"width":602,"height":11}},{"id":"8048d72d-646c-406e-a051-96860985b34b","block_type":"box","text":"Life Settlement Investments.","page_number":99,"box":{"x":102,"y":151,"width":210,"height":8}},{"id":"6c4ffcdd-bad7-4017-9910-a291d20c41a2","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":99,"box":{"x":318,"y":150,"width":589,"height":12}},{"id":"345f6541-8bfc-4a64-b816-6acb6d9d5e0a","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":99,"box":{"x":70,"y":166,"width":838,"height":11}},{"id":"336e76fa-775a-4b7e-b4af-6d04bd936fcf","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":99,"box":{"x":70,"y":181,"width":834,"height":11}},{"id":"e9527d58-3128-4484-9d46-ce1dc11b4c40","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":99,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"7b903f44-cb04-411f-a09b-84adac5ca7e1","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":99,"box":{"x":70,"y":211,"width":797,"height":11}},{"id":"9971a4d2-3408-4bd6-a481-29c390cf0afa","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":99,"box":{"x":70,"y":226,"width":775,"height":11}},{"id":"412530e5-ef72-4daa-a631-c726f023185d","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":99,"box":{"x":69,"y":241,"width":805,"height":11}},{"id":"0a95b953-7d0b-41fc-8b57-6ee6d7c191ff","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":99,"box":{"x":70,"y":256,"width":789,"height":11}},{"id":"6cc1a01d-dea1-43fd-8e59-db0a946460f4","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":99,"box":{"x":70,"y":271,"width":829,"height":12}},{"id":"917830c9-ee40-4a9c-a612-8f248a8d62c8","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":99,"box":{"x":70,"y":286,"width":813,"height":11}},{"id":"4b22e876-d072-4a3f-a132-09004de032f5","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":99,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"3467b6d3-e9f5-4342-8d5f-24a8d0ddb0ae","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":99,"box":{"x":69,"y":317,"width":832,"height":11}},{"id":"12d31572-22c5-40a9-8c54-e038426ef5d3","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":99,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"021f4271-1ebf-4cec-8e1a-b53aa19a0d18","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":99,"box":{"x":68,"y":347,"width":809,"height":11}},{"id":"f8fe42f5-69be-481b-8e02-6b7d62cdf439","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":99,"box":{"x":69,"y":362,"width":730,"height":11}},{"id":"21137466-88d9-40d1-9f15-f59ed2e0c251","block_type":"box","text":"Liquidity Risk Management.","page_number":99,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"a4e5ff21-351f-4d55-bae6-65644c05e8aa","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":99,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"53abdf5c-33b2-4042-9a9c-45e61c5afdd3","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":99,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"44514350-1945-428d-af02-d73d3d4e472e","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":99,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"559e2841-fc8c-4d4f-907a-e253fc52f4f5","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":99,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"294ad791-0c8f-4ba4-93f0-e6967d7ebb7e","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":99,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"57a8ef88-6bca-42a2-8810-2248d8f5df5b","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":99,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"9ecec142-fbe7-4188-a41c-d380d719c4e1","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":99,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"d2a6b5fe-f25b-4c67-beaa-c62438bd9ffc","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":99,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"3b1c318b-b557-40d9-a46d-e9c306deb9a2","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":99,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"4e01dc1c-12f3-41f4-b69e-1eb972c51a43","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":99,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"7c2ada43-9745-4f75-b4ce-41a3f0ab8bf5","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":99,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"ca42a3a6-5329-4c65-a643-08a4c919d9b8","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":99,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"69de6159-6b87-4cd8-aa13-3351672c657e","block_type":"box","text":"Master Limited Partnerships.","page_number":99,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"2fda8e9a-d2f2-4486-87e3-f7310942f6e3","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":99,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"7dc7612f-a9b5-4242-b28d-2eec21709b56","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":99,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"93470ddb-f951-4101-9df6-aa6834c2035c","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":99,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"48d12459-5311-4a85-a85b-aa131b2137b7","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":99,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"da69a816-a6e6-431c-9c0a-76920fc89779","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":99,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"b9ea485a-d816-4c7f-942c-a55843d15623","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":99,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"ecf6c032-1e3e-4881-b2e7-14f74b64d2f1","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":99,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"40aada57-5277-41fe-a5c1-46d02580e8b7","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":99,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"052341da-3579-4270-a819-013bf6705964","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":99,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"a8f5a207-0411-4075-80bf-65b32774ed90","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":99,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"dc25438d-45ce-40ea-818d-c88fa4ebc080","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":99,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"2fce286a-ddd1-4d89-91e3-97066195e277","block_type":"box","text":"in the partnership’s operations and management.","page_number":99,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"128c1d21-a733-4710-adee-11f7edb8cfe4","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":99,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"232fec89-4cf4-42a0-a1fa-137afb163d47","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":99,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"d6cf027f-0ed7-4e4d-bb52-579fee25f4be","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":99,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"510b03e8-7a3e-4bb6-9f3b-9a3333aea1ac","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":99,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"b0d08b1a-3303-4108-b0d6-b4716958fab2","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":99,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"9767ac52-c313-49c8-b2ba-6875993a785c","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":99,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"694bfc49-30c4-4c04-9567-e742e94c1382","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":99,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"fd977d5d-4c3e-4cff-b1a7-b9e81332d8b4","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":99,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"ce47406f-5705-49bb-a362-32cef5c8d15c","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":99,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"530b8f36-7d85-42d9-a6fa-9a287d06f1e4","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":99,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"afd8e78d-d3ec-4478-af0a-612f97611e53","block_type":"box","text":"II-49","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5bf089a-bd66-42cf-a50d-a08ead5e1c46","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"271ad638-2a1c-4d78-a120-b481c440d6c3","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":100,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"96991924-2e9a-4c72-960c-ae43f94de076","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":100,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"23b1c434-9969-4041-9efc-7013ce300900","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":100,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"7612a78a-6196-474e-93e4-58512811d67d","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":100,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"d8908b95-1e80-4628-97c8-726ce37522f8","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":100,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"a212a560-199f-41ca-a7db-244ec19a1544","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":100,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"9d11ad4b-07bf-4d33-99e2-b32657d00e4a","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":100,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"949c39cb-cbf2-42bb-9134-c2f0a778ee98","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":100,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"75f4f580-85ff-4e0c-a6d0-f092022e6417","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":100,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"9be863ee-0bc0-4019-a45f-21e66fdcf099","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":100,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"0a2ada88-9e25-4bf8-a35d-c5d369946025","block_type":"box","text":"Merger Transaction Risk.","page_number":100,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"0b9da9ca-7e22-4890-8452-415b2d2fdf64","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":100,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"b86fe65b-ef99-4549-9e0e-126804dc6251","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":100,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"da014b9a-3f54-4217-ab4f-e67b10a87359","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":100,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"b31aad88-f664-4bec-9559-01e24e98ff10","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":100,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"7e016799-0cf7-4938-9b45-e7a72f247ab4","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":100,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"aa48893f-ab48-4a60-b8ac-15486c8ed1bf","block_type":"box","text":"the Fund and may lose significant value.","page_number":100,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"19d48e80-a6f7-41d9-b6e4-e05890d7b865","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":100,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"a789c65d-9b29-45dc-9347-8f5ec63304b7","block_type":"box","text":"Certain","page_number":100,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"a4dd7454-3511-4665-994e-79b27b6871cc","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":100,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"f8632cf2-d39d-420b-97ed-3841f61a529e","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":100,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"2a4ecafb-9d5f-4e69-b186-414667d79c50","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":100,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"c70b299f-c613-403c-8385-4933e2c9259e","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":100,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"fe651c63-cb7b-4765-ac64-ac90b883cd75","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":100,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"fba9e56f-93b8-4e0b-8814-d4837103c2f5","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":100,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"708e6817-ee7b-473a-aca0-35a9a1c3d204","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":100,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"4e2d40fd-6767-4997-b053-d1e5e7903b8c","block_type":"box","text":"branches of domestic banks.","page_number":100,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"25f701ff-03de-42f7-8bfa-eabd7613c108","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":100,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"9b60dbb4-6b37-40e2-8ae0-db4410bd6137","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":100,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"9a0e280a-f1ae-42c1-ad71-a43169a05356","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":100,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"b44c6c74-6a72-44ba-b5ab-e7dabc9921f8","block_type":"box","text":"paper of a foreign issuer.","page_number":100,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"03eac5fa-c70c-4bf9-bd1d-32c94e614311","block_type":"box","text":"Money Market Securities.","page_number":100,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"b18707e3-4016-4022-beea-00f465022ce3","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":100,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"cda20fdf-1213-4cf7-b072-1881c5931f85","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":100,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"081693d5-438d-4713-b849-ec014c0b0617","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":100,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"1517cadf-83d0-4fc4-9f38-15214379d708","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":100,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"218a29f8-b505-4024-9078-387bd46e1b0b","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":100,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"918c458c-bf31-4047-bb1c-e0deee8101f9","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":100,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"ef330f41-7a09-4c1a-adc8-d89ae36a79bb","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":100,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"c0ba060b-5e52-4b80-9c62-a5528687f8d1","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":100,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"680a5f58-fc5b-4901-af43-7b20bd368910","block_type":"box","text":"agencies;","page_number":100,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"9cc2c7ed-0d3c-4907-b6ca-315933389e35","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":100,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"afeb74d6-a3a1-4773-9157-edb1a28e1a14","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":100,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"7bf1b215-550e-49e2-a79d-28e1ef79b76b","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":100,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"f8b74dd6-092f-4a74-8714-57c80ae0443b","block_type":"box","text":"obligations and credit card receivables);","page_number":100,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"5baf1863-0674-437f-97ea-a5fcca31eb01","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":100,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"1cf927d1-98e7-42c4-a515-5bb66c964e4a","block_type":"box","text":"authorities and related custodial receipts;","page_number":100,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"49457f43-d3e2-4efe-b1a8-7f5b79fe7ce5","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":100,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"bdc0f053-894d-4623-98d3-642b0c8074a5","block_type":"box","text":"agencies or authorities;","page_number":100,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"a622a2dd-c388-4aa6-9082-478c5632a5e3","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":100,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"332d6d82-05ce-4bcc-b2cc-5f3571766ad1","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":100,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"ad63810f-d7e2-4ddb-b16a-3a1e3ef96cec","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":100,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"a0561892-233b-46ec-9dda-6291a1444e29","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":100,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"8159b29d-aa49-4ea7-a1e1-b6099bdefa11","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":100,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"c1ba2185-ea01-4a37-ba93-026d6aceb8dd","block_type":"box","text":"States;","page_number":100,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"d47ceee6-0cf4-4347-a083-3eb02903661a","block_type":"box","text":"II-50","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1532f032-f24e-4de2-9adf-947a4e63c788","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2a8a377-da74-4134-af77-d7652360dc43","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":101,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"41c23e45-a907-43fd-a8df-59a42689db0a","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"c503e879-aa76-4df2-87d6-470d6d9ba706","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":101,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"1e3a2772-3a57-42a3-a7e7-48637dffdc12","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"235b978f-d45c-4ab4-905b-553c306e1283","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":101,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"fbd7e1b2-ac92-4653-b514-a37667d9b8b0","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":101,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"62a18f4f-7b38-496f-b073-744f6e61eb8a","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":101,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"9ec89cbf-66fb-4d99-b42b-5773261d4c1e","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":101,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"eb8a3d50-6f0f-4901-bed3-71281a6a41be","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":101,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"a6074913-a180-4309-9b0d-e22cfede3f7f","block_type":"box","text":"States.","page_number":101,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"1665c8d7-9a8c-437d-8500-01bf914b007c","block_type":"box","text":"Mortgage-Related Securities.","page_number":101,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"b1b1f022-8742-48cc-a082-2ffbbbe5f104","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":101,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"8a626a31-76f2-44ac-af99-7e37c39304f7","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":101,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"d6feb6b5-cd74-4d5b-83b3-2f138cd8909a","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":101,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"01da5a49-a691-401b-84b9-54a8a8f7aa87","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":101,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"76af4bed-bd10-4cc9-b6a3-a848be8d27d0","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":101,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"6766333f-3a39-4390-952a-425e1e406cb4","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":101,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"7520f561-5a0b-4a5e-9a86-80832fa4dd0f","block_type":"box","text":"maturity or specified call dates.","page_number":101,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"f7467798-793f-4099-8078-be89c5130677","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":101,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"cfe15f61-2b70-417e-acc4-486abf8791e2","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":101,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"7fa399b8-b24f-4604-896d-6619ff75f5e6","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":101,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"aee27e8b-da03-48a4-80e6-ac24d6c7cf5a","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":101,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"d30489f8-3c93-40d9-8460-86cdc7f26c5c","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":101,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"93d67a1a-6a9b-40fe-869b-d8f5601a2c95","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":101,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"d9d0cd6c-fbed-4ba9-b8ae-f85e87e69b6f","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":101,"box":{"x":68,"y":435,"width":837,"height":11}},{"id":"3d2d07db-9629-4491-ac13-e46bd6b8ccef","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":101,"box":{"x":70,"y":450,"width":834,"height":12}},{"id":"9d02a67f-c714-4d7c-a8c8-6ae6d3254129","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":101,"box":{"x":69,"y":465,"width":840,"height":12}},{"id":"b41344b5-1d1c-49ac-b6a1-be1caad18f66","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":101,"box":{"x":69,"y":481,"width":827,"height":11}},{"id":"81bdc72d-38d4-4caf-a620-dcd5124f0760","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":101,"box":{"x":68,"y":496,"width":805,"height":11}},{"id":"89e1b914-26e6-4aa0-b887-ab4353bacf3d","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":101,"box":{"x":68,"y":511,"width":834,"height":11}},{"id":"3834a965-8a01-4131-b3de-92aae868fdda","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":101,"box":{"x":68,"y":526,"width":791,"height":11}},{"id":"7b2e9ce9-690e-48d1-bb61-ec89962e716e","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":101,"box":{"x":69,"y":541,"width":816,"height":11}},{"id":"23c5c807-dfb7-42ef-a03a-47d708162a09","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":101,"box":{"x":69,"y":556,"width":819,"height":11}},{"id":"2bc2cac4-38ba-4f75-9602-bf99cccdd7bd","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":101,"box":{"x":69,"y":571,"width":761,"height":12}},{"id":"a727d728-5024-4fcc-943b-86a82f2a5687","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":101,"box":{"x":69,"y":586,"width":791,"height":12}},{"id":"6c02ebb0-2588-402c-9d02-fe73dfdd7670","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":101,"box":{"x":69,"y":601,"width":602,"height":12}},{"id":"8de1a59e-5373-4289-a5f6-ef7715fe3615","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":101,"box":{"x":101,"y":624,"width":761,"height":11}},{"id":"6cc6d6fd-6ea5-4a04-ac11-2a738a28efba","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":101,"box":{"x":70,"y":639,"width":800,"height":11}},{"id":"58e6ae67-5e79-4058-a872-c26ffed2494b","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":101,"box":{"x":69,"y":654,"width":833,"height":12}},{"id":"39bd1ca6-ee0c-4bf4-94ab-a9a1c8eebc8f","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":101,"box":{"x":69,"y":669,"width":809,"height":12}},{"id":"532c3a3b-43d6-46eb-bd98-348bd4013f5a","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":101,"box":{"x":70,"y":685,"width":801,"height":11}},{"id":"ca9932f6-b81a-4350-bc27-0c51be4c0f62","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":101,"box":{"x":69,"y":700,"width":778,"height":11}},{"id":"098e2fcb-4001-4b38-8ddd-0ac0920a3c8e","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":101,"box":{"x":69,"y":715,"width":831,"height":11}},{"id":"986a81cd-0978-45ba-bfb9-c4864abc4910","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":101,"box":{"x":69,"y":730,"width":773,"height":11}},{"id":"6c409cb6-52a8-4e18-88f2-190b37854afe","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":101,"box":{"x":69,"y":745,"width":818,"height":11}},{"id":"90e2a3ba-c915-4a57-8017-217686315a12","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":101,"box":{"x":70,"y":760,"width":822,"height":12}},{"id":"08dfcf5b-d7a8-4fd2-b7c4-fcdf6eb5f01b","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":101,"box":{"x":69,"y":776,"width":399,"height":11}},{"id":"1def0e28-a946-4be7-9c91-56943db7de3b","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":101,"box":{"x":101,"y":798,"width":802,"height":11}},{"id":"675029e8-7f57-4dfd-92a7-3e99533f54f4","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":101,"box":{"x":69,"y":813,"width":830,"height":11}},{"id":"63e393ab-04b8-4311-8dae-479b3ccedf00","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":101,"box":{"x":70,"y":828,"width":818,"height":12}},{"id":"58d9d73d-af46-4c9b-8045-10097290ed15","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":101,"box":{"x":70,"y":843,"width":766,"height":12}},{"id":"2cb7eba2-8129-4e78-a133-d94e4a8dbf89","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":101,"box":{"x":69,"y":858,"width":808,"height":12}},{"id":"0b3dc3f9-4aef-428d-a7ba-9cc576da0738","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":101,"box":{"x":70,"y":874,"width":825,"height":11}},{"id":"08d312b1-3aa1-4326-a0c1-da5fd97a7677","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":101,"box":{"x":69,"y":889,"width":761,"height":11}},{"id":"c1893c26-c5d2-44de-989e-7cd3976ffb4f","block_type":"box","text":"II-51","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c28b62ef-8fb8-479a-bf8d-d9151987e2bc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5201eb6d-729b-40e3-9638-e58c09f2b8f2","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":102,"box":{"x":102,"y":45,"width":743,"height":11}},{"id":"8a200140-c55b-4aad-bcc9-1e33af50ccc0","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":102,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"9fc1ec7e-ec51-42c9-8baf-8c99c70c4d1e","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":102,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"b1c9bf5b-3439-4b3f-91d9-4642b8441032","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":102,"box":{"x":69,"y":90,"width":737,"height":11}},{"id":"85fa3850-3b67-4a7f-b4e8-27d1108d90f0","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":102,"box":{"x":68,"y":105,"width":814,"height":11}},{"id":"0f3a86fa-7bbc-4357-b7c7-3738e336f98e","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":102,"box":{"x":68,"y":120,"width":794,"height":12}},{"id":"fd709cf6-5785-4802-96e3-e56fe8cf7de5","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":102,"box":{"x":70,"y":135,"width":828,"height":12}},{"id":"e501ec2d-89b6-4bdf-ac62-d026606c5138","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":102,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"4bc8692c-8ff0-43e7-aee8-9baf42979098","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":102,"box":{"x":68,"y":166,"width":798,"height":11}},{"id":"df53143e-3fc3-4b24-a196-93fa7365c168","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":102,"box":{"x":70,"y":181,"width":788,"height":11}},{"id":"52186eea-3621-4bb2-8c2d-5d924385ef64","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":102,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"2c667542-2595-4ffa-9925-a332d6edf88f","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":102,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"ac7b97d6-c34f-4c1e-bcce-ddc45627c5a0","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":102,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"6090dd5d-29e3-407b-9553-76269dabc329","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":102,"box":{"x":70,"y":241,"width":770,"height":11}},{"id":"e5e20570-60f7-4fbb-b470-ffb6677bcb16","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":102,"box":{"x":70,"y":256,"width":812,"height":12}},{"id":"817e9ccd-2068-41e9-83a4-069838a59f45","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":102,"box":{"x":69,"y":272,"width":829,"height":11}},{"id":"ef50fd62-e5b0-4c48-b2f8-e8ea7736d2b6","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":102,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"26a59ff5-90c5-4775-8f6d-6070e3149373","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":102,"box":{"x":70,"y":302,"width":792,"height":11}},{"id":"f763cdbc-c00a-44f1-acee-25b5a2e22f8a","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":102,"box":{"x":68,"y":317,"width":819,"height":11}},{"id":"3ae52cc9-46c4-4472-8fde-b1c0d0420408","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":102,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"68e6f48d-7a34-4329-b765-82ba462c482a","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":102,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"7f36170f-196b-4827-a147-4f0133428f76","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":102,"box":{"x":70,"y":362,"width":401,"height":11}},{"id":"7f98d922-5ab0-4079-9740-7d5569ee6199","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":102,"box":{"x":102,"y":385,"width":786,"height":11}},{"id":"080ed0bd-0c90-4366-b4f8-f98158851754","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":102,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"9ab3da2c-4be0-4a35-8772-60bf911bfd5d","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":102,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"d9dc6ef1-4616-45ba-a118-ceecfad9183b","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":102,"box":{"x":102,"y":438,"width":802,"height":11}},{"id":"5f26cdde-11c0-479d-b0c5-1f9e359c4b5d","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":102,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"51c8c44e-96b5-41d0-8ae5-94cea28d00d7","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":102,"box":{"x":70,"y":468,"width":814,"height":11}},{"id":"4416682b-4e6b-440c-8eef-5df0d7ab1cd7","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":102,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"999e66be-2edf-4065-a1b8-0ae8943f7442","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":102,"box":{"x":70,"y":498,"width":789,"height":11}},{"id":"96915860-0f95-4ebf-a30f-13b3e5a4995a","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":102,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"dce33f55-4b0d-4959-83ef-b17ebacd60fa","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":102,"box":{"x":69,"y":529,"width":838,"height":11}},{"id":"43462711-65b1-493d-b49e-8c2527aea384","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":102,"box":{"x":70,"y":544,"width":810,"height":11}},{"id":"ade85b73-efad-43b7-916b-6d6f87b9107b","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":102,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"83e1cd21-637c-4e91-ab18-19236cd9e607","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":102,"box":{"x":70,"y":574,"width":812,"height":11}},{"id":"c78a18b0-0d76-4619-b92b-1581c3b0526e","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":102,"box":{"x":69,"y":589,"width":790,"height":11}},{"id":"60cbb5a6-241c-49df-a509-8320673dd07f","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":102,"box":{"x":69,"y":604,"width":604,"height":11}},{"id":"c4a0f5ab-edd9-4e7a-b21f-39c5919b0b17","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":102,"box":{"x":102,"y":627,"width":774,"height":11}},{"id":"a4aeb2ae-b6f8-4853-9fb4-dceb8e054b21","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":102,"box":{"x":69,"y":642,"width":791,"height":11}},{"id":"f7348255-b617-40f9-8642-a79e1d366164","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":102,"box":{"x":68,"y":657,"width":832,"height":11}},{"id":"70f7a552-bfbc-41d5-80b3-c75f769d284a","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":102,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"aaf552c6-9697-4e54-b571-59fb2b57c49a","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":102,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"5ff68ce7-f3ec-4186-ab34-74512e1f823e","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":102,"box":{"x":69,"y":702,"width":840,"height":12}},{"id":"953b5f06-b9d4-4708-892f-8643c5748da4","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":102,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"cf6cdd9b-7c03-4867-9827-35a55a6dea84","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":102,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"682121b4-d20f-4ce5-8bde-c90fce052bdf","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":102,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"8697f8b4-5dfb-4bfb-86d8-50fe5b012d2f","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":102,"box":{"x":70,"y":763,"width":810,"height":11}},{"id":"06efc07b-a81c-4e74-8590-b8313f2cae79","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":102,"box":{"x":69,"y":778,"width":804,"height":11}},{"id":"faf2a1cd-efa0-4a30-83ed-7c4c548987f2","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":102,"box":{"x":69,"y":793,"width":669,"height":11}},{"id":"6088ec7d-7d5e-4dc0-acbe-3ae32b092c52","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":102,"box":{"x":101,"y":816,"width":754,"height":11}},{"id":"f37fed77-1934-4f7e-bb11-9dee8abb47db","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":102,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"bdf27bdb-8107-40b4-b6ae-0d73374c4f26","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":102,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"c06c828b-e8da-44ef-8f61-f0ae6098cfa1","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":102,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"921b9be6-47e0-461b-814e-4900a4cff37b","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":102,"box":{"x":70,"y":876,"width":361,"height":11}},{"id":"ca336bee-f673-4e88-9031-c7e4b6996f39","block_type":"box","text":"II-52","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab4fec21-c0e2-4cdb-a814-7bf9d17b8bf6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7deb3875-3fe8-41a9-9786-9470d0659b3b","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":103,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"7cfd419c-819b-46c9-95a4-41da8aacf09c","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":103,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"5be4ee41-261d-4e14-94d4-2dd2d9ea89f9","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":103,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"efc9f5a2-b59e-4d70-8e09-c85cc6bb57cb","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":103,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"118469ab-2b6e-4506-8b2b-7494c5f218ac","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":103,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"8577d6f5-9ae2-4fa2-b346-511e747edf1c","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":103,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"dfcc27f8-69f0-40fc-a998-442c62defe11","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":103,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"08cc9d47-07a8-45c0-bcab-4a43a511bd54","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":103,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"72bff6d7-250d-4a3d-abee-354136f9ca18","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":103,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"7db17440-6cb1-481e-9b67-56d0baefe632","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":103,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"fce05924-b28c-493b-a0a6-6b087edba0e1","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":103,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"7614f374-c790-43d9-a2bd-c8933c6f1c9b","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":103,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"4aa6c440-dcb4-49bb-8b84-eafdb1cd1826","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":103,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"f12cea62-ce01-44ad-9fba-e39177b415a9","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":103,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"887a2189-de8e-4566-a36f-0d2dd8ba48cd","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":103,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"f8990128-9a6e-4446-b3d2-ff3a5aadf959","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":103,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"b6f5fd78-d189-4fa1-8ce0-acbceeea2370","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":103,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"8ff3d0ee-879e-4b0b-8a7d-33d6774596f0","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":103,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"386516f9-9750-4c4a-98fa-91f788792de7","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":103,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"f236dbc4-be7f-4951-acaf-b839c1f10f52","block_type":"box","text":"of principal because of the sequential payments.","page_number":103,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"08b0b207-7ff6-4bf8-812f-61c461fb68a5","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":103,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"8ff1f04f-d0ad-4c61-94cd-95ac0f1cec8f","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":103,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"7db303dc-3215-4ae1-869c-c127939937c5","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":103,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"b073383f-fd64-4153-8286-412f89286c35","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":103,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"ce9ac2d2-00a7-4200-a85c-dba7d450fab6","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":103,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"12cf2dc9-e9b4-472a-9cd9-ccdb71bb2370","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":103,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"26d50de1-8d29-41d1-8ba0-317120c7b305","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":103,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"85f74085-1028-4333-9a92-4695a76120a1","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":103,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"46534a24-6d07-4c61-96b3-4b0d4661b81b","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":103,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"98538455-50c0-48be-9b42-d1d0d08093f8","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":103,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"de37eff5-5f21-4bad-bc37-9d0679181871","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":103,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"bd84bc9c-0b51-4627-a9ae-65a2c4a16b57","block_type":"box","text":"securities of any single such entity.","page_number":103,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"0758241b-2183-4e86-a71b-ce5e5e2f5dd5","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":103,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"25b7f34a-0236-4007-b73c-a01621cde309","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":103,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"2dfdcdad-25b7-4359-97b0-70bffe0642e1","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":103,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"ba27990a-8ae5-4b23-9fae-847daaebf389","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":103,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"23139d4d-082f-40b3-af89-104d104fe935","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":103,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"a461958c-03bf-4b3f-9ae3-131923e5f022","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":103,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"b0cb4c42-197e-4bd6-967b-d59060cef5b9","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":103,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"1983f7e0-82f9-4656-be40-63f8f0eb0303","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":103,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"bca43515-36ed-4a61-9653-845bdd074633","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":103,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"55dedc6f-e4cc-4cd0-84b8-9b28610faeb6","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":103,"box":{"x":69,"y":680,"width":708,"height":11}},{"id":"4745876c-3b39-4c34-a701-37d8099c7bfa","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":103,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"aebba0f9-062e-483c-a252-39e449486991","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":103,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"c82dc9f5-75b4-41f3-abe6-4873b1d1385a","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":103,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"a4877337-4245-40b6-b10d-228d7c91ec12","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":103,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"3ba32b8f-1068-4a47-bb9b-09ab17872db4","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":103,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"0c4b7606-21bc-4064-bc4a-51876f6bf3e7","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":103,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"79e48c3c-8ef3-4b13-9873-7a6f5fc37c70","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":103,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"51eb0267-333e-4c44-bc98-f9a8c1ca44a0","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":103,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"81ac26a4-6247-4497-9f91-2ce047eecc3e","block_type":"box","text":"classes.","page_number":103,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"8db45256-06d9-4cbd-bd3c-72bf55f8b646","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":103,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"cad9cf09-ac69-4651-bde5-ced57ff62b26","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":103,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"9ae5099e-36b0-4172-8adf-c0c70cc3427a","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":103,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"1b123f55-7fb3-491b-8b70-c9a39b0740d8","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":103,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"623829fe-b410-41c2-aad8-88433a59cc95","block_type":"box","text":"II-53","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3c3c985-c743-4be3-a53e-ad2efe6df8a2","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7564d16-0d40-4b19-bce4-185f0cb8935b","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":104,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"a67fcd62-f531-4f25-9d35-44129d93ce36","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":104,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"fe9d9bf9-376e-444c-a639-28b537f16a51","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":104,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"fdb2dd9a-6ef4-44ef-a921-f71d18cb410c","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":104,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"3a25afea-1554-4e92-b65f-a4e91ec2029c","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":104,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"0f2c3e3f-161b-4b0b-b04b-fb49ef670201","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":104,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"9078edc7-fedd-45bb-868e-ad39d92f81f9","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":104,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"fdfdf5a6-a527-4f30-909b-3547a8ffdd77","block_type":"box","text":"to a designated benchmark index.","page_number":104,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"2f232969-97ad-4557-a5c8-c222c55e1478","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":104,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"dfc0ce0f-8d1f-499a-b738-22b58c0cf834","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":104,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"7667a605-0bcb-4d1a-b12e-34da3491c951","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":104,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"ff0532a9-5f40-4095-9e7f-d97f3e5b100b","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":104,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"a764d692-2d03-4c8d-a294-25474b05541c","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":104,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"40216081-7773-46d6-a911-d2b700819cbb","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":104,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"8f1d4cbf-74eb-46e8-adbe-56fcd3d48ffd","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":104,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"0c59d9c8-aa57-4bde-9ffd-1212b54e3310","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":104,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"a8dca951-a893-4b79-a4bc-5bab2286a208","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":104,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"8d13518b-9c5f-47ba-92f3-e9352f9f5a04","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":104,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"be0a1772-3fe5-4df0-b0de-b36051011a51","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":104,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"4850dc83-1c7c-4d23-9537-0078b3de0cce","block_type":"box","text":"CMO Residuals.","page_number":104,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"54b9883e-2bc0-4d2f-b124-f20ceac1ffbb","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":104,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"5ac2999e-d71d-4cf3-aa7f-26df11343455","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":104,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"1fcfb141-b131-4e37-832a-f8dafcb67fa2","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":104,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"d3be6f83-63f6-44ff-8a58-e16be5225de9","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":104,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"01a5848f-39f6-4542-8369-6a244575a987","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":104,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"3cbf23e7-581f-47dd-ae58-63d9056d1441","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":104,"box":{"x":69,"y":423,"width":827,"height":11}},{"id":"393333fa-823e-4b8e-ba44-c9cf4b0021ac","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":104,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"0158cda6-35c5-44dc-a386-45e9dd839f66","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":104,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"98ace6ba-f23c-4ff5-b623-d9fd3df528e2","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":104,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"1a5c72b8-9e63-4bde-b9fe-20f5ac798e0a","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":104,"box":{"x":69,"y":483,"width":798,"height":11}},{"id":"fb1c6a7c-d6d6-4f62-b3b2-5226a67bc0c1","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":104,"box":{"x":69,"y":498,"width":813,"height":11}},{"id":"f6856950-9f5b-41df-a8cf-c2a3a84425ab","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":104,"box":{"x":69,"y":513,"width":790,"height":12}},{"id":"0e45945d-c7a2-49aa-8c15-2a59949bba87","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":104,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"524c4571-2e81-4700-b660-e85c9913f182","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":104,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"6a0dd3ed-3bf1-42b8-a706-8aa852ad74e8","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":104,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"faec113b-22a7-40ae-84d3-99f8ccc15f4a","block_type":"box","text":"a CMO residual.","page_number":104,"box":{"x":69,"y":574,"width":112,"height":9}},{"id":"3d9f52f5-7b2a-4c0a-b7cc-bd9186dd02a5","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":104,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"7bd2bebc-9fc5-4ac5-8226-bbc4aa03e0d9","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":104,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"e40ef45c-75cf-4180-ad2c-be7bdaa93f4a","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":104,"box":{"x":69,"y":627,"width":769,"height":11}},{"id":"9bd33fda-61ec-4b34-9a09-8afc0021ff40","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":104,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"259702fa-011a-452d-ae4d-eda8df936f40","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":104,"box":{"x":68,"y":657,"width":820,"height":11}},{"id":"a55bfbf6-ba51-436c-bd86-aae6359e7538","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":104,"box":{"x":69,"y":672,"width":650,"height":11}},{"id":"8a8cff92-c45e-4008-9b57-602c8cd96e1f","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":104,"box":{"x":102,"y":695,"width":267,"height":11}},{"id":"26767160-d3ae-4ecc-b3e0-a2cb8112d629","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":104,"box":{"x":375,"y":695,"width":493,"height":11}},{"id":"874d45b8-5124-4274-b7b6-45f4d4569399","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":104,"box":{"x":70,"y":710,"width":798,"height":11}},{"id":"491d4e7d-6174-498a-807d-0064e43eaaf0","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":104,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"19b79f8e-dca2-4ce2-b55b-0cd0a8b13169","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":104,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"19be5e40-0f8f-47c0-b414-111f92388fcc","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":104,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"1c8a5ec7-84d1-4f3b-bb13-8310beef822f","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":104,"box":{"x":68,"y":770,"width":826,"height":11}},{"id":"74f69fc3-a123-48e7-8d99-210c88c7d569","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":104,"box":{"x":69,"y":785,"width":822,"height":11}},{"id":"691d0ad6-d4e4-4f2c-8cc9-dbad6125cc72","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":104,"box":{"x":70,"y":801,"width":834,"height":11}},{"id":"0775b7db-4ef8-4007-adf3-5c25ace8f583","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":104,"box":{"x":68,"y":816,"width":800,"height":11}},{"id":"0e22e5d4-fb0f-4b90-be90-fbb9a206033c","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":104,"box":{"x":69,"y":831,"width":786,"height":11}},{"id":"bd65fb54-5988-4ed6-be27-b74e7913cf44","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":104,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"0679269f-393d-4cfc-981c-be936cf3722d","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":104,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"7fadf376-582e-40e4-b5f0-f89d743b473b","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":104,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"0beda58f-bff6-43c4-9c21-13561b689e1e","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":104,"box":{"x":70,"y":891,"width":800,"height":11}},{"id":"64c36de2-5cca-49bc-8ea1-e2921244e8c7","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":104,"box":{"x":69,"y":906,"width":818,"height":12}},{"id":"731a7fdc-2fdc-4417-940f-b4f612f4c184","block_type":"box","text":"II-54","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a7b5874-62ad-4e45-a482-f0d370ef3998","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6461e09-eba9-4f9b-8de9-143444dd2dfd","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":105,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"10356580-db3e-4f3f-81f3-e98eeb776ee5","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":105,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"14565ee9-3581-4b41-bee0-6d1f145c1229","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":105,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"f7bd60df-94f4-459b-8648-3ceabc40713b","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":105,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"5656268e-df95-4d5d-bac8-ceeb60c12207","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":105,"box":{"x":68,"y":105,"width":683,"height":11}},{"id":"33cd8df2-f2ab-4b88-a382-b2dec5b5a939","block_type":"box","text":"Tiered Index Bonds.","page_number":105,"box":{"x":103,"y":128,"width":138,"height":9}},{"id":"a009de66-24c0-419a-9cf8-90b0c59c4ceb","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":105,"box":{"x":247,"y":128,"width":638,"height":11}},{"id":"6e5e33a6-d30d-46da-80ca-00eb41ae68b9","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":105,"box":{"x":70,"y":143,"width":825,"height":11}},{"id":"9661a7a5-ac34-4157-b873-3b82bdedc41d","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":105,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"a62e2568-71a7-455c-a40b-d633ad9fe497","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":105,"box":{"x":69,"y":173,"width":738,"height":11}},{"id":"6dcb4dfb-5d18-41eb-bba5-9a21baeef620","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":105,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"1702db75-a18b-4780-a0fd-e16a588048c8","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":105,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"52e118ba-ac7d-4123-9b4b-003cb2ca4c0e","block_type":"box","text":"that of a fixed-rate bond.","page_number":105,"box":{"x":68,"y":218,"width":174,"height":9}},{"id":"295ae1ae-3229-487f-99c2-e694c557403f","block_type":"box","text":"TBA Commitments.","page_number":105,"box":{"x":103,"y":241,"width":133,"height":9}},{"id":"0f72c062-b49e-4047-a7e6-56df318d7136","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":105,"box":{"x":243,"y":241,"width":653,"height":11}},{"id":"3ec0842e-2c92-41b0-aeea-0a832a2a57d8","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":105,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"6dd1e108-5eef-4913-af80-c54885f14f66","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":105,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"ea299108-7639-4a9e-9d20-6a0590bca03e","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":105,"box":{"x":70,"y":286,"width":793,"height":12}},{"id":"66b62b71-757c-4863-8c61-229f3c940ca6","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":105,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"db42e646-ce26-48f5-b371-301fac1cd0ca","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":105,"box":{"x":70,"y":317,"width":804,"height":11}},{"id":"2415179e-2d62-4b52-8390-1759fd3520db","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":105,"box":{"x":69,"y":332,"width":779,"height":11}},{"id":"b5d2bf57-984c-4d08-be60-c0f7bc30873e","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":105,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"55d11bab-c4c9-4f4f-9a5b-7da40724e67a","block_type":"box","text":"below.","page_number":105,"box":{"x":69,"y":362,"width":43,"height":9}},{"id":"f3ad79b5-78a4-41c6-b914-a2dcd9c16289","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":105,"box":{"x":102,"y":385,"width":157,"height":11}},{"id":"7e42328c-a2be-4dc5-a65a-3aa2a6088120","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":105,"box":{"x":266,"y":385,"width":634,"height":11}},{"id":"0012f670-cbc1-4bdc-b5d1-7fbb5ebcb9c5","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":105,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"5d88a449-1257-44bd-819f-d3e627fa39eb","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":105,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"62a343ab-98b1-4108-a301-94a446651bca","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":105,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"20491a69-50f7-4834-bd1e-df63af6837b1","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":105,"box":{"x":69,"y":445,"width":820,"height":12}},{"id":"13f7d031-bf28-4e26-b8af-4c0704d806b7","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":105,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"e5e355a6-4cfc-478b-bb29-e09f829fe0f1","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":105,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"779d2acc-38db-4a25-b0a8-7f5e82d61a08","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":105,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"0b8db50e-4b11-4067-8319-a3cde766b35e","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":105,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"3f695bcc-2637-415e-84aa-5f9a86e193fc","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":105,"box":{"x":69,"y":521,"width":607,"height":11}},{"id":"bc0a8132-648a-4157-8659-4fbe07555cef","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":105,"box":{"x":102,"y":543,"width":744,"height":12}},{"id":"72bea65a-fb76-458e-aca4-c27a05513285","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":105,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"5c886a5f-5e71-4cf2-b3ce-c19d8944ce72","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":105,"box":{"x":69,"y":574,"width":433,"height":11}},{"id":"2a822307-552d-435c-a01b-d2563e97b85b","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":105,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"771c0169-ad68-42cb-b834-5c7191d1a0a2","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":105,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"ca95dfdf-f407-4b43-94f7-e4d3e775651f","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":105,"box":{"x":69,"y":627,"width":774,"height":11}},{"id":"4630c118-c85f-47cb-9a94-fc0e97f147f2","block_type":"box","text":"securities in the forward transaction.","page_number":105,"box":{"x":69,"y":642,"width":261,"height":9}},{"id":"754bc798-69d6-408d-ad55-586fba7d4a4a","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":105,"box":{"x":101,"y":664,"width":785,"height":12}},{"id":"3ddbc0e1-d512-4f84-8356-0b081201ece9","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":105,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"eef36d33-0ab7-4464-b1eb-e0cb844f7c12","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":105,"box":{"x":68,"y":695,"width":824,"height":11}},{"id":"b2ade27c-2b1a-461f-b9db-5f43e5e75aff","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":105,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"150c3ae3-48c2-421c-baf2-00b9c4b0533e","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":105,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"d5c7e8d6-54c1-433b-8c4a-0e2403a9f8ac","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":105,"box":{"x":69,"y":740,"width":430,"height":11}},{"id":"8479af09-9fb7-4b37-9cf5-5c0b92e4167d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":105,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"6c2ec85b-449f-458b-b847-e3f913c15a97","block_type":"box","text":"securities (","page_number":105,"box":{"x":69,"y":778,"width":78,"height":11}},{"id":"65bd6eca-850b-406b-acbd-b52693788de1","block_type":"box","text":"e.g.","page_number":105,"box":{"x":148,"y":779,"width":25,"height":10}},{"id":"502fb949-8a03-4aa1-9f8a-e92930b6b66d","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":105,"box":{"x":176,"y":778,"width":681,"height":11}},{"id":"2f1a42c2-87b9-488e-811b-b7c75af463b7","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":105,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"3f909177-69a5-428b-ae57-519cc198b7c4","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":105,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"d7695135-0448-4a25-9fac-2ad7a1a7a661","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":105,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"e404f969-da43-4a9f-b5ba-5d53713e64a8","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":105,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"95b95f61-40d1-4e74-ba43-baa4435aff40","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":105,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"0ab6d44d-a8c8-4770-897e-81a97c8a6182","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":869,"width":489,"height":11}},{"id":"460eadf0-95d8-4d11-a2f6-72bc2c6f2d3f","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":105,"box":{"x":102,"y":891,"width":260,"height":12}},{"id":"c9f93102-733c-424c-b706-1108475a8a21","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":105,"box":{"x":368,"y":891,"width":473,"height":12}},{"id":"f9029f23-9d16-41a0-9f19-d1c251437e7b","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":105,"box":{"x":69,"y":906,"width":768,"height":12}},{"id":"fd677027-6c5e-4afd-8be0-75e121ffe8f8","block_type":"box","text":"II-55","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"161ec498-9035-4e2b-ae81-1ee37e064421","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0323fb5-38f9-4b2d-b51c-b162d431a9e4","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":106,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"735b7a45-f138-4c17-a8cb-77a3129eccbd","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":106,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"b13eb626-7248-40ea-86d8-2b4e093f7a12","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":106,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"74c3bb97-5c02-4339-a9ad-3fd97c29cfd2","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":106,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"6a0406b3-9f59-450b-b422-75fe591f353f","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":106,"box":{"x":69,"y":105,"width":764,"height":11}},{"id":"1298633f-eb82-43f9-8a51-7fdcca7087a8","block_type":"box","text":"Municipal Investments.","page_number":106,"box":{"x":102,"y":128,"width":169,"height":11}},{"id":"4a7218fa-074e-4551-96f7-c38e051ddae2","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":106,"box":{"x":102,"y":150,"width":763,"height":12}},{"id":"bcded00a-c783-458c-9ca2-37e0e7ad1db9","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":106,"box":{"x":70,"y":166,"width":783,"height":11}},{"id":"722d8192-3fa2-423f-818e-950619577f9a","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":106,"box":{"x":70,"y":181,"width":833,"height":11}},{"id":"1b15a8e2-9460-4899-b307-c321a7dac764","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":106,"box":{"x":70,"y":196,"width":813,"height":11}},{"id":"381073b0-20a3-4862-81b7-7f222941e7ad","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":106,"box":{"x":70,"y":211,"width":836,"height":11}},{"id":"241a7f86-47a7-41db-aa23-bc1657611a5f","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":106,"box":{"x":69,"y":226,"width":779,"height":11}},{"id":"1cf27ea8-6dde-42ea-9b95-519b688c055a","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":106,"box":{"x":70,"y":241,"width":838,"height":11}},{"id":"3b183c4e-3972-4b62-a357-1c0e220d6aca","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":106,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"da2b5536-6bb8-4e39-be26-0b041e9c1600","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":106,"box":{"x":68,"y":271,"width":834,"height":12}},{"id":"99d462b4-bc4f-44f3-aed2-707325de95ca","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":106,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"7b0d24a0-c327-4511-8151-94f3b0033a6e","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":106,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"b43a6ac0-d431-47af-bfaa-47a02db63d67","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":106,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"ee81760f-9f36-4cda-8aff-011214da56d9","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":106,"box":{"x":70,"y":332,"width":809,"height":11}},{"id":"65a1ab4c-3749-48ce-bb4d-a3e2afefb505","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":106,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"61e1759e-197d-4bba-89f1-9cba8fc3cd11","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":106,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"1faefc67-340d-4bda-8273-92a237e194b5","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":106,"box":{"x":70,"y":377,"width":800,"height":12}},{"id":"93b8c919-74e7-4d98-8df2-2401548d3e5d","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":106,"box":{"x":70,"y":392,"width":819,"height":12}},{"id":"3fd355f7-3ca9-4bd5-876a-0e3f69c944b2","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":106,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"75a02827-83ef-4731-9314-fbcaa6f7fd50","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":106,"box":{"x":70,"y":423,"width":805,"height":11}},{"id":"2994cd20-bdb1-4505-b9a3-c29fef7aaf72","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":106,"box":{"x":70,"y":438,"width":721,"height":11}},{"id":"06218131-a2fa-41b1-946f-eb0d7ff8f40b","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":106,"box":{"x":102,"y":460,"width":495,"height":12}},{"id":"aadab8b8-48bf-4cda-9b52-6bf913bb2b2c","block_type":"box","text":"The risks and special considerations","page_number":106,"box":{"x":603,"y":461,"width":260,"height":10}},{"id":"c9e49d10-5586-4b4b-a5c7-c1779948743d","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":106,"box":{"x":70,"y":475,"width":806,"height":12}},{"id":"4df10bff-3fd0-47d2-beca-42b5ecb75292","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":106,"box":{"x":70,"y":491,"width":810,"height":11}},{"id":"0dc26cae-5950-4368-b116-0ad2106a25fb","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":106,"box":{"x":70,"y":506,"width":544,"height":11}},{"id":"9789b199-6be5-4bb5-b3a1-b3d3d98d8150","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":106,"box":{"x":101,"y":528,"width":799,"height":12}},{"id":"93fb669d-986e-4764-8d3f-2556255eda1f","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":106,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"f6387ed9-af3e-4569-98c2-3834b506d11f","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":106,"box":{"x":70,"y":559,"width":814,"height":11}},{"id":"fa90ce72-3966-4292-80c7-c2e2953988db","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":106,"box":{"x":70,"y":574,"width":802,"height":11}},{"id":"b2f45295-f056-48a5-89fb-4687b10b760c","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":106,"box":{"x":70,"y":589,"width":834,"height":11}},{"id":"42240306-65ac-4ef3-90b3-7ee80352f997","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":106,"box":{"x":69,"y":604,"width":761,"height":11}},{"id":"e8339840-5783-4959-a179-df71c94cc95f","block_type":"box","text":"II-56","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34797dc8-aedb-4d4a-9e15-965580ec5a79","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff635c17-d3ad-4495-b145-05607a86d5f1","block_type":"box","text":"Description of Municipal Bonds.","page_number":107,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"cf94b421-cccf-4778-96f3-290d47f6153b","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":107,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"e5cdf779-e66e-433c-a467-771076792ceb","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":107,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"61d3b590-a294-4f50-90f5-a7ec74f3d7a2","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":107,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"2ac36428-9ebc-4e9b-9f26-c7fa309806c9","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":107,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"2ff40d86-df83-4d83-b8f2-9f2e60761e34","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":107,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"8e721191-e292-465b-8640-095a6239198c","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":107,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"72b74896-c30b-4783-9b8e-dd88e3a27f1b","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":107,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"15f64f57-1217-4101-9c5c-310a74d17fa4","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":107,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"986acceb-f4ca-4b95-a34f-69ff3aa82a3d","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":107,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"7fbc9730-fd6b-447e-a9b6-4b3b5938229f","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":107,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"b386d9c4-f9ca-48c9-ad42-7653eee64870","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":107,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"210a1f9e-6901-4383-b260-b4061fb779a3","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":107,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"12e914c4-29f8-4810-bbb8-d10a6aaf4c0a","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":107,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"73aad7cb-a946-42d3-8824-c10c196ff936","block_type":"box","text":"General Obligation Bonds.","page_number":107,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"711827da-7478-42c8-9ff9-f959b6452224","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":107,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"95b19263-57eb-494a-a16b-4a80291058d5","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":107,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"11f65d33-64ab-435a-897c-135a3bcb48da","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":107,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"28d7ca74-46e7-462e-8a58-d49c701794e7","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":107,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"5144e3d6-45fa-4d84-9f19-20b20ee63ebb","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":107,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"3a5310e7-a94c-40d1-ab16-49b9e4edd5c2","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":107,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"f202842b-148f-4528-833d-642d02847788","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":107,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"6658f2e6-5ec0-4dd4-b41b-c23b1674748e","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":107,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"1e31daa2-56c6-4d7a-b368-ad0e7140974a","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":107,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"c4377269-51fe-466e-bfec-3c05ddf872c4","block_type":"box","text":"Revenue Bonds.","page_number":107,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"67361f77-fedf-43d2-81cb-bfcc53c57d8e","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":107,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"7a2aaf2f-4114-4fd6-a24b-c62501c2724f","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":107,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"9c7cfee2-364d-4f4b-8330-c5bb090acf1f","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":107,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"473958eb-595c-4545-b48d-f7ec612f2f29","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":107,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"7a7f3b02-f84a-4a9b-bde7-6840a335c476","block_type":"box","text":"viability of such facility or such revenue source.","page_number":107,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"f823bc47-e3f8-41ea-8b36-7a98d51b8b42","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":107,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"bff14919-295d-4bf2-a11c-d861c6576f9a","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":107,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"fd56bb37-dc27-4213-b0f2-a616f4ac6cb5","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":107,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"b317d716-2c00-4e6e-a100-09c2b25dc50f","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":107,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"4c9c4f8c-d39c-46a8-84d9-7352a27ddcf7","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":107,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"af4deac5-20ad-48c4-bcc7-4aa2e8006e90","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":107,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"9c91ce3c-c440-4e4f-94e0-bc4628e378b9","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":107,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"b40fbe68-d8ee-4183-b62e-2be73d9a3148","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":107,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"e1208e75-fcbf-48e5-b7e6-4baf67305690","block_type":"box","text":"PABs.","page_number":107,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"6e26449c-cbfe-421f-ac92-bab6d6aa4d06","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":107,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"ca3d13af-3524-4ec7-acff-8badd704a0e6","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":107,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"9a5e0d9f-19ab-4b0d-808e-247775e7da10","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":107,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"c464668c-0aa1-4929-ab64-5c6d3bf0e092","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":107,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"f7ec84db-79f5-4214-bc37-ea155b1ec1bc","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":107,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"ec35bd59-a0c5-435d-86ac-ccce5d28088d","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":107,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"9402f5d5-ee63-45a4-93f2-b4f2c9c7da1b","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":107,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"8ce93be7-44f1-49fc-8967-d27c518d0922","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":107,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"9a5a8ae8-0230-42fd-8b01-5ad56d393929","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":107,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"df3682d7-853c-4e6c-88e9-835163d1fe20","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":107,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"22185160-c520-488d-8dc2-1e5186075962","block_type":"box","text":"the particular facility being financed.","page_number":107,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"16c8af92-d7a3-4802-90bd-ee4f2e377c55","block_type":"box","text":"Moral Obligation Bonds.","page_number":107,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"0e35b5e6-ed25-49b8-937c-4b9a30a2d78f","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":107,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"71bdff4b-2c44-4819-89bd-29b1879fa58f","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":107,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"6a4b822d-a8dd-452c-aaed-ff1bcc42ade7","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":107,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"3761466d-106c-46da-be7d-bb76741a5581","block_type":"box","text":"that issued the bonds.","page_number":107,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"b598e506-0373-4625-9982-269c671f8513","block_type":"box","text":"Municipal Notes.","page_number":107,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"e00d1cca-23bc-45d3-89fd-0507715716e9","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":107,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"7c1f6d40-99f1-4468-a779-125a47800c42","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":107,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"9f584126-a99e-471f-840c-7230534fda6b","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":107,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"34cddea1-daf6-4ea5-8908-7d59aea7b44e","block_type":"box","text":"II-57","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a910628f-e448-4eae-868d-6ea95371c1ab","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fa72bac-8fad-465c-b0f1-7d9e18b47512","block_type":"box","text":"Municipal Commercial Paper.","page_number":108,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"d1475bf2-ba65-45f3-b68b-f289f087b7e3","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":108,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"18ad4d9b-b4df-4475-a624-0464705be61d","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":108,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"ffde434f-b975-44fb-89ae-be03c82b8e83","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":108,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"195a6d6d-4d06-4aa1-889d-bc26a858d6cc","block_type":"box","text":"Municipal Lease Obligations.","page_number":108,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"843cc865-8963-4c82-902a-6ac7d6205680","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":108,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"5985e6da-2fee-44bd-9e32-8096f11d441d","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":108,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"d59f0bd0-5daa-44a6-8dba-5c672cb144e8","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":108,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"10b3234d-c10e-4b72-b88c-ea347dc241a4","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":108,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b8ca84cd-d2bc-47bc-ba0a-ad3f937659b3","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":108,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"1abed19c-c0e4-47da-a5e8-5aa9a2ccdf0e","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":108,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"f9823598-98e4-4ae4-b9ec-ec9e913f382a","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":108,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"a399a596-6c86-4ce5-ad86-d24b9392e0f8","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":108,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"722b213f-4890-4c9a-aab5-92b22ebe4553","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":108,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"24e5e1d4-3724-4799-807c-083be4becd48","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":108,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"aa26e7f1-a002-4ec1-961e-6241e7db1220","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":108,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"f0953d3a-633b-46e8-bd22-e38a6139a775","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":108,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"2f6e31f3-14a9-49ec-a003-717aedd90f3e","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":108,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"2071bb2c-448c-45cf-b642-b518c4ceae53","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":108,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"a6b92314-f21f-46b3-bc60-1e6e93a736af","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":108,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"be0bf04b-23f4-46cb-8c8d-8f29953c6b72","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":108,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"15da4d2c-3c22-4ecd-ae85-1c17dba7247b","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":108,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"47b0f288-cc23-4627-8338-d2cf331910fd","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":108,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c749e0a7-d13b-4a31-850d-d3440e0e0bcb","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":108,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"6db712e4-3fbb-4f04-ad4f-ca371b0975c6","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":108,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"759035a1-e58f-4843-b40a-03c06d7004a2","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":108,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"efc00cf9-28a7-4679-9e27-43cafc0c0b6c","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":108,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"49c46874-25e0-4ec3-a9c3-8fbf194ef7cd","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":108,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"82f5c53d-9df4-4503-b72b-09d281bab620","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":108,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"ffdff8fc-e645-4d75-96ca-8805f1d953a7","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":108,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"ce82de8c-1fab-486d-b578-bf28426d1356","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":108,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"e970dadd-6ff6-4d06-8931-65f75c3a7243","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":108,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"7ce44e05-f3eb-476f-928f-52238c864474","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":108,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"ee0636b8-11ee-47c5-bd10-b143e8c9a4b4","block_type":"box","text":"Tender Option Bonds.","page_number":108,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"dae457cc-2dd0-4c09-a92a-3886e42a1598","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":108,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"bdecb016-39da-4f5d-899f-9a704c05ada7","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":108,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"c1e6c765-9c89-4691-bfef-b464b738de1d","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":108,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"2b5388a5-a77e-411f-996a-3a601f67331e","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":108,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"9083271f-9b08-4d54-8c93-bf92202e7f7f","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":108,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"7ab293c2-d4f8-4d49-9178-8c102daa33b6","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":108,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"3d38568f-eb92-4d58-8543-f261797394f5","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":108,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"75a9b079-2985-49ef-8bed-405e125bb201","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":108,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"2f9052bf-279c-474a-81e5-aa8ab28b5a7d","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":108,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"ecc4eb8d-a72c-4854-aae2-3df0e68a0427","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":108,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"4c1e00a2-4adc-4d7d-b97e-92570aa56ecf","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":108,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"9ca6754c-a180-4f3a-a549-501f4ff45018","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":108,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"7226aa16-1ac6-4e45-b6d0-a0dd923b0fdf","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":108,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"f2f1ca94-38e7-4539-b58c-39f48a736f83","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":108,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"696157d9-808a-4ba3-b209-9a6f9ad706b8","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":108,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"42bb9b1f-c825-4a37-abde-5692b3788fb6","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":108,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"efea96ca-4524-49e9-b6c2-e690b5a51dd5","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":108,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"eb82fbd6-87b9-496a-b69b-607e335f7014","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":108,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"a64f90c4-0192-43c6-a7c2-e08e8d9479d5","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":108,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"773cdf9f-6093-48f1-b6b4-da8de19d44cd","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"7361c87b-0e7b-4e5a-9f5c-1e738e187b84","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":108,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"6ea2f422-a8bf-4797-ba0d-8aad7d95ed01","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":108,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"99dbc932-4733-4da3-a53a-5eb9a162054e","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":108,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"01744149-04d9-4bf5-a866-9d628c291d2d","block_type":"box","text":"participation in the TOB Trust.","page_number":108,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"dcbae5e1-877e-41fe-ab1b-764ca1ed002b","block_type":"box","text":"II-58","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"58111f8f-88c5-466a-99f5-0498da845ae1","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e69f17e-5e32-4af7-b722-8cf7b1d8efec","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":109,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"ea48befa-c68c-44fa-ae84-c069ce8f18eb","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":109,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"121db5bc-94a4-4c30-adc3-1c3eef589a84","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":109,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"5bedcfde-bdd1-4717-a615-8a306a3bd38e","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":109,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"f2abc424-b102-456d-9e5b-92ee6b414c4c","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":109,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"31788684-ea14-4678-9bbe-566f01f738b3","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":109,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"9131daa8-f708-4436-88f1-40636f041455","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":109,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"61b9e9c5-1b9c-4726-8131-5b8503be1f00","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":109,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"8427e183-316b-40a8-ba43-8895cdbc00fe","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":109,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"658b3ca7-d8d4-41c9-a85e-34ecec31a464","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":109,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"eccf636d-016e-46f7-a094-f399f820ced0","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":109,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"571719e2-e5d7-4962-9743-0414f860ba24","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":109,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"b980f5b3-0c6d-4704-94b7-db06031a6da2","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":109,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"52d1d1d0-b8c6-4f3a-b82d-300d02806a20","block_type":"box","text":"issues.","page_number":109,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"fa5b9c54-6082-4866-a8f7-6e4fd060a503","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":109,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"ecddea15-7bc1-42a7-9304-213a179c021a","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":109,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"7736c1b1-1e2f-4e4e-b9f7-d3fd1a97caa0","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":109,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"6dfbb7c6-cc7e-4665-a79e-e9a8904a0d72","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":109,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"ab763788-907c-46fd-ad30-a08db3842627","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":109,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"d955c88d-6f6e-4cd6-90a5-1c3fd30f9654","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":109,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"56a1929a-a77b-4659-863a-7958e5019a12","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":109,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"3297d982-8975-4701-924e-30b1612daf36","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":109,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"f10fb38b-be87-4214-9639-9b8f32f564c1","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":109,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"e3cd4c9e-750d-473d-914c-450a09569443","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":109,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"6fdcdb6d-1812-4cf4-a7eb-746827de2037","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":109,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"b97098d9-73bf-4dc2-aa2a-3e4ad29f0b9a","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":109,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"f3599222-6d41-455d-8c43-36d501c99e6e","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":109,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"194ba19e-9194-4b9e-92aa-27a426bd9a6f","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":109,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"1b1ec414-60df-4dd1-be89-a662c6f957da","block_type":"box","text":"i.e.","page_number":109,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"87b8c1bd-ffb4-4076-8242-72faa81c804e","block_type":"box","text":", the Fund). In contrast, in the","page_number":109,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"1d96ef52-64e4-43e1-93bc-19718c670717","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":109,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"43cd5a1e-afc6-4001-9e12-e835cad89a4a","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":109,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"dca46f7d-3b5b-450d-a877-a7dc0fda3feb","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":109,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"f2d65402-be83-4f97-871c-629a2625c300","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":109,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"a2d16ba0-5d4a-4a32-905b-426530a16e97","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":109,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"6f25f9f1-0254-4fff-ae69-81fa25921d6a","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":109,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"f2fa1e12-fd57-400f-80c6-702630e549a2","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":109,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"5f8deddf-12b4-4abb-b54b-88ae58229970","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":109,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"338aedad-d6a5-45bd-945c-c61293439d02","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":109,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"db37f1bf-3f99-4e97-9f11-2dd0f283abce","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":109,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"f6d96383-84b5-4d7d-8efe-16a418bd1525","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":109,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"3750aa1c-152c-4a3d-a099-23cfb974bf94","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":109,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"7aafd9b9-c1de-4a65-ae0e-2448213fa399","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":109,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"07c97813-f12a-47b3-ab7e-6620c0d54d51","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":109,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"7fe9367c-2591-4e54-afe7-9979700251d1","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":109,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"96f72131-418b-41da-8d22-1cc9c3d2f7e0","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":109,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"617f0991-b942-4700-9890-de99f115068c","block_type":"box","text":"Trust.","page_number":109,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"86c031a7-819f-4314-aa31-c13a9636dcf7","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":109,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"7ef25311-1f3b-4e12-940e-a016e6a2c8ea","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":109,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"26b271dd-2bc7-457a-bf89-23090612c0df","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":109,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"81c0a5fa-bc99-4a4d-a727-24af340a8624","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":109,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"9dc78ba9-aedc-4ce2-a4eb-e7651400c31c","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":109,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"5a6c3481-7c50-4811-a424-820677f6bf3e","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":109,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"8c352b9e-93e0-446b-8779-5d7d97aca21d","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":109,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"84e0368e-fb4d-4d6e-858c-fbbbae406680","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":109,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"f036e6dd-906f-4e41-bca5-3b1f8fb68eb0","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":109,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"7f1a5bab-82a8-4c5b-90bc-421b6c15f07e","block_type":"box","text":"II-59","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9cfc83b-b9a6-4a56-a7b3-719ee8ef1911","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be371bf3-a586-431e-8404-6021614d8b92","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":110,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c70ef96a-1430-483d-bbeb-cf35d7ee6459","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":110,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"92be98f2-26cb-4e17-b9cb-915748cb5a55","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":110,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"bd211821-da08-40a3-a2a2-8e77a58ebeff","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":110,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"76e9a08c-8ecc-4b36-b37d-0c6f64e84f2c","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":110,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"107faa8b-0b57-4c05-bb75-1b9c830ed08c","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":110,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"e13fc463-7c86-4fb2-85e2-289bc1f11476","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":110,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"ef655665-77c6-4142-9172-324b3da32efc","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":110,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"f9746cd0-0f56-4ae4-91a0-9aabbf7694f1","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":110,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"d2d1c460-0e3c-498e-9476-c13d86174df4","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":110,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"48736305-9ebf-4b3d-9466-0aa8c0177b75","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":110,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"37864f39-12c6-44c1-9c09-dc7447e74e88","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":110,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"d4732bab-d6a5-4bc8-8cb4-bc6a06221374","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":110,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"bb28c786-212c-422b-9dcd-46f8158ce284","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":110,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"2adfd364-b84c-4f49-8d69-42fbb978f43f","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":110,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"b4b6cce0-ecce-49cf-abed-896638a09205","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":110,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"ef3b79d4-bf38-429a-a47c-8688684924a4","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":110,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"6e3b0d7b-3a27-46f9-ae3e-bd1693c1d0e9","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":110,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"9b3c2a8a-bc9a-403b-9b2e-6fcf5216cff8","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":110,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"44108d3f-0bc4-439a-9c1a-69f98aaf6b52","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":110,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"cff70530-bb0c-4054-b17c-af8b681d0ccf","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":110,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"5daf2e1e-0ce8-413c-9305-cf8865802ec8","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":110,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"56b94466-370d-4dbd-be5e-67ec6386957c","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":110,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"b85c0039-fbe9-4005-b05b-a527917ffa7a","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":110,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"0aa4c52e-5c52-46de-801b-692c7823a759","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":110,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"23cd17b7-6daa-42ab-b3d9-716135d9b540","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":110,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"c194ff19-f203-47ed-94df-bff8fc05a6aa","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":110,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"f8fe5938-9d93-44ed-ab88-609199c2d4d1","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":110,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"86ca28a3-4259-4970-969c-e5b0389f7953","block_type":"box","text":"i.e.","page_number":110,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"9e17138c-87e0-48db-8d3e-c653c693e668","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":110,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"f48ad95a-6f5c-4231-aa27-38acced787f6","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":110,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"3cf8f2cd-0377-4e20-83ff-ce06d504eebe","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":110,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"2bbe3007-e363-41cb-92c2-34cfff8684c1","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":110,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"ba227913-de18-4658-bfaa-4c15d5042083","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":110,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"70c3bd42-c0f1-4eef-a119-73bc90a521ee","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":110,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"d07ec3be-d56f-4f50-9e1e-a2b677c14989","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":110,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"3b75a19b-609f-4dcb-b873-119f9a8f739a","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":110,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"d52c3955-1055-4824-97bb-603bbb3f5250","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":110,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"38b60020-53ab-4a56-b945-dcace9fd198f","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":110,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"8cc501e2-c044-405e-9efa-83dd6114807d","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":110,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"8606ce99-21a6-4983-9e0c-52e0ec1ede2c","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":110,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"46290160-3076-4687-bc9f-7b5954405e93","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":110,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"7c46a75b-47ca-4339-9a32-dbfd19bc6482","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":110,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"d7e9b66e-0270-4577-b5e8-421bb6487b88","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":110,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"1213d927-39e4-48ce-aae3-fe8c8736521f","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":110,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"12ea0bc5-19f6-4ac4-8bcd-0da5fb536435","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":110,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"2bd80c05-165b-47e8-bec5-94591eb9ce4d","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":110,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"9aa28081-c1d4-41ed-a492-403ee063e47d","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":110,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"9d482557-80bd-4b15-b34d-e649e2766b01","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":110,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"d38eef89-74ee-4bac-b912-87ee93caac4f","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":110,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"3f72bb5d-ca76-4eda-aa22-263b2145ac5d","block_type":"box","text":"market is not yet certain.","page_number":110,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"6f713d76-6f2c-49f9-8e5d-e6371a3bd70c","block_type":"box","text":"Yields.","page_number":110,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"78f4e6ff-06cc-447a-8bc2-b7e26691f51e","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":110,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"9f171c06-cd46-47ee-9bd3-e1847d3664ce","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":110,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"e0e3183e-6391-4c9f-8236-09e52fce5d06","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":110,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"19bc2063-0c8e-4f71-a415-9f112d57644a","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":110,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"7b9bca51-aa3b-49be-bbb4-b1e55ba10083","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":110,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"a649ae7d-0acb-4173-92b7-e5a1556835b7","block_type":"box","text":"II-60","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f19da68c-2018-421c-938d-3241c692688b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17bdb891-6391-4d37-aa48-84dd3e4e85b0","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":111,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"969e53ca-7e1a-434c-ac3b-133ad9eecd11","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":111,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"306a2c29-be25-4b79-8d1b-3c5d16b5cd6a","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":111,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"4fbb7d25-0715-4c64-886f-516e01c1c709","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":111,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"9f98b65f-2175-4c3e-abe5-2d0311719be6","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":111,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"bcb37218-94ee-44d0-90fd-94aca0384776","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":111,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"4b3f6c21-58e9-4be9-881b-4dcdd9612136","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":111,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"6e4c27ca-2b28-4f0f-a439-3452b990afeb","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":111,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"3d3ec918-9235-410c-8cb8-2a313d0a495a","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":111,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"fdf358fc-af93-419f-8d83-75fccce97404","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":111,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"abc97aae-ddfe-4c56-b96b-cc58df30f7d8","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":111,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"0138b7ad-f432-433a-a3d5-a9e2c9ef769a","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":111,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"44277216-62e9-49ea-8108-5b94725ab7e9","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":111,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"aad8b4bf-b396-48e7-b84a-6aca11a063aa","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":111,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"02986550-da47-4fae-b067-97e78a0ebec5","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":111,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"31fc9cb9-183d-4b4d-abe9-043d7a34fddd","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":111,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"ec900305-69ea-4585-bc63-ec3793e78430","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":111,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"15424a79-41fa-4420-9d4c-fcbed682f53b","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":111,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"faf69d20-354e-48ba-8246-aa4594c9fcad","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":111,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"8ba23dea-600e-4cd9-8907-153c02f2aecf","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":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"daf598c6-9a95-4d3c-a6c9-851115817ce3","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":111,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"dc097ea5-6304-4045-8237-c66323b53ca9","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":111,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"af83e084-8ba4-4681-954e-c72ce5bbe4b7","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":111,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"37c6c225-6a47-45cf-92be-d81bf562f491","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":111,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"bf1ff11e-af0e-4aa0-b3a6-4c94c1afa4b6","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":111,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"bd74c2b7-32b9-424a-ad71-6b270e1753f2","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":111,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"91a1601b-39a8-4dc5-afe7-fa3068bc9608","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":111,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"d6136ceb-fadc-42fc-96d6-95c8e84fa1ff","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":111,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"a0dd6f47-c941-4e39-a3ba-105076284fd2","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":111,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"8374fc0a-1c8a-428e-a864-6dc8cb65cf83","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":111,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"38c4dc87-6657-449b-80f0-aea8634f5c85","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":111,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"11a825d8-2176-4eec-acfb-e1cdf6cfe5a7","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":111,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"3cebb633-1100-4764-92bc-d91c9086189f","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":111,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"5284adf1-53f7-4bc7-a552-dc3d2e868335","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":111,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"7029e28d-73bb-413c-b8fb-412effdbc117","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":111,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"70cff9fd-cb29-4846-8372-bfd02a98d43d","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":111,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"91b20e1b-14db-4081-89c0-3070b2cd85a2","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":111,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"531561ba-86db-4cc8-9557-576d49f4475a","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":111,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"5141aca4-84c4-4da8-86be-871d61200720","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":111,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"41aaa2bf-9596-42ad-b82e-e0365d9e92a3","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":111,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"fa3093c5-a00d-4389-9ffa-b116acc6030c","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":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"159d9f27-8451-4224-8dc4-d97c72d04d0b","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":111,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"a357aa8f-02c2-4acb-b44f-86078a113b02","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":111,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"12db1591-e529-440b-ab5f-e5984667fc89","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":111,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"921077f8-7f6f-4832-9a7d-5ed08d50eced","block_type":"box","text":"Call Rights.","page_number":111,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"f2464833-e553-41da-b9c4-a8dd945526a2","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":111,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"b53994d9-c466-4435-b49e-48080c29d482","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":111,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"7390f5d7-2d37-4616-8022-32d1cec0420c","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":111,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"e365457e-43f7-4ab8-9a55-fe35c9032c20","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":111,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"df1f47d6-b3dd-4a9d-b9db-85057935a904","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":111,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"23885eff-466e-4a93-b6fe-75aecd5d6206","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":111,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"1c73d169-fe1a-4226-bf8c-573c0827fa2c","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":111,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"28fc9c5a-b8c9-4547-ae2c-c3886d421833","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":111,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"150057cd-4716-448a-8ed1-263447c70891","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":111,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"f70a5893-9cfe-4d97-9bae-fa00c74a8f30","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":111,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"71a6f78c-9555-4e75-b329-37773162532f","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":111,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"6862c655-bade-4b5e-af11-2a897de98b01","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":111,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"1a4fd800-7a37-4306-a37c-efd0f5ca50a7","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":111,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"8c517ae5-c85b-4f49-9ac9-c18a490eb63c","block_type":"box","text":"II-61","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96614fbb-8fbd-4f95-bbf9-351a1836b2ea","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6013eaa-d315-4574-ba97-9efd2e425c90","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":112,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"5e074f54-a47f-41ee-bcac-5ce23fc171c7","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":112,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"c87587b9-ced3-4616-be15-5c76e7ea5f10","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":112,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"49a35ab8-7a6e-4f86-a520-6b0a12ea4740","block_type":"box","text":"i.e.","page_number":112,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"c40ad6cb-f40d-4ce8-b13d-bb27c2744729","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":112,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"635e0317-c629-4466-8799-63f5543072ca","block_type":"box","text":"rates).","page_number":112,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"b380332b-700d-4e2e-9db0-84992542ba66","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":112,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"eba651bb-03a0-43de-8b34-c8ab5e8a7c8c","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":112,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"e42caa4f-9954-47a7-ba11-ebc608250f88","block_type":"box","text":"e.g.","page_number":112,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"b0ff0e1a-a83d-41f7-965b-f998638c2c58","block_type":"box","text":", an exchange of fixed rate payments for","page_number":112,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"962902e5-b182-4872-9034-3c89f5e900be","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":112,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"0fd225f8-60d6-419d-9299-27948d8d6929","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":112,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"9054212b-3c34-4f7a-a730-98a84e3b81a2","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":112,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"ccd34360-dfb1-4eb5-bd71-72956f1dce17","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":112,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"cc0b86f3-378e-45a6-9954-b965b70e586a","block_type":"box","text":"with the same attributes as the swap (","page_number":112,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"e84f888e-0789-4c1c-85e5-88566da77c19","block_type":"box","text":"e.g.","page_number":112,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"8e485a99-561a-4322-9290-a602c29528e2","block_type":"box","text":", coupon, maturity, call feature).","page_number":112,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"a2d3dac7-f061-429f-bcae-183a43c8b128","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":112,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"95cd734a-dd2a-4b7b-b72d-2c7845968b00","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":112,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"1aa9f283-1919-4f8b-9e4f-5bed6bcce1c5","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":112,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"19a6e001-e621-4301-ac4b-d346cdeed684","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":112,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"f40e3ed4-6581-462d-b441-47b93dcff96b","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":112,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"b957575a-adf9-49a4-ac82-478a54183091","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":112,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"20061636-0628-4979-acee-40624136da5f","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":112,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"ef1321cc-9594-446d-96b6-d6874ea3d5b0","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":112,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"71477a67-7f5e-4e56-8f8d-45265b64d576","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":112,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"804a1daa-08e2-4308-bf86-e17dafdd50c0","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":112,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"9747f3c9-79f3-4d0b-b40c-ecf89cf43a6a","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":112,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"f1cd0cd4-0e08-4b14-b2e6-7284e6388d23","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":112,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"041cb8b3-728f-4a49-b7a9-94ddf269046c","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":112,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"b8a5cc88-6551-40e6-824a-b41e199ca5e6","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":112,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d8551b50-f89f-44ef-abd7-732dc40029a3","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":112,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"83eeb4f8-953d-4d37-9db9-df9cb575bcfb","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":112,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"a0662abc-1f93-4ee9-b9e4-643a16995249","block_type":"box","text":"Insured Municipal Bonds.","page_number":112,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"88cddb1d-e1de-45d2-8cfc-f2428a731302","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":112,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"15df77be-3911-4a9b-b27b-bac026c7fa9e","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":112,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"02de8b0d-7602-41b4-baab-1e67c46f0899","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":112,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"9ef9b7ab-eefe-42e6-b633-c74492e6898f","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":112,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"eb0c6d15-8ef2-404b-acd9-552a34169c71","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":112,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"d2d1b75e-6406-4119-bac8-afab973461aa","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":112,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"09e9013f-50d7-47c7-996d-02680bd3f80e","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":112,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"31516e07-bef1-4abc-929e-609d9e90152d","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":112,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"9516794f-638e-41f1-add7-0f9e6a8062f2","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":112,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"5cb67b3e-171c-452c-9ce2-fc4ffaa42a43","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":112,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"a0df9d3a-27d5-482b-9fb0-883489d8df82","block_type":"box","text":"bond could drop.","page_number":112,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"846bb56e-9a69-4b31-8ace-9edca5c51b1b","block_type":"box","text":"Build America Bonds.","page_number":112,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"ade8b9de-d7f0-4528-b00e-28da9a72ec24","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":112,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"7e79ec39-66e8-4f60-bfad-f26bfdb784c3","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":112,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"cf25adaf-c85c-412b-af05-ac2dbfe340d1","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":112,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"992a331e-b856-4f34-965a-9065b1e44623","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":112,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"56ca10f2-9d8d-483c-941e-5e305a18442b","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":112,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"d36b7d9a-cf8f-45d9-ba2b-07a816cae3aa","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":112,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"7cf3992b-55f7-4a73-8874-76f8c1195b13","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":112,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"6dc38566-4f89-45c5-8bdc-b5f5ff74080e","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":112,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"a28d4a1a-3546-44cb-a72a-8968c59ebc06","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":112,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"5004f07d-57f7-460c-bfbb-b764dd364b65","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":112,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"dbcbe88b-cc05-45e0-bd7a-e07834b58bbc","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":112,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"5a6c112a-8b25-4391-bd12-99259b8fd70a","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":112,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"b83060dd-6268-4609-82b7-c26490a6e158","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":112,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"f60276a6-fcb1-4056-9b42-9c7f3cb3b20e","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":112,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"c587df90-b04e-452c-b710-a937e7f11b38","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":112,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"c750d5c9-d1b3-4676-b94f-9c0c32e76d01","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":112,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"d0a1d286-4309-4f1f-b62b-c9d43eeed63f","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":112,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"8f26dc10-c7b3-4a27-9b91-78da9eb5c186","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":112,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"2c31995c-491a-43b8-b2d9-7c267017232e","block_type":"box","text":"II-62","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1546e44f-4855-4a48-8abc-4c5748866c8a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88a10a67-21b3-4a4e-a30b-b284824aecac","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":113,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"bf0b03b4-b5d0-4f71-a677-ce49634b8ed6","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":113,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"5ffe6443-4481-40ce-aca2-013592a60286","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":113,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"d921a2ce-9e33-473c-b51a-b3a807c9b7b5","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":113,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"5ceb11ef-a66a-4107-bf7e-e149e2d1298f","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":113,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"2e01c9cb-18a4-4096-ac07-7498f4d5be75","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":113,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"3ae19fad-5e71-4bbe-bf5f-f3ed3e1138b9","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":113,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"4f67c59c-278d-4e81-94ae-ea29fc6534fe","block_type":"box","text":"their face value to the sponsor (","page_number":113,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"ab932f0a-4dab-4bfa-9830-96e17c7a2c3f","block_type":"box","text":"e.g.","page_number":113,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"c7fda0d9-d3ec-4e6a-820c-589a1b110592","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":113,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"6bf44596-5824-4b77-b1b6-a0cb17336b41","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":113,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"51409dc0-6784-4408-aaa0-1383240b7bf3","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":113,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"971676c9-ad17-46d5-9075-82943d295718","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":113,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"60ac06bb-e18b-4546-810d-6e360ab3416f","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":113,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"dc784d1b-9312-430b-a92e-f133ee66cf58","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":113,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"a4fc6211-32be-4742-85b5-d85de39edb37","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":113,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"cbfbd6a4-fc2f-45ee-b333-388697d5c678","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":113,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"867497b4-0022-41dc-95cc-a3f04a4bb800","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":113,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"cb1513e0-ba48-4c03-86c2-6f5f590cdefc","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":113,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"7dbd6e37-3a02-4441-985c-5e5bed3041ef","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":113,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"605cc3b3-3d10-4c2b-801b-d228722aa5b2","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":113,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"b76b2186-fd1d-4464-99f0-252c7c698636","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":113,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"9a3bef6c-46bd-4789-98af-4fe95149958c","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":113,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"3a9f4b73-df7b-43ea-a6a4-1fb6089ea4f8","block_type":"box","text":"such opinions.","page_number":113,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"da4f00c8-382b-4089-aa44-956e5cd6229b","block_type":"box","text":"Operational and Technology Risks.","page_number":113,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"c02f1ef2-d880-45c6-b4fc-aae77a6e8366","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":113,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"064566e9-fa42-4e7e-af08-34029084bbc8","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":113,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"cacc678a-6117-4628-abe7-64980828c9c1","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":113,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"4973313c-456e-4ba7-abf4-fef46882c854","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":113,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"d60ae993-03f7-4127-a32d-293ed78b4f68","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":113,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"bdb244bc-922c-4ac5-93b4-222ba93042d8","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":113,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"946ea0a6-8ecb-44c5-a294-f31382493270","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":113,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"d067be61-b681-4dee-b6d9-85094a903e1e","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":113,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"b1adab84-0f69-4641-9cce-d6f0f43cbb1c","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":113,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"d8cb67d9-c5d6-48fb-aad0-f57c3ea4f58f","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":113,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"e9cef1cd-661a-455e-9e1d-8f1ef35de464","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":113,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"912caf64-faea-4df3-8456-99728cbf83f0","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":113,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"637485b5-2177-4d0b-9925-cb65bbc7029d","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":113,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"9154ff5f-4e60-4150-9403-2dcb867d802d","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":113,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"cba0c8bd-e89e-4543-b9c5-a5a52e6d511a","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":113,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"8aac2ab9-669c-4069-943e-4c7ce2b82e24","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":113,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"a97b059e-7aee-414e-9e23-3b83354c4e12","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":113,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"d00a414b-9746-476b-8fc6-cee11aa8861c","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":113,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"d438145d-461c-4aa5-8137-8a08eb869cda","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":113,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"7e674ca6-3e99-4a55-a3e9-0a8334447499","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":113,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"239f22e9-c77e-41bb-ac1f-fcaef517cee7","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":113,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"fd88a944-63ff-4e0b-892f-c054888d6060","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":113,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"8594670e-4629-46d7-898e-85a2361efa61","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":113,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"678572b5-8ed7-476b-b94e-d087b8976457","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":113,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"ec6f1e64-8c81-46d7-84ef-fb825c77f264","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":113,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"83cc1902-8d81-422a-b1a7-c2cbb6fa0a04","block_type":"box","text":"Artificial intelligence (“AI”) refers to computer systems that can perform tasks that would otherwise require","page_number":113,"box":{"x":101,"y":801,"width":766,"height":11}},{"id":"d3cf6047-a0a7-44e2-a265-75335b92bcb6","block_type":"box","text":"human intelligence and encompasses various different forms of artificial intelligence, including machine learning","page_number":113,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"c88733c4-06ce-4538-88fa-c978f83143c4","block_type":"box","text":"models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve","page_number":113,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"10eb1a25-b1e2-4883-9203-d4d44ee08b12","block_type":"box","text":"problems. The risks of increased use of AI technologies, such as machine learning, include data risk, transparency","page_number":113,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"0f734711-529c-4567-8182-72c05b73a538","block_type":"box","text":"risk, and operational risk. These AI technologies, which are generally highly reliant on the collection and analysis of","page_number":113,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"c5c08a9a-03a9-41f4-acf4-9ea0febe0746","block_type":"box","text":"large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate","page_number":113,"box":{"x":70,"y":876,"width":832,"height":11}},{"id":"aa3081dd-0843-429e-9bba-0dc99cc7c15d","block_type":"box","text":"all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":113,"box":{"x":69,"y":891,"width":765,"height":12}},{"id":"bcaed457-2217-4820-a13b-08e51511cb62","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and","page_number":113,"box":{"x":70,"y":907,"width":835,"height":11}},{"id":"e3392a2d-a644-44bf-8603-7f3204059b2e","block_type":"box","text":"II-63","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b901a3c0-2b95-4e03-89b3-c1b69f3a89fd","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a677839-f708-460a-9c37-35b31cc22e50","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":114,"box":{"x":69,"y":45,"width":773,"height":11}},{"id":"73be5f23-20a5-49c3-8855-3203f83664a8","block_type":"box","text":"infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":114,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"81ccb04d-772d-481d-b015-fdde051e3141","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":114,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"c6c7af97-916d-4be9-b00b-4facc72d7196","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":114,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"bb9c9707-f3d2-4e99-bbcc-bb970bcb20aa","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":114,"box":{"x":69,"y":105,"width":542,"height":11}},{"id":"51280fd8-0014-4f34-b802-9a9b0e6df392","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":114,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"5a3096d8-2f45-422a-aa83-93e1262ad6c7","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":114,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"f61248bd-c482-489f-a987-872238820d26","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":114,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"f6737307-86f1-4b9c-bd91-87f93cf0c58d","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":114,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"7b85dfaa-0e97-4927-872d-0c8cb83100aa","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":114,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"5427b6d1-51c8-4c84-82dd-1774849d14c5","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":114,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"86ec1055-46e2-43a5-bd99-a6523a878efa","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":114,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"0a703f19-95df-4d91-87d1-ad88965bd73d","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":114,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"a6f14f6c-ec14-46d0-895d-f8655335d797","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":114,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"80b14ce3-de18-4430-8e81-1e4f88543930","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":114,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"da80e944-4a60-4606-8240-b7822ba78d8e","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":114,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"e608b9da-4f7c-497a-83eb-bbd535f568d2","block_type":"box","text":"Artificial intelligence and its current and potential future applications, including in the investment and financial","page_number":114,"box":{"x":101,"y":302,"width":785,"height":11}},{"id":"cf4933d7-94b1-43a4-9bca-e2f84188eb54","block_type":"box","text":"sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is","page_number":114,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"208f30c9-c629-48e8-9ff8-dd1786534ecc","block_type":"box","text":"impossible to predict the full extent of future applications or regulations. Regulators continue to develop new rules","page_number":114,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"418d7c73-83eb-47b7-9033-808b43eab452","block_type":"box","text":"and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":114,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"e971b645-05d6-49b7-b6e5-ab130c8b7ac1","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes. Ongoing and future","page_number":114,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"64087c1e-3e68-4bbc-afbb-8cc741bd9dfb","block_type":"box","text":"regulatory actions with respect to artificial intelligence generally or artificial intelligence’s use in any industry in","page_number":114,"box":{"x":69,"y":377,"width":793,"height":12}},{"id":"8d379323-6e03-48ed-9873-d90d43dcbccb","block_type":"box","text":"particular may alter, perhaps to a materially adverse extent, the ability of the Fund’s adviser and other service","page_number":114,"box":{"x":70,"y":392,"width":783,"height":12}},{"id":"d5bce983-5eea-4f7b-8d88-7de1ca8fce84","block_type":"box","text":"providers or other market participants to utilize artificial intelligence in the manner used to-date, and may have an","page_number":114,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"923c2620-acc0-40f4-8801-ec236aa23b7e","block_type":"box","text":"adverse impact on the ability of a Fund’s adviser and other service providers, as well as the Fund or the issuers in","page_number":114,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"6a0b6d57-7c03-43d0-91e9-af5419d3392c","block_type":"box","text":"which it invests, service providers, or other market participants to continue to operate as intended.","page_number":114,"box":{"x":68,"y":438,"width":708,"height":11}},{"id":"a1fd7c47-50df-4314-b399-a8ce6ee0d7a8","block_type":"box","text":"Participation Notes.","page_number":114,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"294b6dee-0b70-4a94-87e3-85ceab4f1aaf","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":114,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"89233cf6-7b84-46fa-aeb5-db021a93d015","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":114,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"4e09d80d-847f-4f6d-90df-64769656f9b6","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":114,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"d938cbe8-88cb-474f-9567-fcedd407c7b4","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":114,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"f6a01b64-8bf5-4f51-9ef8-2811ef1298e6","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":114,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"3b98d6df-484a-4688-ab6b-b2364e8dee30","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":114,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"7e62631b-4d6c-428c-b9a0-bd4da8cae079","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":114,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"bbbc3442-2d7d-47e0-86b7-446c95387525","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":114,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"b7622dab-7018-4940-bb02-dd68b1543903","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":114,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"ebcb60e1-1d4c-41c8-9fd7-3108d19d9495","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":114,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"4d8adf0e-8c16-46ae-9834-eb5cb6671ae6","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":114,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"8c0c5e8e-b601-4dbf-83bd-328cbb9683e7","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":114,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"9f8e5c17-326a-40f2-aae4-96d73b79ca1f","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":114,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"6bfbdce2-b17e-48e8-83c2-a03fa4ddaf75","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":114,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"0fa55a3d-5d3d-4b24-ba63-b8cdbfc770eb","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":114,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"c205d382-cf15-48c8-90a2-d43f3206e9c1","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":114,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"a9ef4499-a13c-4be3-b05f-de8d59fc15d6","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":114,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"781cf3d2-6fe2-49b7-863b-392c27245bd5","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":114,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"402f4781-66d9-46c7-97cb-055e4850b6d4","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":114,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"e69e69d2-c141-4e0a-a89e-e5137755b594","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":114,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"23418e1c-6243-4550-8048-e39e091eb4b3","block_type":"box","text":"Portfolio Turnover Rates.","page_number":114,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"663a697a-2681-485d-9281-c7a11b4fd361","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":114,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"a1bf6a58-b92e-464f-a1dd-f8da8838c4a7","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":114,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"2a436f6f-2e9d-42a1-ba19-50de7a4b67ba","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":114,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"434e072c-6d21-4ea2-8cb3-71949d85a581","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":114,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"575c65bd-ba4a-4726-a043-737217dff2fc","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":114,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"2728e033-3d5d-4173-8cbf-524def31eca1","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":114,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"31136b87-c95d-469c-95b2-fda582b7d193","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":114,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"259abcda-9038-4b67-b85d-5766c96ba73e","block_type":"box","text":"i.e.","page_number":114,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"e72a63b9-821a-4f22-829f-07cd233d5444","block_type":"box","text":", 100% or more) may result in","page_number":114,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"a33db991-919d-41f5-a9f4-26b6ed7cfa9f","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":114,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"7bc32b6d-79a2-4682-b1fd-6093fc401f4d","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":114,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"a75b98cf-0f2b-4449-afb7-ba470db98431","block_type":"box","text":"II-64","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1897031-7c58-4d81-b644-070a890a29a6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdae59f7-7af3-453f-9141-6c9a8d1a1765","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":115,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"3bce6691-9524-4412-b8c0-70aab0fb3e85","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":115,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"3d1618e2-c4a9-473a-8926-ff0b033bae8f","block_type":"box","text":"Preferred Stock.","page_number":115,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"ba10f758-6b74-4b07-98ea-58eafa2b3b30","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":115,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"db3a5979-9ec5-4f11-a95b-97252d0fcf2d","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":115,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"62693f7d-5cc6-4ab6-8214-884b328b901f","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":115,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"e4707e82-73b3-4782-81d4-0847f0463f87","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":115,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"2a6fac76-8fa0-48e2-afa3-ffdc490efd07","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":115,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"5f34314e-e05b-46f7-9835-49b9927bac83","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":115,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"25f97517-0c7c-4937-aee6-d7120b500be0","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":115,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"75a5888f-2793-4087-816a-0d549698da39","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":115,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"f57b9b51-0a1a-442f-8680-449779acbf9a","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":115,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"086f60b3-e25c-40fd-ae05-8508a25249ac","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":115,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"13db8f2a-d2d9-45a6-90a7-fa01ce6a99bb","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":115,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"d637cb09-27fe-4e83-8263-b476d648a477","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":115,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"871ca63a-f409-4847-88a3-a33d30bbed54","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":115,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"8d7d45c0-26c6-4394-a6f3-5280c289ffb8","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":115,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"a5216072-547b-420e-92e2-df43089a4bb5","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":115,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"ffa2c7ed-c8f4-4484-90d2-16b4cafa1943","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":115,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"d116fdec-51ca-420a-b130-5f049606e30a","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":115,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"776c1841-f98f-4f89-9a55-8cfc29d6ba82","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":115,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"df0fdc8b-9ef1-4575-8609-9f5c05fbb7d5","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":115,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"96a7bdbd-94d0-46d2-a6a0-45bdd22f71d7","block_type":"box","text":"Trust Preferred Securities.","page_number":115,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"a06dae2e-1e9a-4d2a-8799-9b3da9e87120","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":115,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"d817624b-69ef-4648-9869-d0b81430ab12","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":115,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"47e0d431-0c95-45d5-88b0-db3599ff71e5","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":115,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"757234c0-c316-49e5-960e-5213927c2d7f","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":115,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"6b6f104c-c1ca-42d4-914e-f01faa30caee","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":115,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"0896dd0b-005e-4e46-93b0-1893bf5ee6c5","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":115,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"a03c4f03-4f92-4f7a-8950-1d7efcef30f0","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":115,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"c1caadf6-2ac6-4f0c-bea2-cc0d199261bf","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":115,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"8dca67a1-a56d-4a38-9ed1-17c7ab2878ff","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":115,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"8285d58f-221b-4ee2-acc3-b043d2df98f1","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":115,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"f51314fd-fdaf-4435-8d74-e3ead9aee2e8","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":115,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"beba66bd-fc81-4c6e-8735-79c6c74d5ecc","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":115,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"057384db-8be9-499e-8353-1e19a8583cfb","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":115,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"21fedd5d-dbbd-4c13-bb87-4f2a0b10df2e","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":115,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"ec35487b-70c1-4cd6-a6d3-876a12bf97b9","block_type":"box","text":"®","page_number":115,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"d4fa14a0-7b6c-4f59-a23a-a815b29a6aa8","block_type":"box","text":"”); monthly","page_number":115,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"2a7ca5e2-5646-4dc8-aa54-3575c45ba98a","block_type":"box","text":"income preferred securities (“MIPS","page_number":115,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"721c8043-8f3b-4da2-bcd4-427f82ab5368","block_type":"box","text":"®","page_number":115,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"b88b6827-bf6b-4bc3-8822-7529f84f497d","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":115,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"0b1bc523-a72c-4d87-a89f-ceda84931c7d","block_type":"box","text":"®","page_number":115,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"0550426b-78ca-49c5-b039-b7a85d32ab80","block_type":"box","text":"” ); quarterly income debt securities","page_number":115,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"7fc0f546-4287-46cc-b60e-319a03650fea","block_type":"box","text":"(“QUIDS","page_number":115,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"c653e336-232f-4703-a67d-7666b1acaab1","block_type":"box","text":"®","page_number":115,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"73ba431c-a05d-4200-90ed-762014b72cc8","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":115,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"497fce23-45e5-4a9b-9049-17d3efe1400e","block_type":"box","text":"SM","page_number":115,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"19e72142-8263-4e19-826a-9616eefb96dd","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":115,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"73b39c06-cef6-42a5-a6c7-7eef21b4586b","block_type":"box","text":"®","page_number":115,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"b9984e87-5b0a-4645-8ba5-b718072e8189","block_type":"box","text":"”); public income","page_number":115,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"bc1604cf-db6c-4f51-99c1-98e71a2a7163","block_type":"box","text":"notes (“PINES","page_number":115,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"63232251-48ac-4cae-9f61-3a6161928ad1","block_type":"box","text":"®","page_number":115,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"4dd437f5-28f8-40ca-9814-9de3676c7746","block_type":"box","text":"”); and other trust preferred securities.","page_number":115,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"f2eedad1-505d-4314-94a1-e70ef9af5c9c","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":115,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"d34301dd-3699-4dd9-94b0-c4355f520ff6","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":115,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"0868032c-7566-4f9d-bdbb-316bffd98a2e","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":115,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"ea72bf1e-5f48-41d2-aeef-3d6061dffed1","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":115,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"c754aeb9-9d5c-4fa9-931d-b6a90456bfd3","block_type":"box","text":"regard to whether all payments have been paid.","page_number":115,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"d379cff2-049c-4b0d-8b11-887234abab64","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":115,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"7735b558-4459-4e60-8b08-97922f49cb30","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":115,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"7639472e-e5f5-4142-a597-5ec9a3d31e1c","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":115,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"8124c215-af4d-4e51-a365-a5fb7c4aa029","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":115,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"180a579b-61e6-42d6-aa54-c9cb34b7c8c2","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":115,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"d4c51643-fca4-4572-93bb-43a94bc0e4a2","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":115,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"8cf68775-70df-4b9c-921f-e81c946757dc","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":115,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"f88b7544-675d-432c-81c3-f796f650ea6b","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":115,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"8605ff1b-1330-47d2-8f88-e8015dcc4986","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":115,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"34443501-2522-4a5d-81e9-bf851cd22a8f","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":115,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"4d82e92b-8684-4ea7-9781-0f3fec5fc2fe","block_type":"box","text":"II-65","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8392473e-7daa-49cd-a637-5fbe3cc74244","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"787ecd44-6d2f-420c-be1c-42d5df6f0b7e","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":116,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"a6f934bc-0056-4dc7-9cac-6483814bb393","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":116,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"6e64e216-990b-4c0d-94d5-cb1f9f0bec1a","block_type":"box","text":"debt securities.","page_number":116,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"45db446c-2e7c-42dc-a36b-ec43c97ad105","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":116,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"0d94d8b7-2b05-43e3-87b2-f318cf477674","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":116,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"79bd0111-e85a-4293-92ee-131ba2faaf15","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":116,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"ae9457a3-5846-4a91-923c-3eae60f8f0e5","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":116,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"b4b99bea-fdef-4f33-acd7-a21f69862e7b","block_type":"box","text":"geographic areas or in specific property types,","page_number":116,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"71c4dcd9-05ce-4ecf-8fec-bc6ac8b3170a","block_type":"box","text":"i.e.","page_number":116,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"064df0db-b0b3-4a8d-94d7-4414d68872e8","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":116,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"7f4b8db8-5687-4ba4-8995-31a78207872d","block_type":"box","text":"buildings.","page_number":116,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"6ee7660e-5764-4b8b-9d13-c2b88d5b2043","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":116,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"228ff81c-3f63-48a4-a107-2b93ae55481b","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":116,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"73b425ca-e829-4712-94a9-a064475e77ac","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":116,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"dd5b63f0-f5d2-43fd-9207-1224525811aa","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":116,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"298849e7-016e-469a-853b-87a7ad2f818b","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":116,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"cd4a9eac-a185-4b6f-8ad7-50dd7f2321ee","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":116,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"4f010195-85c8-4d82-805d-b8982cef17f6","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":116,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"615b5058-52ee-481a-a8a4-2475e537e92d","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":116,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"9fb64866-6986-421b-8ed9-f5c91276730f","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":116,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"39222c8b-0582-48d4-aa5b-c0289b2d173d","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":116,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"7d5b8a11-e4df-4452-a8a4-3b21347bde64","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":116,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"1def0f68-e970-40c9-8591-698839571fe2","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":116,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"a001b707-2572-4d88-a1e5-0e33b3b8e7a9","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":116,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"c89622a8-180b-4ce7-8ce4-fb87e2dc788c","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":116,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"75eead8b-d241-4252-8469-56288461de5c","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":116,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"5179a768-b4e5-42bf-89b2-d0af76179092","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":116,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"aad42962-a8f9-4e9e-8cb4-77ae0af9bef4","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":116,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"0afa7d44-4b28-419a-a8e3-c86d8ac23864","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":116,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"dbe47158-2f25-472e-a7fe-b4f9ec417353","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":116,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"e0c5847c-8daa-475b-a6cd-589431143308","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":116,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"8a0e6529-a7f9-4db2-986a-4fd79271dcc3","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":116,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"a267d4ad-a611-4b0c-b73e-852d75ab5902","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":116,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"7391c04d-977d-44c4-8b97-98f312e01b56","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":116,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"0d4dd473-e744-4d52-9ca8-16b6b6c5b647","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":116,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"87a63f73-4d3c-472e-8f4d-14e4e820e5e2","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":116,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"3d0a187a-6249-4199-a589-11513e88fc98","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":116,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"4e61936f-e892-4f94-a183-b80c7b5816e8","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":116,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"7cb51ce8-d6f5-4d75-91bb-d14c7a982bf8","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":116,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"bace840b-f915-42a6-8f87-6550274a9321","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":116,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"03613f6f-74f6-47fd-be49-17e8771dda2d","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":116,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"c8854800-4f5e-4f39-924d-f31f203d5313","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":116,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"32fd2fc2-ece2-48c9-87e2-cb3bc9e72756","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":116,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"1820b27e-3d47-448a-81c1-ba4db0c95161","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":116,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"3a1155e4-ed98-4267-9f2a-47e07c81d6f0","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":116,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"05f1fc1f-96eb-4d2f-81c9-498d73bce7cc","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":116,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"a5c9a024-166c-4f50-bdf1-8086bc1d77cf","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":116,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"afa71871-720b-42ac-aff8-b2c26ccacef9","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":116,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"61d91aa2-5e78-4c3a-a3bd-b398ae348218","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":116,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"a45b1de3-6728-4202-b1c5-57afd7afd744","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":116,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"33d5ec35-9607-4e0c-8377-32cff051e771","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":116,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"e94f38f4-86f1-423c-b70f-c7f0147e0afd","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":116,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"468d20f0-f7fd-4114-9956-db41d12c187a","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":116,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"da357797-f70b-452f-ab7d-8c67b151e08a","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":116,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"2c8e6267-c867-480f-b3ee-6f7f2b83a4e8","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":116,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"7e5f21be-5775-4cec-9725-7da3522cc32a","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":116,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"3b6251cb-6e57-4dfe-a072-4239312dbcf0","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":116,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"a44b58ab-d996-43ed-b420-c68ff84ea0cb","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":116,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"ab08cdf1-8ba1-4b53-9f40-f63884a7450f","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":116,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"9065372f-2a8e-4bf1-a682-717b468ae817","block_type":"box","text":"II-66","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33f5fe07-5f3e-4a3e-aadb-f05b0f2828ad","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"761e7bce-d119-465d-a354-93e098e1f9a9","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":117,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"9481cb83-2112-4c5e-b0bf-ba7e6994c0bf","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":117,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"9ab7f426-685c-44d2-b3be-37fa2b26a1d5","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":117,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"9be14d2a-0a5f-427c-810f-2013c8a55ca0","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":117,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"d9d8872b-fa3d-436a-a335-fd7c6b7f786a","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":117,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"478b9839-2d29-4e0b-99d8-111c08f75cc0","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":117,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"f7c7fad2-2239-457d-bd56-ddef00566cf0","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":117,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"10709924-04b1-44b5-9b9f-c258baf97da5","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":117,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"fa30d42b-dc3c-491f-97a2-c4aaa43c7094","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":117,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"78654bfd-588c-42d0-91d3-232940731bbe","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":117,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"03eb24a7-19b6-430d-a1fe-b193eb4f4dd8","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":117,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"a8754c8e-61e5-47c2-a046-a76431a62d43","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":117,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"17785147-0619-4db5-a63d-0a2db5627442","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":117,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"310628da-b5e4-4602-9878-5031ce0d94ba","block_type":"box","text":"conditions.","page_number":117,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"d3f668b8-a94d-451f-bbac-c461f7f55a5c","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":117,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"f73bfac8-6f5f-4c53-a817-efe7188201a4","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":117,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"e8504b19-14a1-49e5-9f92-7c03f47be083","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":117,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"9ee822db-243f-4701-818b-d7c06c0c7142","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":117,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"23e618f8-b56c-416a-9b13-55d05717680b","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":117,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"d6b18599-b8db-446a-88ef-22bbaf762d4e","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":117,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"c438c37f-31cc-4b63-9bea-42142dc08888","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":117,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"610237e4-ec6c-4409-bbe3-579fb52ba22b","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":117,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"94cac2dd-440f-4ff5-bcf1-e9ff23da0570","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":117,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"d72af345-49e0-4cca-ac41-74391a0e0757","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":117,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"1bc591f0-33fa-4d28-9385-0517863c4f3b","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":117,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"c5fc7e7c-5ab0-4a61-8ab8-294123da9789","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":117,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"361d73a8-b5bf-4c2b-9b5a-7d75d9c13a00","block_type":"box","text":"affected by such events.","page_number":117,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"340da1ba-512d-4c43-8a8e-837abd268af6","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":117,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"f5da3944-5a73-419a-93fc-43ae901c4bb3","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":117,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"5c8c6023-2427-45b4-a2ba-817a545d486d","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":117,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"fb0df0e3-febb-407e-9410-d3c75d84123f","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":117,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"d7e4ac94-020a-4dfa-9bc4-17ca04dfea2c","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":117,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"88168481-0b3d-4252-808e-f26f96449b81","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":117,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"f56f97aa-a17c-4975-950b-541a19f54b75","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":117,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"eb627f4d-0b7d-452c-b33e-48f7fd69c296","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":117,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"fad9d031-8491-48c0-9c04-f465a7645e34","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":117,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"c6295ca0-726d-4306-b6d1-f5f82a24fd9c","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":117,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"2f382ac9-86cd-44b0-889a-d86c5f86967f","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":117,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"0694a51a-8078-49bc-87a1-85d34ee8e4ce","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":117,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"c440fe91-c4fd-4e4a-ba7b-eec9429418e6","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":117,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"39ab8bd3-238c-4407-8b6b-39a82ad7c507","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":117,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"9133f858-1899-4f8f-8469-259ff3b9a80d","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":117,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"f71018fe-9b9b-4277-9d5e-be5b19861de8","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":117,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"961dec33-ce97-434a-809f-2a537d4b640a","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":117,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"b17eec4b-92e8-4f06-b3d1-2945bd612981","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":117,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"706c9bfd-84d3-4acb-86ed-f96e8ec2f97e","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":117,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"c0690b9f-a525-4f72-af14-e1a77f4bea8e","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":117,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"52d53ccf-8dda-4164-8ffd-0c31d348bb80","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":117,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"419b0dcd-682f-4b90-8453-a2db50051599","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":117,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"5ca7aca7-9325-45fc-9a4a-fea1b713d5c7","block_type":"box","text":"investments.","page_number":117,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"188cd935-def1-4de8-8528-4a4a089ba73c","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":117,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"3e2700e6-3340-45cb-a3f0-b0f6edae4cc3","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":117,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"5e45ea70-d7b9-4e88-bf08-026a96601fa4","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":117,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"6b975188-f8e8-4578-b9b3-e833c20b6e5c","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":117,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"50c3f8a6-b8be-4c83-b020-1a96505522ee","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":117,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"acd29399-1467-40ea-a392-b7f4868fc7a5","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":117,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"0e8a6216-c8d8-4d9e-b6c7-97b92af87b0e","block_type":"box","text":"II-67","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d234d971-dda4-4fd5-8d44-082b76a744f5","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e68c8e2f-f718-4056-93ec-2e58815fa2bc","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":118,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e8ff0e9c-7a46-4ff7-980f-0fef6350256d","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":118,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"730e8024-8ece-4b97-b0ce-1c76874eae6a","block_type":"box","text":"Legal and Regulatory Risks.","page_number":118,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"cbdca7ce-e352-4baf-a5d5-ea42d4534b39","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":118,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"b11666e6-5c28-4541-994e-9f871b6bcb37","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":118,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"17a9fac3-c037-48d3-8ba3-b6e423cf83e7","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":118,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"3f51848d-e9ce-456a-a659-b38c63c33c19","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":118,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"0c4cec69-5163-44ea-bccf-0caea7f3c099","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":118,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"a7c4000d-504b-4daa-8931-82b84d000a34","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":118,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"2b4bb339-2e4d-470f-8600-e7fe987810e1","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":118,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"8d7bfd8c-9a62-4a44-a35f-72f3b37ca91e","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":118,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"f0edd671-1cea-4e42-bd2e-1f45b9dfd492","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":118,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"bb38f452-9c9a-4026-8031-e16aa89125d2","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":118,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"9b171433-cd7f-4d73-aaea-12cccd178dea","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":118,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"20976a84-b120-4459-b0f7-49e0e5dd813b","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":118,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"82da5bee-03f8-4198-9535-5f145552dded","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":118,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"5026b00e-504b-482c-93a7-cc39764bafc0","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":118,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"d3060960-7f49-41f5-afde-ea945ab5a2ff","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":118,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"351bf6f4-8999-43cc-932e-4c514966a989","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":118,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"f92e023c-6377-4ac9-a8d0-88b09f16de15","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":118,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"d8b42dd6-cb1d-4b8a-8090-0ca2f9bc52d2","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":118,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"20626702-bbd3-46e8-be3d-e8dfd441951a","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":118,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"e96b5136-c89d-42c0-a99f-a6ec4022c4d5","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":118,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"a1fe7c73-a07c-40a6-9b5a-bca348f851e9","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":118,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"1dc853a3-2f65-45ec-8dcf-610de967eceb","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":118,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"06a8c34b-18d9-4d6b-894e-c09eb0cb8bed","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":118,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"5abe92eb-9b7d-4867-bc61-e6304cb16dfa","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":118,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"3545cab4-2a32-40fe-9a31-bfe152befca7","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":118,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"ab9d0392-7949-408a-ae0c-5c3ec5f21c4a","block_type":"box","text":"Geographic Risks","page_number":118,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"b29561be-88bf-44f3-adbc-563dc892c03e","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":118,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"f52521ae-9d4f-4eb5-801f-2bfb96a92cde","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":118,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"7d289b88-a513-44aa-9e90-b1d3b9af3844","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":118,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"197a91ea-d73a-4e98-9e62-0d546508ab8d","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":118,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"bc4a2023-679a-4c04-9c92-6eb061484540","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":118,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"d7c47488-45d0-4d2d-b39f-05271b05850f","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":118,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"ffe98388-aa82-4576-a5ca-6cd9a3b3912f","block_type":"box","text":"Fund.","page_number":118,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"af155774-980d-4d1e-a32f-7e68cea0e410","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":118,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"7af2062c-bbc5-4e5e-8c37-700c31199994","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":118,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"2cebdf68-5609-4e1e-9797-801b6271966e","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":118,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"116185f9-6ee3-479c-8c83-ced2309a5de2","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities,","page_number":118,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"84e4a0b2-2001-4b05-83a7-8ddd6e84332f","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":118,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"2c04651e-ca9b-46f1-95cd-8c4d093b4248","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":118,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"006d5aff-3a3b-4742-89fc-ad4d056c696d","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":118,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"43834aec-c694-43a5-ac04-0f8bafcdd820","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a result of","page_number":118,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"262e69b1-c7a2-436a-904d-3a3f1d0a35aa","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":118,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"c8ed2088-bb3c-493b-ad2a-0da8e22c5422","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":118,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"c805678f-d513-4c8b-8d01-cbddc1869d68","block_type":"box","text":"continuing to develop (","page_number":118,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"89e33ff1-c518-46dd-a2f5-9020f1071fa5","block_type":"box","text":"e.g.","page_number":118,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"374916bf-2ce6-4528-acaf-01b804903c48","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":118,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"8c24558d-5b3e-47c9-8203-b45c8873b9ec","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":118,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"db11d1e2-fafd-41da-8a85-2c64c0e8b70f","block_type":"box","text":"markets or particular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":118,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"733605d8-7a80-4016-b722-d8d34ba3e7a5","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":118,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"bb0d6a90-fd97-4c22-a44f-27f2f0af044f","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":118,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"cad2ed53-839d-456a-a0e1-d69f9bc67119","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":118,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"bd07950d-f456-4abb-97dd-455cd25fdf24","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":118,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"b150981b-13b5-47aa-9ce2-c0baf8a96ebe","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":118,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"17fe1007-f6cf-405e-93ab-42df768f9d29","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":118,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"8a05b6c0-83eb-441b-b3ad-b520af063ab7","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":118,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"7365b664-48cd-4e3d-8eff-76b6d6ae824e","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":118,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"ed24e1fd-137d-4fc8-9119-947b7339a8fc","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":118,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"09ae15cc-9931-437f-b1e0-9ec80606d947","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":118,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"798f7697-3f52-4ae1-874e-8ee559d2aab1","block_type":"box","text":"II-68","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a536fa4-9f27-4a9a-92be-39614f557722","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcd1c916-8ccc-4a03-92cf-a3de86840bb2","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":119,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"e3167f09-6773-4fbd-b1c8-49e4f2508913","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":119,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"b1907d3b-e7a4-4d07-999a-eacf7e28ed91","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":119,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"5eb8543e-eafa-4710-9a53-0c38ddbdd5e0","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":119,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"70af2661-d0e6-42df-84e4-9d1b45cce338","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":119,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"08b1998e-4357-4c59-b48e-824477cfba2c","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":119,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"43e13702-f297-4ae9-b0ce-67d5b3453385","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":119,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"692384dd-8e3c-4991-b315-8cef2ad3c629","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":119,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"3a3a5b90-a4cb-43e0-bfea-81ef6cbc0ce7","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":119,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"2142e541-1299-428d-89dd-33a66ca7bfec","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":119,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"7279a04c-dcc2-4500-956c-dbeb7aa83bae","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":119,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"77bd23dc-b1e8-454e-9771-fda0c2972b80","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":119,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"e7bf071e-ef91-4a12-8de3-0fc91af2dae1","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":119,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"a71830ed-ab27-41bb-a08d-8a98ce056eda","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":119,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"4cfe5e18-8206-49b9-983c-fb05d1a4a538","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":119,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"e75b55cd-44c6-4c32-993c-45fcb7e3ce68","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":119,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"205939e2-8b0d-4094-92f9-55a2a2eea534","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":119,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"da609ac0-f5c1-4df2-93e6-23e0fa91f7d9","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":119,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"6bec15c4-2901-4d16-bbf3-bba2fbde48d5","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":119,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"eda3d26b-cbb3-408e-b590-e42cb7dd4262","block_type":"box","text":"consequences which cannot be predicted.","page_number":119,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"9399673b-485a-44eb-9946-d6da2503841d","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":119,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"a6fca04d-45c6-4888-b688-f5da46da56e3","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":119,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"af77a208-f745-442f-87aa-57104120eb0a","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":119,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"27af1e91-2e8a-4505-9131-16f65bdcbede","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":119,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"212ea347-9ed7-45f9-9400-b5abccb009d9","block_type":"box","text":"term of the agreement.","page_number":119,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"37809d9e-443d-410d-af6f-a667c090e554","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":119,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"50f4721d-2286-451e-b992-9b5e4530334c","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":119,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"0acaa760-e2f3-4eb6-8226-2ef220425961","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":119,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"572a8abf-9212-4b11-ba92-a11e17d8a5ae","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":119,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"3bf8b190-2c50-443a-94f2-692c84d40f7d","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":119,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"199ceb5e-0258-4420-8a02-5ef0e68dab13","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":119,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"947810fb-c4ef-4181-894c-33a446448342","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":119,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"3e3cf337-88f0-4a45-beb4-dcf986f7bd56","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":119,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"e1b1aa57-0b1c-45a0-88a5-8f50a149d2ed","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":119,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"b8fa6310-38bd-4811-9a76-2d7d8dca6e4a","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":119,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"2b2dff96-4288-4456-a23b-f21734700f74","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":119,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"6ab049c2-d545-4861-abce-717ad97dd0b5","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":119,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"cd40e159-8865-4555-a787-3b916f1cf659","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":119,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"bb0b1c01-eb4a-4891-9e1a-9e868f78629c","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":119,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"3c78e33c-bd5c-4d1d-8786-8cdf417ee93a","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":119,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"c427c187-da53-4019-8989-7c7861748018","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":119,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"4e4fc220-5ae0-4400-88e4-4c9deddfe6aa","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":119,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"013bb3f3-8fea-4f91-9f63-3f160f510628","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":119,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"f782bea6-05c4-4ac6-a5fa-d66fba58968a","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":119,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"204745ca-f594-4086-84c5-cbc4373d77b1","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":119,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"ceacd951-c3f2-4dba-aa0d-dc7ebabd8593","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":119,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"b71bd405-b815-481c-8b87-ebc33b67a4ba","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":119,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"f0f06b33-c5a8-45ad-924d-9b850adf647f","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":119,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"75718d29-c586-484f-9dce-4fcc7ca46a1c","block_type":"box","text":"or by another authorized securities depository.","page_number":119,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"2f30fd13-91dd-4d7e-9332-9685922080dc","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":119,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"b43016db-1a96-4b34-8551-ddee6618df40","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":119,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"593b8e34-e03d-4dd3-9996-6703f553f600","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":119,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"d6d02cbe-baa2-4b71-81b8-f524e8cf4e76","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":119,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"091cc9c1-e171-4bf7-b5c6-2bf6260ae687","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":119,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"d838cfda-1a9a-4222-99cb-10e8f9bb1e3d","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":119,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"c8640aff-57a7-4486-8120-c9084395f938","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":119,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"004a8450-6e77-469f-a546-10155f3e0950","block_type":"box","text":"II-69","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd318629-6139-41fc-873d-3e9cead7ad5a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb4fd56e-7c5b-46c5-8734-7638bb7ddd65","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":120,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"091ddab3-6790-42ff-8673-4c9842b73b03","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":120,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"d54dfde3-b06b-4d89-815e-c81efe7bd493","block_type":"box","text":"the repurchase price.","page_number":120,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"ce590a38-80a0-439a-b466-cd7d2a8a9f7c","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":120,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"83504016-f02e-4409-8fd4-10828387e7cf","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":120,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"4706f446-5f77-4cbb-a615-46d278265d9a","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":120,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"e906be24-94b0-42d9-a760-e90bc219dd0e","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":120,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"6b9c4159-ea27-4582-9631-14e95f5b0d4e","block_type":"box","text":"strategies without the repurchase obligation.","page_number":120,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"ef29c1c8-4e18-4b06-93da-8f81bd2baa1f","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":120,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"c119c028-d347-4b5c-9e5b-482e0a5702e9","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":120,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"df3fe9cf-ecd2-46e8-9dcc-1d624d6202fe","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":120,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"d1aa1434-248b-4f88-a101-ea89ccf52d11","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":120,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"751bdf56-9d79-43fa-9094-fc73583b13b6","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":120,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"7a211700-a01b-4501-bd1d-f93b20c4d4cc","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":120,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"57c5e1bb-9b0c-41cd-9894-7fcc7a960bc1","block_type":"box","text":"i.e.","page_number":120,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"b6074ef9-764d-44cd-aa01-9165cd36fb23","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":120,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"d912ebef-7fdc-4735-90ed-97d0a9f4dce7","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":120,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"2779ee1f-9809-4bcf-8b80-a4daadf90b8b","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":120,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"44b9881b-4c23-4d49-b9b7-dad06b11cc0e","block_type":"box","text":"and income involved in the transaction.","page_number":120,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"718704c3-b5d8-4a1c-aee1-96eab484dfae","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":120,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"356a692d-fea1-49a5-8006-805743da9913","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":120,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"eeaeede5-cf56-4f9c-bab5-95ea48a24396","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":120,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"223407f7-5d6e-4cb7-aab6-f6146bb2fc77","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":120,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"324c5b3e-b6b7-4aea-882f-fd77fce4f1ad","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":120,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"618d828f-6d32-4c7b-b15e-43e03212b80f","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":400,"width":783,"height":11}},{"id":"14cc2fc4-33cf-41e2-be1d-1064818669fb","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":120,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"42fd92a2-8d8c-4faf-a752-ae8976bf6c80","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":120,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"9e50a7d4-c01f-44f7-bfb1-127d990452f1","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":120,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"c61b8592-6470-46af-b453-ea1fd316bdf7","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":120,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"816fd71a-e904-4f2a-8c16-25cd068beed4","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":120,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"76c9c680-4adc-4bda-8c06-c5922df22e44","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":120,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"2ae4efb2-cfce-428b-99ce-25c7868d7bfa","block_type":"box","text":"Restricted Securities.","page_number":120,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"e3d36791-4540-418f-8d65-8cf3803e69fb","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":120,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"59600865-c008-4c3c-a381-e89c74b8017a","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":120,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"31185e9d-98d9-48c8-aab6-d7e56f785039","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":120,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"5347caa7-a68d-49d2-aa29-22c307c81e8d","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":120,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"ea89a1a7-f9ea-4dc4-96da-a8508e0df8b5","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":120,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"f97384bd-78c9-434f-876a-9600e7c38a3f","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":120,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"95a19474-926f-4c0b-a6dd-fa2b0e1fb0bd","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":120,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"1882bbab-9e95-416b-9de3-352f0d86aefd","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":120,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"609cb02c-348c-4ba5-8c1d-56ce2f3844f7","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":120,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"c423a3f2-7635-466e-9b67-9e58069bc442","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":120,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"605c0bb3-8e58-47d3-b198-226f1394cfdf","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":120,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"9b5bd234-6f12-4ebb-a00b-37b3c269fc18","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":120,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"ad15ece0-bf48-483e-baaa-513200887258","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":120,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"424560c8-38e3-46d1-9920-fd9a456bc4c9","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":120,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"81fcf384-d0ae-4d0f-9d87-22d6755b9910","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":120,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"1eb05908-ae47-4958-b524-af5d86a1f286","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":120,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"c23a7cf5-1c07-402a-b0c5-c1659accf9f1","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":120,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"9dd64459-8641-4b5e-94e7-7d420e48a9b4","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":120,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"92c20d5b-cafa-4707-9e18-4498e913da66","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":120,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"63180f3d-7b8b-4bbc-a933-eea742eb6ed5","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":120,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"fde65bc0-cb53-4fac-abad-73e7f243b259","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":120,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"872df58b-aa9c-48fe-90e0-b2ba93f90505","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":120,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"4a8cdb14-9141-4094-acf0-99fe3f7ce213","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":120,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"1bda3cc6-c6f2-43ea-918b-6fc0f09399a3","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":120,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"42d350b2-7501-4462-ae71-471182b9a367","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":120,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"5d6cd426-605a-4fa9-88a5-bb11980a2b46","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":120,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"183543a2-c807-45a6-9653-e8defc6aefb0","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":120,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"685da850-1772-48ed-8191-44bfc1c2b241","block_type":"box","text":"II-70","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9be1fbf4-1e18-4c2f-aee7-9b2427222380","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3ea6148-d0db-411c-a737-b8b0d7679b3f","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":121,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"020ad3bb-5c08-456f-8f2c-0758e2ad4248","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":121,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"4390ae73-0c90-490c-99cf-9132f01f69b5","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":121,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"ef743d95-f3cb-4655-8f27-d1947deb0301","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":121,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"94aac0eb-c73b-43c8-a210-bf8f1f8995f8","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":121,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"08a3e6c2-0977-4a2e-8908-27e925b86741","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":121,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"81d22c97-728a-4d31-9caf-bb556a32c7f3","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":121,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"a1558ef3-e7b7-4626-8d36-7380becc59fe","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":121,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"9191dcaf-2e3a-4f1f-bb07-7fffa5f28a9a","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":121,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"0e40176c-357a-4f82-9784-0a8359aa2697","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":121,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"f687799d-a0c7-4320-a7ac-0f9b42a8ba0a","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":121,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"d07171d4-aed3-4971-b5f2-9e5095d98f30","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":121,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"1ad0792d-8f59-40bf-85ce-602ce08b812f","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":121,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"dc7fe78b-86d2-465e-bce3-44b84091e847","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":121,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"8520a05a-93c6-4033-9791-735931f15969","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":121,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"c9345640-f015-4eb9-b4e7-24dbc1cc335e","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":121,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"253abb06-36c8-4cf9-b5ca-ae809b7f6e1b","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":121,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"3b133e0e-b99e-4661-bebc-21f750d82964","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":121,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"876c7203-41cb-45e8-857a-1d34d4e472cb","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":121,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"e0f66306-5f49-4fda-999d-38e69707362b","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":121,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"2c621397-d24d-4a81-bc8f-aa1b75f01484","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":121,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"602a7172-f973-4913-9403-cefbfa3f40b7","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":121,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"7e2339f6-8112-490a-b137-06c75095c827","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":121,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"3736ea05-bf89-4038-9b09-9955dbe4fce8","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":121,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"32de580d-a29c-431b-b990-eba2af2aeff7","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":121,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"d5a914f9-29a1-41e6-960e-d6897978844f","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":121,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"4e777bda-588f-410f-81fc-ed65b79b7453","block_type":"box","text":"especially as that Fund grows in size.","page_number":121,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"59a2479a-9d18-44eb-9198-571aa551bdab","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":121,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"d70844ec-bebc-4958-9816-d06686ea7055","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":121,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"887a3de0-ddd9-470f-b312-68901456fe79","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":121,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"2f5d61db-3751-4a10-8dfb-5799bc989bb4","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":121,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"4c3cdf85-a209-4a87-a01b-dce72c884382","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":121,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"bf89eaa5-2fc8-443b-bd31-5f6c1dde95d6","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":121,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"275c340d-6407-434e-b853-54c4591661a0","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":121,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"02a05519-3ed3-4156-9841-5c7b8162c723","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":121,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"df00f963-cc68-4d55-a3a1-53b42bc34818","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":121,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"e7a46fa4-c756-4cd3-88eb-e831274122f5","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":121,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"b1aa2043-ab76-459e-8245-11f462eff825","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":121,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"e0c5e06b-da08-48a6-b411-753650eb5627","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":121,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"febdf948-f68a-4905-a261-e95171d9fe9a","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":121,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"3d02dfa6-15be-422d-a7b9-db289f809196","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":121,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"8436c36f-093d-4177-9c36-8240339c478e","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":121,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"2335d393-32ae-4967-b5ae-fb343336db6d","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":121,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"96feb0aa-0c04-4be0-a1b6-7e17a7270e05","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":121,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"c8ffeb0a-81b6-4b15-9b28-066ec4c47171","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":121,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"0bcea213-893e-495d-bb62-6c9fa8d6ad1a","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":121,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"151d3aba-8c4e-4d6c-bf2b-565ab7daa69f","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":121,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"e95f653d-236e-478c-bd7b-f30857823b3f","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":121,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"298848e6-fd06-4c15-8ce9-55f3430281ac","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":121,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"9d72bdb6-b932-41f4-a09a-2f3854e91ade","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":121,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"c636275f-6b1d-4e44-9510-13747c000731","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":121,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"db19aabf-e66b-4f4c-a04a-7075a3912634","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":121,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"da17e16e-70fc-4e99-bd6c-4985d22c5b8c","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":121,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"51662ffd-c455-4cb8-80eb-941c7eda124b","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":121,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"a26bc2a2-841f-4f0a-aac4-95ec04a28393","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":121,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"dd327f82-d6be-4a79-a25f-5552e1640000","block_type":"box","text":"II-71","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3bdcc868-bb68-4b3c-8d89-a7ffc9ac1d0c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12d96b20-2d17-4f16-8f95-72a4a74234da","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":122,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"615b21bf-b577-4cb7-b10b-f6f63cecc179","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":122,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"deb94997-4e6b-48af-9d29-a91214ccb879","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":122,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"644551ae-78b0-482b-ab05-0d60d434566c","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":122,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"a191c5b9-ff31-447c-a2a4-84d9a817b20b","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":122,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"8bdf54e3-93bc-4892-96df-b8ee9bc915a7","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":122,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"3eba22b3-96d9-45d7-8345-db8038e339f2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":122,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"725506e1-51a6-44ae-9c68-f02b49984405","block_type":"box","text":"similar financing transactions (","page_number":122,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"ac1388c6-42ce-4f83-96c7-ad363162b9fc","block_type":"box","text":"e.g.","page_number":122,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"5a0620fb-5488-4600-bb06-32ed5bebf501","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":122,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"c94f13b4-03ef-4e9c-a637-e973976dac78","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":122,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"23d688ed-18dc-41b8-b59f-4acfc6c6bab7","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":122,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"620300c8-5c78-43f6-9df3-72de04064074","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":122,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"6d535661-d7e3-4e00-af85-47a2418f8c27","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":122,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"7e0350a4-b33a-4a8f-a090-d4f3129417a2","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":122,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"7e2eeee5-0f1d-4c29-a9dc-c6e6ffe98a77","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":122,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"15c2e740-4d17-40ae-a129-0f0ba98c12de","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":122,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"46d2b4be-808a-4b48-9aff-d2923c8c7399","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":122,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"26c71629-8951-4837-80e0-1ba8b28df0b9","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":122,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"dd34c6cd-7fa3-4c13-a96b-5f04bbbd8027","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":122,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"b0590632-2db9-4e09-b78b-48e56bb2d804","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":122,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"429887b0-8684-4f85-beb0-5675c35e5d8a","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":122,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"aee73e60-0d15-4cab-9740-a45440d498ff","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":122,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"a3e97254-d596-41be-b5d6-caefc9e511df","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":122,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"325aecdb-9fc0-4768-ae6d-2a677a1c72ac","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":122,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"689969f3-a976-43fe-9eed-a4026789e057","block_type":"box","text":"amounts to be received under such agreements.","page_number":122,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"994d54e5-4df9-4a6e-b28f-3806c8174f17","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":122,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"2fb5708a-ff2f-4876-b97d-80ff26acf4ff","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":122,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"2be3fd7a-8145-41d5-a2f4-b35bbf91016e","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":122,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"52bfd7a6-56e9-499a-b75e-c7682c61d93b","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":122,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"6163c481-91de-42a5-bc4a-2ffb2223813c","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":122,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"02ebd688-b73f-498c-a875-eb03f02e3658","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":122,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"d9f75f9a-1268-4dce-bf9e-594f5132750a","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":122,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"6b1fed8e-dadd-4b36-8363-d8e654a95e46","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":122,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"4b6a58ac-c2d3-45cb-8e5f-582c4a50cc28","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":122,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"b2202f6f-306d-404d-9791-61a1ef6b768a","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":122,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"87beeaa3-0317-4efd-a8ca-9c24a15a0efb","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":122,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"81738fdd-6d3f-41c3-9972-c2155565cfa5","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":122,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"4ec01f62-e7b2-4f4c-8ee6-116c7f6bd5a6","block_type":"box","text":"Rule 144A Securities.","page_number":122,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"628ca00e-7c7a-4479-8584-c1dcaf4932fb","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":122,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"fc85edd1-876f-407d-a9ed-f2a1506297e8","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":122,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"05aab054-7add-4517-b425-31263cf8b770","block_type":"box","text":"Securities Lending.","page_number":122,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"6cd3d4db-503f-417d-a97b-c7ad90ed9a7d","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":122,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"e482f41b-9653-4d85-be82-d63a2f29ba2f","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":122,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"c3e01610-ecf1-45f2-8b1e-267120fb0fec","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":122,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"71b21c69-c312-4e5a-8112-0fb93d4447d2","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":122,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"5589a82b-83a0-4c60-87aa-fa5f05f52ed4","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":122,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"691565b6-b067-4343-be2f-d988a3ea06bd","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":122,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"97fd9e91-508c-4103-81cf-748c2f2d1a41","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":122,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"8bf784e8-45d2-4c14-b311-6738b013e62c","block_type":"box","text":"the securities were not on loan.","page_number":122,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"e7810022-31ea-4011-9918-1c2f778cff56","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":122,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"3536a5d4-5fd0-4d7e-8960-65fdbb1b8788","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":122,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"5108bd5e-b6a8-4ab5-9cd9-897338babee7","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":122,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"9cbeeb4b-92c4-4179-8b75-725cdf4b20ba","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":122,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"d6a2e762-c46f-40fc-9e3c-c0625c143276","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":122,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"55743441-60c4-4b80-a091-f19c017044a7","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":122,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"d4f6da96-d678-46c5-82ac-8a30c4239b31","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":122,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"7ad013fd-8251-4ca4-965b-6c8194cea4bc","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":122,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"e3017581-2673-4baf-a527-8c97343096e9","block_type":"box","text":"i.e.","page_number":122,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"5adc3897-ba31-42a8-9aa9-95fb6daf4374","block_type":"box","text":", the risk of losses resulting","page_number":122,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"a64f65c7-02b9-482f-96a6-e2b61185c509","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":122,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"4369bc55-e3c7-4b59-91d7-d843e097e1d7","block_type":"box","text":"i.e.","page_number":122,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"7d5c30d5-988f-4e31-9226-f9e7e677f797","block_type":"box","text":", the risk of a mismatch between the return","page_number":122,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"4ad5922d-df89-429f-9bb0-b1789f562cbb","block_type":"box","text":"II-72","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"da01f5a0-3302-4d3c-acd4-0264677442c5","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e560ffc-d457-456e-b2c4-e25573f8dd4b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":123,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"ef35f3b2-2adc-47bc-81ba-b64a323525fa","block_type":"box","text":"i.e.","page_number":123,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"545fc574-c9ce-4bd9-bd14-a49bf310f907","block_type":"box","text":",","page_number":123,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"ebdaa79c-c2cf-48c5-9e99-2a7e0058d308","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":123,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"9c59ff19-32ad-4b83-8890-04573d52fc9e","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":123,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"2b5e1f49-580e-48b1-8683-45e434e758ea","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":123,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"d9e71ab7-edbb-4466-9010-ad0319090dd8","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":123,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"0f3dce04-25ba-4c99-af4b-82f40009b54c","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":123,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"8f59a7fc-8280-4e6c-a27f-64bafbf731f5","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":123,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"7f5d21be-2c88-4832-a0c1-d1f54000944b","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":123,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"df1b91ff-af8c-446e-ace5-fdb0b186b9ea","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":123,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"441f24b1-0ef5-4d1c-8eaa-fc92bd085e7c","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":123,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"6e08947d-62fc-4878-9986-66965a60808e","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":123,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"b734f73c-dff5-4421-9d64-1a8eac07e359","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":123,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"63119bef-f5f3-473f-a6b8-32d59a451a78","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":123,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"88b1d3fa-be8b-4312-aea9-e550fca90d9a","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":123,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"f70efd70-439e-432f-98cb-9c5303a23a9e","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":123,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"355b9252-8bc1-4d8b-a466-f0252cca5ada","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":123,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"bbe1dfda-3020-4970-b683-fcf76a018d9c","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":123,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"3b142f7e-ab20-4ddd-951d-e82797ea4c39","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":123,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"a1318f32-61bd-4e09-a511-a03624c8f33e","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":123,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"9a196f33-1cc4-4df7-aaca-76c3655db2b6","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":123,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"91702a1b-df18-4753-8ec0-5356e1f0cd5e","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":123,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"1acf3d1c-d2d0-420f-afca-f3aae3489da5","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":123,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"1cb4991a-ad96-4286-b007-cbef59e07d4e","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":123,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"ce8ceb99-71ed-4a64-ab8c-225c52d8e482","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":123,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"b2e9e6f8-ab7e-48fb-82dd-c914d97d125a","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":123,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"e0780edd-07b6-460f-a883-d9ad570537f1","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":123,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"7aa1c23b-c42d-46d5-8b11-44cb40f8b0f1","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":123,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"df474602-0d1e-40ac-a8ce-5593ccec6d48","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":123,"box":{"x":102,"y":460,"width":800,"height":12}},{"id":"47b80ae5-719f-4306-aa4e-52c26ead2b05","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":123,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"3504431e-3ce7-4196-af1c-c8d944909d8f","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":123,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"c89df345-7263-4ae3-b9e2-c23c296de936","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":123,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"2e4082e0-d6d3-4276-bef7-bc858859b270","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":123,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"8deebbed-ec92-4b0d-b1d4-2510635d0a97","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":123,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"328c2c3e-9e73-4ae2-a22c-75876140b058","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":123,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"f60eb62f-f293-4226-a90b-7b6ec276dd16","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":123,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"a16c19a7-c245-49ee-b418-8500ad9b7ab0","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":123,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"ceb260a5-ba49-460b-86f7-6530b4888eb3","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":123,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"2c4aa81b-8a31-46b5-88e6-c98fae4f4967","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":123,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"b4f07022-d00e-4d5c-a4eb-18fe37724d13","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":123,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"c07b1594-5f4b-45a3-a5ca-66f56d5f9330","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":123,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"e2222967-2eb3-42c5-812e-ca6d123abf63","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in early 2026,","page_number":123,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"639dabb9-093d-4fd2-b3b1-066da8b45f52","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":123,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"4149c586-7ecb-4015-b6d5-56683e34a915","block_type":"box","text":"Short Sales.","page_number":123,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"3e7af46d-2ace-44be-98fb-92da963c3c69","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":123,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"12050a3b-269b-4be8-87fd-797cc14c1701","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":123,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"62651e0f-dc81-4c8e-8a4d-5c52d050960d","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":123,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"035f9890-038b-44d2-8afc-40fdbea4eb15","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":123,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"608ddde2-c4b0-4fad-af83-718b87655fd0","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":123,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"b45f1e29-cb50-4fb4-a058-bd78f18b9355","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":123,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"abb4074b-1df9-4e2d-ab6a-4c4bbcfc6c98","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":123,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"eb7b2eca-66a2-4726-b2ed-dbfcf8c6dca1","block_type":"box","text":"securities to the lender of the securities.","page_number":123,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"ce19134d-4b88-4f5d-9a49-40f4826e8c86","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":123,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"ad62176f-0fcd-421a-9de4-545c89edfcdb","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":123,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"b3c3cbd4-15d3-4841-a942-761461b36bc5","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":123,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"08be61b3-3bc0-4e35-beea-2a2d6d223d8f","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":123,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"fff8e360-cc76-42db-8fcf-e2d63f265c3a","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":123,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"1c8ea7d8-c80f-4a5b-8508-fbb4c02cd249","block_type":"box","text":"II-73","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"864ab1a4-623d-4a1e-b064-1075f171ca8f","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d3e2180-19ce-40d8-8aa7-f62c7bc53121","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":124,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"b3cd0e0c-d576-4073-81e9-99344d381b25","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":124,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"081acf88-4a14-407a-afaf-ec06d2f05278","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":124,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"1e8b0e15-fcb5-458a-a1d5-7a47eee57901","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":124,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"5a446a17-145a-4a3e-8b2d-f174295dcd6a","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":124,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"892c2733-81f0-49d1-91fb-1b8398f6b777","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":124,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"a4ab79a2-4232-4db6-a67f-5ef43f998378","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":124,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"22014759-5428-4483-83cd-0b7458ca6151","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":124,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"a44c6ab5-2a42-48f3-8bdf-f06de76abddb","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":124,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"1fb440c7-b8c1-4f37-b9c2-4d6cc1003fb5","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":124,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"d959683c-1e62-470c-89c8-55eacd6cc5ff","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":124,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"698c31e5-7f96-4468-8ea7-063599575b03","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":124,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"bab7fe57-0bd4-4f4c-9e4d-4ac024173d06","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":124,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"88191f8e-f287-4243-9467-2df2e9ef58dc","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":124,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"8c3977d5-18d9-442c-842f-ea0e71712155","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"1f00ef9c-264f-4cf2-82d3-5ce64bce29d5","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":124,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"b84535e2-f174-4c05-be98-b44161ec1a3f","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":124,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"64979cf1-b0b8-4283-ab71-d89d5e879ce8","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":124,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"e83690bb-4973-4f2d-b4c8-476bc0fe1088","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":124,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"bd3a12b3-ecda-4285-befb-38d3d3eb20d2","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":124,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"b7c98f4e-498a-448b-9fdd-12f1d6b7e7ea","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":124,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"c35d1336-8f20-41a4-83e1-4a7a266c0436","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":124,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"a123930d-b6a2-4776-85dd-3b44cf9fb98d","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":124,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"1f1717b1-4038-4265-b46d-10e2737def7c","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":124,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"d9c74639-bd4c-4ad2-8ee0-9118e9775f52","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":124,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"cf39dccd-af7a-491e-a87f-77abae66cf9c","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":124,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"bcac66c4-beb3-4ef5-9c88-1a14586925b7","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":124,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"dad5f7f5-8139-4500-b073-3af7cdc85d96","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":124,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"f5dcb537-ddda-4506-8b0b-7f226d6505e3","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":124,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"1e2daeb0-db74-4ef8-8cfa-f0527bc1f512","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":124,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"1e4c392d-b9cf-42e5-85ab-29ace6545cb3","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":124,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"78aa078c-315a-4c61-af33-7ba8ea6f44bf","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":124,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"a60d49d2-9967-4ed3-9e41-f82eb2f0b0f8","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":124,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"f7716f42-0992-40ad-bc5d-4e09aa60bb51","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":124,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"e1978343-d2e8-452f-93c9-0648e3ab8593","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":124,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"6a48de92-67da-4ddd-bdb0-859510e67c54","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":124,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"8204fb22-6aa0-457e-9872-9f7568a9c5f6","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":124,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"3c20b63c-5522-4356-a4bd-4925c9cd66da","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":124,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"8d419e26-d5aa-4862-a919-ca00fdc5e8e2","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":124,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"295a2cc5-b291-4017-bbf0-95b37e5dd898","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":124,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"780db450-b14a-4d29-9f87-8bda661d74bb","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":124,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"6149116c-51e7-4b22-a4be-d78696d48a24","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":124,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"6e0b6f4e-aac5-4f81-a7e8-2253011d682e","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":124,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"84debc47-7176-40a9-ab6f-289d699c4ce2","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":124,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"a71048e2-e943-4e5f-97bf-f6bfe33a6ac2","block_type":"box","text":"Standby Commitment Agreements.","page_number":124,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"f4893bce-97d8-4a27-935e-0dc73263d319","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":124,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"95b47e96-f475-4709-bac1-88406f0a9e69","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":124,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"47cc70de-581f-42b5-8d11-6f1133d650eb","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":124,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"dbc82a23-37ae-4cb8-8b31-3f28aef8dc93","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":124,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"af6899c9-7a80-4c4d-8eac-a76ef1c7de28","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":124,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"87330371-7175-4d38-befb-aead99648e7e","block_type":"box","text":"advantageous to the Fund.","page_number":124,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"a26a8a29-6df2-401f-84e5-e4752b839877","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":124,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"47576c13-a2ba-4a88-8b10-b1bf118a7efc","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":124,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"b66e19a0-7d89-4623-8cab-79cd397e79e2","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":124,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"80064095-e747-4b97-9492-c673fdeae506","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":124,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"4a089196-ad3b-4f27-8208-9560f28ff400","block_type":"box","text":"II-74","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56556add-3158-4fa6-8b43-72c0ff712224","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"082d7516-03ac-46d4-9d1e-62d3aef6907c","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":125,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"b6904c46-8cbf-4b67-9706-bd0b33b1d7de","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":125,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"7897d65b-c987-4562-897d-321daad12100","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":125,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"6e24835f-0960-49f4-81fd-521a4c0baab6","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":125,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"14e8ae66-c32c-45a9-9abb-7c023481140b","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":125,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"03ac64f0-7bd8-4b00-8595-5805b391b259","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":125,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"c69b8a7c-5e26-4fcc-b2af-914ded206cba","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":125,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"38714666-52ed-4d46-b5fe-2c0bc0d53357","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":125,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"5f8bdcae-7326-482c-9505-10d529d4753f","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":125,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"696b4a75-5a1a-48a3-893e-04b420dc257e","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":125,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"279bda1e-155d-44ee-925f-8429faa5baac","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":125,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"5aa6a0de-36cd-4011-89c4-d2b8492c6f17","block_type":"box","text":"Stripped Securities.","page_number":125,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"fccf11c9-68e8-408f-b0d8-c1943a7a3e52","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":125,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"a324ff51-3f4f-43c1-94d4-85df939aa325","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":125,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"f49993ba-0f80-4648-bdbb-6e77489776e0","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":125,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"7f10e896-8340-4db2-9956-a45897ddcc41","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":125,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"6b637f29-fcc2-4ce6-977f-d7581fb9fdea","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":125,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"5dc4d099-075a-4692-a7bf-bbf01e0de4d9","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":125,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"890adc6c-d770-4302-b6cd-04bac3c71ef3","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":125,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"49a3c92a-4426-49f3-8c1a-8257bedc5338","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":125,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"bf4e409c-acea-4efb-9b08-9427595194a9","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":125,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"5dac65bc-8411-4613-80ea-30f4c4797b3e","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":125,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"17fc0444-3c2d-4c0a-962e-b42421b89aad","block_type":"box","text":"Structured Notes.","page_number":125,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"8c8da0a2-a66e-457f-867a-84096a63fb6e","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":125,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"b0ef3191-f300-4405-a030-e0c9077b4d96","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":125,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"14a96203-8699-409d-a1dc-ccadea24a93c","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":125,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"75449908-bd37-492b-9906-5cec507be9c4","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":125,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"0cdbb98b-c04d-47f4-bbb4-c9bea0de64f8","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":125,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"51101eb4-9e7d-4c87-aa14-8f3768a6ac5f","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":125,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"d8129db2-5db6-433d-9d94-9ae06ce0836e","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":125,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"a1685014-5431-4e76-8e5f-30595e910e11","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":125,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"849e29d4-b1f1-4b71-a8cf-cd033040834e","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":125,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"ef3df6e8-944d-4cea-b215-a979b6cf88b7","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":125,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"bd7ea3e4-e764-4da8-aa5f-c7051aab08da","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":125,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"29b4eeb3-70aa-4deb-a16c-aa1c45d2c3ca","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":125,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"41f3521c-50eb-4b78-81f4-ac3b7a44dfdc","block_type":"box","text":"the risk of loss.","page_number":125,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"74eb2586-94b5-4eb9-8573-916f272e4a5d","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":125,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"73ea2700-2f92-4ad8-a236-f23573c96c93","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":125,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"80f7ed6b-4332-496f-a4f3-718ccbe6afb3","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":125,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"fbeb701a-24d6-4396-a8ae-8694cd73d3ad","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":125,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"8bdf8efe-9fc2-421d-ab99-0b5b2080ba15","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":125,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"876faa13-7a5c-4965-8c1a-e1f99b926e10","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":125,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"1906dfda-2c01-46e7-98c6-58589d9b0a27","block_type":"box","text":"Taxability Risk.","page_number":125,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"0818bf6b-d0e1-4b8a-8790-11415b93de4a","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":125,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"cdb3bb16-3367-47dd-a81f-577112130d1b","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":125,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"6428119e-f3e4-41e8-ae99-e22d6ee4ff38","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":125,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"575cc391-d372-45e5-9304-e0ce641a28f7","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":125,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"d50afadd-8c73-4967-9c81-dd5420968706","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":125,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"b31b3fc2-119e-4424-b3b3-8072598ed425","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":125,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"2163bcf1-22c8-424a-88ed-2941b18249ec","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":125,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"0d12b007-6f9a-4dca-a56c-6fd51f853267","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":125,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"753177bf-4101-4c03-80d2-25ac3236c0d2","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":125,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"f7eea241-3163-468c-b5bc-70015b189388","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":125,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"11b24079-b0f6-462d-8ee8-71e4906df1cc","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":125,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"0f81563d-dccc-4db8-b407-dede9c586e42","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":125,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"2cba2bd7-8138-49f3-ab73-809f27342595","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":125,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"380ca90b-03c1-4155-b930-852d306a81b3","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":125,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"beb99e64-6057-4dd1-90ef-0d81a980d1e1","block_type":"box","text":"II-75","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b322449-3844-4f53-8508-8f6a2ccddea3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"433ed504-5df5-40e5-b2c7-270317b82efd","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":126,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"682a0c49-4127-4306-b731-5564e614a973","block_type":"box","text":"the value of an investment in the Fund.","page_number":126,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"4e53b2e4-d629-4cba-b3b7-d8ff7b37201e","block_type":"box","text":"Temporary Defensive Measures.","page_number":126,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"d46c70f8-a263-4988-aaa0-9434b2681d59","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":126,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"f86c7b80-c021-4ff2-9dc6-4d6d551872f9","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":126,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"64b89d24-6d8c-4d7c-a81d-ff71ea2bee6c","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":126,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"1e236817-e368-4d58-9bf1-c5f7876f0f0c","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":126,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"95fc8aac-c9a0-4952-ac93-9623c24240d8","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":126,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"db569e0d-ba9c-4beb-8be4-bdcd2c59cc1b","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":126,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"f3dd1df9-4b96-4cf6-8f67-104947476052","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":126,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"64275f2c-4cc2-426f-9076-76525ec9b686","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":126,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"bf9f169e-62ba-4a9a-b05f-097bebc4c39f","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":126,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"7e9d6b01-fd4a-4f70-a642-e76077fd7b41","block_type":"box","text":"its investment objective.","page_number":126,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"898da302-b263-426c-9d28-ac47d848e3f5","block_type":"box","text":"U.S. Government Obligations.","page_number":126,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"090770bc-e4e1-4e83-b063-1ce5d7db2c9b","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":126,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"35a33496-b8a1-4623-94b7-ec60a4365cfb","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":126,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"d2aa689c-d911-4699-94e9-19801d6ff98e","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":126,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"ae3ae405-af9a-41dc-8e6d-19cd492ac0ce","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":126,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"782cbdc0-42b1-4b2a-9183-b923fb4819be","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":126,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"892ef637-e12b-407a-9728-ee647c5de11a","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":126,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"43b78a5b-8ef7-404b-95b0-e1ec2c53e713","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":126,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"313b0e47-b14a-47af-8163-60f0b2e5bd83","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":126,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"8586551c-699c-441d-827d-80e8831fbcc9","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":126,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"1f924839-2c7d-49bb-a5bc-767affa65651","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":126,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"494aa0b7-6ae4-409c-8adb-1fceff8261cc","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":126,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"0df3e736-8f1f-43a3-b8d6-7e47587cc06a","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":126,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"73105d53-a45e-46d7-9ee3-dd33d7d568f7","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":126,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"26690668-2041-4aee-b384-3f1b8220e9f4","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":126,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"198d805d-566d-4299-8f9c-33f7045f3d62","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":126,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"509b6786-46bf-4395-8a12-d3e1dd1f1880","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":126,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"969ded23-8131-4ba8-9092-9d9c796ee7cd","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":126,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"80b5a726-65ce-4d0d-9b0f-9a1f304cbe30","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":126,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"ff0155e0-8ef6-4d0c-a418-709b68f1033f","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":126,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"c8cea783-cd03-497f-9143-e4cb467f35b3","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":126,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"75250d84-69a9-4c67-927a-7d8105c14bba","block_type":"box","text":"U.S. Treasury Obligations.","page_number":126,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"3144fc9b-239b-40f3-82fd-2a5d383cb068","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":126,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"d02bae22-920c-4721-85c7-a6cae75b8392","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":126,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"044a8a2d-a99f-483b-b27e-138feed92f96","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":126,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"fb4fa25d-7a11-4979-9c0c-a379cf94e4b2","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":126,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"506138d6-7329-475f-bd53-8db1912e745c","block_type":"box","text":"do so.","page_number":126,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"387052da-fa6c-430e-85f6-ed8a02e0139d","block_type":"box","text":"U.S. Treasury Rolls","page_number":126,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"ad874279-259c-47f9-a1a3-1f3d31970bff","block_type":"box","text":".","page_number":126,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"9c5bd947-d96b-4cdf-8e2c-55716ac645b4","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":126,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"4cc444a9-474b-42c7-b4de-59dce2978296","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":126,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"39976e3c-872b-4129-84a7-69f0b92d196c","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":126,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"b1716ee4-44e2-47e1-a8fd-57b975e729ef","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":126,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"8db6491d-a81d-4ecf-9686-07cf4db4746b","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":126,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"460a0ef4-26dc-4949-b391-ad9c9bbeadd3","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":126,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"bae8f228-37cc-4118-b144-deb47d7a3d7a","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":126,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"399fdd29-46af-42ee-b446-1a5ad03ac3d8","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":126,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"2e703bc9-3287-459a-a2b6-e2087aba2e2c","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":126,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"6123faa6-503a-45f6-8b42-3f44a84d5935","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":126,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"8077a355-3486-4364-a482-989f66e8ccb3","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":126,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"13a0f44e-9d4e-45c9-9c66-b73a5bc40a24","block_type":"box","text":"Utility Industries.","page_number":126,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"f1d67673-ae47-49ee-a505-165b7e4c7c9d","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":126,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"58aec358-c72d-4386-9184-8b5ecc499de0","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":126,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"18aea0dd-abbf-4ba6-90ef-ea0f497e1f2f","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":126,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"27a87604-71c1-4417-ac5f-49a090c8c4eb","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":126,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"a15e3427-6260-4f99-a34a-82884c4e246b","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":126,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"a33642e2-463a-469d-a243-a7117a033cd1","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":126,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"496f8648-7a09-4473-b3ba-06a61ae7e600","block_type":"box","text":"II-76","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89b3e746-cf85-4af8-b727-5e1a3cf2ea72","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5ad1488-ff73-4cfc-b712-5e76d2ad6687","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":127,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"5825e008-7717-4e1d-95f1-065c080a5199","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":127,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"7fe58cfb-ffea-481e-8d54-279b25326007","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":127,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"9d6b515e-8f81-4f55-9249-025d0e3defc3","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":127,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"c0d4ea44-0240-45ef-aa85-d0f8ad8a704d","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":127,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"bd795eb8-d595-465d-9f9d-5921be78607e","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":127,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"f7ba6318-9a8d-44a0-893b-f407e3651524","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":127,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"39fa3ae6-08b3-4707-9822-861721b5bcbb","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":127,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"af4e512b-a178-4631-a488-d5f84035fc6c","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":127,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"189a9769-1c87-4b76-9ad4-6742a3af6b5a","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":127,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"2ab60ea3-b707-4b16-958a-d86103c57222","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":127,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"26cf7f98-dbe5-4f89-9423-074e9d670214","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":127,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"786da4fc-1c53-4cad-bcc4-4e74ffdfbaa7","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":127,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"fb0f9767-f01b-444a-aa25-528e788e214a","block_type":"box","text":"utility.","page_number":127,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"4bd5a50d-b7a2-49c3-9a79-784b32b6446d","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":127,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"019cf351-d079-496e-a8a9-3d8cfce1035b","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":127,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"4f4d17ea-8820-4ad0-b0ef-40a2373ab6fe","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":127,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"07c7dcbd-90d9-4b7f-9055-c4a8ae0a6149","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":127,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"a5099476-3c8d-421f-a07f-f00240a983a9","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":127,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"78cef2ce-69cc-425c-8286-ad3ca72992a7","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":127,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"79804787-828c-43b4-8498-ddb2f5d7e388","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":127,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"501a640d-c3d1-4bd5-9bd6-d21607b357ca","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":127,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"9177f21b-7795-410a-8a7d-ac0af114dcba","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":127,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"be66e59b-93af-47fb-958d-3b9666df3d47","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":127,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"891c665c-ff16-48cb-ba67-28df299f6454","block_type":"box","text":"continue in the future.","page_number":127,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"3cb3db30-a2ac-4488-a620-e95edc6aaed9","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":127,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"d5b9c58a-bce6-4c5e-9910-d36e1f41965d","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":127,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"4ed0bedc-8de0-4fe4-ae7d-da89a41f2187","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":127,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"f34147b5-db5f-40f6-bc6e-3bf985f88f31","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":127,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"44096dab-3ab5-4e90-b6bd-61ef91e32710","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":127,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"9625f345-de4b-47b4-8d8e-3fe0249531a2","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":127,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"e9db852f-2292-471d-981e-b8886e3e0e1e","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":127,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"96d583ca-4dfb-4a21-9b98-660eb3ffbd08","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":127,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"6b82a5fd-0a08-4cf0-927d-b21c8740e78f","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":127,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"007bbc77-f832-41f9-a99c-0b5765fcafd2","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":127,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"25f062a8-99d2-44e7-83c7-65651dba45c4","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":127,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"e4bb61e2-4b7b-49f6-b010-ed13dbf95ead","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":127,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"2573fd33-9375-49c4-97a1-188c90a23f8b","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":127,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"05f4910e-c4a1-4df3-8e06-752ebe4e3f1c","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":127,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"de978f79-a03f-4eb7-986f-63accd91604f","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":127,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"cb0bea5d-fc8d-44ba-b029-f69b623ecff7","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":127,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"bf4bf738-11a0-494b-85ba-b396463f3c1a","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":127,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"44873437-47cc-4fb3-aaa9-db51ca83ccda","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":127,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"c0c179b3-eeca-4475-b0a0-3e5aa0910ae4","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":127,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"0f34d9c5-6795-4489-a46a-cb6141763d2b","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":127,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"95fb75d4-eccf-4d4d-abcf-ae639418bbdf","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":127,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"96b45025-4501-400c-9f4e-fea4e4a7da1b","block_type":"box","text":"ways different from regulation in the United States.","page_number":127,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"17b75844-2db3-4b31-9d89-5fef9897e816","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":127,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"b118d1c9-41fe-43d1-973d-bc16659d8ce6","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":127,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"4bab24e9-975a-478a-8ea9-d37a3f2703bf","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":127,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"d710a63f-819c-4a11-aebe-aa17a7a7ed5d","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":127,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"0444a3f6-3f00-4945-b8eb-b5fc5c33e4c0","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":127,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"ca677faa-4d9d-4ca8-bdb1-55dc6b6e22e0","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":127,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"41fea293-e4f4-401b-af5c-37d60b4090e3","block_type":"box","text":"II-77","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2dee9c25-3c27-4b6f-a184-c0efe444f915","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec2639ea-5259-4abc-9688-fa024ef36701","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":128,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"ef01e23a-59e8-447f-b9cb-195b99598845","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":128,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"4858369d-71ae-4c54-8e70-35a6720858eb","block_type":"box","text":"increase.","page_number":128,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"bd0be133-6554-447d-b5e8-1c14ab6840c6","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":128,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"de9e2163-216a-45cf-86d0-fdf6633217b4","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":128,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"7d163f7c-cc61-4130-b208-ca2883d5e845","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":128,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"389a7cec-8571-40ae-a237-573454c71740","block_type":"box","text":"Electric.","page_number":128,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"d72593c8-1e5b-4525-a8c1-8ecadbb19697","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":128,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"ee403843-3331-4c6a-aa77-282bb731aead","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":128,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"805bb1d4-78c2-452f-b69d-c610b7080871","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":128,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"c2496ccd-4e53-4ee6-b017-3129e68d972f","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":128,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"6b8d3bf0-dec3-47f1-a368-b405555a30f0","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":128,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"96606fb9-3b3c-43a6-9517-67d583eb2646","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":128,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"5dd3adfe-12cf-4c5f-a7bc-a8d8b1aeb805","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":128,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"6aecfaf3-57b6-484b-90d3-b6c57ccd8af9","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":128,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"1fa10874-b365-4ff1-b596-aa04a4a3d55a","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":128,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"2b3aeace-909c-460b-8383-889a5b3c3847","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":128,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"fade3608-f9b5-4903-bc6f-b9835ca7e9ec","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":128,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"9b96552d-d3f7-4d8e-bd42-d1f9a83a92a9","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":128,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"ebabdda2-7f8c-4967-bee1-65a9197dfbd3","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":128,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"3a504d74-41f9-4ab5-803c-b24b31b3c0cb","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":128,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"be422347-0cba-4b83-8715-49f8402b77ba","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":128,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"945d440f-3a49-4b55-b25d-ea4d2067209f","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":128,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"b8ab68a5-6781-4945-b480-00cabaee626a","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":128,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"aeaaf772-bc18-4575-8a0d-ae531ab7b232","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":128,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"4815cdcc-b417-4b8e-b271-eafe6ec753bf","block_type":"box","text":"and for decommissioning such plants.","page_number":128,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"fc2fe037-c3f4-4db7-ac65-4f76025f9bd1","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":128,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"df79b06e-6b04-4f3c-9607-0b90b97d2acd","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":128,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"97e07fdc-74a2-46ab-a651-53d0a829d7f2","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":128,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"437bc4d1-8e81-4407-a249-fc63ec37d915","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":128,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"794a0523-c153-4b3e-a154-2a5749395f6d","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":128,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"566ac110-44ff-4868-9729-4cab6350a837","block_type":"box","text":"greater predictability of cash flow.","page_number":128,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"93bda96e-37fc-4bf1-97a9-edf8196f42f5","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":128,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"de084625-f64d-4f80-ae64-42f4adb476f3","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":128,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"82e6cdcc-98f3-4959-a0e4-15409c6a4c53","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":128,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"e2c93d5a-1a96-4877-8ed3-c98c45c950a2","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":128,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"789cb62c-3068-419d-aff9-5a0bc10eebd4","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":128,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"b04c1e94-bd25-4c83-87ec-b40f9c445326","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":128,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"fa6dde3e-58e1-4f65-91e7-25b9214f9efc","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":128,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"f3ab4e31-4748-4cea-a283-10cd60704f67","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":128,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"3bf8022e-3668-4c34-9c89-bdb81cbc854e","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":128,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"367b21ed-66d7-4d18-b255-a9e010ee5c06","block_type":"box","text":"Telecommunications.","page_number":128,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"138c855e-d6b9-4f89-b710-5c36cdb2cb36","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":128,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"cd789aef-4c00-4a2c-963f-20903d6dae8e","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":128,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"10947d2b-abe9-42d2-9758-a087a7192097","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":128,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"c59b645c-b043-474a-956b-7b77a900a624","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":128,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"eac95c7a-7940-4629-af1c-d285f4dd2271","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":128,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"ace8a16c-94d8-4ea9-b8ad-dd2fb87b397e","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":128,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"83d8d465-c8d0-45a2-9fb4-806f02bc5fc7","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":128,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"56dc0ee0-1a62-4e10-b9d9-d96ce0d162b6","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":128,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"e1cfe386-c29b-41c9-b41a-125b1cf55154","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":128,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"fe92afcd-3950-4e64-ab79-ddb06d2c7e75","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":128,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"4b34edde-fe33-4ab8-bbd9-4003dece00af","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":128,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"0a2323ff-427a-4117-a37d-c96ffa6c1766","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":128,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"8f6a5e96-8df0-4330-984b-04ab3f79c344","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":128,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"571376fd-c09f-4930-b56d-2072d0883fa6","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":128,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"4dce414e-7ea3-4db1-ae8b-07af35420a2b","block_type":"box","text":"II-78","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5f35e5d0-69a9-42a6-b483-2cffef2bc712","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"394ed30b-ef9c-4e04-9256-5b5221d8d04d","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":129,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"be3d291d-73ec-4ffb-85ff-0f5fe6f2f79a","block_type":"box","text":"residential, corporate and governmental customers.","page_number":129,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"442992ed-551f-4fdf-a505-d340b47c6894","block_type":"box","text":"Gas.","page_number":129,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"4aa56d12-573e-4379-9ce1-a20116d9af68","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":129,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"20b21e1b-78d2-4d5b-ab19-352080928f07","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":129,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"ee8af61a-d94b-49e6-8fc9-335a95209407","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":129,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"44939243-0663-42f5-8ace-ae1e214a6af4","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":129,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"8659e567-527a-4b8e-a5de-8e9d897b9303","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":129,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"6daa12d4-29e0-4a51-b73a-6f06e95e735f","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":129,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"066df12d-bcb8-4aa3-8da9-e01d47cff428","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":129,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"7075e76c-ae79-4fe3-92dd-70caaf445f39","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":129,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"fd4fa9a4-c3ce-4f52-b1be-8624bdfe9510","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":129,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"09eab15d-f7f8-4055-82ff-c406bcacad03","block_type":"box","text":"Water.","page_number":129,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"04cd28ea-ffeb-48de-a950-494808d7a03a","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":129,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"ed76c4fa-24c2-44c8-9087-e6992e0c7719","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":129,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"bb306018-5001-4b92-9746-94fd55675b9a","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":129,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"619846f2-e833-4380-9989-948f60046c6e","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":129,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"32ce8160-b8a3-4d4a-bf71-4f9dfc6f1031","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":129,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"16c527c4-a6e8-4ebe-a540-69135767bfa3","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":129,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"0277bb3d-9aef-464a-9f28-c3fae76dc1ee","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":129,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"5e3abb2e-b637-4c92-88ca-0c865b057359","block_type":"box","text":"Utility Industries Generally.","page_number":129,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"576b939f-b701-4a56-9b4d-205f591beb2f","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":129,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"8179a736-d75a-4dd4-8c48-a2d01fd3321d","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":129,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"44a6b4c3-4c5b-437d-8ba8-1057a6382c54","block_type":"box","text":"not develop in the future.","page_number":129,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"564e0e0a-4aa4-4c2f-9225-7bd9a3da9bbe","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":129,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"f762a001-51a7-4251-b035-ab617180d926","block_type":"box","text":"A Fund may purchase or sell","page_number":129,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"53d5cf1e-c880-4bff-baa5-bf512a4358bc","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":129,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"574f9f33-8202-4eb0-8315-f557c46ec978","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":129,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"b6db03f9-4ee7-426a-893b-42aae81b692f","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":129,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"460e8e02-f5cf-47cc-8117-e24f89c43317","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":129,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"1cbf63b4-6b91-4625-8a08-3d91a02645cd","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":129,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"6deb346b-ee01-40fb-8924-a9745a58e22b","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":129,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"21963bbf-a672-4fb2-a549-4804ad304769","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":129,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"b8a0693f-2fc4-4a7c-98cc-fcb091213542","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":129,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"7ae7e46f-ebd1-4f62-82f5-811206623e54","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":129,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"bad80d99-e0a3-4865-b5f5-16071312388c","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":129,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"7c4f64e3-1a2a-48e3-858d-b9537e215575","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":129,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"6b7ec9e9-922f-43d7-837a-1da22ef59bfb","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":129,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"7e04f73d-3ef9-4469-891f-1c555d054303","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":129,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"4460ebff-3a88-442a-bc0a-7ebf9b9f85a0","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":129,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"e496403c-d86b-4cbc-8f8a-deb00d22b582","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":129,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"c01703e4-0103-4869-acfd-38fa4a195724","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":129,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"c775efdf-08fb-42a8-8453-1397b53aaea5","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":129,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"06032a84-b9ba-4dd7-82ea-dff873df5324","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":129,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"20c25c58-2a3c-4a18-8483-a907453342f2","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":129,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"a789b495-04cb-45b9-8f7d-46ec46ad8dd4","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":129,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"03d467fc-ba2d-4819-945a-7070ef29b37a","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":129,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"6ab0c66d-7175-4338-b0b7-20df17404989","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":129,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"f521c0f8-221e-478c-95ee-6ec87d66c071","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":129,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"f143a871-aa9e-46b8-95b8-df320d87da7f","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":129,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"6d016029-0a0d-4a42-a722-386bcf987b1a","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":129,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"265ff1d5-47dc-497c-9755-6e75e24c3424","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":129,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"b8ae530b-6d10-4678-b23c-5481523c6684","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":129,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"c0f517ca-25d8-448a-a098-05f60df4069b","block_type":"box","text":"securities (","page_number":129,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"992e358c-5867-4154-b85c-9f8ec0caa6cd","block_type":"box","text":"e.g.","page_number":129,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"2366157d-8a08-43bc-87e0-10ab48a59f58","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":129,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"7a70bdbe-a747-4d00-b091-b5e7af6547a6","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":129,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"39b8d8db-4dcb-4ab2-8ef0-aaa5f3d869ef","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":129,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"cdbf64e4-5ef3-4fc2-95dd-1676b9e21773","block_type":"box","text":"II-79","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d70f5b44-63bd-47fc-8611-f1f386a7412f","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c9b511f-2dde-4c81-9fb1-d6f6074d528d","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":130,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"1a5699f6-99a9-4b05-b76a-b906e85d92cb","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":130,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"c51b1d5d-ebac-4094-8b6c-99d03ab77863","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":130,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"e4efe2a5-6b5f-4624-881d-b84a7a255d89","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":130,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"b721ced9-0419-4644-8c4b-92e41347a039","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":130,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"e7ed8eb1-e71c-4a57-a9c3-682da1b8b9f4","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":130,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"42509ec9-2f93-4e8d-8a95-42f1eed2377d","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":130,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"bdab9ac2-6f2a-4125-bb30-50ee71e80ef7","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":130,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"f4016559-8746-4a17-96af-fe61e2d55264","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":130,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"7a5cccbc-9267-42a8-8212-390f5e05d444","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":130,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"ba268ab0-0626-482e-a589-22bc7a24f759","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":130,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"b52db82c-843b-4f27-846d-3d40ae644224","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":130,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"e1c3c550-6816-4707-b8b1-e8cc401cf752","block_type":"box","text":"Yields and Ratings.","page_number":130,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"3204cf42-2cd2-4f0a-b6e5-6fcde265c27d","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":130,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"abbc5ffd-6c80-4334-ac49-02388ac54a51","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":130,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"48eb5bee-4edb-4edd-9fa8-b8127fefa56b","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":130,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"5687cb7f-61d1-4d42-8f65-f7d77d443959","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":130,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"6db185c4-c334-4b8a-bc0d-87c981001a92","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":130,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"fa99dc23-ba68-40b3-8896-8a45e49ed722","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":130,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"4b15d9b0-5ad3-4e2e-aa68-72cf367b413a","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":130,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"5775c0a1-68cb-4461-9476-7bfcce6d6635","block_type":"box","text":"continue to hold the security.","page_number":130,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"0110e5c0-2ccc-4723-80c3-3f457d86f5e2","block_type":"box","text":"Zero Coupon Securities.","page_number":130,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"f7b5206d-c33f-4985-aacc-72d2fced7e31","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":130,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"ad43a647-416d-4c67-8bb5-0092195a7d71","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":130,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"0fdc5ffe-044a-4090-9284-469eab5be03a","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":130,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"e4a784bf-4122-49f7-bd0c-6039ef98dfa8","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":130,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"34c1c08e-5176-4c4c-8c77-33c64a4c4550","block_type":"box","text":"security.","page_number":130,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"fd309802-4a58-4fca-bb34-872066753a3e","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":130,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"740a81e0-da3f-4251-ae4d-936d529d662d","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":130,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"473f0720-b467-45b5-ae22-75528fada827","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":130,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"4bde5a71-379b-4214-b5e4-0c080ccd7434","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":130,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"29c00342-1531-43e1-b3d1-0193f3a40a3e","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":130,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"62010863-d8ea-4947-ba11-6e149a80aa49","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":130,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"bd384b47-9bf5-467d-b9b5-8d06c70a25b2","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":130,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"b90f5663-c9ea-443b-922e-05e60634e251","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":130,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"00918dd8-b3b8-44d3-8ac3-05738234e705","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":130,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"07857b5d-6484-43bc-b69a-f4475b27159b","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":130,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"df786cc6-28ff-46c8-8e49-d269c2eddc60","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":130,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"e3d34f48-3cd7-49b2-add6-5272dea7a531","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":130,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"108c855d-502b-4adc-9960-a293000987cf","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":130,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"587c830f-c371-461b-b40f-5b43604b3d36","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":130,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"0a99ea6d-6336-4c07-a6cf-5a930ee7ed8b","block_type":"box","text":"intervals.","page_number":130,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"2db87d60-a70f-45a8-aa75-5b0b3d620146","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":130,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"fe89117d-159f-4271-b1d8-d03f1b92062b","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":130,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"2f90c38b-f919-4894-b572-f326d3b7a80f","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":130,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"11d932e3-6770-44eb-ad6d-fc5f8855ef86","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":130,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"b75ca09f-4ecb-418b-a1e4-987ba650ee8e","block_type":"box","text":"exposure to zero coupon securities.","page_number":130,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"8a093c89-6357-4ecc-8936-64fe050a33b0","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":130,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"6dd4753e-b81c-43c3-8e92-adc466fcb5ec","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":130,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"9fa85afb-0f18-4ff6-84c1-3840306dc19e","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":130,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"ea5c55c5-c971-4134-8795-03d23cda4c78","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":130,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"77b551bc-b7cf-4752-9a77-b1f911011734","block_type":"box","text":"Suitability. (All Funds)","page_number":130,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"f9779ef8-5085-4b4f-9a61-b14010ddecf4","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":130,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"0a5e0228-d2e9-40d5-927a-362d63690c74","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":130,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"75dbbf4a-2ff5-449a-a606-dcd09254df60","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":130,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"3b6154fd-8788-46b2-9851-bdf2ba6d79bc","block_type":"box","text":"II-80","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"84ed2062-301c-4c3a-ba76-aeac69016fb9","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8cfa5dc-0cce-4e4c-b314-edb101e2b91f","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":131,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"a8b553b1-4a16-420b-840c-eb1742efd0ce","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":131,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"a84338ed-5237-4516-98e2-c5c893da87d6","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":131,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"04314047-7b19-453d-b645-59fc24c06e1b","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":131,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"e4aacbc9-5839-47fe-9e2b-a8f72f7e2dbf","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":131,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"60eee01e-fa8a-4002-b4ce-2d01afb81947","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":131,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"0485e995-fdd5-4be6-ac59-6f16352e7d8c","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":131,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"7b73c86d-a7a6-425d-814f-bb32088784c1","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":131,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"2e260013-9ef1-41c9-8444-d44499f377aa","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":131,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"36af66af-649a-4834-914f-a028ff264d97","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":131,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"4c057b40-e033-4af8-8b59-e908d87f0d5c","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":131,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"d8448a37-2bb0-410e-ad36-7949c571c6a7","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":131,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"5ce9d640-a2ff-452a-a7d3-f09b45038332","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":131,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"50c0fce7-644b-4119-bb2c-fe76ecb68359","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":131,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"574d5dc3-bacb-4b2e-85c5-a768f88c02dd","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":131,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"62694ecc-b03c-4de5-af10-876a333a2817","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":131,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"b73934f1-0ce7-41ac-a011-6f23afa7565d","block_type":"box","text":"(","page_number":131,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"8b259b83-3236-42af-8a7a-95ecaf548e5d","block_type":"box","text":"i.e.","page_number":131,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"31c3251c-f83a-48ce-9aae-9fdda731e579","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":131,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"d691970b-efad-47bc-a451-d74e8d32e63d","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":131,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"de770464-7b92-41e0-ac62-248c7b9e7062","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":131,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"05ebc0b5-3543-4ab2-9a26-17f54abe61ab","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":131,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"8bc6bfa8-e44b-4103-a37a-94f6fbc56d28","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":131,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"0471204e-aa11-468c-95fa-732e8ad7c989","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":131,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"e42b9a7a-f8b3-49f0-b24f-0f955c8f0dbf","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":131,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"8511e57e-2f96-4b9e-be16-406ec57abca3","block_type":"box","text":"regarded as the sole issuer.","page_number":131,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"297ecaf4-9e38-48e5-89d6-70ccec406b9e","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":131,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"abb9dd21-df6f-4dc0-919f-212da8bd2eee","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":131,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"eb29f446-99e5-43e1-bf0f-72a95b3f7c3b","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":131,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"6bb9dc18-af7a-4f56-907f-e5eecc35cfd9","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":131,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"e0abd622-23fe-4057-bac1-9799a7604713","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":131,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"f98b8d2c-276f-4536-b07b-267aa698e3ec","block_type":"box","text":"75% of its total assets.","page_number":131,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"53b3b547-39ac-4919-b4f2-aba4888e8cc1","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":131,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"4cfac000-a08f-4aee-a316-4f51c979dff5","block_type":"box","text":"Directors and Officers","page_number":131,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"199825f3-4b9d-47f5-a897-cb587de2976c","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":131,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"c6815549-f8c4-429f-9616-d204169a953a","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":131,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"9e7b3a97-b025-4288-a7e7-1a1d1eb6097c","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":131,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"3576dccd-d581-4e9a-9b7a-1db768705c65","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":131,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"4612eeed-9c85-4750-9295-adb333e33e5a","block_type":"box","text":"Management Arrangements","page_number":131,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"9cf40dc4-7fe6-4ec2-a263-97b9de062701","block_type":"box","text":"Management Services.","page_number":131,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"1755b53a-88cd-49ec-ae37-746166abe470","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":131,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"e28816ba-a287-4267-8dca-0689c1263fad","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":131,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"b49cb0de-7012-4066-895b-234bd1fd1094","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":131,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"c479f148-c8c1-47e4-9c22-2e30356628b8","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":131,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"e20adab1-ffd7-4e9a-882a-03ef8239440f","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":131,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"25df1f8e-290f-42df-8821-dd8f724340d4","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":131,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"c437119c-80fc-4944-b534-9fbd4f0392e4","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":131,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"c4c38441-4a8f-4e93-84b2-3b024092804d","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":131,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"59dea4c5-2db9-44ab-a2be-f9f1704c7673","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":131,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"34ebd7e7-4e64-450d-8a97-66e1f67d1f5c","block_type":"box","text":"Management Fee.","page_number":131,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"19f106b7-fa9e-4ab3-9c36-d6fd55025d21","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":131,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"bcb22663-e102-43df-bab3-7218eb5737a2","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":131,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"594a9ae3-c3da-416d-9a33-e936714d8287","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":131,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"45078156-d7da-400a-a06b-5ea7d408b693","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":131,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"52453845-5752-41a3-bab2-64ece9ff1f80","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":131,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"6f72ccb9-13d7-422b-958d-df4a67a636e5","block_type":"box","text":"II-81","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2d36fe0-3b11-496a-b1d6-90e5c4ef55c0","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"763a3abb-beea-4d5f-aa70-a7fd89e11970","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":132,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"4784106a-64ff-4255-8688-f99318d705e2","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":132,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"b495a875-a256-4e16-a77c-c6894a96b348","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":132,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"91436f8a-99f9-4e58-8e18-3f39586f524d","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":132,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"66c83239-019c-433a-80d5-49b9bdd1b6c3","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":132,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"57b4802f-bafe-4d0d-aa5b-2aa6c2c74410","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":132,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"0e714bc8-07b8-484a-84db-cdfb7822c30a","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":132,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"c11d996e-e9d9-4c4e-a99f-2350adca7a09","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":132,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"ee57fb69-6e85-41ab-9e0e-6c43d3dc6925","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":132,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"d027e45d-906e-41f5-a8a9-c702c8fc89a9","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":132,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"bbf6a713-13e7-4b97-936b-75537c0ba849","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":132,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"374d442b-2a6b-4e79-b22a-d49599a8aa15","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":132,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"a809d215-8eed-4382-88ba-1185c3514933","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":132,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"57cda635-25b7-4451-b6aa-24870a9a3b6e","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":132,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"e8073f70-30e8-4ff8-a313-fdb0f0725d7e","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":132,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"70a30d66-b0f6-4360-90c7-caeecfc26170","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":132,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"e69f97ab-8867-48cb-86ed-fe983b2850d1","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":132,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"d03ece18-2a4b-472a-93f0-8c1f7520dafd","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":132,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"e9d23f4d-3acd-47a1-a0ae-926eb7763970","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":132,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"22799e97-d500-4d72-8a95-1d77acd791fb","block_type":"box","text":"Sub-Advisory Fee.","page_number":132,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"90c16ec0-a4f8-4f5f-9dae-ba3dfb609e62","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":132,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"be2cfbd8-adc2-4b21-af3b-38837f037ce5","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":132,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"b23828f2-09ba-4a87-8893-e70a61107170","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":132,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"91258d39-b867-42f7-a401-bbc09d2097a1","block_type":"box","text":"Organization of the Manager.","page_number":132,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"1e2c471d-a0d4-488d-b955-f547e8217b5b","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":132,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"47cd0da8-d266-424c-bf3e-0613cd827b9b","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":132,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"be4034f0-8eca-4027-b89b-ec954ea4b33f","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":132,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"46d17b9b-63fd-4c69-a30f-c3dbc9ad9998","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":132,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"f7683609-a1fb-4083-959c-31d42c447a36","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":132,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a80b5622-2166-43ef-8bad-3240fcfea98c","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":132,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"60e075d6-39ac-4825-8b6c-524a92c79f83","block_type":"box","text":"Duration and Termination.","page_number":132,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"005ec9e0-54a6-4c01-bd96-f395c6a6b293","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":132,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"642e1625-4c30-4256-bce9-28af9faf8cf9","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":132,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"5e11af02-37c9-4bcd-a946-e690919c65ce","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":132,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"e555a7f1-b3bd-4a38-bf0e-24f409a0eccd","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":132,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"f37c2cbc-e585-4820-a199-8b6b0e37615a","block_type":"box","text":"in the Investment Company Act) of any such party. 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For information regarding any administrative fees paid by","page_number":132,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"3444d35d-f050-4ff0-a480-00441d5b4d70","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":132,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"8c9651c2-297c-464d-9e2c-0f60e37d6ff3","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":132,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"e08b7b41-130d-4cbc-a8c8-34846753df07","block_type":"box","text":"that Fund’s SAI.","page_number":132,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"f4354845-a101-4ba3-a07e-d1eebf090d5b","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":132,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"b5117e93-8a2c-438c-9571-9ef2e67b02b4","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":132,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"fac697e9-03fc-44ef-84a3-fc944cdd6127","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":132,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"2b07b759-ff92-4385-9024-084dd74fc630","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":132,"box":{"x":69,"y":793,"width":826,"height":11}},{"id":"3175658b-20ab-4dfc-ae7a-0045971dfda9","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":132,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"47d8e5f2-f5b6-40be-af69-c9eb6cf2fb19","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":132,"box":{"x":102,"y":831,"width":390,"height":11}},{"id":"bbfdb8e5-f79c-48be-8499-3407e902e73c","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":132,"box":{"x":499,"y":831,"width":364,"height":10}},{"id":"15ff1e5e-9b08-46ad-b7c8-f5e266b18a5e","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":132,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"55d5d745-8461-4d8a-82d0-3a92c5fc5e05","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":132,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"7b5a5a46-9ed0-4dd0-9100-b908b424bba8","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":132,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"26f9d253-59b5-4702-bd55-e8d24609189c","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":132,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"beeec511-e5d7-41dc-a3b1-76f51e102fa6","block_type":"box","text":"II-82","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0efa9ee-d794-4e41-8c35-8ba6e72447ca","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b65a520c-2b61-4da0-ad33-148082971670","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":133,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"69afdfa6-c50a-4ff6-8a1c-e55a9e826f7e","block_type":"box","text":"shareholders of the Fund.","page_number":133,"box":{"x":69,"y":60,"width":181,"height":9}},{"id":"2646e029-8f7c-4bc5-8e96-542c50c5ada0","block_type":"box","text":"Transfer Agency Services.","page_number":133,"box":{"x":103,"y":82,"width":180,"height":12}},{"id":"f15a7be5-d118-4f2d-8363-c59257c9cd06","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":133,"box":{"x":291,"y":82,"width":595,"height":12}},{"id":"1d3c005d-843f-4bf0-b045-fe9aa31d3dc1","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":133,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"c419c6b8-6b58-4fb9-92c8-610cd64a5248","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":133,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"cd61f714-4e2e-44a6-b41d-8a275437a514","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":133,"box":{"x":68,"y":128,"width":792,"height":11}},{"id":"771d377c-3a57-4fda-afa9-e631bf74f5a6","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":133,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"b21f09ad-b872-4456-b8e1-bbd3ede0e635","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":133,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"bda9a811-0529-4f1e-ac34-ad8b8a43a35f","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":133,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"1b89cf55-45c9-48b3-beff-c98ddd53800f","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":133,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"32d0fd86-5fe5-4a6b-8d1f-a8da8bc0399c","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":133,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"10aedf2b-c435-42c5-b9f6-89248306290c","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":133,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"a8456477-2f10-4d63-8404-c62733eb4736","block_type":"box","text":"class on a recordkeeping system.","page_number":133,"box":{"x":69,"y":234,"width":238,"height":11}},{"id":"c2774dca-ffda-4c3e-821e-a2382de72a38","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":133,"box":{"x":102,"y":257,"width":338,"height":11}},{"id":"069fe03f-e8ea-4598-871c-b6ab2c2e8c1d","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":133,"box":{"x":446,"y":256,"width":441,"height":11}},{"id":"b92b10f6-8045-4d3b-8758-be8bf6fc24b0","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":133,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"48d42386-3da9-4656-abd0-65a5777052cc","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":133,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"f11a443c-74ec-483b-8ef8-d532758b2c8b","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":133,"box":{"x":69,"y":302,"width":627,"height":11}},{"id":"26589ed6-f235-4086-8a09-766d7347ff2f","block_type":"box","text":"Custodian Services.","page_number":133,"box":{"x":102,"y":324,"width":141,"height":9}},{"id":"ba3af3ac-f39b-4e68-b9a0-a45a78a6da4d","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":133,"box":{"x":249,"y":324,"width":654,"height":11}},{"id":"b745ec20-0b44-4a34-b104-b5a372d21b19","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":133,"box":{"x":70,"y":339,"width":820,"height":12}},{"id":"6074bea2-ed9b-4199-a623-ce90c3448e15","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":133,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"56e1635c-92f7-4e10-a708-db3374c58c42","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":133,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"bdfd6b3e-ffbf-4cbf-9da0-4c2c46e5b578","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":133,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"a66c7687-bc96-4632-ac39-095f6f815e32","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":133,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"dff61f6a-3dba-43b1-8d13-8a1ba6d22269","block_type":"box","text":"certain assets.","page_number":133,"box":{"x":69,"y":415,"width":106,"height":9}},{"id":"fed4c6ca-82f2-4176-a5a7-21c6bfbb6109","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":133,"box":{"x":102,"y":438,"width":716,"height":10}},{"id":"c65b0067-f744-4848-8e0b-58daf2fd848c","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":133,"box":{"x":102,"y":460,"width":803,"height":12}},{"id":"3e886e66-8d26-4a50-9d70-665890933a16","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":133,"box":{"x":69,"y":476,"width":799,"height":11}},{"id":"60259b21-9f58-4c17-b3ce-1856c76c9232","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":133,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"da4153d6-9aeb-42bb-804b-b660a41567b7","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":133,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"f2559182-9a3f-45af-a956-3e90d32fddb5","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":133,"box":{"x":69,"y":521,"width":807,"height":11}},{"id":"dd67728d-2236-4788-b5cd-614c9b150ad2","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":133,"box":{"x":68,"y":536,"width":836,"height":11}},{"id":"0f3e8a94-cb2a-42fb-9981-6319b00b29b8","block_type":"box","text":"Fund.","page_number":133,"box":{"x":70,"y":551,"width":36,"height":9}},{"id":"1edd872e-4a30-4211-b61b-f459489e0249","block_type":"box","text":"Accounting Services.","page_number":133,"box":{"x":101,"y":574,"width":148,"height":11}},{"id":"63a39bac-9d74-4147-a4ee-8de43d0e0663","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":133,"box":{"x":256,"y":574,"width":641,"height":11}},{"id":"ad57ab31-dd89-49fd-84d5-714ec6f3e2ce","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":140,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"f735265c-73c8-4593-adce-437150b8854a","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":140,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"2922ec43-5738-48db-9c01-f7a88252d039","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":140,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"8e2fb99c-c5a3-48b9-a354-a9885211e16a","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":140,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"415183ad-f89e-42bd-b98b-ef5b46fc52ad","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":140,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"24b27c96-b3a2-4ef2-8d65-d465a03311cc","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":140,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"7361c551-2ee9-4bf0-9f13-23a35784485c","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":140,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"65cda4a8-3166-450c-b582-e06704711c3d","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":140,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"64fdf3cf-068c-4d7d-afd0-35a03cae2c30","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":140,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"32f8b945-6e2b-4797-be39-cc0b9bd6236a","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":140,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"e35d8730-a294-4a1e-882a-9acb110fbdae","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":140,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"a3247a42-039c-40ab-918f-a2030ac52a14","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":140,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"e672a415-f98e-4157-907a-7a9beb075546","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":140,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"12c51e7d-b1aa-47c1-8c78-2ffa2154b566","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":140,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"c805fc12-d4a1-45ad-9e60-d08eda084157","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":140,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"e21fa82e-9acd-446f-8a80-d2157cb9457e","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":140,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"656fe64d-a49f-4b6d-b08a-98e1f88a1fb3","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":140,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"2c3fc1d0-fc3c-4b0c-9dae-3040c46bbbd3","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":140,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"5e238fd6-f855-4943-a291-1d618b76ebed","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":140,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"b58d6bb3-017d-4103-8d53-19a731ddac71","block_type":"box","text":"Funds.","page_number":140,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"fbf10491-8aaf-4bdd-becc-ca2612f6b30b","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":140,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"3b0163f8-5839-4d97-b9be-12d4aa0d68aa","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":140,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"ba65eabf-c6c4-4c0b-a43d-f1039a32c2d0","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":140,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"1701a653-634f-4320-9442-55b40efaacb8","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":140,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"ab77fe94-c0ef-4e9f-8104-a78af1bce829","block_type":"box","text":"II-90","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14a9ea20-d7df-47f0-a32a-501b811423c8","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"569397ea-5f2f-494f-ad3b-7a3a56e36e56","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":141,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"3be04f22-a98c-4bd9-b569-ccf434961600","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":141,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"2409c05e-3cc6-4dab-98af-a712df59dcb6","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":141,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"168b31e5-a45b-454f-b420-cac372891900","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":141,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"10b1bb2a-3adc-4538-966c-6682654954fe","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":141,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"68cf7448-84df-4331-8868-4939f055a6ec","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":141,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"51cd2bfe-5c78-4d9f-b2fa-c1c61f8e3fea","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":141,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"95810ea3-ab9d-46d9-986d-b0ec68c44826","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":141,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"88dbc559-7f3b-4b99-ae9c-8774421ef6a0","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":141,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"c9b2f838-3223-4b36-b295-53bf5db6d2c4","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":141,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"35924c56-a384-4814-a893-28d88f974f6c","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":141,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"ebda79cc-b023-46b2-9ae5-99f0176033ae","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":141,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"047bb698-9039-4821-9ec1-b3e9f26bbf85","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":141,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"b907f8cf-bd97-4c78-94f2-c6e8e1508a8e","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":141,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"77be6b4d-7608-4526-bbdb-0e575e046fb4","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":141,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"e8b02e49-63a8-47d1-8020-1cad0d4e7d73","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":141,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"5bfcdd53-27db-4049-afbf-e330bca74884","block_type":"box","text":"case.","page_number":141,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"0d6cc865-b9a6-47c0-95bd-2a0e7690529c","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":141,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"127c3627-3e28-44d1-bbdf-4ca27c2c8e77","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":141,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"bfae88b9-2414-47c1-8c53-70bfecbdf0c7","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":141,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"0bb0a57b-49dc-4b58-9106-1eccc5ff7631","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":141,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"b6352adf-9dd3-40d2-b284-d4a14396e3fb","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":141,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"8355b1ab-f48d-4bfd-ab51-fa53fed81a72","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":141,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"6cd2d6d5-ab3c-43b1-9097-a3b406069394","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":141,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"0613b0bb-ff5a-46ef-a6d1-74d02899e3fa","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":141,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"3c3ea5cb-898b-44e6-8177-897430b0503c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":141,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"13e97768-d36e-48a5-bb57-0543cb02d16f","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":141,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"9beac7d5-b13d-4933-bac5-5565f7e6fd27","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":141,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"ddc1410f-c119-4c9a-a8ef-7ad6b05ff6de","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":141,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"032306bb-8374-4968-bf8c-d1673a028b39","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":141,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"13eb0ecc-93e1-466b-a028-c8aec7101dea","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":141,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"4541ed1d-55ad-46b9-8fde-ada2fc302785","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":141,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"906ffdbd-01bf-4ee3-a4b7-d1206e303217","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":141,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"ebffb853-c8e3-48b4-8802-20e787c5d3ff","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":141,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"ec1eb3b3-4195-49ad-87ce-5baa7d6a8f54","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":141,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"6964f28a-9bed-4700-8471-0cd15c30b726","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":141,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"52d3c260-d30e-45a8-84f0-90ef6da85a66","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":141,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"cd9d2b07-6ec0-440e-98ea-e83efae87d8c","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":141,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"78476bd8-f8bf-4c54-8ab6-3e238f7e2b9f","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":141,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"7ff954ef-3c04-4f3b-bfc0-c43d5e597800","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":141,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"acf164df-128e-49d2-88ff-16e83c2ecf5e","block_type":"box","text":"managing a Fund.","page_number":141,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"a9d4bade-a702-480c-baa2-25f98f3887c5","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":141,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"3158b991-cdfe-45b4-9784-b2ecedb6c75f","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":141,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b2e5496d-b95c-4ceb-89af-2dca981d3588","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":141,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"c105375d-e438-430f-b8d6-ead346410e7d","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":141,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"d58dbf1e-1fbd-4f3c-802d-bb38830b31dd","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":141,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"c67ac05e-f2e7-4f3b-91d5-6e2fb8a12e25","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":141,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"4d8e3750-3a68-48e9-b324-367b392e555a","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":141,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"ecd81c2a-6bfb-46ad-8e5d-7ee00f06b8d5","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":141,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"ffea8c16-a124-4b02-aa46-5c93756b83c3","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":141,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"c86adbc7-db37-4113-a9a1-206158bca12c","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":141,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"20a9338c-295c-4a2a-97ca-95d089ee8983","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":141,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"8380a39e-3e7a-4917-b36e-70b38d2dab88","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":141,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"ee25b820-dcb2-4a88-ad11-3db1d8bc1109","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":141,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"8252ba38-f3a0-43f2-ae84-96af5e078b03","block_type":"box","text":"II-91","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5176676b-ed84-4ae6-ab1f-d65b523a7169","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2de22872-2e78-45ab-8fc8-8ce88061d222","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":142,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"045916c5-5662-40b6-8584-d80a2fa897e6","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":142,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"8d48f27b-fd80-4552-84d5-b549feb0fec5","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":142,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"214947d6-60a5-4122-a5e3-d0b560cddf23","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":142,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"25039121-8283-4a9a-bd5c-c2f0b6c49d48","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":142,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"48b964b9-f27a-48f0-ae89-2f21d4640ff8","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":142,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"fac8a4e5-ca59-4339-8046-665dbf8f061a","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":142,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8bbc262e-508d-4082-a8b4-9145f7d354a9","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":142,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"6c67574b-3e7a-4fc6-bc94-fc1d9f7c24ac","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":142,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"78248f97-cf32-404b-9e84-c2dc5008f1c4","block_type":"box","text":"under management for BlackRock.","page_number":142,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"fdf5adad-bb4b-4354-bf7f-dbe42a8244e9","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":142,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"9bbfa600-9378-4f8f-a823-4d9f2195c329","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":142,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"af377839-7671-486a-b534-79ec3218d0bb","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":142,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"dd78b464-97e2-4103-998e-a3e0e4f58793","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":142,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"ab934b26-d64e-4096-9ff7-1faad1eb51d9","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":142,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"31933161-1b90-486a-a3ae-1129e9af758f","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":142,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"6b098606-1b61-477c-af5c-2648411e060a","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":142,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"e205133e-0d9b-463f-bd96-d9e4b1607abc","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":142,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"a62d5d35-7b45-45aa-bf50-364b0d567740","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":142,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"f0eca2ec-0420-4c3c-a998-92dcfcff40c3","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":142,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"748c61d8-1d8c-487e-8d85-df697603f0c7","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":142,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"02298b49-e81f-4b8a-b48b-ff974fa88733","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":142,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c9fa3609-15ca-4ad9-9647-c9c7177f4837","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":142,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"7eb0ce39-a444-4d06-a094-84edd807f433","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":142,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"24743179-d19b-4d93-85cb-09894938589a","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":142,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"1ebae9fa-6fb6-43c2-9b53-a9a0d51506d8","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":142,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"6564078c-e5a9-4cfd-83c3-4ee26e2286a0","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":142,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"d4fb1af7-3220-4c3d-b8e9-db906e20d02c","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":142,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"f4f836fd-2b2c-4dc1-8118-fee3714bb52c","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":142,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"99b49fe0-7c1b-4f2b-9246-c2895bb61af1","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":142,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"03003635-39fb-403d-9fba-69209f213197","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":142,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"b0bccb96-b4f9-49e1-8e74-3af361c95c9e","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":142,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"9b3f97a9-c770-4192-baba-6989e97bf997","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":142,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"d6267d63-8f34-414d-b79c-2b8cb0e4901d","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":142,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"0483a017-47d1-43c3-a3d0-c1d67face75c","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":142,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"6ba5cae1-773a-47c2-80f0-52207f3e8850","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":142,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"0659bd63-1821-4ce9-85a1-6376340c02e0","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":142,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"aac967b6-6739-42aa-85f5-c7dc0651a5d7","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":142,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"8f6d425a-a766-4f58-8cfb-f193147d0071","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":142,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"919ad326-f6aa-431a-861f-d1f95c37e767","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":142,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"d422e2b5-c2aa-40e4-9558-deb67fdf7900","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":142,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"a30292b0-f0b8-4438-9602-e54765773c44","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":142,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"ed2135dc-8c5e-4049-a04a-a789928961f3","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":142,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"93f9ab40-b098-4220-83e0-450522581f90","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":142,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"9358c9e9-a19f-430f-98e1-db7bff7bf27b","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":142,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"d27f1c6d-5457-4b20-8b46-6a8db419fed9","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":142,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"c04a2be8-7639-4e32-af45-4e04dc247b64","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":142,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"f3d86444-44d2-48ab-be41-3707814dea7e","block_type":"box","text":"II-92","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0aae51ef-9bf0-4bc5-8623-d55de774b4d0","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15e59570-5962-4f26-b67b-60a582e266a2","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":143,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"9aeee3c8-790f-4bfa-a8f4-d10180879b70","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":143,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"5e8333d0-fb6c-4768-bf80-1b4923aadde9","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":143,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"a3a45055-11db-416c-979e-80628e6ab122","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":143,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"b1c875aa-6c7f-4797-b051-fc9a5b575e08","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":143,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"720a0983-d64f-48dc-9d32-c4f3c59b9632","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":143,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"0fd2a8c5-247a-444a-9aa7-0bfda8dbef1b","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":143,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"23e637ae-3a28-472b-b0f1-be09aba4dcd8","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":143,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"03d68fdd-9c3b-4375-b53d-846e780be561","block_type":"box","text":"regulation.","page_number":143,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"66c8633d-f439-4ccd-a3d2-e772b10a0d97","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":143,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"fbb6f80e-6824-44b2-b92d-bc62b652c65f","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":143,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"e4a0c658-ab7d-42fe-b3cf-eb6e62f20789","block_type":"box","text":"various program limits (","page_number":143,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"14e2f018-a00d-4319-87c5-83e06867fd9e","block_type":"box","text":"i.e.","page_number":143,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"f27beaf4-17ae-4d76-926b-74172aea8a54","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":143,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"3f051074-ed91-4351-a511-3b027cc49512","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":143,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"0b21b9b5-8ab0-4b56-8e28-a0f249e822ed","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":143,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"5ed552ff-f885-41d3-b3e0-af46b9521a87","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":143,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"45986b12-72aa-4339-8487-6ca19cfeb2cc","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":143,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"fdf64a52-a4ad-4aa1-9ecb-60f35256907e","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":143,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"3ba00f46-662a-442b-ae25-3c40bfb950e0","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":143,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"f7b7aa5f-29df-4a18-b926-b7c8ea821249","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":143,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"c3ed283d-a203-4f45-8eca-5691eb41d8fe","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":143,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"e16e33cd-4cca-452b-940d-306a11bcaa85","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":143,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"97100e4f-628f-41bc-8f54-6abbac1d663f","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":143,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"0c9879f6-19aa-469a-b56d-05abb098a9df","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":143,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"dbd65c5b-8a96-428c-9545-9e7b66a28243","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":143,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"8c234693-a1e2-4264-83f6-12c1c27ebf5c","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":143,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"bdfbc518-29de-4aac-8cf9-ca0bc80dbe1c","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":143,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"3a6557f7-ea0c-43b9-ac3d-c36264c45332","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":143,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"10ec85ec-ac27-43a4-9fd9-41caa881bd9d","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":143,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"11f4f72d-5702-4561-8ab3-db305987f04c","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":143,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"85638ddb-3387-42e0-94dd-c9b7dce8735c","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":143,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"ca79e07d-3050-4bf9-ab06-b37c4dd3c2ef","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":143,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"1cc2e953-49ce-45e0-8519-65849ecd2d90","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":143,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"5964ce51-0cd6-4629-b363-f2d0f35e0954","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":143,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"944a1e77-4c6e-4800-adda-02470fe862c6","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":143,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"67ede1b9-2932-4d7b-8369-5ddd6d9564a1","block_type":"box","text":"than through client commissions.","page_number":143,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"82169dda-4d12-4cf6-bf5f-651239970cc1","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":143,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"7fda4bdc-58c5-4881-b522-e7579cd85bb1","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":143,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"758f546f-00e6-491e-a18f-71bd4e1d89ea","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":143,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"5179c872-44ec-4bbc-9431-3a895f37f524","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":143,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"a96def8d-8434-40a7-bf45-5f353a897af0","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":143,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"52154524-b862-494a-9723-630d99b68595","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":143,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"2e1c9d90-6e7b-4c93-86b0-0889feeed274","block_type":"box","text":"research-oriented software and other services and products.","page_number":143,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"0f8d2926-9bd2-4f80-a45f-d3dfe8b20fdf","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":143,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"06e2dca0-917b-44f1-862d-3d0868433d6b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":143,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"8ba00906-28eb-473a-8873-7407dd2771e8","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":143,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"e719f0a7-abc6-4739-b9b2-3b5ab43b5015","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":143,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"29cb9837-a450-4c39-8491-a50f369372e4","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":143,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"79f2c905-93d9-4177-b9fc-7688e52c3410","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":143,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"3499dcf0-ed00-4306-94c3-a4dc5f40bb2d","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":143,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"ab85beb0-6d55-43d8-b133-fed669d3c790","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":143,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"fa0d1a2a-b712-40b5-a492-5081d149fe27","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":143,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"d100793e-aee4-4b54-ba16-c0adad4cfa89","block_type":"box","text":"and services itself.","page_number":143,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"7d722603-f51d-4033-9cb7-ad615fab0875","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":143,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"07f44cfb-f1b9-4730-a859-cb535292719f","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":143,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b9dcc52e-301a-4e7c-95f5-712ae7a37705","block_type":"box","text":"II-93","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"770c5350-955d-4b4c-8f7f-05299cdb1131","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ee31dd5-17f1-4c33-8e48-db1c6d2e5796","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":144,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"c0eac859-081d-483e-a5d9-5fb25a82ed11","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":144,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f7225507-dd43-41da-bf67-3e175a9aad30","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":144,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"8bbb9102-e1c9-4666-aebd-7a1296fc1de5","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":144,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"b792e85d-e86b-4b4d-b29d-25e4420d7a51","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":144,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"95eb7fbf-1d9c-4a57-94c8-6d34d86fcf34","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":144,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"65b4e886-b4ea-457b-aa3a-051e94cf80a9","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":144,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"aa87f7d8-7d19-4a52-b0e5-12d02a034723","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":144,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"35025f00-120c-4a9a-a456-b02bdd1f973f","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":144,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"9c805c97-29c9-4908-883c-06fac8c8e5dc","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":144,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"56c7315d-2ed2-42ce-b2a3-6d4c165d0701","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":144,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"4171417c-397a-4054-9b02-b2f7bd21ca20","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":144,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"44345497-ab79-4f79-9cc9-fc6f27da7a26","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":144,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"d088938e-3850-4cca-8612-7bf9f095d64c","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":144,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"fc75751b-0664-44b3-9b84-acef1a7ae770","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":144,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"5b23bbe9-33cc-4be6-8760-a31a98886c17","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":144,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"74948b6c-df22-4d11-997a-990cfe09e31d","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":144,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"8cd1aa46-e56e-4a52-bf01-741628ae2bce","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":144,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"f631123d-0a35-452f-bc79-370e6d2cc0fd","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":144,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"b9dd689f-9d1a-43d4-bfc9-05c1c14aa601","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":144,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"ec6feeb3-c210-4e35-bacb-0c87356ebbf2","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":144,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"867ce243-fe0b-4e5e-a0fa-e63c2606f925","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":144,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"de08f155-a39e-444c-8dfa-f6ee2ff2f9c7","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":144,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"f0a1892d-c51a-4c6f-9aa9-8de02ad3a640","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":144,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"323e583d-2149-49f8-bbe4-a2713e7b703c","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":144,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"f32f8238-9a83-4a3d-a18f-e09cef7f1fc6","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":144,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"752970b9-6ba1-4377-aa36-11878748c53b","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":144,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"86ec5309-bb50-4c27-9b9f-ba643f9b25e5","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":144,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"6cbcc5f7-9aa4-4d54-8703-0e49d1698896","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":144,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"a6299ff5-0eed-42be-b34c-a1e5aff1756f","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":144,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"0bcf9ed4-ad6b-4fe2-8dda-da09364ec607","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":144,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"f57e53f1-6c70-4fdb-bc6e-1748117b5563","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":144,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"154c55e9-9498-4899-88a6-d046e22356ec","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":144,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"221daa54-49ed-40dc-99a8-383f23e918c7","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":144,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"c0b3af96-41cd-4125-8b83-057763f3b042","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":144,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"b1897c9c-2372-4d47-82f2-99211b82a4c8","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":144,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"4385981b-71bb-4cfa-99b4-2123626343c9","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":144,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"60ab9682-55fe-4284-badb-769328326aaa","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":144,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"03085787-491d-498c-b33a-e7ae982c6760","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":144,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"6979adec-d9fc-4008-957b-b1f3e921124c","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":144,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"5dfd11df-cc8e-4a15-8657-964536ddf32c","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":144,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"048ead4d-04a2-46cc-8969-8016bb46dcfd","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":144,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"9f5e5764-660c-4edf-a132-efdc6217abda","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":144,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"b32dd689-c56c-4967-b003-f199f2bdba4d","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":144,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"075f7f19-5006-4438-9f1c-627b89b2ab04","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":144,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"5d2df70b-8f69-4b64-9e01-b8c8a63a1913","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":144,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"164769e5-dcaa-450b-88da-2ce5494aaeea","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":144,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"9f83d59f-8773-4a6f-9edc-500310dce4f3","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":144,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"4686a079-bd69-4381-985b-daf9fbb472af","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":144,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"e2be5c97-225f-405f-b65b-7013c013da42","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":144,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"87d9aba2-48cc-4b6d-bc0e-663d6cc281ba","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":144,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"67f3e876-25fb-4732-b065-97b69967a077","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":144,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"6049981a-8b66-4b50-9469-bc162a769f76","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":144,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"605e3fcd-2eb1-46bf-a638-0c0c97848077","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":144,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"4f509313-6c5c-4909-a8e1-4315c703124c","block_type":"box","text":"II-94","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b89da97-5cfa-46df-bf01-d9c147bdb5dd","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca176a3b-be15-4479-9063-c3c15c651073","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":145,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"ba50da63-d386-41c7-ad57-e2fe05725e7a","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":145,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"7b8aec7c-f7ef-4e35-8042-fa3acc98470e","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":145,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"55172825-2b47-44ac-b3f5-daad7877decd","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":145,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"449700f0-788c-40b8-a82f-f8673d04808d","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":145,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"f29bf5c0-162f-4d13-a74a-c0cab742d911","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":145,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"6b8590cc-cc29-4d7d-8d93-651a3358f138","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":145,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"f89e240e-adff-48c8-a615-f64211cabe55","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":145,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"03f6d984-1d64-40a6-8d0c-d93ac94d15d0","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":145,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"09d67cb2-3f80-4e46-be52-698d1eb27543","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":145,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"edc57741-92c7-4c9d-8d20-29ccb1ce3f1c","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":145,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"6eb7b4a5-3c66-4060-ad4f-ad5c9f83150e","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":145,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"6c7c2ad7-18ed-47e6-826a-6643a67628aa","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":145,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"8f9abd51-5ce8-4462-8f55-6384c4dc6445","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":145,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"7c63f456-3880-4652-82b1-1d35179b34cf","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":145,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"33925147-a64d-4be1-878b-55ea62f9e933","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. 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As a result, a Fund’s sale or","page_number":145,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"a7b029b6-d2d2-4ea4-bff2-c243a403ae44","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":145,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"8f42b90e-03be-4d63-8153-b1d5bb69bbd6","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":145,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b04abaa6-b419-45b3-bd76-0ef5b02dfb94","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":145,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"0998853a-958d-45a4-851e-cc2cac24f49a","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":145,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"fece6478-750e-40c5-985b-0e86a2a26bd3","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":145,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"b74b4f96-ce0a-41f4-838f-ea47f34d40d6","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":145,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"715694a6-cfca-4e59-b40c-9437fb2db252","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":145,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"56d49e2a-2463-4ad7-ac99-0f9a2024e0ed","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. 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From time to time, the activities of a Fund may be","page_number":145,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"2c5e2da3-b885-4729-a2ff-f47530406cd6","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":145,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"f2d0f04d-f974-426e-86c1-b0eff9592349","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":145,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"0ce67371-d026-4162-bfa9-e38d7b5be64e","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":145,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"1899ba5c-eaee-49c4-8ea7-d3c4b7228507","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":145,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"d4a1b25e-c1bc-4b31-9871-159572622bf9","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":145,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"e3b85d5c-0052-42b0-accb-13e889d779e1","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":145,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"777f12f4-eab2-4eb4-85ec-a6c06e74558d","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":145,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"a31b392a-450e-4afe-8f42-37f81570a275","block_type":"box","text":"of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":145,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"73545177-fe6f-40df-9a79-5f8bc79aa77c","block_type":"box","text":"company (","page_number":145,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"b35fcd81-915d-4148-86d3-670d0d7c0344","block_type":"box","text":"e.g.","page_number":145,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"31a2c77f-4066-4153-b952-c50ff60c9109","block_type":"box","text":", in connection with participation in a creditors’ committee). Similar situations could arise if personnel","page_number":145,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"cbc6664a-f50e-4309-9717-5e503f7df226","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. 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Certain","page_number":146,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"eb2f5592-a2da-44b5-bc40-6225b42d4b2e","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":146,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"ea279e3b-a767-46ef-904e-fd5ff8edc364","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":146,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"3bdc9306-a3c8-42d5-92e2-655747068673","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":146,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"572c1ab9-c669-4815-8962-54458288df2e","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":146,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"ebfff5a7-d80a-4b0e-8dbb-d7331c2614ea","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":146,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"57c06658-7f95-4103-870a-f4e156514f7e","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":146,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"0133c861-6c12-4be5-8bbe-f7a19938dbfb","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":146,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"a66723fd-2c8d-4915-accd-ef01dc1a7345","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":146,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"123efec8-297d-4a45-98d7-7a785c2a665d","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":146,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"231ab9d2-5f6e-4cfb-9257-cb32533c71e4","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":146,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"41582d6f-b0ce-46e0-a482-103dc091c8c0","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":146,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"b9b3053c-f84a-440b-bef6-79c3e9e059dc","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":146,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"3405066d-8c79-4bfe-8886-938c5faae45d","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":146,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"649cee71-5574-43aa-aee9-07a9bd76901b","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":146,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"065b2111-ed4f-4cfe-bf0d-63a71ea8e39a","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":146,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"742280f3-961d-4214-9812-0294f9bcab05","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":146,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"f8172074-24e4-4d8a-b938-59e75cef0c3f","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":146,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"5191e2ae-94e2-4319-a45a-aebb15a2ffb3","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":146,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"a3c7cb66-a406-4650-8b0c-6ef6360963a4","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":146,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"8f408889-2bd6-416d-99c0-2474efdb13bc","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":146,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"6e6004f5-61c6-4449-94bd-9fe73bdd6dc7","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":146,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"f0f8f215-f692-455a-a21a-74c0e94b3a5a","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":146,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"766d10a7-4fb2-4480-a719-564a8997d5f2","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":146,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"950cc7b3-dcee-4bc1-b94d-9de92b177a6c","block_type":"box","text":"a barrier.","page_number":146,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"61742593-9ba9-46ed-b785-34233fa32a4f","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":146,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"904493ce-b721-4915-9762-a45ba899a041","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":146,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"a8e2d384-df67-4a35-baa2-af88f39138aa","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":146,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"5524167d-2891-40b6-86de-67618915dbbe","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":146,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"f1d1e99c-1f39-4434-acc2-90f22e2f298a","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":146,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"efc33222-9d50-44a1-b780-47034ade80c2","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":146,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"5cd6e4bd-0e7c-4ede-92b1-b2d2811d78f8","block_type":"box","text":"that operate in certain industries (","page_number":146,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"94314ddf-7c40-43bc-900d-10dce4684a68","block_type":"box","text":"e.g.","page_number":146,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"f5ee34ef-1869-4fd4-b59f-af96d0964285","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":146,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"d2b20a4c-8258-4cdc-a8f3-2e8ffa7eeeac","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":146,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"bb6a82be-b411-4f9c-9d08-1a38c27251f4","block_type":"box","text":"e.g.","page_number":146,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"cf9b08ee-33ee-4379-992a-af083f1ba98c","block_type":"box","text":", with mechanisms such as poison pills","page_number":146,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"cdb3b7ae-ed5b-4e84-81f1-9ddacebfc06a","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":146,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"79b6b4c9-64b9-4fa9-8a43-e5f896c677e6","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":146,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"ac122e8b-d360-48f4-913c-f1de7d2ccdc7","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":146,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"4fd35762-0c40-4e19-9044-1798b870a956","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":146,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"bbd462e8-8f56-4d70-9395-eac5ff095d04","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":146,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"bed88b81-526e-4c7b-86fc-7003413fd3c0","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":146,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"9aa75fc2-de3f-4b57-b3cf-9b4c7180cd40","block_type":"box","text":"seek to make indirect investments (","page_number":146,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"d880ad06-64ba-4208-8188-eec21f3c98cb","block_type":"box","text":"e.g.","page_number":146,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"3cdc8ff2-d566-47bd-94ba-99db3e08b4c8","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":146,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"ceaf38d7-b073-4ece-9d13-a39d2628241a","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":146,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"570c1ad1-ab74-4dcd-8c60-00d0831bbcca","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":146,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"5d4db44c-83e9-4cf6-9384-a2a59ff86ae4","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":146,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"ee38f37f-d78b-4718-ac31-c7e10ccffbaf","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":146,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"e28d22f1-df7d-4d7b-bc55-a6fa0b3bd8bb","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":146,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"0d124f08-e3b9-4a9a-8e7a-4169bcdb0211","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":146,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"6a13f9b9-f144-4861-8112-1f6160e24426","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":146,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"03f9779c-ed85-4ec2-9755-cba5d518ed6f","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":146,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"a5d77d4b-9a41-4159-b072-d7273f399234","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":146,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"411e0508-4229-4f3b-9397-dfa00bfa9ffb","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":146,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"d652b34f-62e4-4fd7-99cc-8ae0bd378550","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":146,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"b0179fca-f392-4ae0-beb3-8c060399d28e","block_type":"box","text":"otherwise purchase or hold. 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For index funds, this means a fund may not be able to track its index as","page_number":147,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"d09149fd-9aec-4187-98a4-6b209dc505cb","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":147,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"48ce8adf-bbfb-4576-bfff-461e77e11689","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":147,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"66e9bc31-1f27-4695-94a3-ee8f0c84bbc3","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":147,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"cdd47126-4a5e-4c91-b6f5-017dae408a74","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":147,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"c9d1f9dd-d936-4486-8dd6-b99c4f25377e","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":147,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"032f09e0-9556-4a88-b3cf-396718b526db","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":147,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"7f82d227-cfaf-48a5-8e64-ad231b7885d5","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":147,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"4932d8f6-6ef6-49c7-9284-c83162b38cbf","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":147,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"27010c9c-b971-4c5d-aa6f-25d6c0be8374","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":147,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"2d3eb529-f4b7-4f06-bc23-a158e987a7e9","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":147,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"47886188-020f-4700-b523-ffe8f6bc8085","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":147,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"3bb2ed41-5d65-49aa-b512-54609fd16a03","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":147,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"031595d1-6f7e-4651-afb9-c66e4ebe73af","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":147,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"13d1684f-848e-4a38-98d1-858bf0ea1090","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":147,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"e9daec9b-3df9-4610-8a0c-02b55aa756d0","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":147,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"dba0c92e-1d7d-4eca-9722-1574f60862ee","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":147,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"4cc1f0f0-b3c4-4394-9766-09bccd18340b","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":147,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"9a6f2e99-bf14-4235-ab3e-bcaf0378aeeb","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":147,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"3848119d-c5d7-4497-8f67-0c27f814cb04","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":147,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"f943f3ec-6ab2-4d32-9c65-205ccccdf07a","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":147,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"973f4033-a640-40a4-8f4e-0061a8489bd0","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":147,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"755468c9-1753-4518-b3cc-b543db9da471","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":147,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"2d587ab8-148b-44fa-aa2a-58df49727711","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":147,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"aeb5eda8-abab-4547-aa45-dc658763d077","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":147,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"98fd502f-4058-48e4-b749-e84127f15b8c","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":147,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"8bd8ddd8-ad6c-4512-8e5a-b8a73a5c9500","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":147,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"dfee21af-9bb8-4a7d-8eec-b58985927c39","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":147,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"b65526e2-ccb8-4bc1-b0e1-79cb3ae81e19","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":147,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"8345f1d8-a698-4a33-9558-1b4c5d12ec3e","block_type":"box","text":"strategy with respect to such security or asset.","page_number":147,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"e395f757-a498-437a-8a3f-92cea223e84c","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":147,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"7d521194-5d79-489a-993b-110167d65e04","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":147,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"bda01054-4762-4db6-bf8c-341e08f1c48c","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":147,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"98af9fba-b103-4f9a-836f-18c6e96b62ac","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":147,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"4f2aee99-3825-478b-8806-077a1bc2a0a0","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":147,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"365ba484-ffe8-48a4-a8c4-5598364fb249","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":147,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"23c1f1ec-bd0e-4483-a066-c74379f57594","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":147,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"a3f2f620-2814-45b9-9a7a-cac1e28b3da7","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":147,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"ffcd709d-b37d-4ace-801d-c9a391191c02","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":147,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"33116b31-352d-48eb-8142-0ef7ec56493e","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":147,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"cac23439-0989-4b6e-9202-1af8e076be29","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":147,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"f4815425-2a2c-459a-a622-26175d9ff919","block_type":"box","text":"e.g.","page_number":147,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"c74abe87-1761-43fe-b387-91ab89e883e9","block_type":"box","text":", custodians,","page_number":147,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"81b66ece-65c8-4241-a193-042705bceafe","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":147,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"cd43d0fa-2930-44de-ac34-2e1581e88e70","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":147,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"b4f51eee-2893-4c36-8be6-53c457e5a93c","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":147,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"fc0cef7f-0187-4e68-b164-6204119aa63a","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":147,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"622edcd9-1d31-44cb-88f3-ef92463fef37","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":147,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"4c832c3b-c6fc-4fd5-b710-98e880f9fd6a","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":147,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"803e2324-4278-438b-af29-df831c90a1e9","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":147,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"c9f36c95-28b9-4523-ab46-84971b042908","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":147,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"44e367a7-90c5-4e9b-ad47-85048e972931","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":147,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"ad4fb5d5-ea50-4164-aa3c-6253c7c0bb83","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":147,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"cb07cb80-87a0-44ce-a860-80c9dbbe2628","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":147,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"3ce095a3-ad69-4fba-882e-1dde24986d8c","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":147,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"86108a05-6d7e-4592-9e5c-d44f7e8f7338","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":147,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"9c8f1a2b-f892-4407-8387-1b5ca17ad195","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":147,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"0c12e345-5140-4dd4-af3a-3c8ba09a5696","block_type":"box","text":"II-97","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aea6c1e1-8724-4fe5-81cb-1ac342813c1b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f484625e-f3cf-4d3a-a175-8225fc835636","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":148,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"8c265aa7-941b-4d69-b769-34648d47599f","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":148,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"d5b52d74-e13b-4736-98d1-9dc5d6344908","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":148,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"7b1f3280-fd9f-4b72-93f4-be52ce801356","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":148,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"18d50916-32f3-42fe-8faf-fbcc1c58d068","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":148,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"db4b859c-b251-4003-afe1-a749abb5ad94","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":148,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"faaf98c9-23c7-4742-a6df-f34f2450a4b7","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":148,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"5df28860-2b1d-4906-92e5-fb0db0e16272","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":148,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"b7f2f4fc-5638-4c90-af44-55f14f54bff0","block_type":"box","text":"provider.","page_number":148,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"1e62105c-d49b-44e5-a6cb-574d85551072","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":148,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"151d16ee-4a61-49b1-93a9-ed8f339ce8bd","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":148,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"f040462a-8d72-4f61-a2b8-bfa71c24d00b","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":148,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"c4194984-443f-4ba7-a120-61822400a354","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":148,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"75e99dc3-c85d-4dff-b44b-db257a9e1a3e","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":148,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"ce985bec-516d-43c6-8b53-3687ddfff742","block_type":"box","text":"PURCHASE OF SHARES","page_number":148,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"db9a64a9-c59e-4eb0-9ea0-d3921b32a953","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":148,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"dbf4461d-6140-4dc6-811e-b02702211e39","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":148,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"6dafce3a-dc9c-446c-abfb-93e3091530f3","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":148,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"9a2536a2-8a96-486c-8c9d-9703ce31ac33","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":148,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"7e735b39-9108-4586-9212-23c4ead4ee8c","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":148,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"7f9f89ff-15de-4059-9e2d-cfab35e046c6","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":148,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"f3717dd8-4909-45a7-8bc1-341358fa8b49","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":148,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"fada422f-9719-4bd8-8f7a-56d8aa0a3d02","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":148,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"1c429831-40a7-4b9b-9eca-b19ef33d0a4f","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":148,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"bf27b531-09c2-45da-897b-cbcce2a946dd","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":148,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"ea782cdb-5edd-465a-9d3b-86340dfb73c3","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":148,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"632fea0a-9b3e-417a-a956-2aa81743b0f3","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":148,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"cc96fc2b-af8e-43d8-9bcf-d21c82c11bd5","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":148,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"ef85b132-7ad2-4eba-800c-f369e9b0c565","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":148,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"fac282c6-bc90-480b-a279-a6d5f3e90f0c","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":148,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"a0d6fe1c-54fb-4798-9c44-14a97dcbdcab","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":148,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"e86f8ad9-8097-451a-b79d-021fb1bcd87a","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":148,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"58d79045-e04d-4e71-8315-8cc60a02722b","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":148,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"237dd188-8f83-4ee2-b365-8a4ae4981850","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":148,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"c95adb32-28bb-49fd-afcd-254949960b2c","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":148,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"6c9ee34d-b935-45db-80e9-649958b28d76","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":148,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"4a6ea343-f448-41aa-ab71-ecd83fe929b8","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":148,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"a90e877b-5616-4355-9119-c879cef8ef44","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":148,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"58232617-1437-4f02-b3d8-568de189c1e7","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":148,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"440365c2-a3e9-4ec0-9ba4-8ce2ce3a7d13","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":148,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"665d2ae1-3b7f-4d86-8518-e05b5a380610","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":148,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"91837351-2b72-4c19-97ac-53c9d30ff535","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":148,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"2708e2ff-f3d5-4bdb-bc87-5976543554f5","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":148,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"0b7bd9ec-4759-4146-8b9f-62ee711314e9","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":148,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"820684a4-daa6-4d33-9fa5-9fbed4fd89d8","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":148,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"b9a5b399-8e34-4455-9453-7945b70e975b","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":148,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"77ebb0c6-f74f-443a-a974-9d6ce6d82ebd","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":148,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"e1e4f89d-f0f9-4b2a-b9e0-6e9ae1323adf","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":148,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"9494155c-f26f-41f7-9cab-ce183c481411","block_type":"box","text":"investment is $25.","page_number":148,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"2b4efcce-3333-4fa4-bc47-dd0dcdc00607","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":148,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"92644f6d-74f8-4483-bce8-621c84d8095d","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":148,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"023e66ba-6786-46d8-a023-3a42231b750a","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":148,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"12bb2377-3151-4624-b8d5-bdb9525d15fd","block_type":"box","text":"II-98","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05b47cb5-d711-490d-9b6b-52aab4e653fc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09ca84e2-d90b-4c16-880a-f56a2c3cec55","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":149,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"a1e56d9c-4480-406a-ab34-81d3b9caf05f","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":149,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2caf41bb-b798-4ab9-9a2d-ffae706e8ee5","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":149,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"df3e6047-ad2d-439a-ac27-32360ee9be6e","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":149,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"9941f07b-34a6-4380-b9ef-c60cc84abdfb","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":149,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"87b29a15-1fc8-433e-aea3-c58e6dc19c8b","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":149,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"d7e9256d-f8f4-4709-b192-c77e53b91472","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":149,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"bfb33a9e-aaa7-4da7-966a-8d17eb65d2ff","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":149,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"23d0a75d-0a99-4e95-9581-ca79ee8eec2f","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":149,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"c5f22e53-db47-4d30-9e34-d92bef571d65","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":149,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"c53c5ec9-883a-4de1-9da2-e8d1c1c88e93","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":149,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"f116e174-5af7-4cc0-8fc1-208d9b052e87","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":149,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"b9513e5b-4a07-4087-858a-d7381aa3b5ad","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":149,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"568fdc2b-e806-4b87-9f7f-ba42d67d7a20","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":149,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"950554d5-d95c-47bf-b30a-9ef150886458","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":149,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"8e0a43d0-975e-44a3-87fe-ff50697b7245","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":149,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"14a1bf65-4499-4777-9e01-2217ee2e474c","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":149,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"e25fab75-0774-4a7c-8301-a88d8ecd3664","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":149,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"3d756f31-a00d-48ba-9082-0dd67507cdf3","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":149,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"57c215b8-3e09-47db-bee0-35f2feebbe4c","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":149,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"51a91cec-5d90-4b55-9630-939b358f8344","block_type":"box","text":"adviser.","page_number":149,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"7f06d0f0-6d4f-4196-a7e7-0adbb6704247","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":149,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"752ce66c-31cc-4e5f-99f5-43396d6c902f","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":149,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"a49167d2-1a56-4854-b9bf-bf30eb734115","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":149,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"2409ade8-f962-4a55-a237-2d462431f4f0","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":149,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"41f75fa8-f8ce-463e-b821-9cca49ec2540","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":149,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"321340ca-af80-4564-8696-6d4cbb795f31","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":149,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"53d97a2a-b648-417d-9180-a2a82a6567d7","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":149,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"c5e7ee7f-63dd-44ef-912c-54c447a7594b","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":149,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"113c5f58-1c3c-43a8-b543-28e4a70c15ec","block_type":"box","text":"also be restricted from making additional investments.","page_number":149,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"00021d21-fe76-4007-bc30-c7b4a22a17ac","block_type":"box","text":"In-Kind Purchases","page_number":149,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"e44b9e51-0ea2-4901-a914-715d348e7766","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":149,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"cc5ac543-a399-4e62-bf63-0a254b0ab98a","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":149,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"aae71075-10e4-48f0-860d-7b3db247660a","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":149,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"b98b1b6f-9b5f-47f2-ab25-5ff8e04090a3","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":149,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"3113ce70-e3cc-4e16-a4cd-c0f6047e1695","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":149,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"2d39d836-f8d8-4451-80fd-93db9d8f71f7","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":149,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"450cf9da-91aa-4cbd-bc6f-ef9218e0d745","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":149,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"a8ad7eb9-2ba1-42c9-bc76-45faea31b5b8","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":149,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"fcd697e0-75ce-48d3-b013-4e7e327f4b93","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":149,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"47c85ccd-3e3d-4909-b954-739acf2e9910","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":149,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"4eaf4102-ad69-4b2f-88c7-edd1d48441b0","block_type":"box","text":"has settled.","page_number":149,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"cd9fef83-bd4a-4689-b9c3-37628350ae02","block_type":"box","text":"Institutional Shares","page_number":149,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"128d884f-5633-4087-a9e3-cb0198b1c13d","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":149,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"cfdda0bc-f185-49cb-afef-055ac1bc09b8","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":149,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"d2c8e098-1f36-428c-a598-79912689fce8","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":149,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"12a9da4a-cbd4-4888-8548-1da32f118dab","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":149,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"22420542-2786-4155-95d9-6c03750148cb","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":149,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"c6a2628c-3944-4e2a-a7d9-16bf3404bf59","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":149,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"032b045f-9d8b-4067-9f83-8f42a5cf9e6c","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":149,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"1de0b4a9-1330-4b85-bde3-9cfa5c2ee79a","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":149,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"e8c1f049-83f6-4058-ab04-0b891caa7552","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":149,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"d46dc499-6232-4fc1-8619-fd64e1405c5b","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":149,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"bba13c15-d9d7-4bd0-ad94-9059253f1c21","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":149,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"bc7dcc75-9696-4a61-8317-a199f8210577","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":149,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"2d5be104-ffd9-4b5b-82c6-19df15468a2c","block_type":"box","text":"II-99","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b28ba0b-5973-4e66-97a7-1efcbd2e8f06","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef1faa2e-0299-46fa-8707-1722dc54ba80","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":150,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"07df2e78-da2f-4836-b167-84f9c3fb1ddf","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":150,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"218d78ad-bc5f-46c9-b616-bb36c0fe20d1","block_type":"box","text":"these fees and conditions.","page_number":150,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"9337066e-15ab-464d-b1c0-955f0bf3cb97","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":150,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"e3d5384f-1eb3-496a-bb1f-271ee19c3b4f","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":150,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"4886bd24-58b9-48e6-a01e-29b2dc7b079d","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":150,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"46810572-2a15-46f7-93ab-0a74a3b26daa","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":150,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"1a8468a8-b416-457b-ae3f-d1f220d3287e","block_type":"box","text":"incurred by the Fund.","page_number":150,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"bbb809b5-57a8-4c19-a24c-5fcb41617126","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":150,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"93a4f18d-90be-44d7-8327-a8150a6629e6","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":150,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"6cec527c-ba78-4fe3-a0be-bb5fd944665c","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":150,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"4f23d7ca-4e77-4a75-9816-127530cbf34a","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":150,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"3e7ccd57-dd0a-4660-bc9f-f43ff4b7ee6c","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":150,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"e63ddd68-6b94-49c8-b18d-9c7b23efa8ee","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":150,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"3ea9b577-868d-49c8-81f4-930cb669d2e9","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":150,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"bd35a410-50ab-4d38-9dd9-1f998bc4a91d","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":150,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"bb569583-60c1-42db-a9bb-55b01049b6ca","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":150,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"14b4da5b-1833-4a2a-bbed-248699762de0","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":150,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"dfda28dd-6e86-4288-8d59-4deba73fc856","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":150,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"ce45536b-dc98-4a7c-9174-1ab93ce2362b","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":150,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"f19f94d4-dffa-4689-b4ac-a24b1a986077","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":150,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"597d0680-e4bf-4018-a9b0-aba0cf6e7137","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":150,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"7b9f0d32-c137-4528-9343-161d9b24a429","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":150,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"253a7b4e-2881-45fc-84fe-66bb98a850eb","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":150,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"23ec6c32-2816-4110-8f28-23579e82e1a7","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":150,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"1c7b14a3-4a48-45de-8c97-1cb821e39dad","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":150,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"f046b837-d4a7-4cd6-94a8-d207700080e8","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":150,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"a2a9bdf0-38df-454b-bdee-6377ff63e6ff","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":150,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"d4219732-bb99-4b8c-b17e-5c618f23372f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":150,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"1eb88a0f-0b0c-4be2-8147-3a35bb3deb5e","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":150,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"34efb30c-2a79-4825-b21e-cb89c2231d8e","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":150,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"bf57774f-d775-4ad1-aa85-1eb8a3867549","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":150,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"0223f2a6-a956-4e1d-a13a-708d114bf2bb","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":150,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"c9cec5a2-55ae-4d8c-8e21-32c4e219ac86","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":150,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"ff2391c8-bf63-4514-a075-fad81eb6ce72","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":150,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"b2c7c1f2-5371-43c7-9a79-220fd8eef166","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":150,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"1af67c12-a4dd-49a8-a7e7-6b55e958c621","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":150,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"4d5ca704-3f3b-439f-a61f-f19ec173add6","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":150,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"f0124f1c-fa4a-4aa4-a268-f1c095ae9acf","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":150,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"7d948762-7732-4892-afb5-1907e37b3e84","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":150,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"2aca9394-6037-4599-a3be-f980e0ee2649","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":150,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"5c4ca488-bfba-4e71-bf90-d1bbb06a21a4","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":150,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"2d24d3b8-f308-4c3b-b9f8-7c18d2742c2a","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":150,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c71f99d3-d21f-4c6a-be80-f58fb15f9122","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":150,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"106a7523-e6d0-4e6f-abc0-620b7033c87f","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":150,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"faa4bd1d-4470-4f58-bac6-9e78b0a3f770","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":150,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"65ef3af3-b23d-4008-aaea-e98a33cac82e","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":150,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"b7c00ff2-629e-4d6e-aaa6-04cdab46cef6","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":150,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"8f192d7b-5cfe-449f-8981-7d92089fdb2a","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":150,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"781668e2-eee5-43ec-84e9-98605eb3cae8","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":150,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"97e47ad3-9ecf-4a26-8bc6-85aba8be1c01","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":150,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"3c66f6c9-b0b5-480d-baed-c9a9591dc0b4","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":150,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"c50ec9dc-238e-4f96-9ef4-0d545a810e6a","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":150,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"0ba53776-02a3-4361-9cce-afa2103b9e17","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":150,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"3570268e-52e1-4bcb-ac90-53a1516baf55","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":150,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"3fb7bb47-474d-4b7d-84c0-37835cdab9aa","block_type":"box","text":"II-100","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"daf7a92f-15c0-4cd9-98ff-1ac4edf1cf53","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5859776d-d35c-4506-b3f1-249b03772097","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":151,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"d78d6c1b-cae2-4d54-9e89-0dbeb1cb4bbf","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":151,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"10711cf5-078b-4173-a282-7a5c7e6e89a7","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":151,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"a0e050da-f526-4260-be6a-2f94297bc34d","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":151,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"2008681f-8b91-4a73-961a-ef7736c8b557","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":151,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"4ab3cbbe-685a-4c41-8632-a6cb141024c9","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":151,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"c5fd2dd0-2c68-432c-bc5a-84cf830f7e96","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":151,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"ab4f79ca-d088-48f1-9b80-b73f64f6deb1","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":151,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"491ddab8-e0f7-43e0-a891-171bcc03a4a2","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":151,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"c0f9ce56-bd75-457b-abe9-680503d37781","block_type":"box","text":"periods indicated.","page_number":151,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"6da076e6-bf52-47cd-b092-6e1619264db2","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":151,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"f009f7d2-fa6c-49cc-99a7-3b49922fcb9e","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":151,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"ec078f98-ec24-4f6f-b28a-1a438f3ba315","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":151,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"8bdd9bb1-ec20-43f9-968f-7f1947002579","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":151,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"4570adc8-9b41-48e5-9f52-82d398aed8fa","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":151,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"6ac0c166-4b1a-46f4-9be0-1b7a7882c11a","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":151,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"923bd755-463b-4c3d-a48e-81723e1ef545","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":151,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"2629907a-43af-4cb4-960f-6ec4fee06a3d","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":151,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"28fcaf09-78a3-42b4-ba2c-7c1dd08a9a73","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":151,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"2e6d89a7-9e49-4569-b127-af9eaa0fdd40","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":151,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"b5016792-1b4c-451f-a728-c8d263f788cc","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":151,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"c1a8d7e5-4571-4ba6-8334-a4d6d03ae74a","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":151,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"6f8a20ac-0743-46f7-b562-ef4b641f0675","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":151,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"cc4e9cd7-4a20-439e-8602-c4e9ee1b9435","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":151,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"f59f519c-8c67-41ec-8972-ccacab447012","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":151,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"725a8468-9433-4acc-a62b-2335aa10d30c","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":151,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"1f10dbb2-02f7-401b-82d3-f1c42b8788a3","block_type":"box","text":"Reduced Initial Sales Charges","page_number":151,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"bcdbf33d-1346-40a4-9d2d-f3a2d9f94b31","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":151,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"0ffb86cd-4595-4ea3-8793-71350860aaf1","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":151,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"1efa0f48-b51f-4ca0-a0c8-a3aa62d72861","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":151,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"818c7e7b-a62b-4e99-874c-bd42e9d40623","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":151,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"30cec131-3017-43bd-bc37-60c7500ba86d","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":151,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"6c2f644b-d370-45bd-a584-b9afcf94b375","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":151,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"f1a983ab-5cd2-4b2a-bb5c-7927838976ba","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":151,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"8374afa6-e3a4-469b-b4b6-6213e84105e7","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"35c4e466-eb30-474b-9606-e26b2678d8a6","block_type":"box","text":"Reinvested Dividends.","page_number":151,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"e1867065-51fe-4a9e-b582-6a6d70a80e90","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":151,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"c1207920-1d79-4ae9-b627-3972404e3c7d","block_type":"box","text":"reinvestment of dividends.","page_number":151,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"cbef4ccb-be7b-4c72-8571-65eeea04b37d","block_type":"box","text":"Right of Accumulation.","page_number":151,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"e98e893d-3b75-4c48-9dad-4588d1a9db4c","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":151,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"4a63adf8-43b7-46e1-81ee-96bb934a093d","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":151,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"3ab5062e-d55b-44a3-b63c-a5ff236d5b13","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":151,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"fe12d778-8576-4644-a57e-d9856064cb1d","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":151,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"1b1ad3c9-4be3-42d5-bd83-5f149000a25a","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":151,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"a9e7b116-1ca6-4798-8a6b-b38230497f1b","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":151,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"24614258-1b55-4ffc-8072-6bab9a6bbdfc","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":151,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"aa978bc4-62c4-4cc9-917f-d90e36719091","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":151,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"7b1f3dd2-5203-42c0-979e-eddc1638d4a8","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":151,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"b1452fed-be00-427c-a599-3bc822e97081","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":151,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"7ff46fd6-684f-4724-a833-dfa7befc040f","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":151,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"8be29890-a708-4316-b04b-9997e44543a2","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":151,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"537a7b36-5009-401d-928c-cb346c0a2285","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":151,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"1e786f31-7ce4-407b-8fd4-be9e233b62cd","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":151,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"1f4b46b1-1ca6-49d8-8af4-f0944701da6a","block_type":"box","text":"II-101","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4efa0f42-4e0d-4391-93de-25345c76974d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47e5228e-75fd-4586-97fe-de55cd26d46b","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":152,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"b1d7ec29-6e0e-4187-999f-28f99331b5f9","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":152,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"492bf6b3-ae1a-4bda-837d-1496ce1cfaff","block_type":"box","text":"Letter of Intent.","page_number":152,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"5ae147aa-d33f-444c-bb12-a14c108dd2b4","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":152,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"2e54a31d-5cfa-4e5f-bafb-4d1e832c7c39","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":152,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"ff39cf98-a381-4ea8-a62e-ae657287f5b8","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":152,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"ceb0fea9-c9f2-4516-8882-c8267dd641b7","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":152,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"386e72a2-b099-4add-aebc-53222d8842d5","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":152,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"dd1f3e44-5284-4618-ac65-5d2e9b697b2d","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":152,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"505bba22-9859-49b8-b558-195f07c7e33d","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":152,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"e18b5d64-ebef-46a6-8104-03bb346ad79f","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":152,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"26802fa3-79a2-431e-90ad-4cb94e52af14","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":152,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"550ab467-d6b2-4d82-87dd-33573862a24d","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":152,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"1296aa61-8bc6-4459-91a8-4f38fe87c2a8","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":152,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"31d5d111-99fd-4403-9d39-d417b1898af8","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":152,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"4a21ad36-26eb-4648-b38c-eba9c388b9e4","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":152,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"00e6c3a6-d7cc-4923-be9e-b026f46ce8ca","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":152,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"e163cf8e-3aa3-4c2c-bd6c-d624dce177b1","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":152,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"121b1171-5b22-424c-ab9e-b44604e13c0a","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":152,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"4672a1ff-a165-4cd9-9c6b-137767ec31ca","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":152,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"9db4c7a3-1795-47f1-bb8e-e03a0e69a5a0","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":152,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"2ee3f8fe-482e-4e99-b180-5a96da6b0014","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":152,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"2e289246-3e5f-4569-97de-c003cc89e8c0","block_type":"box","text":"Placement Fees.","page_number":152,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"4f70b35a-018e-4ba2-9fbc-96016eee2b7e","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":152,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"29e0d686-3382-4472-8df3-a0d4f45a6114","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":152,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"f681af8f-6a3d-4ff4-a170-4129c5ae09bb","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":152,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"c22861b7-862d-49be-a63b-b2cc115b3b91","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"58e8e478-5828-477d-88c8-b0235c0e3020","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"cdf6d716-2c79-46f4-9728-91b5a2a72f0d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"f3ba37f8-76ac-4958-b998-c6e64aa557a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"26452830-2300-49d9-a2d2-de14d18a7d4d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"0b414408-01c6-4b3d-b8f3-7c55bad4446d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"be076d39-d9ee-4bdb-a26b-0268ad8e40c0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":152,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"f0d85d1c-8a93-4334-9e8b-562d3ebcbbe7","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":152,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"cb060b87-dc7a-4b7e-ae88-5b86a1189199","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":152,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"53f75367-f40f-4bb9-ba16-05feacafa320","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":152,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"1d6e2f39-5189-470a-8cc0-9085af767dd5","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"471a56b1-078b-47c8-90c9-1185a72062a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"ddf7ed52-a64c-4eec-ae52-7d040678017f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"622b4736-d251-46e6-ae78-27bb95842cce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"2655fa30-8b17-4408-a497-e6fcae582df5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"b28d410c-8329-4f7f-8708-8eeefa4ffc44","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"9da1d40f-463b-4692-a02f-ceb8bd1e4390","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":152,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"11c6ac1d-c1c6-4a9b-9c64-cf6b27faf0c6","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":152,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"fdfb7486-f610-4ff4-b140-c639319cc5bd","block_type":"box","text":"SM","page_number":152,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"520d3ce4-14ab-4d39-9f12-935874235c00","block_type":"box","text":",","page_number":152,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"853c4093-12a0-4c7c-a772-b2aff627fd18","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":152,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"2d3b87c0-cc60-402b-93ba-70cf54dcdb7e","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":152,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"1d40ed89-b07f-4984-a28f-45cb7c5f0292","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"e4507980-fb11-46e0-b2ab-6f8e880c5392","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"5368d049-f743-47be-b18a-723c347b3e73","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"7bc1f6aa-f282-474a-9128-07ce0a9fd54f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"198ffdc9-4550-4e4b-90d0-973ce3953793","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"9eb0fd84-6cbc-4923-b868-378df8b46731","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"ac1c1a7c-66e8-4293-9a82-ddece935df35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"3f7a1551-6239-400c-a5b1-96fb33fec6de","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":152,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"1e88e5b5-e9e3-4196-bb4f-fe86a1aeba28","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"3a295e38-580d-4c5c-b9c5-0a64a568ab30","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"7a764fdf-99be-4e4c-a83e-3839c85e188d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"eb4e78a4-3485-4f45-b458-d13b6b3931fb","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"847342bf-412b-40fb-95ee-d6ffd874b791","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"b1bd0c51-9366-4cac-b238-c3416d215b1b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"cd51ba3c-b6d1-4fed-8dda-36a36679ed72","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"5445113e-516d-47c2-9264-bd755cbb405c","block_type":"box","text":"II-102","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"88cee86a-b87e-4c59-9330-049578a1ef1d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9979dade-6850-4112-84da-204e260aa0c7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":153,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"51555dc1-6229-41c2-b463-d43b19360b62","block_type":"box","text":"may be up to the following amounts:","page_number":153,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"e36f33c4-09fd-45e9-ad18-d0d423e5477d","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"862fa742-fbf3-49ff-b9ba-2091b6340626","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"ff783cb8-2c9e-42cd-80c5-57f9df8dfcff","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"66c5a970-25eb-46f9-96b2-58677f707978","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"3ba65a24-caa6-4c7d-bfc2-5717ee24cbb7","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"c8305233-e296-4339-979a-b1499415b749","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"3eb72684-0654-4fbe-8a46-83ee600a9d8f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":153,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"048ff0b7-5e71-4341-86a7-e2c05b6e042d","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"947357c0-20db-48cb-a2b3-3793da7e9e03","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"d0d5b709-9c9f-499d-aa8f-f5e48407c7d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"82951bca-8d58-4891-a3aa-3516eb0b7431","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"5f5a8aa3-2cdd-4aac-8b9a-cbac7995c241","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":153,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"2d922331-b643-4585-8bc3-1e045632d300","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"dcc041a2-7bb3-4322-9e55-84897ec4a26a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":153,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"6940ace1-e53b-4476-8cfd-e1ad3c42cbfd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":153,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"a92b6b8a-cde2-405f-b215-ca22195a4ec2","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":153,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"cba8b21d-655b-4bc0-9650-88384584129a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"79b8d1a2-1bdf-477d-b51f-9214f233abde","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"3fd4369c-06ef-49e7-b7aa-cf8c97d79a6a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"a02b6521-029c-44c2-bf86-3f18470a5718","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"79768705-a919-41d0-bc9b-70ab92684f29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"d47c9bbf-6305-49b6-960b-019b28247545","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"31d5b599-7dcf-44d8-b558-cd7d32c63994","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"e86f6163-3b9f-443a-905b-2d69780f19c7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":153,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"9066fb2b-6d98-47e1-b88e-67979925979f","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":153,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"f931daf8-d8f5-485a-961c-31de62fa375b","block_type":"box","text":"$250,000 and above . . . .","page_number":153,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"49a8e524-8da3-4983-92b2-1d8124abeb20","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"56f58008-c256-4bb1-bcf6-e91920a23f04","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":153,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"c0841f72-ec76-498e-bc5d-948e6b6684d2","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":153,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"c4c0ae01-fda3-4520-8265-221b1c11773d","block_type":"box","text":"the following amounts:","page_number":153,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"50421317-6458-4e11-bc59-ae067b26ebe0","block_type":"box","text":"$100,000 and above . . . .","page_number":153,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"676d4cde-40a0-4698-8b3f-38a3cb2c8bb6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"c54eade0-b085-49fb-a47d-8096feda69d4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":153,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"2b5ec764-955a-4eda-82e8-6e73a0177c39","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":153,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"ebd954a4-21a6-443b-8fd1-4cd5941aff01","block_type":"box","text":"$250,000 and above . . . .","page_number":153,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"75435296-b572-4822-b956-62ebb9be0583","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"aae875ed-7410-4e89-9fdc-e867c284dc30","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":153,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"9af5b487-c90c-4711-a92c-da1f45c5f033","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":153,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"b0e79e9e-7d81-43dc-96f3-282c3fa760b9","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":153,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"e5ba0d0d-fbc4-4723-84fa-8d046058b95a","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":153,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"62c67a6a-8b52-4fb2-be62-90453929a468","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"31db00e6-b8eb-4f52-8f8c-5022e60cb3b2","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"978b99c3-ade2-4297-a860-47546366a34e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"ceb8566a-ce8b-4339-96ca-f784ec5aaa33","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"a4b066c0-359f-450d-abd7-ed32a42acea9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"d3dbce33-62ed-4176-9575-a58befa74012","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"7e317f9e-cd1a-4f1c-acd9-9769c3a64da3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"00507624-d213-4315-bc78-9ed8e24c9115","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":153,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"45c996f3-5b26-4aab-a584-0fed2e7cf3f7","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":153,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"4bf701a4-571e-4834-a00b-8fbc530d800f","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":153,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"c88f0a97-a315-46d1-bda1-f29080ce3972","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"f5447f8a-0655-484c-aebc-4875f9035356","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"0b35559b-d112-49b6-af36-5d27439a04df","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"186a715c-12d4-45f8-80fb-a13bdd1a2e48","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"5090d030-1543-4f26-854f-45330e5b9cc6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"6779e97d-33a3-4508-a229-467769753c97","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"a2e84a7f-ba4a-47b9-8000-1a0edba06efe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"6ff1f218-2438-4ee9-9a83-cdc608b1120e","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":153,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"321d7a33-4f61-4be5-b7cb-5592e1106989","block_type":"box","text":"®","page_number":153,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"df784c2c-0232-4823-add5-c996acf481cf","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":153,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"7322817e-9169-4a1a-beb1-16bf9ba7fd0d","block_type":"box","text":"®","page_number":153,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"7c1a8306-0bc0-41bc-b771-3cf19420254b","block_type":"box","text":"Index 2035","page_number":153,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"5070e443-4e7e-42a3-b876-109284c9d7cd","block_type":"box","text":"Fund, BlackRock LifePath","page_number":153,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"4edfd10c-d826-48c1-9f7d-1f3f9c2d9359","block_type":"box","text":"®","page_number":153,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"e61fd66c-af7f-4cd3-8341-b47033fcc86f","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":153,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"89b65533-d7d5-4b03-8ab8-a74fb22b240a","block_type":"box","text":"®","page_number":153,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"3aa39537-79f7-43e7-8cf4-bde63fbc0908","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":153,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"579193da-f300-44a4-8aeb-02ecc6afdc66","block_type":"box","text":"®","page_number":153,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"0fc3c8c1-c482-4b2d-92e6-ba833728505e","block_type":"box","text":"Index 2050","page_number":153,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"769af917-24a5-46bc-9409-5ef490244330","block_type":"box","text":"Fund, BlackRock LifePath","page_number":153,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"613234f2-2c73-4700-9a6a-2da1cffae976","block_type":"box","text":"®","page_number":153,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"f585115e-c8a6-4e8c-b42f-f43617f56ded","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":153,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"bdcdff8d-aef6-47e5-a8fe-bba533b63c95","block_type":"box","text":"®","page_number":153,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"9b912fb7-476c-42be-bf75-a13033f0c96d","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":153,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"e23279a6-6c03-49ad-a16f-40d4fa7cdea0","block_type":"box","text":"®","page_number":153,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"25b8328b-6051-4a82-b4da-54ee00702900","block_type":"box","text":"Index 2065","page_number":153,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"26abbeba-0fe2-47fa-885a-ec5442c70b7e","block_type":"box","text":"II-103","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b991d622-e454-4bd2-91d2-e819a90b730b","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c08ce5b0-14cf-4933-bfc3-324be11ef530","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"a287b8ec-2ea6-4ab7-b14c-7209980d811a","block_type":"box","text":"®","page_number":154,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"4dae4361-2f26-4018-a9b3-d54b34d73c93","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":154,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"d22f57a3-a6df-4602-a9f1-9c7617d97a2f","block_type":"box","text":"®","page_number":154,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"f59dbc93-b38e-4aff-a5d1-b51eb4a564cd","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":154,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"cf65cf20-a7f1-41f8-af25-ba6ac46190ce","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":154,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"3c899002-884b-4b9a-8e6b-f12af2f01290","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":154,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"1319d814-8354-49c5-9c0f-8dfb784501a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":154,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"45a03ab0-31d7-47fc-8af2-7ee568a271f1","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":154,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"d08a8064-d796-4f49-b141-fde8f322078f","block_type":"box","text":"SM","page_number":154,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"19035f7c-3899-4bf7-a236-aacc151a978c","block_type":"box","text":", the placement","page_number":154,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"4f8c2c96-f8e2-4895-ba11-ff5706c31416","block_type":"box","text":"fees may be up to the following amounts:","page_number":154,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"3f7f3935-ee43-44ca-a75d-2c3570a71446","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":154,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"731ff532-31f1-476b-8b4f-71715816b5b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"e48a3c36-632d-48f8-930a-b515e1ee18a2","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":154,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"390df76f-bd53-4218-b3d6-55dab9c3c123","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":154,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"def03ee9-33d1-4f31-9d84-42a08e1431ee","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":154,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ce5a1630-1c82-4168-a824-c37c8ed7cc47","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":154,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"e94a4993-5fad-44f4-bc12-ea1ec1374331","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":154,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"03b1ee59-31af-4775-bd3f-e0838dd45e9a","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":154,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"808f3b06-af81-4549-8893-4bc28a3fa2c6","block_type":"box","text":"$1 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employer","page_number":154,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"fb9ff46b-2d75-44bc-900b-565fecb5c723","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":154,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"bb5c3e47-fbf5-4e71-a9a2-d2fda5313185","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":154,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"dfb417d6-0ff9-4bb8-906b-11ce8d4e707c","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":154,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"45e5acc8-30a4-4853-a8b6-60ce3b1f616e","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":154,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"4465315a-4421-4b11-ab93-8bd2fc58f501","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":154,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"adc22605-5ea3-4f95-8957-fd94f88c15b9","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":154,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"1439dfe3-ddd5-4e53-a1df-8ce6d3f2da7d","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":154,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"0c369502-7620-45e9-b0a8-730e832f589c","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":154,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"8023a201-4867-4574-87c6-a443fcaff91d","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":154,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"99c43794-ea1d-47f4-bc26-68e6e5071552","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":154,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"c29f3e8e-a283-4e73-beed-6c9286bcd67d","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":154,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"a9a90882-ab8c-4234-877f-61f9be08ebab","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":154,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"49d54a22-6857-4038-946d-b83903a8e076","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":154,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"fed8ac85-bd77-49d5-861e-412648327f63","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":154,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"21ec5536-e378-4ea4-8280-3e4c9e390764","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":154,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"53386433-b20e-4203-b186-75129b15a5ed","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":154,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"a22a18c8-76c1-4c2d-a21c-ed28de5a76df","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":154,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"5b8980d9-5b9f-4b4d-adad-0645e91c7d26","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":154,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"cde56a15-e597-49a2-b312-4c5eed3a82a9","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":154,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"2239fa3e-5343-4860-b304-d2aa83c8da3e","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":154,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"6d5cc5b6-af60-4951-b1dd-41043c264f51","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":154,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"0a6ce92a-f7a5-49cb-9cbf-65124ef765ca","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":154,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"b4cc29b9-0349-462a-815c-eeac32e20a90","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":154,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"67e163fe-2eea-4493-8c60-06b82fd6f718","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":154,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"6df46b20-f1f6-4a77-8ffb-38d3e300f1c5","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":154,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"0ecfa785-3502-4945-83c4-52ed3e802f48","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":154,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"1f7cf52b-7cd4-4933-8dd0-3248ce4388a6","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":154,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"5e3d2190-89ee-4ae1-a8f7-ea26e38ef7fd","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":154,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"ef4b847b-85b5-4ef8-93e1-be450b50793c","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":154,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"8193e527-4e81-4464-96d4-8fd2e91d709f","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":154,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"716b2f33-d959-4d00-a5c4-7956c86f28b6","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":154,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"324cfcac-debb-4163-a592-aaada96c0834","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":154,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"40812f40-57eb-4e56-9028-306d2148293f","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":154,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"9018c199-ce9f-4ae2-a6ac-7eb1757183a0","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":154,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"595ad1f5-9df0-4b60-bed4-061c5e778f30","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":154,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"b72733de-7e8e-4f4d-ad9f-5c2bda5850b1","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":154,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"6ad733dd-1ad6-41cf-ac04-4b0dd878bcce","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":154,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"8c82ab6a-115e-428d-b82d-18943c2ce17d","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":154,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"8858d422-d5a9-42c7-81cd-ee8917b063bb","block_type":"box","text":"II-104","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f90b4aa1-1839-4888-88ac-6d248ba89edc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fcb286e-6659-431a-891f-101188b6b504","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":155,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"51d9a68f-27c3-4042-8506-80b677a755ac","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":155,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"4af21a09-f654-43ef-aa5a-3c1678727ec9","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":155,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"3812e672-ba5f-449f-8958-6cebf30dedec","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":155,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"2771b193-8835-48b0-9431-9f867816ab21","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":155,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"c518ab4b-0df2-41d1-a35e-9f2f7ca401dc","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":155,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"76d6ca51-fbe9-40b4-a0ab-aa3446a99d2e","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":155,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"ee3db202-0fcd-4d8a-bddf-05df110e6e60","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":155,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"56675789-9107-4c00-a871-0cea4f5a2103","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":155,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"67de58e6-db7c-4299-8e9f-a4f2805410e0","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":155,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"d1130075-ad81-4786-a33a-7bbc0fe37b08","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":155,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"bb45c30c-75a2-4c7e-b20d-610ef891129c","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":155,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"c309dc33-3c77-4334-a38e-a1f11ff10c31","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":155,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"f57bded0-7560-4f4e-b9f0-25fd656002ca","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":155,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"91c447c2-0659-4faf-b477-19e484c2f7de","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":155,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"7bec6ffb-d263-4da6-aa27-9d1bd36470ad","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":155,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"294d63ab-fa24-4456-af2e-426fcc397282","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":155,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"2b5dfa32-614c-46bb-9b47-28c05c5ce92d","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":155,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"a49c2fad-5dde-476b-9538-135aa00065b6","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":155,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"b286e7bf-0c0b-4136-8fcb-fbaae65e2901","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":155,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"e352405f-a0db-4b6d-b32f-38df471f3d37","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":155,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"9152d450-4768-495e-a57e-d7dd91526bee","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":155,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"30c71ffd-d740-43bd-9ce0-6378745ea218","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":155,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"84b5528e-c9e4-4ebf-9766-2a7de547c0a4","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":155,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"6da256e2-5e41-417d-93f8-47e89c5df7e2","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":155,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"37949b56-b11c-4618-a0dd-b8668dbb6b85","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":155,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"d4e6381c-1d71-4b54-bc77-11cddc56ff6a","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":155,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"5cc76e43-9884-4098-8825-f8a475fc4885","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":155,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"7cd5427a-72d3-4651-844f-e1e770a72efe","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":155,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"f65a3bf7-9713-4d42-814d-b42c43b8784d","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":155,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"51473367-a5dc-4951-8ec8-80044c20477a","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":155,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"840e0588-039b-4b5f-a147-5db2ce1004d5","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":155,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"36612e04-4a12-460f-b32f-8012736ef395","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":155,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"a8ecb860-7cb1-4e75-b9db-3eba05814467","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":155,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"d109b6c7-c472-4ac8-96c0-a817305ca10b","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":155,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"9d033d50-0d3c-4770-9e84-f8d4e1fa45a4","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":155,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"c4c7cf22-2a62-45a7-919f-7ab1cf788b1f","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":155,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"83d4e69a-4566-46d6-a23d-a7cc4c971745","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":155,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"e9115680-350d-4a30-8f07-fba4cbb6f982","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":155,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"11c2c7a7-5a8c-453a-980a-3e8de4b75cea","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":155,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"10562bde-3058-4316-aa68-6b94bd344f1b","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":155,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"42f30285-36eb-4f45-af24-3e1d51d44cd8","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":155,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"f72d2a35-0818-464b-bd04-84db1d3c1b5f","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":155,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"3b1aac49-2307-4aae-a192-5b1aca148777","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":155,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"10e3e045-189f-4610-a683-5d7253612e5c","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":155,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"bb6ca8d9-1c47-4b8b-bedf-85b31a4cabcc","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":155,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"bb405b03-4f28-4b39-9da6-8ce0bf26438c","block_type":"box","text":"public or private investment company.","page_number":155,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"ec21fad6-858c-46e7-b7aa-911e58226d90","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":155,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"d3e43826-65c5-44a2-b0b8-b78c4e1952ed","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":155,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"7cc16481-88e4-4116-9b50-1623988c1a7d","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":155,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"fb1f95c9-9e94-454a-be3c-83b7af839296","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":155,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"6ddd9351-e5ed-4e52-a203-58fc02a7f37e","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":155,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"4f39f566-7901-4f55-8029-bcc23126bb8f","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":155,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"ffe154b1-3662-4350-8ce4-ed442783d5d5","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":155,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"6f1f3b14-c110-489c-8c99-9ab7d65bfa3a","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":155,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"99b262ff-cb20-4d7b-8ace-e3e776ff2f56","block_type":"box","text":"II-105","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2e38c200-20f7-44ed-953c-b631164e86ce","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"672357ad-03a6-4bbd-ac51-32f1294cf987","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":156,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"1c30a73d-cfbf-4043-833a-c433e4157bd9","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":156,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"315a5fa4-b801-4456-82be-789d489efd4a","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":156,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"fd7d6f92-fe71-4c0d-bb55-7ce82ec17f77","block_type":"box","text":"intermediary associated with the account.","page_number":156,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"0f025fb9-bf95-4cc2-a8b8-c9de5aaa18c9","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":156,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"770ebef5-5bf3-4299-91c6-f2ae5ec52609","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":156,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"f76f47b4-66e0-4f6f-922b-775469318435","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":156,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"eab8b5f6-d84c-44bd-8e7b-8001ebfdb5cf","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":156,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"5772f944-75e1-4325-8484-9611f9ed0f05","block_type":"box","text":"CDSC shares.","page_number":156,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"6ac1c212-64f5-411b-96ec-fe33a17fd238","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":156,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"6394a527-943d-4cdd-907d-511efa08c9f3","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":156,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"3be1bcb5-b232-42ac-b3ba-2493ba420368","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":156,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"b12e3b9d-de5a-42f9-a8bd-99a2050ffdf2","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":156,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"9967a913-40ff-4e54-99bb-31b26c319748","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":156,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"97786517-dd83-4616-bce0-74f3a839e841","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":156,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"f65068a4-8739-4f49-9331-3fa7f2725e9c","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":156,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"7ab028a5-93e7-474c-b29f-67dde90e1429","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":156,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"7eb289a4-d077-4bea-bd89-84906906c1c7","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":156,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"354e665b-8b67-4956-ae94-9c13c0b218b8","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":156,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"b6438f6c-1bd0-4b91-9a2c-707e714e817e","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":156,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"14f1c386-8737-465f-a38f-71a208c0c540","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":156,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"cb801f08-0d1a-4c38-a7e6-bfe9a9a946e4","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":156,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"99fd926d-267e-4190-ae46-ccfaf086b3af","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":156,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"813e8dec-e3f5-49e2-aa54-62813306ac6f","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":156,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"aca07d42-00c5-4545-8e9b-a1e3f8810da0","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":156,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"7a9e06dc-fff7-46ee-9155-f3bc9834a9c6","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":156,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"4e1d5e1c-cea0-4b5c-b207-582a761428c9","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":156,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"83f649d1-b378-4a8f-a11f-e271a42e159d","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":156,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"887dd42d-3857-49c7-a070-7be829a03132","block_type":"box","text":"Investor A Shares.","page_number":156,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"07fe051c-a94a-4298-a982-02515af1889f","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":156,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"8e5550d7-b7af-41af-9617-0db7a4c487c1","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":156,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"5a4bacf1-a4ed-4cc9-837d-5f4f44b0f9f6","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":156,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"3dc95575-830a-4ebd-82d3-20e857290341","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":156,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"386f7229-9600-416b-bcf8-d1e7481625dd","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":156,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"acc61fee-9ea3-4ecd-be58-f4b8963538fa","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":156,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"b33f2d06-e083-42c9-9a0e-522ea070957c","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":156,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"5a6ad322-9420-46d2-b56f-de0eb6542229","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":156,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"1500fb38-5b78-4e4c-8d65-27b05fd646bb","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":156,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"b7574377-c31e-4972-a53b-a531ab2ec98a","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":156,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"739b9e58-fbf3-4a69-8b0a-423a75d8fffe","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":156,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"8b2a833e-08ef-4d16-aaf4-f63e33cbdef8","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":156,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"0584f8fe-82b0-4e77-9987-c1bb176d2575","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":156,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"bc14b904-7d20-40c9-9808-363e91d83760","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":156,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"47dfa214-f293-41c7-bd81-ca6aa0b7f1ce","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":156,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"37cc214c-bddb-46c3-a4cb-5ed4b4e17b86","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":156,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"ebfe1a75-d551-4b3a-a567-515ff9da4a88","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":156,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"8f8253a7-d91f-4ddc-bd96-ee0e1b386e63","block_type":"box","text":"“Investor C Conversions”).","page_number":156,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"64efd7d9-4d55-4cb2-b6e1-66056c46de5e","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":156,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"40e1cc14-de40-4a97-9d40-9dcd6625993b","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":156,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"26505971-9b4a-4022-bc6c-4b1836c0f6be","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":156,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"4b9c383d-35a7-43f7-a45f-b12b7170a582","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":156,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"9cca83c8-9e90-46bb-b1be-e43740ad039b","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":156,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"ccab44d6-f38d-4c82-ae15-77c00286a260","block_type":"box","text":"II-106","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"251df8fd-a902-47bf-af55-a01b9824b6c6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b15cf277-0c10-42a0-b0ff-8125d1cf983a","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":157,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"a384f2eb-2c18-4e17-beb3-b67704112743","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":157,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"7f2d5a12-3538-4d3c-a0d8-7a6d0a28ec11","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":157,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"052980a9-ddde-432b-b644-b1474a397ced","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":157,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"dd1c743b-679e-4e31-8e9d-0676431c355c","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":157,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"e339d717-65d2-4fa1-9faf-8ac661f74a5a","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":157,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"d809c73b-e3c0-4d7c-a90f-a6072c5a22cb","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":157,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"1a538987-c68a-4181-ac53-b59581c4bea1","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":157,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"996a9d0f-ae57-4760-9c4e-d10b31349e88","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":157,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"131e65d4-c7e5-47be-b2b7-1a7279754a07","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":157,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"7488f28e-ccd9-4e64-9ba3-25ee0369acf8","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":157,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"4ae8f374-550c-4285-9459-56ed3846608d","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":157,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"5da1ba27-7b85-4d43-add1-737d33ddff98","block_type":"box","text":"redemption.","page_number":157,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"92e84ba1-eee9-45d5-820f-f393df98fb94","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":157,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"261a492e-fafa-44af-8ab5-31248967385b","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":157,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"6b5bcdec-fe56-4ca3-a267-5d53a98072ac","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":157,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"09a514a9-0843-4526-b2a8-3412f6a5a312","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":157,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"6607a297-2bf9-4411-aaf4-2ef3c86bc8a7","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":157,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"608ef261-7a96-496e-9c31-84c29955d2ad","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":157,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"b4b585e8-1d05-4a98-8b23-56a52fcf56a4","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":157,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"e2a8219d-bbca-4c56-b71c-f6de681b797b","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":157,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"94830a25-73dc-4c53-ac55-87d42876e315","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":157,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"e4c108a7-abd7-489f-89cf-29c6283f41cc","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":157,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"b5547cc4-f669-40c3-a08e-dec304f23a06","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":157,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"84f4a39f-eb09-4f76-9f92-b2a103751662","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":157,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"0c0c902e-5fdd-4df6-b3cf-be8a1db2a57f","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":157,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"d1e51eb9-7a26-4ba7-af8c-23dfb1b370b3","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":157,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"2d0c0a64-2cbf-4a64-835f-4f7eb82b172a","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":157,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"44bd9967-9554-4604-af67-a307083e1691","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":157,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"4b6a5c1f-e3c3-4263-841a-a89b05453c1e","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":157,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"af747b62-a441-4d2c-978a-1b50015f8129","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":157,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"6fdbb230-100e-4530-bbb1-39f765e2b2d9","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":157,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"aae1529e-be95-4ae0-893e-1aaf8da7912f","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":157,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"6f06ed75-fb4e-46fb-b2ac-09e1a0dd7d3e","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":157,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"39b61354-83c4-4567-b561-6ff9eccc89f1","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":157,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"424671bb-a106-4a9b-8e19-45e39846e67c","block_type":"box","text":"Class R Shares","page_number":157,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"ac6e7d51-7b3a-4145-96d4-4c94908069bd","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":157,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"03976d66-3c82-416e-b7c1-c36d18717240","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":157,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"05b89c8e-4642-47df-a9e6-bcbbc0c2fb4f","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":157,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"80c551e3-ee7f-4d57-8248-c9dfa5d16cb6","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":157,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"1c0802a2-63a1-4a3f-8323-b1a40db67992","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":157,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"9b861855-4827-49a1-ad89-60589344e587","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":157,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"78e6a66f-e4bc-46cf-aa78-a5eced32f656","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":157,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"49f5834f-e3e3-428b-a5f6-00f61d88478d","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":157,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"e9d7a551-0483-44f0-a699-c27d9a68716b","block_type":"box","text":"Class K Shares","page_number":157,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"4df13603-8bbe-4382-b997-3891b512872c","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":157,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"7b24f440-71e4-41e4-af92-1858b9186a45","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":157,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"8a311248-15b2-48dc-a193-99f9832cd6f0","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":157,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"5774399d-f088-4bd7-830c-62f3cb90b2f6","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":157,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"b73ac76d-527a-47a0-a16e-5284235a7b01","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":157,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"88e790b5-5536-4296-a54f-4df6aa3b3139","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":157,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"a4ba2e55-83de-4a12-8bb7-653bea027645","block_type":"box","text":"II-107","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b26f53a5-f440-47ec-a7c9-f996538974f4","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a47e7acc-5ab5-44a4-9c7f-d4a360871bd1","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":158,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"dc70d373-c108-42a5-b53e-043be8c2a4a7","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":158,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"c73170e9-435e-46b3-81a4-1153a02320f3","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":158,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"b6b6a9e7-0976-49bf-ac45-71651b8989bf","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":158,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"3a05f004-3a84-4425-8419-943abb9f7640","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":158,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"c2e6f1e7-be20-4744-aaca-8d47e450d5f0","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":158,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"3fbb8a89-438a-4dde-9f72-81768afe93ec","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":158,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"c2126ae9-1e36-4dd6-9793-35d39a149fd4","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":158,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"1a253fef-1b97-4687-8c35-04c0f47f4ff7","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":158,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"996f0fd8-1353-465b-b025-bc1554fc001d","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":158,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"854d6add-c564-40b1-a8ba-17db7e9289bd","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":158,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"37b22d40-ccd8-4aae-9879-93e9aebd0b18","block_type":"box","text":"distribution and marketing agreement.","page_number":158,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"a487278b-90c0-49d0-96c1-bc85ca032db6","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":158,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"efcd4be1-3141-4cee-9415-29b51b345677","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":158,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"5fa5d491-9238-48cb-b6b0-e9651b65414b","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":158,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"5c233c00-44fe-43c0-b9fe-616410c3d596","block_type":"box","text":"Class G Shares","page_number":158,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"4f48143e-0193-4b72-b5f0-babbf33c6c6b","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":158,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"84621bd3-6ae2-43c3-b502-2f4d9a8bc709","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":158,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"010d3ed9-197e-4e63-b9cb-2f2b9fc454cd","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":158,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"28d78e2e-5239-4506-83e4-9fa8f75cbc41","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":158,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"0389a3e7-cf1d-4739-98bc-a6669351afdb","block_type":"box","text":"eligibility requirements.","page_number":158,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"5492060f-c9dc-4642-a02d-0d5bec949cbb","block_type":"box","text":"Service Shares","page_number":158,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"e6680b26-52c0-4fc3-86a8-5bd923a420ce","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":158,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"7a2c8c0d-5c7f-41b2-8d40-02e666a634c4","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":158,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"676f5446-4221-49ac-8517-52bab96b53de","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":158,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"db1c0f8f-d8aa-461c-8149-e78e5becf336","block_type":"box","text":"®","page_number":158,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"98ed6e85-007d-41c7-9755-a48b3a965366","block_type":"box","text":"Fund in 1996; and","page_number":158,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"9f051c02-e31c-4459-9b8f-9d0a96e44e2e","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":158,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"23446be1-074a-4ae4-95a8-e95bf384003a","block_type":"box","text":"SM","page_number":158,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"5343b066-5493-48ad-9a21-494308625033","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":158,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"2fccd89d-cfa7-4bf7-b771-01568773952b","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":158,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"ff07e9e9-ac8c-418d-b23f-62c8ddaba8e5","block_type":"box","text":"BlackRock Shares","page_number":158,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"cb06744f-e04d-4bb0-b1ef-e64a88032df1","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":158,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"3b069d12-54cb-4356-b059-4fb02b25a043","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":158,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"0020e93f-69e1-44a2-99da-f593d4cb7866","block_type":"box","text":"fee-based programs.","page_number":158,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"dea1ec76-0c03-4410-9279-e5a1b78197b8","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":158,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"3eb6add4-c503-4821-82cf-2970e8d0643e","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":158,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"c2f7988c-daed-4628-94f3-3fc53a4d8bec","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":158,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"1dd7878c-9a77-4f1c-9867-684cc31ce591","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":158,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"e41aa67f-3179-4c24-97a3-887d9012bc2f","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":158,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"a3de1c3d-15b1-4243-b734-bf9198fcbb51","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":158,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e376cd54-7e6d-4b5a-a5d6-f227a9e2810e","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":158,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"6a7716da-1d64-464f-9d79-a72d9b1006cd","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":158,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"f870da12-cc40-4974-869b-3b84b3133bd0","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":158,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"fd9c7aa6-acdb-472a-97b2-7fc6a2c6819b","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":158,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"dad41871-c2af-4ca3-9207-890be00adc69","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":158,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"28736776-4826-4ecc-81aa-5a60d12e735b","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":158,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"c76fc93e-5cc9-4cef-93c9-c70fb41023b0","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":158,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"daf30c81-902f-41cd-a88a-25b06311bf38","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":158,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"27d87775-8d2a-42eb-add3-72437cfc2701","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":158,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"8cc3f354-dc98-4701-ba52-692b8811adab","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":158,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"958d52ad-47c0-4d54-baea-4db908e31ca3","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":158,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"554938f3-7a9c-4038-b2db-051a7669605d","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":158,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"8ab05bc7-d32f-4eea-b438-97037e999a2b","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":158,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"1fe7cb6c-c245-462d-86fb-0a8290bb0f34","block_type":"box","text":"II-108","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2b482286-34a9-44a5-a8e3-80b44e84abf9","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f792e55-36d0-4623-a2ff-12356a77dd71","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":159,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"f0ca3c30-acd6-4cb7-ab4b-fced09e29a98","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":159,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"ad89667c-446d-4544-a53f-2efb3e06ecd6","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":159,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"2baf2c5a-796c-4567-b20e-2ba833872c54","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":159,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"61bc49ca-e59a-429c-a387-39083744e845","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":159,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"8cd47ce0-eaef-4580-b71a-0fad36ea4898","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":159,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"8dc5c891-4582-4110-ad3b-bdbdb12d5100","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":159,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"abcfa234-cd05-4be9-9627-02827a9bd8dd","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":159,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"7d2fcb55-dc2f-49d2-a69e-8466b018a173","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":159,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"fb65e35e-5357-4033-98b7-80473fb9a62c","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":159,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"5570952f-a4e2-4fec-b737-97c758f55579","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":159,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"a1b533fb-08a8-4e7e-8745-9f9874256b39","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":159,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"bae7d71f-a822-4f16-aa95-a0b89d3aece4","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":159,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"ce046527-2173-43f3-a4bc-1b5c3f6af394","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":159,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"0927c41e-e4ef-4cfa-b6aa-d5510f2d747c","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":159,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"9f8e25b8-b214-4b08-8f36-9b3ea5d05d37","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":159,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"88c90c91-9cee-4613-83a7-af63fe23dbba","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":159,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"4ae35bb0-eb3b-403c-b0d6-3570f9858914","block_type":"box","text":"compensation for selling different classes of shares.","page_number":159,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"9811dc62-8294-4720-a11b-610bbb9d886f","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":159,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"fff4b0eb-1a65-4d64-a8db-4c9aa388d5bd","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":159,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"5389ea92-e3b5-417f-8a53-1ab22859435f","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":159,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"0ab6eaba-cbaa-4800-8a12-f4c0aa1f36dd","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":159,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"f206aaf0-4473-4317-a0e5-b9e23cdcab33","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":159,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"ed242bb5-7230-440d-be1e-522130189ae8","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":159,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"c1be33ad-3b7e-4dd7-81aa-a43f01497ea5","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":159,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"8add0fbb-ca79-427c-a9da-753484029f90","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":159,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"90acb92b-9393-45d4-8a1e-c076f4425ab0","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":159,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"55758289-7b83-423c-a096-601a971ca9d8","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":159,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"73840ef7-77e4-40b0-8bf7-d3bfc75f5527","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":159,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"23f451c7-6a93-41ed-8c44-dbf8b0132cc4","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":159,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"3177c26a-c31c-47a6-bb58-eab4d363494f","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":159,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"40cbf1e7-eb4a-4ae2-a428-bdbb9c6d6997","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":159,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"eb006ea0-9279-4bf7-a5b7-88fcfb34c67c","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":159,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"1573ec1d-2ccd-465c-9087-97e2731d2ce1","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":159,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"0fe17e78-6607-40a3-86f3-a6dacc3a99a5","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":159,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"e5a57cf2-5940-4f50-8a49-cc2c6f7e50f6","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":159,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"7e519205-1d19-497e-8b37-f32eb34028ca","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":159,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"b0341569-e5ae-45c7-8261-3b4debb507e2","block_type":"box","text":"easily accessible place.","page_number":159,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"b687f164-8088-4f94-8424-2a20e5d3a604","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":159,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"ee85166b-c065-4882-b6e5-2558ac3ed89c","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":159,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"8a69d1aa-8f21-45ee-bb4a-612b35643e41","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":159,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"7baba016-5d95-41d3-b6c4-b2f4764cf357","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":159,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"e8fdd2b1-f881-4c6e-9b03-44ff0e5a99b7","block_type":"box","text":"fiscal year.","page_number":159,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"d583c1cc-db95-4bef-8948-5bdddbe39a28","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":159,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"d5cb27e8-db48-408a-a209-56c8ce2d9b47","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":159,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"e1af071f-fc55-4e8a-84c9-504a55373970","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":159,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"10413d3c-63f0-46f3-84b3-829bc21b5ec8","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":159,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"bee64aa1-a6d8-4019-94e5-757ddc554b29","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":159,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"7476ca4d-d9c8-443d-9f47-cb65bea9a3ea","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":159,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"2b1ab846-bc35-4a40-b01e-8fe42bd4ca6c","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":159,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"d9a37b69-982e-4fd9-be37-83a331342283","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":159,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"0e7e9761-a33f-4767-8e8d-c1b4e194247b","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":159,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"200285b5-2cd0-4f38-9b70-061c97f8ad86","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":159,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"4a2ac508-aac8-44bb-ae64-67067c56ee80","block_type":"box","text":"II-109","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7298104c-1470-4f5b-b86c-b53fc423feaf","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3197e4f-38ff-4342-a529-57c94ae9f082","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":160,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"cceea23e-bbb9-4c1c-add3-b24c1ae8e45b","block_type":"box","text":"and Class R Shares of your Fund.","page_number":160,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"2c44c361-5932-4e62-85e8-7ef6c9b4af4b","block_type":"box","text":"Other Payments by the Fund","page_number":160,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"158c1588-9a44-496b-a284-a60a291cd4e2","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":160,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"5a9b468b-c6e2-4c4f-91af-d2272f9a10e8","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":160,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"6eeb69b3-301f-4b0c-9a87-1f7aa0c4f3fc","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":160,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"724635f0-2184-4549-80fe-f964240f0ab2","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":160,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"3f42c7fc-905c-4191-97e7-bc0018b33e6b","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":160,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"00d6ff5e-6bd2-49cd-ac79-0d435debb532","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":160,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"54ba5d79-be51-46af-9d4f-156be3bc488b","block_type":"box","text":"of these payments may be substantial.","page_number":160,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"2654d3bb-4eb9-48c5-a61c-7e0248435ac3","block_type":"box","text":"Additional Payments by BlackRock","page_number":160,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"260c4b20-4d22-4eca-9132-c0ee0ab76936","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":160,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"96b3f75c-f562-4939-9744-bd1f842fa054","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":160,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"9310d493-d48c-4d5e-89c5-22aea8e59b35","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":160,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"34e205ee-4124-4ac0-bd7f-2416a7836c2b","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":160,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"97369545-dab8-40af-98e2-60fe5ba3eaaf","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":160,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"afb4fffd-9315-4e7b-bcc5-7d750543db7d","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":160,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"2639b3cd-a47e-4ff2-82cc-a3660890717c","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":160,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"59696bc0-5111-4514-a3f5-6bdb4b7937ef","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":160,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"4ecf77aa-78d2-4b0b-a916-7d3bb984c9d1","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":160,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"9da1719f-ee5b-4456-88ac-36536135e291","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":160,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"4514aec6-dae8-4801-b5a5-01fb747d8b20","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":160,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"4300931e-96c5-4875-ae12-f2a441b2d484","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":160,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"bba6555e-9fc3-4cfe-8201-309c2dd5bf8c","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":160,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"37ce5de7-04b8-4d10-a041-e8f1e4525a50","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":160,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"87e58a4f-4be5-4096-aba5-35632ff2b00e","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":160,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"49bb6ec7-3161-4b10-ba3f-d6dda757ed60","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":160,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"d90c4f68-1649-43af-846e-b9d025186b75","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":160,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"339b4444-e068-472f-881e-1241fb095e5b","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":160,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"8af4dc3b-4d28-4daf-95d1-fb6180c7969f","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":160,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"86f8bc3b-0f0e-4c3d-94c9-dd6e663171c4","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":160,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"bea5c0ec-7d24-4972-9cf2-b17631910132","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":160,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"92753c5c-6f59-41ad-954f-15f6e185a976","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":160,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"3c4f4e44-fae0-42b8-9b35-31fe9357e0c6","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":160,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"197cd47a-3dbe-4149-ba38-4dab61f16d60","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":160,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"f93cf6ac-6e1f-4784-986f-963957cede4c","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":160,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"6905a01f-0a8c-4da3-acf4-da361a3f97f6","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":160,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"a960c0f6-51ab-44fe-ab57-33e7e7c7532f","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":160,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"d69d6c15-2ff2-44ee-a17e-f4ce6af293ca","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":160,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"70cb0971-3c57-49e2-b601-bd1c6c283ca3","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":160,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"5672f7ab-504c-4d86-8e97-301fc7ea5c53","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":160,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"db54b43f-a0c3-4010-8fd2-56e789a563da","block_type":"box","text":"Funds.","page_number":160,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"e5ce3362-104a-4c2c-8883-cd84dbf87ee2","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":160,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"cc55b0e2-f9cb-4fcc-8eda-f656f2b778ac","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":160,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"ea136b99-7a72-495a-b461-b88ea7de2581","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":160,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"2918bbf4-adaf-494b-9a78-9a833c0c037d","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":160,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"6eb78e44-b51e-432c-87b7-77d74979ebc2","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":160,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"328c97f3-11fa-48d4-a188-af202c06f6b5","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":160,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"4c16221c-a109-4257-b02f-bca82e756964","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":160,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"20f46df8-1cec-4b2d-931f-c302732f5b7c","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":160,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"3d336129-7ce3-4c2e-ad41-85c375e10b79","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":160,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"db0c1c40-51c2-4acd-bc80-8e34c5d46186","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":160,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"dd5ed35b-f762-4591-bd89-acc1f2b21584","block_type":"box","text":"II-110","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3542f127-1046-4cf7-9968-546902cd0a19","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b199234-dbbd-4f55-baf2-178b27292494","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":161,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"9db3d66f-1975-4b05-8172-04e14dd9b8cb","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":161,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"1857cb6b-0abb-45a8-8fd5-e31683d797c5","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":161,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"2d62855a-dba3-4825-8c81-5d0facec85b4","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":161,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"a04eaba9-b955-4ba5-97d6-747272ad1a7b","block_type":"box","text":"B. Shareholder Services","page_number":161,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"28b840c7-a260-41bc-ae68-cd58ed442d30","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":161,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"38c21b51-da8a-4319-bd4a-c6f9869e6233","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":161,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"514e34a2-1cc5-44e7-98a8-4297ef1b7d22","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":161,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"a327d3dd-a2ee-44b7-8db8-3c172e080ced","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":161,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"734e999f-68fc-4ee1-902b-3f9d3410b4d5","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":161,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"731cac09-0c3d-4167-8103-b0328d098a41","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":161,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"8d555735-8e0a-471d-9fd8-90dfc1a7806e","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":161,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"733d9279-7873-481f-8c89-0e7aa4d07272","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":161,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"e1d89bb9-03da-4920-aff3-60d330496707","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":161,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"f6c1ac9a-fb74-4233-8cba-fe2c3bd3cafe","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":161,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"006a6a15-6c4a-4a72-bf21-066102909090","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":161,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"5ebe9002-8c80-48ff-86da-5912b92222a1","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":161,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"85fc6a74-9250-42aa-a50e-4d43574c6445","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":161,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"4a13ad7a-5670-4186-9816-67a7f573ce5c","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":161,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"25ab6c66-270b-487e-9e45-15f5fc8149f0","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":161,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"2375ec7b-d4c5-47a8-a424-276e7c8fa01a","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":161,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"da31959c-5a21-4a4b-aab4-71e1fde502df","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":161,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"9d2cd398-1300-4b9a-ad79-1fa0e3bea624","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":161,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"06d3f89b-3b25-487a-8a1d-e41f91539c5a","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":161,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"c6b2f6fe-d5a8-4a8e-a409-e528b7f35e1c","block_type":"box","text":"&Partners","page_number":161,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"e244e3ac-76e3-40f4-afae-803648b3ba10","block_type":"box","text":"AccuTech Systems Corporation","page_number":161,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"6591e324-288a-434c-a2ba-7434801768f1","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":161,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"5c9658bf-a487-43a0-94a7-bef88ef0911b","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":161,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"5b7f7ed2-4ef4-43dd-bad4-baf01f5b7151","block_type":"box","text":"Advisor Group, Inc.","page_number":161,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"b4e2ef2a-dbea-484c-9315-fd32564b9483","block_type":"box","text":"AE Wealth Management, 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The","page_number":165,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"8a312bb6-38de-4497-a4df-b0b8eded3878","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":165,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"0e3a284a-ecc2-4d18-a6e6-a9bdbd7c242d","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":165,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"8edbac09-05f8-4655-a919-e66ce491a841","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":165,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"3dfad5ef-cac5-4079-bbf1-03e159f0e5d7","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":165,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"88b0bd78-9788-42e1-a7da-8c5cb53b8bd8","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":165,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"23fc0c63-608a-4bf6-88fe-4ff329bd26ca","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":165,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"c5f5b846-f444-4fb5-975f-a90b7d8934aa","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":165,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"f9cfb105-7a29-4a57-8686-3b6baa670e5f","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":165,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"51dfa827-40b8-4205-b775-5b1fd6d0dd4b","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":165,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"ce6c5ab5-339a-4401-9a77-dbcd7cb7fef4","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":165,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"71fb1864-44a7-49f1-9ea6-ae8f0d03ec71","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":165,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"74db5be4-507c-490d-9630-9de7e53fd030","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":165,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"3e9c0971-dba2-4ac9-9bb3-844bc4b22e15","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":165,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"c98d7bbc-457e-4ffb-9a27-cfb07770b875","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":165,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"62e651d0-ea8e-4952-bd05-f707b334a001","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":165,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"47e95ace-ee2f-4f19-afaa-95bffc527c93","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":165,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"f9095582-8f1c-4d7c-999b-08ccbe4479d2","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":165,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"72ae32a6-5128-446c-813e-62be0fb13e9d","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":165,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"55ad0b3c-3706-431a-8eae-85fd52cd4759","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":165,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"74ccb75c-a668-43c1-8d92-2e554f90b991","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":165,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"facc42d7-38df-49dd-a4ce-ce2d3a700718","block_type":"box","text":"Redemption","page_number":165,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"da525305-bf99-4256-9526-90f2294a2c78","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":165,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"b3362316-f070-425f-a128-4ea63274bcc4","block_type":"box","text":"Redeem by Telephone:","page_number":165,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"c702e114-29ea-4ab4-8ebc-24fcb75afa48","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":165,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"fdd881de-8979-4300-96d2-13e74350c3f3","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":165,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"1ef67a62-9335-403c-8353-6bf6bb55659c","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":165,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"74da6a17-4cb8-4f59-8ece-cb445035a09d","block_type":"box","text":"II-115","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f4919ede-3fcd-47a6-b989-4f799a0e340c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fdf67f1-bf58-4ae3-bf49-07c87a85fb32","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":166,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"f05b3981-79c7-451f-83a5-a018ef0b64bd","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":166,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"d44c1cba-7716-4498-b3c0-962525f495af","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":166,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"c9e28cbc-690e-4d66-a386-b4bc0c938597","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":166,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"1235b9a8-54a2-4969-a773-18044e542709","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":166,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"1699a849-1be3-4393-bf2c-cf557f70f02a","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":166,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"67270afc-0a71-433e-8336-50bb91fbd4b2","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":166,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"a337ac01-1708-4f59-b89c-176a50ba6fe1","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":166,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"9e909b39-fe1e-4949-86b4-1d18bf79ff56","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":166,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"9fabb75d-beaf-4e3c-9410-53127ea89285","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":166,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"3baf583d-4221-41fe-a404-4c5c66381df4","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":166,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"f1c8b978-ddfe-41b5-9352-9e786e91334f","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":166,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"743d599f-faea-4a74-a0ea-478c64475b25","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":166,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"22cea9c5-8d70-4b04-9113-474f5ec485a4","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":166,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"23921f33-acb7-4c37-82cb-633e37d8f9cd","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":166,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"67a5f9d6-a8a9-4518-8b32-8365cd4bf113","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":166,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"b041cf35-513b-405b-87d5-0599ac69c3cb","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":166,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"fdf26085-975d-4e70-880a-5dc8c0bb9217","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":166,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"646cf901-17cd-4950-b479-b16c01c4902e","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":166,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"6f7f6f32-cd89-46ff-ae73-cf704b6df855","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":166,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"9391aa2f-aefd-493a-aa63-5d878cc75256","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":166,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"aebc7bbe-86cc-46da-b40a-6a620ee85d85","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":166,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"19347b59-a953-49fc-a9de-148f0b1068c9","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":166,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"5c0fcd55-0940-4b4b-a7d8-ed2c1495c0df","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":166,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"8a226ead-9596-436d-af77-f608538d0758","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":166,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"87f56fa2-d64b-45ed-96da-1489721b0a0e","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":166,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"63b3eff8-0a64-480f-9564-dfcf328f8bbc","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":166,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"f762b125-6aa5-421b-be19-a04623e17687","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":166,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"66ccf8aa-6eff-4884-9dd0-6a7988aa867d","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":166,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"e77eea04-4e91-498f-95fd-3bc39f1a11c0","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":166,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"6d0fce4f-e6ae-4031-b897-84059656627c","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":166,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"b3a3c701-070c-4d83-bc04-3068e17a6a62","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":166,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"8bb27a9a-212d-471f-8781-f367776c4d31","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":166,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"47d11471-a0eb-4096-a004-334bbb640702","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":166,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"ddf3d67d-316e-451a-9efc-2545eec1b041","block_type":"box","text":"Redeem by VRU:","page_number":166,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"0c830ef2-c96d-4e73-aa35-09b671729d21","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":166,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"9ee7cef1-1fb5-4ea2-b254-2a66f160733c","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":166,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"758a464e-2707-403c-aa0f-67c6ada9eee0","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":166,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"82e449ab-fb32-43fa-91fb-079f2a4bf023","block_type":"box","text":"Redeem by Internet:","page_number":166,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"db9b8f70-9d54-4784-9b82-ad098cb9d3f1","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":166,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"58e008e0-2302-4f9a-8db2-8de2c224474f","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":166,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"2bcd8ca4-38bd-4f67-b464-bdebc22e0eac","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":166,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"bc048152-1da3-4b47-85aa-8a61cfdd8c89","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":166,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"680c262f-38c0-4509-a8f9-1ed1e04a30e6","block_type":"box","text":"institutional investors.","page_number":166,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"7384c309-81dd-405e-8e64-51a5bd69ccfa","block_type":"box","text":"Redeem in Writing:","page_number":166,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"1e732637-b0b6-4c61-b29f-aae7f673dc26","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":166,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"347ab14f-44ad-4e6f-8ce5-b0ade584fbed","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":166,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"8497558e-a360-48aa-bca5-e1144b58c694","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":166,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"8f16d85c-ea22-467a-9e19-811e702d0271","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":166,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"2db1aa78-bfa7-4704-a6cb-f5444b0b430b","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":166,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"4f2c4c5c-8cf0-47ad-abcf-1e9e9ebf0725","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":166,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"3274be66-fb81-46c9-9169-587590ba0d0a","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":166,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"540306a5-9e3b-4435-bdd0-dac9feb2ae28","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":166,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"a3d5b916-b198-4db5-804b-17b5f0117da5","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":166,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"3acb147d-f85d-4e4a-a78b-7efda9b1e776","block_type":"box","text":"the bank account of record.","page_number":166,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"371641b7-55ba-4fb8-a6f5-6f9b0f077d37","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":166,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"5c2f9b19-7c55-4c81-a76b-284a2dfdfb5f","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":166,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"8ef81af3-2411-4a7f-aa18-55784d65795e","block_type":"box","text":"II-116","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bb1d9101-4462-402b-a305-c47c90fa2497","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"704a76d3-a327-414e-a4dc-cdf1fd47344c","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":167,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"0da7ccbd-2340-4c2a-b7cc-2ea6b8820395","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":167,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"b93398b8-f789-4c47-be5b-2d81ddef1cc0","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":167,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"0666831a-e2a4-4bc1-9722-4d3d4973eba5","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":167,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"75ea075b-eac3-43fd-b736-134adf4990d9","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":167,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"dddd5e27-4915-48b9-b76f-d80d1b7eecb3","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":167,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"0d8e9573-52be-49ee-8ed5-47af3156a121","block_type":"box","text":"redeemed by the Fund.","page_number":167,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"5404c4e8-2db2-4ca8-aaf8-5f5e83f95608","block_type":"box","text":"Note on Low Balance Accounts.","page_number":167,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"d523b3fd-c902-4a16-9960-797b6b6a747c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":167,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"e890f068-06af-4235-927f-2afd501b4b9d","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":167,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"14e3864d-70f5-4404-bc70-67906021c8bc","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":167,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"49d8e48f-714b-49d2-8aee-d5d7cb2de07b","block_type":"box","text":"for any reason, including market fluctuation.","page_number":167,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"3d1593f0-06fe-428e-9273-1d10596b56cb","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":167,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"98edf797-72f5-46d3-95ee-a80759bb4ccc","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":167,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"61db29fb-2fbf-4c7c-86db-db1443782d74","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":167,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"21ad5bc8-98f2-4983-9e08-38e7d640975c","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":167,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"3139901c-794c-4797-9c0a-f34c18ba2466","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":167,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"26d91f0e-d6d5-4863-aece-4c069c418c69","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":167,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"981d33b1-4ec3-454f-b7ac-4e9ad199a493","block_type":"box","text":"Repurchase","page_number":167,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"9b02f306-65bb-4c12-882b-a007f14cf2cc","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":167,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"dc64e151-8335-416a-83e6-7a28b5aa6751","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":167,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"25f77241-bfaf-42cc-87f5-9675cdd08eae","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":167,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"b156bf16-6b35-4678-bdf1-365124a8844b","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":167,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"299a322b-6265-4b27-9a3c-c085ac76c38a","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":167,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"7c32072c-a10e-4a59-8e3d-1f03e64412d7","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":167,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"495a5e13-590a-4cae-bf62-ddc19b06aef7","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":167,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"58514d6b-3ce6-44e2-ae1d-303ed867ded6","block_type":"box","text":"next business day.","page_number":167,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"5f6299e2-49cc-4296-acda-11b4beda045f","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":167,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"2eaaa15e-6048-471b-b8ff-eb8593a7288b","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":167,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"203a6f3c-332c-45a3-8980-01b66a099139","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":167,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"5a4d3a93-e314-49ce-a7bf-664f2c2fd166","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":167,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"bc461030-c129-498e-be3a-63ea7deca40d","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":167,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"016d7059-a96e-46d9-b281-e1471deae8f3","block_type":"box","text":"redeem shares as set out above.","page_number":167,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"408d53c0-3f4b-4b57-838d-31f655d60f8b","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":167,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"3588eb04-d8b2-4355-9d79-74343c54f5cb","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":167,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"e8c89962-0421-40c5-a3d9-b90e8d91fd88","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":167,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"58372888-faa9-41a2-bfbc-a6e014641900","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":167,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"37636745-8a04-4265-ae31-c76e3a7d98a9","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":167,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"7527eadd-c5a2-4092-ae90-5ee81ed45f9c","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":167,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"b29b100b-d50c-461f-b7f6-a52828c9d7d1","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":167,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"3d8b1a4e-c7e1-4fd0-99c5-fb6e40899486","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":167,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"d00f6fdb-af5a-4b02-80ef-3842a7e9fadb","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":167,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"a4220536-ea6c-4fa6-953a-d3d3760cf9f9","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":167,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"d140c23e-4867-4fa4-a793-4a1770c2e453","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":167,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"8f30a888-33fd-43e2-9c9b-6b8026542f1e","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":167,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"7baf62ae-d32e-464c-b535-a346ac9cc11f","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":167,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"5050ab0b-76f9-414a-bbf9-e879e0845e0b","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":167,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"c0cda112-27bc-42d0-afb4-fa5359f0eeeb","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":167,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"b192e613-5893-4341-b1e7-674a1555f347","block_type":"box","text":"II-117","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97998767-3aca-48d8-87b4-9a1c53b3958e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b10686d5-9aaa-4678-8619-761d16c87b2b","block_type":"box","text":"Investment Account","page_number":168,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"c276b1dc-61b0-4c37-b571-7a7072c22334","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":168,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"008a5738-f6a9-4837-a9af-3d0fdf1d96e8","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":168,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"960c8aa8-4b2c-4243-bd08-c8d28e879f80","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":168,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"c125994f-080b-49fc-9f36-1140d05407c5","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":168,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"4f210f42-eea4-4e54-952e-9bfa23d559f5","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":168,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"219b008b-fe0c-4657-ba88-9f754e6369c4","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":168,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"73a833c9-fd59-4551-a628-1945d758d571","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":168,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"d8ca1678-2ce4-4ef5-a476-5ebdce7ebc6a","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":168,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"bb89ffc2-45de-44a3-b65b-4f6675fe088c","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":168,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"c9fb11ec-31a9-483f-8001-d73d8372703d","block_type":"box","text":"automatically at the Transfer Agent.","page_number":168,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"6c573cde-f5b6-479e-8ce0-8649681e6ed4","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":168,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"ddffa8d0-af9b-4123-9f1f-c128a65dd89e","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":168,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"2ab163fa-966a-40ee-9fbe-8cef8ce766e3","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":168,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"0094f54b-3066-4152-be11-7393433b6f65","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":168,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"12b35caf-8b14-4a1d-91cc-ed641c7fc73e","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":168,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"f23ccae9-078c-4271-baf4-c68a8b4f894e","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":168,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"b606ce1c-535e-464e-a40d-6792a1f2ef32","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":168,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"c632bb9d-b4f9-4c67-a5fc-ccc76c03fc40","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":168,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"ba9725ef-0c2b-486c-8d12-4abc5ccf6c40","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":168,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"2ab0d4ca-b6ef-4cb8-ac0f-b3c1cef53bf5","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":168,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"bd0b1736-4c7a-4fe3-92a3-862b8a1115db","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":168,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"4a644f2d-bf6b-400b-9c55-0cf8a5ecc392","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":168,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"a1fb8611-1596-4066-8378-6c414eb825c6","block_type":"box","text":"issued.","page_number":168,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"83d0f107-be7a-4c74-b9a2-d791fc0e3205","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":168,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"abc5d033-3af1-4cb0-8bb4-e1114d3e819c","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":168,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"b19bec95-5975-4f23-a471-b1e682991ee2","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":168,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"61c2b939-12fb-4690-84b6-524a59b3ddfa","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":168,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"7e8dc6e3-54bf-408c-8191-6d551adfc1bb","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":168,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"d569a31c-09ec-44b3-a58e-23f94dc8e9f3","block_type":"box","text":"Exchange Privilege","page_number":168,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"517f9f3a-78ac-4997-b549-3f2618a9a4d9","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":168,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"4d23e666-0d18-4ac6-94ad-fa862ac9f338","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":168,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"964f1cf8-2dbf-414a-bee7-ff053ad8a63d","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":168,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"5948ab41-bdbd-4b07-8bec-467941fc3edd","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":168,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"3e914161-2705-4bae-995f-8a053cb697b0","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":168,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"8472a63a-a150-4f1a-8100-65f803beb1d7","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":168,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"a062f224-cffc-43ed-bbf6-2b8a0838f6b6","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":168,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"fecb3824-d081-48af-b140-b9b0ab44426d","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":168,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"eada7210-e356-4153-b379-57d4acc0833a","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":168,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"13099dce-e8c4-4c72-932e-be991472dc6e","block_type":"box","text":"Institutional Shares","page_number":168,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"d09ab7cb-b668-4a2f-9a28-366c502a10df","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":168,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"d8e0d42e-c357-4e77-afd9-3672fd1c6da4","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":168,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"d4a2baa3-86c1-420f-8a4a-3f5be9d3dcb4","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":168,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"1c1a2000-4175-48d2-b12b-179b2bee4b52","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":168,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"eba9f45d-03ce-4877-8dd8-67da46c306d4","block_type":"box","text":"for Class G Shares of other Funds.","page_number":168,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"253045e5-7ff9-4cb7-a4c0-cd62a07748fb","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":168,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"0e73ca7a-8197-4d95-8683-a8bda480d465","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":168,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"0426f6a1-ee5f-4beb-a49b-74b89a19c046","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":168,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"1b708fac-fd1a-422f-9d8c-50d71d39ca7a","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":168,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"ad364466-739b-4ca5-a1a1-ab10a3f37910","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":168,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"975eb321-3c8c-4a23-905c-b4e56d491a20","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":168,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"8b012a7a-9f69-46d0-99c6-e9e69e72b839","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":168,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"2875895d-b044-4bb9-a96d-544e8b5e58c4","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":168,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"a85592bb-7ea8-4812-bf07-7b78704f904e","block_type":"box","text":"II-118","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c3de6be1-3b43-4fc7-af2f-4ab49e02b4b8","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18064c29-8cd6-4874-bfc0-b0ed612c804a","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":169,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"b2fb6f85-20f1-43ea-9d89-b9b02236f59c","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":169,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"53c5394e-fabc-44ee-a4b8-199c15a607d2","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":169,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"066c2a11-82bd-4d00-b805-a1213c271490","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":169,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"ee4a012f-1211-487c-a9fd-a81eb69ec840","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":169,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"cca718b7-96d5-4b2c-b34c-577098443d60","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":169,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"a71dd092-66f2-4459-83a3-5156789cb3dc","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":169,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"65238c98-e210-43c3-865f-16d90da5a3fc","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":169,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"e341ac09-f6f2-43b0-9f72-604cdcf72c4d","block_type":"box","text":"Exchanges of Service Shares.","page_number":169,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"e6d62123-05a2-44c5-a6f5-54a630ade77d","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":169,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"9b39ddef-f6d4-4868-b764-4a5550fe27b2","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":169,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"53324de8-03d6-461e-b5af-89056ed77303","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":169,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"2dd935a8-2488-495b-97d4-cb1d7078cfa5","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":169,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"7e0dcfab-b359-4211-a025-a9d1b7984c74","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":169,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"36a227bb-5089-47e3-8037-995bfd2c0328","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":169,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"c161a514-6eaf-43ab-9139-d7117cf371bb","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":169,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"01f1d849-5e3e-4e5b-bf3c-5bd3199410db","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":169,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"ca6f4f16-cd96-481e-b5f3-f7af18e5db6c","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":169,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"02823d06-1240-4d63-829e-ef652d1264d3","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":169,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"c022d4ca-1128-4fad-ae14-d14f2766f8a7","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":169,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"c7796a19-1b32-46f2-87b8-f413b9acc1e5","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":169,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"95884e58-aa50-4c00-92c1-3130e7be49e4","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":169,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"477d254b-499b-434b-9153-32d79e89d9be","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":169,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"0f42220f-7999-4df1-a0aa-ee8bfccf8742","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":169,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"471c13e3-5326-4621-b9d0-3222b3c5c1eb","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":169,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"3e88f63b-fb7b-43c7-944e-657fe53bdbaa","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":169,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"581b85c5-c9e9-4c91-a326-742ec75f7603","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":169,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"1bae5d56-1f63-43d5-8324-ed00608468e0","block_type":"box","text":"exchange.","page_number":169,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"b92b8ad2-2b9b-44b3-a145-bc7eae81dd92","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":169,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"55bd9fae-f42a-45b6-be12-1dec3106ba4f","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":169,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"f7590300-bb35-4cb3-8377-666ced82eabf","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":169,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"a509cfc0-b154-490d-91a0-667fbe7b1497","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":169,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"a0a3d842-57aa-47f1-adb6-de6c71fe816d","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":169,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"06b89be3-4119-411a-9ee2-919dd2550525","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":169,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"1f93d90f-ae5b-4b3f-9064-a6bfd897b9db","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":169,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"54937168-8692-4752-84a1-af1e952c96e6","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":169,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"b4e2a862-f4fa-483c-ac7f-24c90d9a9f13","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":169,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"69a6cf5d-043a-4bcf-bc0e-671cf1dc03da","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":169,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"55f0d037-a566-44aa-92e8-c091d2e462b2","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":169,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"879fbba4-939d-49ae-b4e5-d39ebdc249f5","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":169,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"0a08484c-3a7e-4b3d-9f76-43905e24e419","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":169,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"37799403-5c9b-4a39-aeb2-feb4a4be0ebc","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":169,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"4b45f0ca-8ca4-40c1-9aa3-122b0e607c5d","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":169,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"6f9c4d97-bf15-46fd-b96d-32ea54505831","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":169,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"73ac2bec-6515-4500-8c16-24a5ee6bc7cd","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":169,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"560e4b8a-dd7d-4c69-8822-866e850fb5a4","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":169,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"2ed86c9e-2776-4898-9caa-821346ea85fa","block_type":"box","text":"Transfer Agent in writing.","page_number":169,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"9df488f6-d954-4181-bf24-b4615ab4ca9f","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":169,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"7bcbb549-031e-4714-9cf0-36ccd5e6865a","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":169,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"353b48c5-20bd-4784-b7fc-d95aba187282","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":169,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"190c8a2d-e402-4f98-a49e-287505141795","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":169,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"5bd4f1ef-1586-4b78-a020-ff9f3864741a","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":169,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"edb18c2c-c22e-4b93-a224-65a1b356a18b","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":169,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"2a4e6037-3f30-4a8c-b62d-a04c2985be11","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":169,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"179cce67-dcf7-4326-b131-ea2c6b80ed6f","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":169,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"be98ff8f-1f12-49c4-8ba0-1d99e00563e4","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":169,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"38c4bd4c-a8dc-40a2-bf2b-906726e88be5","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":169,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"2ac36dc8-a436-4186-a81b-209e20a780c8","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":169,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"8e5eb1e8-036f-411c-910a-99d2808e8897","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":169,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"ea7d6e17-4bbb-4e4c-9d00-6b83def564e7","block_type":"box","text":"II-119","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e16fa2c0-5012-4ec6-9093-51ee8165e42a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bacefde0-a63e-4a0b-ab9a-7e41517a8fff","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":170,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"0c156878-a712-4ab9-9800-3989f6a2cf5c","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":170,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"ede07cbc-837b-4cd8-8d08-31fea85e7585","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":170,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"978aab39-e992-4154-b76f-d0c8d6bd6aae","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":170,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"674dfb1a-d938-43b5-bfc8-45002ea1b556","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":170,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"4cff6cd3-c8cf-4fdd-ba7c-4f7a7f689373","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":170,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"de09969a-c636-4984-ac0b-c03f03655faf","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":170,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"7bf5d418-021a-4774-9c59-3b419c219891","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":170,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"844e7789-926c-45d3-89fb-f1b8d722952f","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":170,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"3237655e-7f3f-4dca-92ee-32eafa46f7ea","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":170,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"d20147b2-1abe-4ce8-bc7f-11fa04e03659","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":170,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"03982015-69c4-4d5e-9c41-45effe2ebc91","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":170,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"55e122f4-aa0a-4447-b1d6-5251241b5122","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":170,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"ddd83cee-a9b7-462c-9dc5-2f1810213269","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":170,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"6427c1e1-5fdb-4e74-acce-6207be08ce12","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":170,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"f67cffb1-fa9d-444a-8942-cfd62de20acb","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":170,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"b27ba205-050f-49f2-93d3-6f82529b9c2c","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":170,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"d2befd28-6064-4cfc-8af4-e68f32f88952","block_type":"box","text":"may be distributed by the Distributor.","page_number":170,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"51a9f407-ac4f-4368-9c40-56568c8945af","block_type":"box","text":"Participation in Fee-Based Programs","page_number":170,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"9fa3bace-3daf-4139-be0a-35216054a2e4","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":170,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"69e5ea1a-e929-44f3-8cae-68e7186ec164","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":170,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"36a5f9d5-1cd9-427e-a855-04b314443893","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":170,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"5d24821e-4ecd-4cc2-96a1-4fcd2ffe1c79","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":170,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"1628eb4b-c6f9-4f74-9d36-bbfd6b132ca1","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":170,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"1cabd181-79d6-4092-84e6-28ab57075b15","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":170,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"9eedcaa2-a334-44c5-a029-316afdc07a86","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":170,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"185128e6-8ca6-4cb6-babc-c835d1fca9d1","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":170,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"29160a03-5d7b-4447-abe4-b33a8677073c","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":170,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"c8867029-4913-4251-8860-00aaffc361d3","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":170,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"0d8d6361-068c-4f68-8a24-1ba8a4daf794","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":170,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"ce475e2b-bcd0-4bf2-87fc-28217ded13cd","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":170,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"03fd0054-1ad4-456d-a4fd-2ba0eebf71f9","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":170,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"06092827-9de5-4675-94aa-58819ba40b3d","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":170,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"66bd8ed9-6390-4353-acdb-a13173609f6e","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":170,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"b2c7a8e2-3d1c-4a24-bb22-dd019d2fac19","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":170,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"6bffa5a8-dd59-41b7-b55a-b8caabf9bee1","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":170,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"ebf968ef-c819-427b-9ef4-a534dfba584c","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":170,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"d9f95fc5-de7d-4698-a5f7-585f14eed9e9","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":170,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"a2dbc43b-0f3b-48b8-b324-7a9d710e9573","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":170,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"5ffbb90c-31f2-4c60-b7cd-91afcbaeb279","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":170,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"59a33a09-6950-4152-8dac-9d54d1cbb107","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":170,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"1edfff4e-bb45-4dd1-9d78-90f1057b1f4c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":170,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"609cb7ec-e46d-4e5d-bbe9-1ad6b38e3fbf","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":170,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"caa19275-498b-4eb2-b52a-6395ff5cfc6a","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":170,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"bb80a5bd-01d6-4183-9de3-b6a3f3cda247","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":170,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"9932c3c6-f93f-4e7d-a5e6-64e89fc8d651","block_type":"box","text":"information.","page_number":170,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"879d02ed-a3d5-4858-a579-23b21f6d88d7","block_type":"box","text":"Retirement and Education Savings Plans","page_number":170,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"3d550278-de46-4e4d-a637-2e17040d5a92","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":170,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"6117f018-f143-4ae5-8da8-11a6de223391","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":170,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"57c25bf8-584a-4f13-bbec-d3a686a9d87c","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":170,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"e9befdab-bb38-40b1-9a49-fa1346417011","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":170,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"e7220181-a97a-4eff-9f21-bc41f1d2c8ed","block_type":"box","text":"your financial intermediary.","page_number":170,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"87eab487-50e3-4f0f-8294-3fd08bb2077d","block_type":"box","text":"II-120","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aa4bac3e-77a6-4de0-ad8a-e7a748d1cece","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a405b74c-92c1-4e9e-a88e-97ea65ec32c9","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":171,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"3102927a-8a73-4c91-b3be-9c596585fcb6","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":171,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"90925846-7ea8-4501-891e-4da652d735a5","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":171,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"47faf9cb-7a9b-472c-9e02-837ea2998560","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":171,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"6fe38938-7a8a-4fa0-acd4-14952888399d","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":171,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"96df66f3-6ed0-4255-8981-6ddf70ae5f4a","block_type":"box","text":"Automatic Investment Plans","page_number":171,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"e2f8ca8a-aa1c-47f9-aef6-8f9743c8bc4e","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":171,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"763c912a-02d7-4385-b4db-a2800fb08701","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":171,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"879288e1-bd43-4f6e-b2a3-903cb641d160","block_type":"box","text":"®","page_number":171,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"42a6092d-a635-41ed-920f-86563fd17a98","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":171,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"f59acbcd-6ee4-4b67-9fe0-c25e321c41fa","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":171,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"f84f01e8-1791-498d-acde-bcfd2c317c7d","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":171,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"1e66d689-5eeb-45f4-aad7-e95b3b182994","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":171,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"7b989fcc-4b43-42a6-9ee6-69060a6fb31c","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":171,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"d39aaaa9-2817-455b-b4a3-29e6ddefbab3","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":171,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"c08e16e4-e275-47b6-9703-865634e779d3","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":171,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"92f46228-4913-40fe-be64-e818e1a2b671","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":171,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"ad7bfd35-b115-44c4-97b4-d3b45c3a42eb","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":171,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"044e548a-a1ca-4005-8b9e-997724580081","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":171,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"693b11e8-055b-4f01-b9a2-bd271046446e","block_type":"box","text":"Systematic Withdrawal Plans","page_number":171,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"44b7f85e-083f-4e82-b9ae-915e7183a542","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":171,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"01b1b558-6e96-4526-a99e-d21467bb8156","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":171,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"50b41099-e1f5-4b2c-b922-a258b4c251a4","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":171,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"b45318ba-2c5c-4493-b89a-96a2a9b3803e","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":171,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"41f3ae92-7130-43ad-8f0d-1d5e91d427dd","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":171,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"2f01719a-458b-4aba-80b2-7a9bdbef7fc9","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":171,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"f220a132-03df-4097-b53b-bd351bd347a3","block_type":"box","text":"www.blackrock.com.","page_number":171,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"c48a9bc7-f663-405c-8ae1-99885613b3ea","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":171,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"ed8f5655-f4f2-4637-8ac7-3692f8c3e2bb","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":171,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"92c52802-fde0-4b71-b271-5bdeab09a8fe","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":171,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"b5067012-fc3d-4e49-9bd7-7caf11722a9d","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":171,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"15f207d1-1607-45eb-adbc-3024df164645","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":171,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"78d43aef-cfd7-4f18-b49f-46c837390c2c","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":171,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"e6bfa374-6787-4519-afb8-8b5d435a0fbf","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":171,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"9648ad77-a36a-479f-893c-71550071f02b","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":171,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"1bd6539f-8d13-4380-b1a4-fc3ed309996e","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":171,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"8d7fa90b-7149-4bfb-bcfd-c13e0c44d756","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":171,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"cd2a0469-4f03-47a1-847f-fda003a59f19","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":171,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"5aa0d842-224f-4889-b4f4-c602d6d49155","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":171,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"6cff5ec1-2ae9-47ba-bd97-a26b338d52f1","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":171,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"5dc97d75-88c2-4886-a76f-3c2d7f31ac4e","block_type":"box","text":"Dividend Allocation Plan","page_number":171,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"f3968857-6a89-42a0-b5cf-f223dfb13d13","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":171,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"bb485c21-bf2a-4394-bcf8-396cdae92ede","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":171,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"17a42f10-a7fa-42c2-96cf-7f9637aa512d","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":171,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"351cd340-a2c9-494d-87db-a7a95979ac3b","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":171,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"84448903-8490-47bd-8b0c-e307e4fe54fb","block_type":"box","text":"PRICING OF SHARES","page_number":171,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"3bd41aa6-7f9d-4ccc-81b9-d70ebdd1ee78","block_type":"box","text":"Determination of Net Asset Value","page_number":171,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"8b1825fc-5681-4b57-b5eb-f5f5df7802b7","block_type":"box","text":"Valuation of Shares.","page_number":171,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"6a4ba37c-9be8-468f-916d-5acc01b48d14","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":171,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"14f28822-6c95-4a81-a4e9-34d2e1c720cb","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":171,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"893cefa5-2b9a-4b02-8567-37224f775846","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":171,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"8e83d429-7267-437d-8d70-e55d565fa648","block_type":"box","text":"II-121","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9fe19b57-f616-4510-a2bd-b4bd575fb4b3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52a08baf-fa32-47a3-88c2-10e5898a9a83","block_type":"box","text":"Equity Investments.","page_number":172,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"296105b9-047a-488a-8396-2676ec10ee9e","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":172,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"1a7ab348-c12c-4a5c-a969-854501113db8","block_type":"box","text":"e.g.","page_number":172,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"bef520e6-fe30-4b5a-bd88-a01a043b3b42","block_type":"box","text":", NYSE), on separate","page_number":172,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"c32b9139-bfc3-4711-9556-5d3fe7ce3e79","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":172,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"dae763c9-e3be-4f1e-9580-a29b8fcf9299","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":172,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"bf5d9da5-bea5-4551-8b49-b9a803c7880a","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":172,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"b2c8a01b-a0c6-4d76-b679-87dfb7f8ad0d","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":172,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"be569517-5fd9-41cc-b796-139a277599b6","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":172,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"9e6d4a82-2dbc-41af-8685-18daf765286e","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":172,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"efa76451-47f3-403c-894b-6f89bce9fbd3","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":172,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"481a220b-dc10-4607-89bd-a1bf7f346bd2","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":172,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"3b6bd960-4b80-49fe-ab6d-67a5969fa098","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":172,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"e39d5486-e84c-4dc2-ba64-0e0fa46f1231","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":172,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"92348b20-d683-4ec5-a18d-efc4373f1f44","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":172,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"d1bec02a-c806-4892-9a2a-36923b698e0f","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":172,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"3d64e39f-84d2-4855-8924-19cd90f51dc4","block_type":"box","text":"defined below).","page_number":172,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"d1f34e22-11df-4900-aa4a-017099c5bc03","block_type":"box","text":"Fixed-Income Investments.","page_number":172,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"c35944ef-1bab-413d-857b-3044ca0ff7a0","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":172,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"4cfb088d-e603-4b8d-96a0-0c3a07b3d4c6","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":172,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"7db0d644-aaaa-45b8-8cf2-b9871b37f470","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":172,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"41801ac2-24f4-4e26-8157-c294d0821e01","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":172,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"192fd4b3-9c07-4475-9ae7-33cabdc4d158","block_type":"box","text":"e.g.","page_number":172,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"7ac598b3-ba16-4b4a-b621-bfdac94d7428","block_type":"box","text":", recent representative bids and offers), credit","page_number":172,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"2043c50c-5c78-469d-ae0d-86ffe950cbce","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":172,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"623c385c-569b-4dbc-8b50-51d15002cc09","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":172,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"c3b9b983-40cb-43f5-b62f-37f578ae6bdc","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":172,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"0bd7c993-9292-41b8-917f-3490bb279792","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":172,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"d34b65f3-8a48-46cc-be7a-c5e59aab11da","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":172,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"540449ad-221e-412f-8af9-c02cc904a213","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":172,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"bfd03ac0-68d8-4ece-9049-eddf219bc234","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":172,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"26e037d9-1c75-48d4-bd98-0550f3b996f3","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":172,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"671e89de-a1a0-44bb-a961-d58451056d8e","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":172,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"5958d9e3-0b13-4dda-b1c4-00774ecf68df","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":172,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"8886f835-971a-4840-8635-6ef1d807f880","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":172,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"11c908a9-f2b0-472c-b846-5f952a33cb79","block_type":"box","text":"attributes of the tranche.","page_number":172,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"fed3176b-ab5c-408c-b73b-3f801005b514","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":172,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"d9c2782e-c93c-453e-b2e0-c974b5fde9c1","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":172,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"638b920c-1437-474a-8aeb-976bcb2418c3","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":172,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"a7905b97-497b-4516-9925-dd5e55cac16b","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":172,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"6ef2c69b-8193-4c05-ab7d-34fbe621d6ef","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":172,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"53131042-9775-44bd-83a0-43d50ae61037","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":172,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"d7bb73e1-5530-44be-9a0a-4b2dae46ac2d","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":172,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"920693a3-0abe-4c19-8570-81f6bc8dfad8","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":172,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"22341025-158d-4d07-b11b-3b8ca17805e6","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":172,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"ab2ce2c8-1d87-4fc5-a463-9a7225520206","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":172,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"26ae6920-5c69-492b-b3c7-c824a42abfbf","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":172,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"2e4461df-1d6b-4314-80ad-b9388f0a2731","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":172,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"5f29895e-e014-4891-8247-3c6e70b3831c","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":172,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"f8d1655b-07f2-4a3d-b654-a9fa422f2d04","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":172,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"e77f17a3-b083-4c5c-9349-7866a69518eb","block_type":"box","text":"Underlying Funds.","page_number":172,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"81397736-9b73-4b50-8d51-ceffb5eedda0","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":172,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"76258074-1e63-463e-b1c2-31473ad9d3ab","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":172,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"1be2b2ad-bd2c-45c7-aad5-98d2eed3288c","block_type":"box","text":"General Valuation Information.","page_number":172,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"51ce0b69-d5a0-4391-be66-08bc6c32b1cd","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":172,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"be8840a2-3f13-4cea-ab5a-53fb2122df45","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":172,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"553d5a3a-1583-4a68-a2f4-e0b06540f530","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":172,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"340cbfa2-362e-47bf-b9e6-9e3a8bc77186","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":172,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"e92f06b3-e5b4-4a41-8131-a02f2e47430a","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":172,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"2427bf4a-bd1d-48d6-bc3c-d813ef1eee54","block_type":"box","text":"the revision.","page_number":172,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"a9be2709-515e-4564-957d-7c942ea6f9e4","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":172,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"1317456a-9f18-4859-bc9b-1cbe732b35a9","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":172,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"82c44806-95d0-4ba9-9eed-5c41904190b8","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":172,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"0c037fc9-4297-4de3-9463-64cb9938373b","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":172,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"ef8750de-b739-4ebc-bba4-adca8f066010","block_type":"box","text":"II-122","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6d3e68e5-f62f-4fc2-812a-ce7da0e5209e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ea11de7-024b-4af5-9080-8889f419db54","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":173,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"3157304b-9624-464d-bb0b-f6bc05de1bf7","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":173,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3161fb07-b714-44b4-b1a3-6000d360b018","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":173,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"04e55414-ad03-4259-afe8-096c9610bf1d","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":173,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"79ab402d-6cb7-4f85-9173-70ad1d1126b5","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":173,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"d565afb5-f8e6-4a27-9587-c9f106086ee3","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":173,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"922bc4ee-cdd6-4f99-bd17-319230a8ed9c","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":173,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"d629ddff-fc70-47a5-a003-bad7e60aefae","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":173,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"b1f6febe-7db3-4f25-8102-13a14be1f470","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":173,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"11515eae-5478-4617-9d29-a365187eaf0b","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":173,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"5b7fbb81-0dc1-4db8-83ed-b51c48e22201","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":173,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"93991bc1-b2b6-49ee-9081-b0629b97dc24","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":173,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"f9ceabe9-6310-45f7-bc14-3edf01e6d1e8","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":173,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"14640438-721c-4985-bed7-b2e415f00310","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":173,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"f2ac6e89-aef7-4bf9-a267-00b3c18917e7","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":173,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"ba9ca93b-23e9-4692-894c-82ad12af7893","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":173,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"3bc562b6-ab85-466b-ba64-8e264bff14ea","block_type":"box","text":"Fair Value.","page_number":173,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"54a89ac9-f31c-4172-a1f1-f42d57980914","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":173,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"c536583b-50a0-4ad7-ac91-58b6f70a0e96","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":173,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"319685ca-3633-4ff7-908f-25ea5e1d45c3","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":173,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"fa05c7a1-d859-40c5-b642-3d6e4f8f216e","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":173,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"eba381af-7759-4c03-9399-3e3586a9cd11","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":173,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"b737fa5e-fbca-422c-8d18-e11ed31d48ba","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":173,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"d8c2757d-5374-419e-bc14-0cede9d85041","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":173,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"21e69f1c-5018-4bad-89bf-f6f54939fdb0","block_type":"box","text":"(","page_number":173,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"d4bd5d3e-40ae-4769-a2f5-33ca43c00874","block_type":"box","text":"e.g.","page_number":173,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"0a36a9d5-e3d4-44c3-9332-36baadec6faa","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":173,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"934e003e-8d76-4cd3-b044-b46e8fd25b59","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":173,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"1621b454-7ba2-4a68-98ed-e144b8a5b22c","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":173,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"11ab3ffe-97c8-46ad-a159-dcda2bddfe39","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":173,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"bef48f9c-4542-4f88-bf94-016e09142fc3","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":173,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"dfd0d2c1-a5d0-484f-84b1-e9b9ffde1a5d","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":173,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"4cff34ff-6282-4818-8f11-9545478201ea","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":173,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"c9086112-11a3-4956-8089-6202ee4a54ad","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":173,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"4b3802ed-a763-4bd4-a2cd-bf975357c1fd","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":173,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"02c2f09e-7ec7-4853-a26f-6698e5a5b9ca","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":173,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"b4bf98ff-5ab8-4c62-96d6-96b7ae4e7d7a","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":173,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"cd3680df-23ff-41fb-9f9e-1a614e65d2c4","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":173,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"3abb1512-b779-4a3a-aa36-49fb8093df3b","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":173,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"e3e5636f-2425-42d4-8494-fa52035c398f","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":173,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"b3d92a23-aee9-4478-b69f-2da64eda1e3b","block_type":"box","text":"pricing time.","page_number":173,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"2c44c1fe-df89-456c-a9cf-030461329e35","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":173,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"0c18bc05-44ff-488f-8313-34c25a212b8d","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":173,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"7cae13aa-cb8e-433e-ac47-0baa0f8b1bfd","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":173,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"22c9631c-8583-468a-aa19-01d7d4f8fbf8","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":173,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"4d806cb1-2eb1-476f-8f26-33f1886bcde7","block_type":"box","text":"assets and liabilities of the Funds.","page_number":173,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"f01a9dca-c8af-47e0-ae5e-f6bbf1c6c843","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":173,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"90896e3e-d82c-4bac-b006-df7cead1b9c4","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":173,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"f946df84-359c-40a0-b275-3ab8b5001ede","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":173,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"7a6b5bc3-0b40-4123-87bb-084b3a7d5ac0","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":173,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"62e486f9-15eb-4c1c-976d-539b2592806f","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":173,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"0f3b7a29-2a39-437e-b8a7-a4d38860a6ea","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":173,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"e51b4501-d40f-4b23-8d68-c63fc081207b","block_type":"box","text":"valuation models.","page_number":173,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"9292d3c4-7786-4169-9a6d-dbc3b9a60129","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":173,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"2fd764c8-e05c-4a40-84f3-2e31fddebe28","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":173,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"a411a4d6-8fa7-4fa2-bbea-8fd8a1c42296","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":173,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"803ea513-93b5-4ba9-a779-16b4935bf434","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":173,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"a76edc94-e332-4f22-bbc6-2c68138f4aed","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":173,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"d2ff9abd-d495-42ca-a2ae-ed7196261a8d","block_type":"box","text":"II-123","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"35680703-115b-4a40-9853-d7aaeff7f158","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4ac86e1-7d04-40da-9b65-4c61ed21bdd9","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":174,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"febcba30-5b30-414e-8e16-0028c0eb3b48","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":174,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"a6475352-c74a-4fc4-81b2-d7d5f2cbce27","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":174,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"823091da-8b28-491e-a397-14024bfbbe9f","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":174,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"592a0279-fb93-4535-8637-a24ff1b97c4b","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":174,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"5fc77275-d327-4bc4-bf98-400d02f66c2a","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":174,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"c4efe881-4081-4a1d-bd13-ab08cc955baa","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":174,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"2bbd5773-1595-492d-b6a9-3e9e964e453b","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":174,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"2a55ebc4-5a05-4b15-8088-27182c596350","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":174,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"aaf65514-51ad-4f89-9cf3-92f5de20af7d","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":174,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"b964fc43-782b-4557-acd2-3cea1b088817","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":174,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"99746934-0338-4fa8-a519-1bd2be2485c5","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":174,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"bd03c32e-6bfa-4616-9842-1def2624251a","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":174,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"b19cccbf-ae49-44d7-a917-fbb8bb153aa9","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":174,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"15b8886d-681a-443c-9dd2-2e249d0f4bf7","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":174,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"f254ce23-8ac1-4624-8610-7058ab8a9778","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":174,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"aa1d7337-9bb8-48f3-9136-818358e339bc","block_type":"box","text":"party determination of fair market value.","page_number":174,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"737ad353-97a7-4b79-9e80-335478a6f737","block_type":"box","text":"Computation of Offering Price Per Share","page_number":174,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"063c5d95-8e0c-43bc-9143-754a94d77070","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":174,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"239b19f6-1d9b-4477-a40a-bc92c1c4663d","block_type":"box","text":"the offering price for shares of your Fund.","page_number":174,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"8b7eeab1-3b9b-4760-98cb-919fc6b794e3","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":174,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"5a390f70-2b38-47f7-b1c7-58bf61edcc51","block_type":"box","text":"Transactions in Portfolio Securities","page_number":174,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"132502d5-13a8-4d14-a6cf-3b96ad54f502","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":174,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"5657d735-3330-4dfb-a0b9-379a05c46793","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":174,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"4a2fd134-0468-452e-bff3-5be58986b2a8","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":174,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"653c1fd8-4242-4aa9-a288-8550add3fc79","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":174,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"98993f25-b542-4096-9c2e-bbdb5299c6fb","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":174,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"29be2707-2a79-4e88-a2ad-915e2bbfb24b","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":174,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"a786b025-4851-4ca4-8b21-acb273119b09","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":174,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"06cfdad9-b870-4485-89e9-b0e03e0d3536","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":174,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"b30d27bd-e59c-4605-9323-8aa9b6c4a538","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":174,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"a1c75b1d-47e8-4507-9ed1-7600ecf7ef67","block_type":"box","text":"reasonable in relation to the services provided.","page_number":174,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"2b807297-560b-42c2-8818-fb32feb79cdb","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":174,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"4475817f-60db-4aae-b695-77c24007e3ff","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":174,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"59414948-edc9-4b1c-8133-b5a22dade5ac","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":174,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"97a116e7-fa76-4a14-ae43-b4d0e6820eef","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":174,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"26dc0cfb-0ab4-496c-97ee-d0d8f7e5b6da","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":174,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"a8127cd5-a335-44e4-a0bb-912f40d4ec67","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":174,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"8c5ee2b6-bd09-4827-9927-20da97bd317e","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":174,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"76b8ccf7-ab77-4158-b859-5ef0d1131aed","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":174,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"c5e7f4e2-4ca7-4184-b026-5cf4d5759baa","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":174,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"b53bd9b8-0f9a-4157-bc0b-2137b78b377f","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":174,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"d7ec0541-64b9-44e0-8f6d-d9f75dc0bde4","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":174,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"d1e7165e-fc80-4fcb-8bf9-a9f62e627d2c","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":174,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"ac34dde3-5254-4dd1-8511-8174bef277de","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":174,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"b3220b47-8453-46f9-af2b-b6c211525710","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":174,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"a5228677-2304-4175-bb8b-a9a5dd40c881","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":174,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"976013af-821e-4d2a-821e-91d8329448c1","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":174,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"7cc7f6f5-0a73-4c7a-adc1-dcb9b5cba70f","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":174,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"b3b4f6da-d320-468e-9d8e-4f4dda012ad4","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":174,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"78920a88-f1f9-4553-99ab-43e87ad9c52e","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":174,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"1ce5c447-1ebe-429a-aab5-b738f8705213","block_type":"box","text":"II-124","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0c6881a-a9cd-4eac-a5ee-70877e312655","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edf55878-798a-4688-ab63-b1a708038c59","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":175,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"4a3a3927-ebe5-465f-99f5-1f1e2fafac72","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":175,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"410146e9-1bc5-4871-863d-7074278d1dc5","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":175,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"49999732-6982-4593-af56-e97976a435cc","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":175,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"1ddf6a20-3d9c-4962-8f96-967c517ae174","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":175,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"3d113717-e317-4ade-97d5-8c2c8d5f9605","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":175,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"ed8de0ff-6648-440e-ae81-686efcd349c8","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":175,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"0a47e1f9-9699-46bd-8940-bc5daf2f2842","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":175,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"079eeeb7-6916-4c53-a22e-f55956361900","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":175,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"5374b034-ad2b-4a69-8f6c-757dd4d022dc","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":175,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"795356a5-e4f1-445f-8c04-c7654dc2b5e6","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":175,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"8abc0868-7fcb-4eb1-9587-f4f4ecb91390","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":175,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"f5f31c93-3e6b-40e3-8cdc-fde981a0dbc1","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":175,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"ca471908-6058-4377-8cbe-a2083bee2ffb","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":175,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"c24511c4-382f-49fc-b187-2fdb49f29d80","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":175,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"120b15c5-f70e-4c19-ae15-dc610bf90cbf","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":175,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"c3598cc7-bf4b-4096-9056-53ffb41e15e1","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":175,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"70c7230e-f3c1-494c-b715-a1558c2848a8","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":175,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"137c0bb2-f4c1-408f-b90c-b3b71d015261","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":175,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"434896f3-cd85-4d84-b63c-adcbb5b50440","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":175,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"f705c43c-aaa8-4484-88e0-673e91d906e7","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":175,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"59cd3bfc-a582-451a-89ad-7a55c516d716","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":175,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"460882f2-33f2-4ff1-9a1a-d50cc1d0b3cb","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":175,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"57a17799-f999-4a3f-bb9e-16e05f6f4940","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":175,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"5eb4d576-4559-424b-a085-44a2fe3e5e0e","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":175,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"4f55b588-47ab-490f-a729-86cc8b828983","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":175,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"c875d80a-54ba-4ca3-b4d9-69b99b876a3a","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":175,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"49aa4638-4ad5-46ba-90ee-750220e06960","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":175,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"6ff5bd23-554b-405e-9b86-9303f37340de","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":175,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"8cf95ed8-ec12-408d-8e9c-b88c7f2b2061","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":175,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"f2ef461a-129b-454d-8d86-ad83e66b34c1","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":175,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"32acae90-0bc5-4dd0-8936-ed7ca8f0a6c9","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":175,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"527f4a67-80ee-4a3a-866a-56f6578607d3","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":175,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"a5e587c0-74a8-4630-b6e1-7c56045fbf74","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":175,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"be1b2b8a-4839-4c09-82f8-2f7aa68c52aa","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":175,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"37b420f8-c185-4810-bdec-710e813f059b","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":175,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"232bfc36-4e9e-46c3-b952-827f11572ce8","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":175,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"33ec46bb-b5b1-48f6-9885-858596f43352","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":175,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"a1b431ab-b18e-44b3-b722-0879fdfd812c","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":175,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"43b9aaad-04c5-42ed-8cac-d89bacc32e64","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":175,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"f440d0a8-b21f-4e87-b211-627154c852b3","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":175,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"d8f05bb1-06a3-4acb-9db9-d26c736b5d97","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":175,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"1e2c2df7-82b7-4ed5-98e2-91a964430024","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":175,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"80b8b75d-a4f9-46d3-9c19-0eacb68b981d","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":175,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"f7ecbc23-7526-40a4-8d0e-f7c17892a8c4","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":175,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"1f95cf09-72e0-48f9-aa78-a6ef9c9b17ea","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":175,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"4406288d-613c-434b-b5b3-8fb88c45e230","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":175,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"f8108a4a-0a37-428b-ad04-0b00e4c86fb8","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":175,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"f9ed6afb-4b61-4caf-974b-ca9e74dc9d67","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":175,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"3df46c3f-a086-4386-b750-bb81e5e5c40e","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":175,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"2b757364-22ff-44ee-8858-b82d56f83813","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":175,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"1397a252-ee8b-4c2f-9dab-cef53fe30b4f","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":175,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"c340d8c2-5a5c-4078-a51f-6e6e86dcf601","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":175,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"140ea8de-4f9d-4be7-9690-de74c385b3a9","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":175,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"e404c3ee-c72c-4dd1-bf58-d7c57240124f","block_type":"box","text":"brokerage.","page_number":175,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"3474aef4-3561-4892-a7e5-1eaca91c398b","block_type":"box","text":"II-125","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"25534a48-0f33-4a8a-8a77-fd2b72075eba","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e46b7943-e005-43db-aa90-f9776b234a60","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":176,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"c3a1700d-9435-4e14-801d-809d6a390716","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":176,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"581529df-9260-4262-9ab6-4dc8871ce8ba","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":176,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"bd441eee-fa3d-49e6-aa38-eace33971b34","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":176,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"993976b7-7f6c-4017-b013-b0515ac58479","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":176,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"64b29a94-361c-4573-aa32-dbc0ec6a383f","block_type":"box","text":"Section 28(e).","page_number":176,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"65de2e56-788a-4e70-856c-40d7137b5493","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":176,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"9f0444fa-aeaf-42cb-a756-f168c93d8cfb","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":176,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"1efd363d-012f-4b03-ba85-7f59d100e8e7","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":176,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"22c3a0fa-7dfa-493b-af73-f0d1b23cdcc3","block_type":"box","text":"execute transactions for those mutual funds.","page_number":176,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"0ba11aad-31dc-469d-a0e2-9924296fc93b","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":176,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"ee707a5d-9791-4a7e-98ca-a434df6f1f55","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":176,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"770a236f-4a99-47c5-ae5b-9b053e6773af","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":176,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"7fe40c76-0745-4c43-b825-b32828aa24dd","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":176,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"935be23d-a592-4270-b406-41f85488d2fa","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":176,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"b9280961-03c9-48e1-9ef8-a00623c0e3e7","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":176,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"89d66ace-045c-4585-a7cf-aa9e93dde36d","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":176,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"6d36640f-8ae7-4b76-a1e1-c758e2864fd6","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":176,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"a941c936-39c3-4194-a5fb-0399ea2ef5f5","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":176,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"d49b3407-ae9f-4403-ab7c-add903241c19","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":176,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"105524ae-b13b-4916-a03b-547cba507aca","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":176,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"0314c8fa-c95c-4bc4-8fdf-81e58cb2548a","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":176,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"45739724-0ba8-4545-aabd-d54b55bcb7b7","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":176,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"8e350d86-7131-41c9-a899-a5808b8120df","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":176,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"9c559db0-393d-4fb3-a4a6-ee4ccb185a29","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":176,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"ea96d815-c1e7-488b-8a52-230402769a2d","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":176,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"1d0fefb0-cc6c-4ee3-adeb-ba5e5fd823a0","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":176,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"a07aa8e6-5980-486d-ae0d-2c2a5dc2a3f3","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":176,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"32ed3fea-dea9-422d-b90c-243285b582a5","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":176,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"027d2c79-1f40-4cf5-af05-7d1880c82cd3","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":176,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"1becd517-004b-4450-be5e-a51ef46f7ec2","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":176,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"c8b5b5bf-dbf8-4bac-bc44-ed597f9109c3","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":176,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"e2f242be-85bb-46a3-adf8-bbd03741a9e9","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":176,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"440ebfaf-ff09-4b8c-9441-49ff0da0bfbc","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":176,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"be013584-3281-4be8-bc3d-a3b0ecfe6444","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":176,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"210d3a0d-77fd-4a9c-b0c8-4979027ec83f","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":176,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"f855bde1-7015-43b2-8521-7304949248f6","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":176,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"86d1834b-a620-4343-988f-829bf61034c1","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":176,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"c3acdcc6-435a-45df-8590-fbced6350b74","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":176,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"77a3b61f-7d97-4156-9719-768a6096269a","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":176,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"9add821d-8150-4ad0-b472-d8ff02fb2d10","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":176,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"3bef8b6c-6787-4044-a22a-5aa81d97a0e4","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":176,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"01d090ce-9efd-43d3-9e5a-a21857c0ac7b","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":176,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"5e5153cb-96c7-4106-ad6e-0d906dcb16a6","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":176,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"2bfb5887-23c6-40dc-867a-66748578b0e7","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":176,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"de274880-e3a4-4bb9-84ba-9c63bacace04","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":176,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"1ab1a77e-5163-4dc1-983c-d732883707f1","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":176,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"0a37a92a-db4f-4c44-a097-dd7b6ddf72d0","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":176,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"4b63bae9-5d3d-4528-a253-ec364477d097","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":176,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"467771bb-5b14-4699-bc4a-706e5e709038","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":176,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"29f94da2-26df-4aea-966d-c041ea37de7a","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":176,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"ab09af40-1b0d-4eef-a72e-ee5e035cdd03","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":176,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"6aab3345-04d0-4c55-9093-373bb072da6d","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":176,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"e9ddf7ab-658d-468f-88f3-502ae66a878e","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":176,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"60b87191-c707-4b22-898f-990aa9b256bc","block_type":"box","text":"II-126","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d05c05b5-fe43-4b61-a0cf-f9d96809ee7e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7d1b6e5-439a-438b-b503-c021e0a773d5","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":177,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"bc811a75-31a6-483d-80cb-ad7cd65f4787","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":177,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"d88640f2-675b-445a-b610-706c38272498","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":177,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"486fbdf4-6e43-47b3-b2d7-2efb158943e8","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":177,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"4b4b44c9-88f3-4e26-bcee-e8e5936716eb","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":177,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"9c22c461-5bab-4b18-94d8-dacbeb0e8198","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":177,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"1f35446d-7725-4286-b418-6127a3b59299","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":177,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"a6da62c6-86f4-4106-839e-58ae4db01270","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":177,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"18ad6283-9f50-4057-813b-e8a79251c129","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":177,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"b21d8721-8eb4-4d5e-ae54-b51b36e7dc41","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":177,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"23535367-6dfa-4ecd-b61b-9fafcba4b5ea","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":177,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"f7b168f6-c47e-4a8e-847c-c5271119ed8b","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":177,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"1dcea063-206d-4d05-8030-3709ef89fc52","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":177,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"42ef7da5-8752-4e0d-abeb-c19b694168a1","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":177,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"71df8d44-e075-49e0-bf3f-3c029048d9f8","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":177,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"307539b9-6eec-47a8-a0d4-f7f11466f3ed","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":177,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"c83693c0-9ce3-42a7-b5ca-060117fa979d","block_type":"box","text":"accounts and compliance constraints.","page_number":177,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"76d21915-05f1-4047-80f8-289f6af61e73","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":177,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"94ac2e6e-b787-4d31-8dc0-e71dc81da061","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":177,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"801794bf-6347-405c-8d79-ba58c12d4f15","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":177,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"ba516ee1-9baa-45df-b972-444bb54f0a82","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":177,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"4f940378-3e04-4aa3-aa0f-ef19b7f2aa4f","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":177,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"0e3a0d99-ee7b-4c31-a95b-3d10ffaa1cdf","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":177,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"ef006d03-2c8a-40c0-a4c4-ffe5e8afde30","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":177,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"24a84c10-30ba-42d0-85e3-09be9193eab4","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":177,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"b51f916b-81f2-4e08-a925-120051afd2a4","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":177,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"f53d7264-b8c0-4dca-9050-e8553c10d09d","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":177,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"089cdce2-25e0-49dd-9b1a-91d607ce9656","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":177,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"bec92233-8801-4073-8dea-e136ab92f1a1","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":177,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"33b3683d-6edf-42c1-a7fc-a63e337c06f1","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":177,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"832cd210-f10d-448e-959c-e9ab6224c853","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":177,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"3e7c71b4-5515-4251-a5e9-134cd53b4b53","block_type":"box","text":"clients may be used as well.","page_number":177,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"91ce815a-57ca-438b-b56c-347d556c5ccc","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":177,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"bad9be3f-6277-4604-9ff3-875b3280e3e3","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":177,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"b951ab46-c5f9-441e-966f-8172fe7ef061","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":177,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"b5bc8361-f93b-4bea-90fe-bb9b3ba3a148","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":177,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"6ed7fc46-cd38-4990-bf23-d9b80cebb1b0","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":177,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"52ce6914-29b4-4c50-b88b-8b866f79ed13","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":177,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"1cdffc9d-1d67-4822-809f-dcc38b68e2ee","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":177,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"75654e24-060e-479e-a8b8-66fa4204b790","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":177,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"347fa1bc-6e58-4ba4-a7ab-2663cb0bb653","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":177,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"38b38589-d6e2-4177-bba0-07b497e850f8","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":177,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"87529d6f-d366-4c97-8c34-da580d98d6cd","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":177,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"457ac6a6-06a1-4ad6-a0b2-d7b4ad383a85","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":177,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"fd3c1f16-ce8d-4d5e-bb05-4f6545894169","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":177,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"d6a6048c-4b8f-4c60-aa78-e567386ac658","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":177,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"24c327d1-a8e4-4cba-a0fe-ddad366f1e1d","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":177,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"980a5ce8-38d4-4378-a978-47b3a76a802f","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":177,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"b92761ee-4fd8-4a26-8248-18ade102e24e","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":177,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"cd8c83dc-a241-414c-b570-6ef5d407b622","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":177,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"6668e10f-dc3c-4c20-a164-d8901ffcdd21","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":177,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"4cf3b527-881b-4c7a-a27b-e318105f9947","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":177,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"bb6353f9-d640-4839-a6e9-1bab165d8021","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":177,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"7c790382-eccd-4fe2-a83e-ca09c5f672e4","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":177,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"9e344195-1f98-4291-a65e-bdda947f2d6f","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":177,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"01cc2e36-8184-42f5-8b81-d2a571d31d51","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":177,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"e6b4baaa-8e24-423b-92ac-e98181b923fa","block_type":"box","text":"II-127","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"60229beb-310f-4995-955f-4989750431d1","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0c43ac8-1732-41ca-baf2-9e077541bc94","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":178,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"7d67ebcb-ddc0-4843-bf78-ef4652197a7d","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":178,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"72441fdb-419b-4969-8369-63ffb80787d4","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":178,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"c5622f12-3f29-4e18-b0cb-08b6c3e50347","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":178,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"df55fe35-7bd1-48eb-873c-5ef5dd2cc73e","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":178,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"6e13a3d1-9fe8-4161-9899-7d327e79c7b8","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":178,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"3d8ea0c4-f250-445b-b988-c95b841ced83","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":178,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"087f37e8-84f5-48b7-bd64-3ead5c42d168","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":178,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"fc103bf1-a7b7-435e-9343-344493db57c2","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":178,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"7e644a86-10dc-4761-83d8-a2269742cb7f","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":178,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"b0cd7d0a-5980-4e50-bcd1-2efddfdc249c","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":178,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"2e567b0c-64f9-4141-ac0b-0f3aa1ddaf59","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":178,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"bbf35928-5d26-472f-ba16-57400b01f0a7","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":178,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"30125273-1b2a-40e7-a95d-e1750b534606","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":178,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"c7eb83f0-7a99-471b-be6f-f684de362c5d","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":178,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"4297d2cc-62de-4462-8093-6315d18310ee","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":178,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"b7cb0bda-4983-469c-94f8-9fd6b626f495","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":178,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"47f3330e-7ee4-4188-bb73-a8bf111f811c","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":178,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"15107fbe-8cc9-409d-bb2e-6f6e64961af6","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":178,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"766635af-0aa1-4c7c-89bf-f630515b0fbb","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":178,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"5ade036d-4b83-470f-8dbd-47e049017953","block_type":"box","text":"Portfolio Turnover","page_number":178,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"3e8e06b2-88b2-45cb-85d9-23429ed594d0","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":178,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"b65e93e9-8db4-412a-b6e9-c9480e73ab73","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":178,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"c6ed2866-8a0e-40fe-848b-50a76f804c5e","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":178,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"70bfe84d-14c7-4e10-9794-04840d1cf51c","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":178,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"4b440422-cb8a-40cc-8945-354fe6102c96","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":178,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"9a59becc-b658-4aad-beb7-c9439c7f65ab","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":178,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"405ebe5e-e20d-431a-92c7-210f1ef2364e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":178,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"a33b6373-1c44-4aa5-ad20-8a9f60fc1ecb","block_type":"box","text":"Dividends","page_number":178,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"2bc50768-8acc-40a5-8710-24c7b023a0c9","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":178,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"a2d736a1-ca00-43f7-bd32-716bb3ce077e","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":178,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"bc945386-9ff0-4a22-868a-299859a27c7a","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":178,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"65858ff2-d770-498f-a6bc-039174096d7a","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 certain","page_number":178,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"9dc09efa-6342-43f7-9bf5-1c72cf1f766f","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":178,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"aa7af16d-c809-4138-a1b1-073eb050fe1f","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":178,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"d06fbafc-ede3-42ad-a246-c87cb3b123d6","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":178,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"e297572e-565e-4249-beff-01754c75671e","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":178,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"26c15b6b-ee11-4669-b2da-62ed3b51d973","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":178,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"5addd01b-5bf6-4cde-86fe-a898f23a2d8b","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":178,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"c94b951a-7089-4cb2-bb16-f57a90be8573","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":178,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"25d12744-25c7-439a-89be-a5be6e3681c9","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":178,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"d41a8a69-fc95-4871-9478-96b8cbd5a607","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":178,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"22e0d078-bdbc-496b-a123-94027366cb97","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":178,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"9bc2f083-7dfe-4d60-b713-e40fee273ac8","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":178,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"eb9ab605-9540-49c2-bbd0-180afc84609e","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":178,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"5c1e5e35-7ec9-43ea-a4d0-adcd79f1280d","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":178,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"3461a181-3216-4adc-b2ee-74272403807f","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":178,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"78f6eb06-4eb3-4b1c-bf38-4daeb454042c","block_type":"box","text":"Taxes","page_number":178,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"2e4a6770-0b36-4e14-93df-33f319ebd345","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":178,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"d39ab712-a456-4cac-a972-380645e00d35","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":178,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"e7fad654-9652-43a7-91c3-96f260d392ea","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":178,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"611619e4-a330-4430-8231-aacdc9b11537","block_type":"box","text":"II-128","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ffccceb3-9c8b-41e2-b4b3-0568c015689d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0497d64c-6842-45ee-b8a2-e531c7c10061","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":179,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"51740862-56df-4f79-be79-fe56262cfb90","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":179,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"29256862-9e7c-4cab-801f-2dc2f1625661","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":179,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"97f13e15-e6e1-4951-a979-0307049c11cd","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":179,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"e1c70cb2-a6c0-4389-b1d4-3a6543ccc6a7","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":179,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"2d085b90-81b2-42d6-8940-f85e67ddfbff","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":179,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"347487c3-bd3e-486d-b9d8-60795e1e88c7","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":179,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"3cd635d3-da63-4c15-9c91-4041f7f1363b","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":179,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"fb3cc2fb-d871-4e2c-87e0-d30949068da7","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":179,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"11cacc27-d506-45d2-9ae7-e0404a6c5c0e","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":179,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"202b7296-4807-4e33-9872-c40c28b70f95","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":179,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"13f895fb-ba41-44a5-a977-5be3ff1d8786","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":179,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"96d2df9c-3fa6-4f91-92f0-a7af60bae594","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":179,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"329e2b8a-8976-4064-a86d-5238bf80e853","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":179,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"ff46825b-dddd-4d8c-94a6-d5c68901f7a1","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":179,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"3ec64610-7c43-4048-9d2f-8a5fb9595676","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":179,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"9616a28a-fd0f-4070-87d1-321415da3bc1","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":179,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"70ac97ad-b0d9-4a5f-a2bf-7632690f9fd0","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":179,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"680f2b5b-4ed6-4a83-b4bf-973d42f22b9f","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":179,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"f16b1141-44bf-453b-a66f-e27667d53b5a","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":179,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"8912cd0b-9594-43ea-a77f-6f2122d45042","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":179,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"fc705a65-037a-4855-84b0-8b4b9a68650e","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":179,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"b0159327-5c1b-4011-9dda-3b2af68692c3","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":179,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"ddab82cd-6fc7-4780-a9b6-4c3b8605065b","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":179,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"aab82cb3-15be-4db6-85eb-ac0b0aec0d6e","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":179,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"9b432979-28d2-422b-90dc-2699742829c6","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":179,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"05041db6-3ebf-4799-a4ce-7e658ec4d7d6","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":179,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"0413f856-a2b2-4467-be93-48b9f7ad980f","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":179,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"5a6b7509-0b99-415b-8ab0-83fa3644674b","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":179,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"3c63e17b-a74b-417b-ac4d-9b3479541ac8","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":179,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"d1907357-396d-49d1-a414-bb1eedf2fa6a","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":179,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"29a5d091-7084-4b5b-a9ae-bfa9f114e5d3","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":179,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"0d78a94e-0025-4cdb-92dc-50400ad11d26","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":179,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"3be0ed61-1305-472c-be9c-f0734e765852","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":179,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"85b9cf3f-9063-44d8-8dc7-513c9faf07f9","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":179,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"f4fdf07f-323f-4f6e-8d90-c6411efdf99f","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":179,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"8a50c108-5992-43bb-a85a-606583b8a5e3","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":179,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"738617cf-24ec-466a-9ec9-0193e00ce4ae","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":179,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"6961d475-466a-44b7-b790-3c6603478881","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":179,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"f5f44a62-c26b-4a67-970c-b287bccfafa5","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":179,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"9d0c99aa-c776-453d-b744-edfa291ce385","block_type":"box","text":"limitation.","page_number":179,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"7e986fdd-7af0-4084-bc7b-66573a96f5f1","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":179,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"5fa35ca3-4ea2-4c1c-8e71-ee04a4e6aafb","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":179,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"1eaf64ef-0255-4252-85b2-5c07af1ed788","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":179,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"0042b874-948f-4e67-9d8c-a726fd9ae1ff","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":179,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"dd7caa3e-88f5-451a-95fc-60b311e83f7c","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":179,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"773c6350-5aeb-4a6b-91f4-574b77310b56","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":179,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"d2676d3a-fb1d-4d68-8579-5a33d32c9785","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":179,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"7050cbf8-a30e-4bce-9206-25bfc7d217d3","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":179,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"cf1b3665-d190-4753-983f-f701098ca46f","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":179,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"097db73b-f627-4f45-9357-9309382ff1e5","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":179,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"1dcc61af-5588-4cbd-956a-ee3e0a1223e1","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":179,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"d1c384ce-09a9-416a-81c8-70d2ff346b79","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":179,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"611d0cb2-822d-4e84-bb00-fefce1735ca9","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":179,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"fcfdaad4-ddbf-4a47-ba96-fae04f68a724","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":179,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"0e9224f2-8267-4518-85b0-8cd702bad241","block_type":"box","text":"II-129","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"af4ddd38-fb1c-41d3-a015-fdc851088ab7","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf900d84-3666-495e-9ec2-7f47a27b54aa","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":180,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"530ce70c-820c-4b39-ac4a-ee57e8862f2b","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":180,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"52be94ea-7d24-46ab-bcc6-26df8bd4a229","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":180,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"7dbe4d58-6b6f-48be-8468-1f147bef3f69","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":180,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"44b58b83-9066-46b5-a8d9-2883a6b6f6dc","block_type":"box","text":"constitute “qualified dividend income.”","page_number":180,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"62139a2d-a53d-48ce-91a5-d66caa3d1042","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":180,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"0315bf17-0500-40b3-966e-1030a45a0075","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":180,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"84f93db4-c256-4ed4-9c57-0e065d12eeb0","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":180,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"bebe9a7f-7d76-412b-9034-f3238c59ac81","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":180,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"8239ebe6-893f-4255-9c91-cda0e7631fc6","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":180,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"f4c7b9fb-e5f7-4fe4-a47f-6dff3861f9e1","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":180,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"d10ce0ca-64f8-44f4-b10d-84a7e9fae7b1","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":180,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"68f6b871-d0c4-4349-8fce-7d9c394d7b08","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":180,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"b2f1858d-f1f5-477e-a73e-8df8b7d775fc","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":180,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"a83fbcbf-83d2-4ea6-a1b5-9e3f7a86bd54","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":180,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"7e77fc64-457f-4fc9-b7d3-26cd43b05c72","block_type":"box","text":"against their taxes.","page_number":180,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"c7e5e51c-d9fb-4e52-b293-7f9d20e115f6","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":180,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"80906450-aacb-41b2-aea2-c6848ecb23b4","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":180,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"9ccb5486-d13a-40d6-a51d-4c6e43776358","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":180,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"07c9e8a7-a2eb-4b30-8c74-b75f5723acc3","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":180,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"0e60e0bd-c1de-4959-ac7f-1391afde0efa","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":180,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"fb01a7dd-e5ed-46f0-8ec5-9d713d014deb","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":180,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"cc66891f-0c61-43e2-8aca-1215f9dfde7b","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":180,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"80bb96df-5ae3-4fae-9da4-4175dbdafa39","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":180,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"a1b73a77-9529-4695-ba4b-ba180015ae8e","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":180,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"ba2c8574-373e-4475-b5ae-e7761ed7ef03","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":180,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"b927af2b-00cc-4b99-b79e-5a5cead10485","block_type":"box","text":"the shareholder.","page_number":180,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"d4187066-e146-4aee-9d5a-05941bfecd61","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":180,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"5126eea4-cf6b-43b5-a2ff-a9e7958816e7","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":180,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"023565e0-0284-439e-a183-019b0bf56374","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":180,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"e648ff3d-54ea-408e-8039-0ab93b416e06","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":180,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"ff28ba9a-68fa-4944-830f-18f329a5c4e8","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":180,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"4cf73c50-84ef-4df8-b4bb-e09f2d9538dd","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":180,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"19a0f5f6-1bcd-4987-97c9-1f5a0ee38ec6","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":180,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"feb9a834-26bd-40f1-9bf0-257f7b0af010","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":180,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"4198a88e-4569-4fa3-93ac-2d73635bbbe7","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":180,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"e23fc0bf-e2b4-402d-85d0-5f955ef374c6","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":180,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"e1019d9e-d13a-4e11-9bf5-398f6424b64e","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":180,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"eb15c3bf-e461-4afb-95eb-e0ca9dcd171f","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":180,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"7b0bf57b-f0b3-4e3e-ad3c-a5cac997a290","block_type":"box","text":"taxable year.","page_number":180,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"6555f4d5-e91f-4aca-af33-1b15a299bd36","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":180,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"30dd7625-fd86-4515-81ca-8e68a8a70c22","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":180,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"c6cf9cd5-4484-4719-afbe-32937b20d80d","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":180,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"1e43a4c6-f375-4143-bf4e-9522d7b8a0f5","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":180,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"b784aa65-4281-44b7-a07c-b5965d7fc298","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":180,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"dd034c49-5618-4d67-82f3-0602ec935b3e","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":180,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"e82fdf99-07a9-4880-bcc4-59b31d03c191","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":180,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"31a20903-a39c-4694-8541-53844f1fa984","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":180,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"03a3ef4e-ec31-4138-9802-a3bbdb478c9c","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":180,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"1da309ff-7cca-48b8-a770-b60f6fef1ee3","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":180,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"50ae6fdc-7ea4-4296-b271-3cdf904b7c24","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":180,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"5f6e1a0a-fc21-4d1d-be4f-7e243204ae9b","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":180,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"d8c7214b-d7c8-4ed0-9e91-cf7bfb456fb7","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":180,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"f6ca8a78-6ef3-4a89-a0bd-a0ac6a8e850f","block_type":"box","text":"II-130","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f6a542f2-260d-4472-b6b6-5179a1855a51","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97a7d646-e9f3-4005-a5b6-b99ec5d13ec3","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":181,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"0a302dcd-c141-4881-8c66-821376b0b875","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":181,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"2f59a69f-cca4-4b88-a3be-efd892bab46f","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":181,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"db0cb568-7caf-4b54-81e1-75607186c90b","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":181,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"37b5a1d6-4ed1-415e-8898-6c5b9f1a1a16","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":181,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"1bdbd919-f4f8-4ebc-bf78-983ad4a08f44","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":181,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"58135ac3-b8d1-4923-99d0-a558724f3581","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":181,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"6f3dae1a-f701-47ee-8f22-8dbbc2ab5d23","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":181,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"ca987249-96fd-4494-8ecd-11d63a8e871f","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":181,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"fa933676-c673-405b-9a8a-c5d37218f354","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":181,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"8d911f7b-ec09-402a-bde9-9f85a54f01a6","block_type":"box","text":"redemption of such shares.","page_number":181,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"a412ba22-a877-4a06-b7a6-02c18b2de705","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":181,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"9d1bdc07-dd3d-4da2-a9bd-1a4572d78cc5","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":181,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"2efc419e-41ff-4aea-a56f-5013208e29d4","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":181,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"6373b8bc-dff1-4086-8d63-8e4df3dbc177","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":181,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"65e16c9e-dcdc-4209-921b-aac655678081","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":181,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"09bfbbca-b978-4bfc-833c-1f70c55edc52","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":181,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"d4615448-48fa-4fee-9056-4ddff4084e80","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":181,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"1bcec498-44b0-4951-9d0d-8a41b7ec045f","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":181,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"ca8c650d-a764-453f-9e43-05fa5fb5578d","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":181,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"8eb7c2eb-3ef1-48d3-b3fb-54c343d1b064","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":181,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"7a8fd358-2b13-46d6-b82a-bc5734da63bc","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":181,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"a7824f20-0f78-4daa-aad0-91280e7851f7","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":181,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"708a43c6-8fa8-48e6-aa20-3de636ad8ea9","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":181,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"76c9640e-b899-4c07-a469-0a082768d120","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":181,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"466af0b8-b094-4985-bcee-ef539ca5db0f","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":181,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"4e707d89-a026-4197-bf3c-f8ce117543b3","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":181,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"425dd575-b2b7-471c-9e23-a5e85442eb2e","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":181,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"5fbcd7f1-dfc4-40ca-b1b2-65d528f669f8","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":181,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"19c80b6e-e0e1-40d4-8a46-66d702332987","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":181,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"e2bdb185-076e-4eed-a015-01f3a9db2b89","block_type":"box","text":"gains.","page_number":181,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"c19a9e58-7ddd-46f9-83f7-371e4131e204","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":181,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"6ccf5e4c-9899-4b83-8746-1a18b1659a44","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":181,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"d1d2290b-cf2a-4678-a2f9-dd73408b7f3f","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":181,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"891fbd8e-1060-4f20-ba16-16a36b0b8744","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":181,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"f12004e8-ba8a-4120-baad-d7eddb667b09","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":181,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"17df6850-3563-4380-b1aa-f78607aaced9","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":181,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"73aa4e2e-769b-463a-90c4-bb29e941ae4e","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":181,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"941e45b4-d025-4d6f-9c6f-ecad8c613bac","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":181,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"9066c09f-86c3-4ae7-bb1a-debf578a0efc","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":181,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"cb86bf54-186d-46c7-9153-1dce6e2849b7","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":181,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"4f750c81-57cd-4cba-b39a-7cb58029730e","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":181,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"72137e10-3dc0-47e3-949a-8fc8d1c73c46","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":181,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"f8ea9785-e905-4bab-9b15-7cad371a909d","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":181,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"bf5c02b6-dfdd-4e55-8c2b-e71efe7d45fc","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":181,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"7cf9b3fd-efa5-4e24-9af4-77e49bd5d88f","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":181,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"6fd39cf7-3472-4b73-b7e2-3634c2e65a58","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":181,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"fb3d77a6-aabc-4f76-aa53-6894f05ce1bd","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":181,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"edc940f6-d1c4-4474-8577-21d11842f2eb","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":181,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"cd3dad48-3dd4-49eb-9f6e-32aefe8357e5","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":181,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"f5d16363-6f78-4d2d-9a91-49c0fe082349","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":181,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"d65a514b-91bc-4f3c-8a95-dc6c3898cb0b","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":181,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"9f5a547f-049b-491f-a13c-7a4e8c95c51b","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":181,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"d9aafdf3-7262-4109-a06a-700612665f2f","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":181,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"560521ba-4183-476d-bfa3-abccbdeec8ee","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":181,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"c15c06a0-130e-4433-9378-e3eaed5722f8","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":181,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"da464f75-a22b-437c-b273-682a5596a15a","block_type":"box","text":"II-131","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a255bf56-d602-482b-b60a-55b9edbc6e77","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43348ea7-ec5a-484d-ae25-5f088a3ba864","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":182,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"f7ff3207-3107-4dd2-aae8-0b5f21848dd2","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":182,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"da967538-5cb5-42ca-8432-dce661f22417","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":182,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"85435290-599f-42c4-92c2-c8462cb76b91","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":182,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"66108f0d-c819-4286-8be6-d21b479767f0","block_type":"box","text":"dividends under these rules.","page_number":182,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"efd0863f-5321-4325-8766-4d784765bb28","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":182,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"71b3994e-ff15-47b6-892f-d9aac6009e73","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":182,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"403b4571-1d6f-4ce8-aef5-ce9d42e761c3","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":182,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"cd054cbe-5513-45cc-88c2-46137d17cc8a","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":182,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"4299b29e-6cb4-4ed1-a4a4-3a8936e701d4","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":182,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"1a6d3cb9-413f-4fc0-a563-d29e9029e0af","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":182,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"b8d98e46-cd73-4b75-9de5-1ca8b94ecafc","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":182,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"8abcefcc-afb7-4411-9029-7cf2a6584285","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":182,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"42b735cc-fa1b-49f3-bc52-3c0fec4eb980","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":182,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"d6d2f6bd-1abf-4cc9-9b36-dc9690ec25a9","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":182,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"5a58e77f-efa9-41d0-bf73-6b0652e78edc","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":182,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"2eae12f7-22b1-4636-b7f8-23bc225cc328","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":182,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"44ac2da0-3e8b-4938-b9e0-7e9f8ff5607e","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":182,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"48c4ec78-0773-4a79-9bd7-b7499f9a7f8f","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":182,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"6aa34bb0-6826-4f7f-bfa3-e5d13b3feaa0","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":182,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"1595b9ae-26e4-4fb1-80b5-f325a629dfa4","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":182,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"d36c71a7-6faa-46c3-b663-fadd2778b863","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":182,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"5e5cd1a6-97c1-4ce9-84c5-1525f090a9f5","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":182,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"d9ea25e8-7b48-4817-a046-ecceadd2c4c1","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":182,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"84e772f2-bd69-40dc-9491-8c62f39db536","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":182,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"1bd77353-84dd-4496-90ec-4617feccc605","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":182,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"63262af4-de1a-4cd9-8d7d-5bfda01887dd","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":182,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"86b03098-234f-436b-9bda-c5b538765725","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":182,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"c00113c4-bcbb-4feb-8acb-eb455557cd3d","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":182,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"6acd8dbb-4f09-4685-8bf7-38878d4abfec","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":182,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"ab4e47db-ecb9-41ef-81f7-d633a9af0ca8","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":182,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"9cf9fb69-fe1b-41a4-affd-908c79b7c1d0","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":182,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"5ac18536-97a4-4293-80db-172b88dd95e7","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":182,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"82840f52-edf2-4004-adff-78922283c8c6","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":182,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"2e811ce2-0e3c-4772-9a13-6d62d581b3d6","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":182,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"66f42381-e65a-4807-929a-244f4ca78b89","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":182,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"8391b04d-0ff6-4b6f-9aa2-8bad344cc648","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":182,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"cd55baa0-c3c4-4630-8065-6621d353cc9a","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":182,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"9248320b-a6fc-4f32-9943-1764244f87ae","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":182,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"03df9d26-7aba-4aa3-a116-da5abc328b3e","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":182,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"e51befbb-96ce-47ff-bf60-dbcc516646ca","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":182,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"f80ac6bf-1c73-4268-83ab-1b70bf4aa99c","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":182,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"2045b435-297d-41fd-9539-878ff798985f","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":182,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"844bf1e7-fb03-4c7b-a376-b4d16d096995","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":182,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"3849d4d8-93fb-4adf-a6fd-49997cf74939","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":182,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"8354dd83-d5a9-4941-a668-66d334354812","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":182,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"b13f241b-b262-41b8-a30b-12571817e574","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":182,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"b5113b3f-8dc1-4859-a690-17e39070d30e","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":182,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"321c8e6f-f419-4873-bd50-1c79686a3b1d","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":182,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"14fec712-b553-4396-b241-b455fad98f92","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":182,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"0912d354-280f-41c9-8b64-cabe736ecf4f","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":182,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"8e0486e8-66c8-4bc0-b26d-deabe7e42db2","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":182,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"72140e26-f604-42c3-bc4b-332c25983373","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":182,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"d5d2bd37-1a78-47fb-8066-edb7a1b1a22c","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":182,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"c7b32b86-d083-427f-8dd8-fa39269d4cea","block_type":"box","text":"II-132","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"152b6f60-2af0-4ac7-bd5b-e602a3d552dc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f661491b-debc-4e22-af9e-dd7eb1198b24","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":183,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"983fd028-49bd-4aae-86af-b4c33562b8c3","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":183,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"f9c88594-cbe7-4654-8453-ad6d7b4da183","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":183,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"d09d0481-3a8a-4049-81a9-9e413ecdb371","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":183,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"aa73c22b-e3bb-4479-b386-fb670acb80b6","block_type":"box","text":"individual circumstances.","page_number":183,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"544cccdd-be08-4892-b2c7-9ae8e1415c30","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":183,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"06053ec8-d75a-41fd-a966-66571e4aaaf9","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":183,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"aecc83c9-1746-421c-b0ca-f57d5aaeaf1f","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":183,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"e36aa8a5-b5e8-45de-8cb6-e4332c184e7c","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":183,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"497d3e72-185d-4ab6-a6a5-5919cef33b7a","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":183,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"d1ed8589-0156-4cf6-84c1-0f66206a65d6","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":183,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"637fd6aa-9ac5-44d4-9add-d76b9b99239e","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":183,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"e30c0c8d-3560-4b34-826d-2ed65e263862","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":183,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"d2d162b8-fe78-4027-83fa-c1c2ff07871f","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":183,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"68f75f3c-3bc9-4fc8-9ca7-a197f6ee3d3d","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":183,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"7de6855e-ee48-463b-9510-3ebc61799d06","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":183,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"ac680bf6-66c4-43f8-98bb-b09fffb3f277","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":183,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"d950170e-7fe4-4650-b216-b6a1187597a8","block_type":"box","text":"investment opportunities.","page_number":183,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"8d48009c-c002-418e-abb5-58658cff089a","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":183,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"453d01c0-c39d-43a5-9b22-a3f87c8a38ff","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":183,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"cee527b2-acac-42c1-a33b-f586d018c8fa","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":183,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"6147a7b4-f4c5-44c6-af43-9e9e72345535","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":183,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"870c18f0-84b9-4741-8c0f-b4c95bdab943","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":183,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"c6c0a0d6-89fb-4245-9b00-4f51df53f37f","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":183,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"f33086aa-f826-4ee4-832b-41c94c71fac8","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":183,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"9ae9820f-1249-4cd1-8d9f-76b7d151b92b","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":183,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"669c3295-0a97-4c56-837a-bd6591a8b5f9","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":183,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"1a0a7166-e15e-425f-a213-130e61bafbc0","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":183,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"5689a10e-fb84-45cf-a76d-1c4d61d7429a","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":183,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"6947e6a4-f441-40c8-95f2-e829b708aaa9","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":183,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"7dec5557-0c3b-4e99-9ea6-44164802c0f5","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":183,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"7b4e1543-ecc4-4f1f-aa82-0aa6f0f21ca3","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":183,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"14e68b50-cbb4-4a52-8cd0-a6dc50e73af2","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":183,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"479bfa4d-1f6f-47e6-9ebf-32cb3a513b5f","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":183,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"f42dcddf-3b37-46c7-af13-ac9451e7d18d","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":183,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"588df956-1773-4442-861c-b359b5047af2","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":183,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"d553142b-7e81-4494-beef-a84fb889fe37","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":183,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"c8a1bdee-9c00-4a4c-8f0d-0ec361f610a2","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":183,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"9da42109-7c7c-44fd-8ed1-a70a088ef93d","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":183,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"241f0d48-7b91-4091-a065-9df1d879ea7e","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":183,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"c4ffdac8-7e92-4f27-9b83-0c209a70df17","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":183,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"7bff1e27-8ed5-40cd-b804-c0a557ed1efb","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":183,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"0be0dab7-a634-40b1-b585-21b2beac3f38","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":183,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"9b1fd6d6-70df-4c1b-977c-ed97fa1cdc9e","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":183,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"02dea3e0-0cf0-4c9b-bef3-e5729a32741e","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":183,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"cd828825-d207-43ec-8cdb-ec96aabf0796","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":183,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"74fc3369-ae7e-47d3-a53f-a9a22f3c6c61","block_type":"box","text":"positions in its portfolio (","page_number":183,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"6ba44d9c-4d71-4dca-bf44-2b51d780d0e3","block_type":"box","text":"i.e.","page_number":183,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"31711332-3afe-463c-bd9b-1c1600108c7e","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":183,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"2acb8d28-4bd6-41a2-a156-18bb4332118a","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":183,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"9870ce00-d648-498f-806a-cf1aa17967c6","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":183,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"236b0f28-6e1b-41a9-b55a-7c1ecbe80eb6","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":183,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"0698d053-149f-4ea7-853a-d52fb3df80d1","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":183,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"2c91e1c3-668a-451e-abc5-18f271e5ec0c","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":183,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"d047d7f6-a6a6-40d1-9462-42cc0c913ae7","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":183,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"f0b02a22-0fce-4c51-aa3e-ea51e3ff1ed3","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":183,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"6420ca7b-2c15-4d69-983e-55c46bd75134","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":183,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"c84a7db4-600b-491e-9ec9-e904fd6328c4","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":183,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"b8002c2a-e705-4316-9992-10953afaf169","block_type":"box","text":"II-133","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5c4491b8-7ca8-4959-9529-2b72d97f8cf0","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0206ed8-cd08-4e8d-ba77-fdb05600b907","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":184,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"7e5d2d9b-e384-4f49-aef3-255de3f1e168","block_type":"box","text":"Fund were to invest otherwise.","page_number":184,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"400ec656-3b66-4e72-a5de-bf044a2a6511","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":184,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"1e663a3f-e561-480e-989d-8c29a985f6cf","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":184,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"5e3d883d-4aac-44fe-991c-6009896dce58","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":184,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"53eedad5-c13d-424f-934a-2ff59f30e91e","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":184,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"331a6c9b-7131-490a-a2b8-b37c3e263ef3","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":184,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"c7a3e804-a1c2-4b02-8384-b6f32e97bc44","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":184,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"6785a3e7-6554-458f-adfc-5d5736765bd4","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":184,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"8ea4832f-ab76-419b-833c-ea9cf7550181","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":184,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"c82d228a-673a-4cde-ada7-f56146914284","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":184,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"f97490b6-0d30-454d-941a-2bdf4f7531f9","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":184,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"5535fe73-e47d-429e-9f51-7d64ce185c4a","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":184,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"8add0897-f43b-4894-9c25-ded11219899d","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":184,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"06411d09-5bbf-40d5-8623-6086982f869f","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":184,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"bbe930c4-fd4a-4c12-b412-d2fda804f47c","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":184,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"7594a145-f665-48c6-a74e-e76199ebcc25","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":184,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"929d3cf8-0f13-49f2-871e-ebfd2c20536a","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":184,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"e883e51a-db8e-4988-82f7-bda0de18ad94","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":184,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"bc56025e-4733-4f2d-95b1-14ded9c5f24e","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":184,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"f7e15ad1-f1bb-489e-98b7-745106dad1fe","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":184,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"19e25ad7-08d1-4d92-a808-4b1357f65ff8","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":184,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"bec69588-564d-4f96-a68d-0098b56153dd","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":184,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"be8f45ca-4fd2-4261-9f21-ca74faae2aac","block_type":"box","text":"PFICs.","page_number":184,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"be8e1543-4405-4381-b6af-90cd3ae82895","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":184,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"c49dc948-eb0b-4170-876c-c02daa853c01","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":184,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"7d44d20f-204e-4ae2-bd93-bfeb4f623808","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":184,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"9d6186a4-2b1d-4b98-9885-9cd3eb4055e6","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":184,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"4f92a2f4-cf4b-48ff-9c45-aa2a9570d720","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":184,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"ba3e9699-68b6-48c7-9d61-f8f8afd17efb","block_type":"box","text":"difficult or impossible to obtain.","page_number":184,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"6d5b4d1b-5c9a-4be9-aabd-80f3fd9acdb4","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":184,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"415743e1-1e0b-4d00-9fff-9c4d505062bc","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":184,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"8c84c519-c1d9-42df-b061-6ff5b49f3076","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":184,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"06fde0d3-95fa-421f-b265-8094f521ed4d","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":184,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"29b02bf4-84d7-4e6e-a173-9a83b76cd040","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":184,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"a6cca495-8bab-4c3c-afa8-4044ee635225","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":184,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"4fbe7a4e-f7d8-4413-9a1b-274a19ff4ca9","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":184,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"b557ffb6-7e46-4cf1-bf1b-17ff348dfc48","block_type":"box","text":"Municipal Funds","page_number":184,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"67795f3b-d45e-447f-ae1c-bef2d194bc1a","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":184,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"ef9c62f0-9da8-4788-b3c0-039836c21377","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":184,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"b8167efa-118c-4b36-a37f-ecd22ed727cf","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":184,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"afca149e-d4f9-4daf-aa5d-7ece7fdd6468","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":184,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"c1f4db16-44ca-4a36-914e-9b35efeb89b5","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":184,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"6c97d3c2-509e-493f-bc6f-209fb66165fa","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":184,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"7477a6ce-291a-4436-b22d-b38b7e9a9c72","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":184,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"d7a4273c-a2df-42a6-b9d1-e8c2b9987fe2","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":184,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"b0b9c195-4ed8-48ab-af92-69c68bc27bd4","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":184,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"14f56293-639d-4d2c-bb75-cb09c4c1fafb","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":184,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"116f20ea-c7a3-40c1-856f-cd42141a3c22","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":184,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"e7bdaa5e-64b6-4a34-b526-a5ca4dc0beb6","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":184,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"e5266b51-380e-4b3e-b457-1b253c03fc23","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":184,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"4e8e1646-77dd-4611-b436-e194e123862a","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":184,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"e136fc77-95b6-42e3-8b36-d5dbcf5b38fc","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":184,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"2e9fc408-fc6b-4fd2-b281-597d902931ce","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":184,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"5b6f9706-f8f5-4080-a346-b127bed18504","block_type":"box","text":"II-134","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f19ceb6a-ae62-4015-9cd8-22aabea4c5fb","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb66f3a4-a394-4b63-b325-beae4bfd5aee","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":185,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"270a3f07-1d47-4cb7-a202-2b969c35db52","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":185,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"ebc9e37b-c48e-4e3a-9096-7758f49bbb06","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":185,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"fcd3f034-6826-45e5-ab62-d1da4082dfb4","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":185,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"c64f68c1-b17c-4b6d-a7ce-b6621eea4e79","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":185,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"e64e26e8-073b-4e92-9d6d-5feb805a2a4b","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":185,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"39f9b1ff-5bde-460f-859d-1edced46657a","block_type":"box","text":"constitute exempt-interest dividends.","page_number":185,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"245b90fe-282e-4002-8bfb-d1216b4db8a2","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":185,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"16b4a644-c0f6-41a6-94ef-a28c514797d8","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":185,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"1b9bc72f-edc2-45a7-9449-87493bbd3859","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":185,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"846d228a-e35c-4f00-bec4-de0f59dcac6f","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":185,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"0075c5c1-a3c5-4355-9312-650eff4961f1","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":185,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"d1b46dbb-3780-4a71-82a8-df798c48434a","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":185,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"9f54fce3-ae1c-4b72-9035-dae8cb186ddf","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":185,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"4117176b-8bd4-490c-9fec-6eb770f65470","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":185,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"a3fd3b45-4200-45ce-b2a6-437eb6b01c60","block_type":"box","text":"income dividends received by shareholders.","page_number":185,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"195def38-0c6e-41c6-a902-d39eb88416d9","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":185,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"0744d8b0-3bd0-4455-a9fd-ec6ae2fdb965","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":185,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"35c25452-429c-40e8-847f-d3f88f28e95b","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":185,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"e0ab73bd-1f6c-4f65-9837-0a2e9a294725","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":185,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"7ea077e7-e4fe-47a0-bfd5-c3c72a4ea90e","block_type":"box","text":"the accrued market discount.","page_number":185,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"39a454ec-49ca-43f0-b86f-a8a6df784694","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":185,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"53a70ed4-b3b4-4372-94a6-76c1247f8d0a","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":185,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"1431b915-5eaf-47cb-bed5-77b4cf666796","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":185,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"161311b9-414a-4b97-8e6f-443d8e1cf4ff","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":185,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"ba73d7a5-1d8e-4503-bffb-eb77305b4a51","block_type":"box","text":"e.g.","page_number":185,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"2f19986a-0191-4e83-aca9-01d9bd81cb36","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":185,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"353766d0-0fca-4b17-84db-e7da3f4c083a","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":185,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"b99fd269-a63f-477e-a892-4acb4c3e4653","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":185,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"b830cc4b-0229-4bab-9cc9-1dadeb88dc52","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":185,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"937c3ab8-b8c4-450b-b1d4-ad07c07e7b30","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":185,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"f4eb2c18-3868-4844-b7cc-2b2805db9ff5","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":185,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"eff7e109-dd6e-4827-8ce2-44b956b76994","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":185,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"f5e86d02-6374-491c-acb1-0c8e29e7fbd3","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":185,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"1e82b853-14e3-4469-b5b9-2b7edfe6af3b","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":185,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"9eae67ea-ea67-4b6c-ac0a-64e1f8694ce0","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":185,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"df2651d5-071f-4dbc-8764-958af92685cd","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":185,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"337981ff-b079-4b86-807a-d57752f1ea0b","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":185,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"1ff2fe26-1366-4db5-beb3-06ff265e5686","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":185,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"2bfbb717-67b3-433e-a766-ec4db6270540","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":185,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"229dc5c8-4d9c-4386-ae59-6a6d5973b5a2","block_type":"box","text":"within each applicable state.","page_number":185,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"32263e1b-b8bc-4263-82d6-2966cf113b2a","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":185,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"70a8b5e5-dc52-4bf5-b1c4-6fbc81ab668e","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":185,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"6e83c6f6-af35-4174-a760-80a9879aa584","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":185,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"a19a42d1-1bb8-4703-8cd4-eb2d274f141f","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":185,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"40fa2f31-0282-4bfa-846a-f029e8483cd2","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":185,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"915b9dcc-b23c-44e8-ba65-590e74b447c2","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":185,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"f3fb762c-c33f-48a7-b0af-be9db89f1db5","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":185,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"cc820817-5278-4645-b7b1-421c460f7180","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":185,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"5e4239f5-dee9-4a88-b505-f60f59adc5e9","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":185,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"87eba2c2-3508-41f4-abc4-adbb62e8fb52","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":185,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"fcefa99a-b986-48e7-9353-f79f97d2dbd9","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":185,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"f94aa0f7-bb7e-43aa-8c16-966c27adbddd","block_type":"box","text":"exempt from state income tax.","page_number":185,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"9f58176d-e08f-46e7-90c9-4de487de13b9","block_type":"box","text":"II-135","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7a63ef02-8ed9-4fba-9ffe-2754a0220517","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33688354-8bc7-4e8c-9501-71ca3536eb35","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":186,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"25df83ab-7646-46cc-bdf4-7974bedc2717","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":186,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"562e93b1-7ea0-466f-bb4c-7e872a1292e4","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":186,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"b3965274-6414-490a-b4d6-1b649471607e","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":186,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"a9ef2cb3-ebe7-4318-91a3-f8fe83ae2ecd","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":186,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"14ef34a1-4b3b-45a6-9b1d-37f71c7d09c3","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":186,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"88dce31d-5770-437c-8ebd-2b1fda92d966","block_type":"box","text":"decisions may have a retroactive effect.","page_number":186,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"687e5c98-8064-4a9a-add3-713340cf09fa","block_type":"box","text":"PERFORMANCE DATA","page_number":186,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"35e2b1a6-8a19-4418-9f18-bf2d30d72123","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":186,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"abff1dba-855f-4e1b-8588-b1f54045ba11","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":186,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"d086a47b-14f7-4203-8cbf-4406e214fe44","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":186,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"8f9e2c10-473d-41cb-81e2-1af3da89f378","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":186,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"d292fc62-524d-4cb7-a6fe-daa671171a32","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":186,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"fdd63903-a9e2-4409-8537-bb22dbc8e2f8","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":186,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"a2af2f35-dc0e-4604-a16f-cbc8c9113fdf","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":186,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"c82a48d5-3b96-428a-b9a1-0612d47ffb12","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":186,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"1028db90-c23a-4cd7-a80c-189567d2b495","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":186,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"e16901e8-96d0-4973-8872-c1e1848067ed","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":186,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"e774d8c0-f44c-4e66-9de8-15d9898e9201","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":186,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"2bae1f8a-b64d-4cad-a9cc-9b96466416d4","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":186,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"8efc93c7-3778-4cab-9b67-a017e112e6ae","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":186,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"fb84f18b-469b-43c9-834d-1719db9f9a43","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":186,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"812f7693-a631-4815-9072-35717b5fc127","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":186,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"0cd5051a-953d-4b42-81b4-568e11572c1e","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":186,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"e1470406-f8be-4e1e-b512-5f56bd81c02a","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":186,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"e84daa68-5aef-4c78-9a93-5360b628e4c5","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":186,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"9262f48c-f1f9-4ff3-bf63-9f0eb2813de1","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":186,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"5442a268-3c55-41f3-ba6a-15a469feed90","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":186,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"0d262cd9-30ce-4f0d-9009-a3cefa4ec2db","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":186,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"4d40c897-4699-48f7-94d6-c7b3bdab1060","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":186,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"6299bf35-36f8-4200-aad0-637983efcc4b","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":186,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"ff9878c0-6290-4584-90eb-043145b7db74","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":186,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"ce0571f0-4f64-4d28-a93d-925076d0cf79","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":186,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"4626f029-77d9-457f-810c-7d340df265a7","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":186,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"6c2fee0d-5957-4c1a-9348-f9ffd23f8314","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":186,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"78f8ace7-36f6-4fe1-ba4c-9d7d83a9a76d","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":186,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"23627195-9685-4cfa-a4b3-75468f8f7b64","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":186,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"a204421e-97c3-448e-bdd9-4d302c6df52c","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":186,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"c4a80bc4-d6f9-4b1e-aad5-c12994138c2b","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":186,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"4b25e51a-6aea-4648-b8c3-78592e3ed6de","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":186,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"46684fc8-a974-4346-8a8d-8a0c63b9f0f7","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":186,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"75b7f05f-6e68-42be-aef3-6b2f9bf1d910","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":186,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"71b825b9-bac5-449d-b3bb-c33e967b83af","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":186,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"556d5793-b064-4332-8f23-ee1107c18ce1","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":186,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"0aeccfdf-e1b8-4422-b4b5-cdfafadf6678","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":186,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"c92b22c8-9f54-4f10-b1ea-ef3680fd7a93","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":186,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"33396ce3-5820-485b-8b0e-9b0d3c738606","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":186,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"f59d2fff-a3e4-43ef-a932-8722510c04ee","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":186,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"e1a4a833-82b5-4d70-91b6-cc99a163b0a4","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":186,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"36f1309d-6be8-4d0d-ac40-fcf755c4bba9","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":186,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"1fd14280-62f3-4a7a-ade3-80de7c25aca3","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":186,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"baae9e1d-7d72-4965-9e64-d61b6a8cf0e7","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":186,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"9b3fc6a8-4a99-4734-958d-fea0191f9f41","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":186,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"4f5bf05b-b260-4561-b3ac-d8388ef05138","block_type":"box","text":"II-136","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1634c0ca-ad41-4d78-b555-382b8104497d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86f76718-8b5a-4de1-8cab-bf735cc83adf","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":187,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"4b0f4053-6819-4eed-938b-6a43c7e53140","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":187,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"31337d01-9185-4b60-b873-8b19949d88c5","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":187,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"e66768f5-b8fc-4273-baf5-f8889a34d593","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":187,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"33239d4b-5d9d-423c-a0c6-17cc698b2692","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":187,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"d2b6457c-1602-4ef8-acff-c42533a7d690","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":187,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"b69166ab-f2fc-4690-a693-da0a79a773b0","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":187,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"53b80b72-a9ee-439a-9708-1918f0e96bb4","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":187,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"9d1325c9-a241-40c3-8ffe-14338c1241a8","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":187,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"c66f5508-cc65-41fc-b9b1-9621594017b1","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":187,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"732018ff-65e5-487c-a54b-fce92cb2ff7d","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":187,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"137c3902-26b2-4398-ba5a-aa59eba9ec32","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":187,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"bcdaa667-a077-480e-b9c0-719bd8e8fa1f","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":187,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"05d75d8c-21d3-413d-acc2-75ae8e31242a","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":187,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"d2f2049d-6486-460c-b92a-b7eff0454018","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":187,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"00a8fed1-6493-4de2-bf57-bae9eb617042","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":187,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"f3a799bb-585b-4705-9b6b-ba478d815b0c","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":187,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"3056ac7b-d213-4384-8b7a-d75a7c8cad46","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":187,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"02b38d88-dccc-47d0-8d79-939442c508b4","block_type":"box","text":"less than their original cost.","page_number":187,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"503a3816-d025-440b-9c3b-3e38aaf1d3f1","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":187,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"d98accbe-127c-4ea1-8b5e-4dfb1919c492","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":187,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"85906131-0b51-4d0a-8de8-65cb4424aa2c","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":187,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"825b5f99-1d3b-409d-bd17-5a55dd380312","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":187,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"a8d1c1f1-ec0d-4393-9fb2-323c285928f8","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":187,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"5f9c4c16-62aa-4a5d-bc7c-23b57c2b9035","block_type":"box","text":"lower amount of expenses is deducted.","page_number":187,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"ecebd3af-adb8-4f95-8d38-7c45c5d54d0f","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":187,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"9d0d778c-e776-4a9e-b859-95684beb3f6b","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":187,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"3924ca41-1381-43a4-9c4a-292d257ecefa","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":187,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"470959cc-05e1-4364-b381-92a29cbcd01b","block_type":"box","text":"Money Magazine, U.S.","page_number":187,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"af0639ee-bf12-42e5-9664-e72ea1afcdaf","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":187,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"3aaff46a-3602-4145-aea0-329209bffeed","block_type":"box","text":"or other industry publications. When","page_number":187,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"eaf50943-9448-4b57-8ffa-1250abc6e8b3","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":187,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"5dee0672-e484-4aaa-b26a-7734dc2010b0","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":187,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"d52cbfb5-72c5-4779-b730-ece872540d22","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":187,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"4071c14c-a92c-4a39-a4e3-a76d4bfae825","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":187,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"379d2272-54e8-498a-898b-5b366328ba7e","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":187,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"77411d8f-08c1-47f2-8af0-07b5eb31be8a","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":187,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"a17f7503-5cf6-40d7-9240-a9d084b6da4e","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":187,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"95c94c6e-6d8c-4f7a-a677-1e2d1c87fe30","block_type":"box","text":"developed by Fund management.","page_number":187,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"45b2bda1-7ef4-4f58-9330-8c3b12abfba7","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":187,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"c53ec2bd-1cb5-4b1e-93de-362523952548","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":187,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"852c9704-71a7-4211-a3f0-3fb178ac49f9","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":187,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"06c29f5c-bae8-448b-879b-a04705e3e394","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":187,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"ecdb06b9-5630-40b5-96b0-65ad2c29e285","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":187,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"6695f079-03bc-4a79-a3c4-05ae4648ca55","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":187,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"ae57ce6c-2505-4679-8f32-ed9a39b06e07","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":187,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"2555e37c-a1b5-4e5f-b7a9-9a7bcfc7eeed","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":187,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"57158fc7-3d1e-4b68-9ed5-e58c356b0788","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":187,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"8ba2c861-4936-4477-8f9a-7faf8681f713","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":187,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"22679247-5a7b-4a19-9277-912e4072fec8","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":187,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"cc997e58-9963-47f2-9c8e-49a851c2f511","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":187,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"650bc060-4d20-431d-b130-3c282a2174ca","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":187,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"86a1c511-75b9-4d33-88d2-393c46a55091","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":187,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"ecfddc40-8c03-4cd4-9267-b008781c4931","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":187,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"081d2f78-88c9-4bb7-94fd-1752cd079cfa","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":187,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"6d924d01-75fe-4ca9-b95a-595393833731","block_type":"box","text":"II-137","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d1d4204e-f777-430e-92d5-036dafa0d05f","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83f74b70-a5e9-4024-a98a-2288bb638712","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":188,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"34694395-cfde-4993-9822-a8e1c853d177","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"d87f52e7-d061-4664-94d6-d0aad3fe7782","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":188,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"e1c73335-5853-412b-8c12-17198b705519","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":188,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"faea021b-361c-414d-9246-243ee90a856f","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":188,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"86094106-5d37-44c4-9258-79e2008bf71b","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":188,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"92b9384c-b888-4d2e-bb2c-5c99e395ee0c","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":188,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"ecbdbefe-0020-4327-8c07-9caac70b46c0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"d3dbe2f2-ad9d-4cd8-8f2d-f345544c2423","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":188,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"829fb2b8-42ba-4687-b4f3-fbe337501c1f","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":188,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"eb4e62d1-e839-4c09-9f59-b26daae36e54","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":188,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"91f5cdf8-1116-488c-9e2c-fdaad1e8a93f","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":188,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"a45514da-ca39-467e-8d9c-318d32eec9d2","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":188,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"44331023-baf6-4cb7-a88e-7ff47f1bc588","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":188,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"54226038-0e25-4837-98ba-e51cf96fe7d2","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":188,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"c60617a6-6b6b-4bdc-ae8c-6d29ce92bb23","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":188,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"7a96c1ce-8ac4-4aca-94ec-1a35b5947e6b","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":188,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"352b2a26-5401-4bcc-b557-6ca978384ae4","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":188,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"051dc899-9083-443c-83eb-585a4acb2f6d","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":188,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"e19e5a5d-77d3-4651-93fe-62034a4534c9","block_type":"box","text":"GENERAL INFORMATION","page_number":188,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"c83c4f1e-7c5e-4c85-b11c-da26baeb02f3","block_type":"box","text":"Description of Shares","page_number":188,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"a6dbafc3-156d-484b-a8e1-6517cdd51c63","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":188,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"84acf89a-f36c-4012-bd2f-a4a51273a701","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":188,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"23729edd-09ad-4f7c-894c-2498c0dcc9e6","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":188,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"9c9aefd9-5433-4948-9224-66e7b0f94eb7","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":188,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"18c9191b-2c35-4833-b0f3-e7a2c230a766","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":188,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"bdb01809-2f76-46bf-ad06-f236980c4971","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":188,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"aaa6e4b7-d4f4-4ce0-b7d8-884ff425b286","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":188,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"9a4c8869-f694-481d-89d8-13d1b9d7b62d","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":188,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"17cd5589-9b97-47f3-a427-0f332210a660","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":188,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"4442a1ed-957c-488b-a1da-0cb6b93c9c77","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":188,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"9492aada-b610-4423-b5cd-ddad9d10e367","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":188,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"9cafd22d-145a-43ee-9f8f-22008ab41627","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":188,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"c62ca619-9a26-44bd-831e-171cf544a92a","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":188,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"137473c3-c801-4853-b5c7-1d927d506f8f","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":188,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"2a8936eb-0966-4382-ade6-92aee3c1f487","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":188,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"edebdf28-07f8-42ab-a9c8-62670f6ac072","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":188,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"257be6b0-a8c2-421c-9ce9-cf72ac0757d2","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":188,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"973e66b7-7bbd-4a6f-9005-433bf797bb6d","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":188,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"91b38d89-332e-4af6-9904-c70c1eb37be1","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":188,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"c0f8b736-7109-42b6-96c9-06934ce4c3b1","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":188,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"c9882c59-27fe-4f37-bbbb-97c7c735a26e","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":188,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"0bdef119-0e67-4296-b412-a239312298a3","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":188,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"46de041b-5307-4f57-bca7-f7adc76d2297","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":188,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"8f621151-176c-49bc-acf6-048806f33063","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":188,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"0af16674-7fff-4a21-a642-05be95889eda","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":188,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"777b1abb-9a4f-4c17-8bea-316271ac15b7","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":188,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"193aba15-63d7-4d40-8b6e-c177b915b4bb","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":188,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"8fcb0b99-ba93-4e8d-999b-b0890a485d08","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":188,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"b0fc6065-abc8-4d34-81fb-89ac7c7afdae","block_type":"box","text":"II-138","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"087dbccb-b0f6-48c3-9e36-10e19ab8df43","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b0da798-b116-4f1e-a32b-54e6f444c6b7","block_type":"box","text":"Additional Information","page_number":189,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"801f7731-7508-4166-ac97-186aa06aa3ec","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":189,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"e1ab5390-d946-4473-add6-0327476b38bc","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":189,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"782fed31-ccd9-49d9-8158-59d9666921b4","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":189,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"3be7db8d-5232-47a6-a9ab-accb5def59a7","block_type":"box","text":"such name to any other company.","page_number":189,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"3430a0a5-5ca3-40d5-8b6b-5016e1ce5a9e","block_type":"box","text":"II-139","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c02310c3-f2a2-4582-9014-f1cb17d30210","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1f2aa18-565b-408c-ba18-b54b540037ce","block_type":"box","text":"APPENDIX A","page_number":190,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"cba3fbb6-21b9-4d9c-b40a-84f3939d698c","block_type":"box","text":"Description of Bond Ratings","page_number":190,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"17aca09b-9e3c-417e-87c1-f45ff913cbe4","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":190,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"5d4b7058-12e4-456a-93e2-4113a18f7c32","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":190,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"29b6bacd-e96c-462e-80be-f9fd49652283","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":190,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"38fec0d5-991a-4b3c-a044-2455291266fc","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":190,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"d1b42286-de32-4c1a-9e6b-78d6802b66fb","block_type":"box","text":"date.","page_number":190,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"ec45407e-fe06-4c2c-8381-28e21d3aebf2","block_type":"box","text":"NRSROs may rate specific investments (","page_number":190,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"027cde30-a081-4a95-9425-6ef3b05cc17e","block_type":"box","text":"e.g.","page_number":190,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3a9c99af-cd2e-4ed9-b5d3-300e38f7602a","block_type":"box","text":", bonds), issuers (","page_number":190,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"de4a461e-1f6a-43df-a13c-57fff6f56d26","block_type":"box","text":"e.g.","page_number":190,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"07a6aabe-0188-4f11-b4ca-f9414ad3fac2","block_type":"box","text":", corporations, governments and financial","page_number":190,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"65220568-9850-4d3f-a753-2bca1f043921","block_type":"box","text":"institutions) and/or programs (","page_number":190,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"89c8d285-ed57-4390-bc82-6a498362bbc7","block_type":"box","text":"e.g.","page_number":190,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"2d43f0c3-c3be-434a-9366-0b58776edde3","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":190,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"91bb4ec5-217b-4c09-ad5c-51f96e96f15e","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":190,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"41337d27-39f4-4541-a76e-7498de7ba575","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":190,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"2d92316e-dd90-4e44-af49-68f85ff301c6","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":190,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"f11e960f-6f30-4682-a1e9-cacb684fcfeb","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"54e9d8e8-1261-4615-be1a-ed2d4d904c77","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":190,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"7cc5cd31-2efc-4b43-a514-9addbd95f4c9","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"7aa51d14-ef88-4e1e-895b-70df63431729","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":190,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"b70b2c84-4c31-44fe-98a1-72a042930cda","block_type":"box","text":"security (","page_number":190,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"3de05e3c-d41f-4aed-a0e7-85b3bc33565f","block_type":"box","text":"e.g.","page_number":190,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"c4fb6a63-0341-4836-b2fc-a6596197bfb0","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":190,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"9d2b2cf6-5a0e-477d-b913-2cb1a2f095ea","block_type":"box","text":"highest of the multiple ratings.","page_number":190,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"8f2a8db6-95d9-4411-87cf-263f3e401634","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":190,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"c605ae52-6810-4123-ba37-cd8967bdbca8","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":190,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"b9ab02cf-5386-43d2-b0c8-55e4e4e341b8","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. 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The credit ratings","page_number":190,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"5685f2c0-4290-4351-bc89-d3d1ea9fcca6","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":190,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"9e57ee15-7995-4abc-90ba-0ee19082d6fb","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":190,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"f417f89e-f7b4-47fa-a1d3-e2ead5a41043","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":190,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"90c87d21-0b38-4aac-b3a9-3b0918f51332","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":190,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"a9ca6477-3064-474c-89fa-96ef6c682484","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":190,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"d342725d-9c78-4345-91f9-47ab8ec3fe92","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":190,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"bdc247e2-f779-4c4a-8f18-1e2867f169af","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":190,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"c52bdfb5-ed7d-4122-a192-c451f0b4cc55","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":190,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"d9cb1163-732d-4369-bd91-d2a49cfc5f58","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":190,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"c07a8151-6e41-40df-ae18-3c898834568f","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":190,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"62743780-05d8-45c7-bc75-c9e56df7c29a","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":190,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"aa129d84-5275-4198-ac8c-9f930664fff2","block_type":"box","text":"Fitch.","page_number":190,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"3f851aea-583f-48ed-b71e-23fe3a7e3c69","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":190,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"52471c49-2972-4907-b65a-51d6bd969419","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":190,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"0ae361e4-ee97-4b02-bead-bcb9bf29b998","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":190,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"f13b5750-822b-49e6-ac55-a3a99a3e70cd","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":190,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"f01f351b-e7c7-4ede-86aa-f80d2e27a084","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":190,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"3b799674-47f6-40df-97b0-bf166af244dd","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":190,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"d5de1e12-739f-49b9-bd85-232cab80694d","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":190,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"0e2b4fc1-0ed3-42c5-aca6-afecd93963d8","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":190,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"7c91e336-e927-436e-b1c3-fcc82ed781f2","block_type":"box","text":"sources of variation (","page_number":190,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"f78c993b-4570-46d2-ab82-70c7c539d57a","block_type":"box","text":"e.g.","page_number":190,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"fa6cb9b8-f6d3-4f9b-8e0a-6bf290a1a71e","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":190,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"390aa8cc-9174-419d-9980-418a803cd7b8","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":190,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"816894cb-129a-4d39-925a-6b0279a38783","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":190,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"a99f9695-c3f4-4b0e-ac36-dc9348ea6c94","block_type":"box","text":"e.g.","page_number":190,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"51c182f2-367d-4033-a8de-9ace8a8d03e3","block_type":"box","text":", equity indexed), absent an express","page_number":190,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"0cb86e4c-73a2-4a2d-82b0-10409d0ba997","block_type":"box","text":"A-1","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"685c7021-724e-432e-89ba-6aee6e961404","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daea6724-b040-4ad1-83b4-b498fd4e4b0d","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":191,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"9ea29874-59c0-40ca-89eb-e5f3a26e79c0","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":191,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"6d35a4d2-99f0-469c-a339-b238686b836a","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":191,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"a829f5f4-9234-464b-9267-356e061ed5e0","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":191,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"fe01f5e6-56cc-4ab4-88eb-f0ab3ad913be","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":191,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"0980502f-7eeb-48d7-a80a-62202f33fa01","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":191,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"7cb96cfb-e354-4cb0-aaf1-91f2b3674172","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":191,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"c6289aa4-68a3-4f4d-958b-6d160400f733","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":191,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"75f5af37-8e6e-4ff5-858b-9cd96ab045e2","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":191,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"88bc6033-4719-4a0f-b7a6-ab3d206f56bb","block_type":"box","text":"i.e.","page_number":191,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"8f37ad9b-c243-412e-9fc1-ce99cad63d44","block_type":"box","text":", ratings on nonfinancial","page_number":191,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"4481d5c2-8e66-4da2-b24b-26f8ffe3627d","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":191,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"6d0051ba-5b48-485f-b4e0-6774bb4e04ad","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":191,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"77c85be6-f859-42a4-919e-c877f488f78e","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":191,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"6fe02a32-0f65-4ebb-aa87-4837308a6fa0","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":191,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"0fe8e0fd-2cac-4d93-bc2a-9bd005355799","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":191,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"0d4da4a1-8d42-4eee-be2e-4af40e3833ce","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":191,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"c513420f-22aa-458d-bb23-7170ba2e0e4e","block_type":"box","text":"of time.","page_number":191,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"94d3280d-c2a2-4e2e-92a1-5d5635677b80","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":191,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"5db5526b-fcd6-406c-8b5d-80909b4445db","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":191,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"7575d7e5-4848-4d90-a72d-3ff9962a2896","block_type":"box","text":"risk.","page_number":191,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"2f6d1901-fdbb-4305-90ba-b6cccc33b4b3","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":191,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"7411bfff-f469-46b3-9453-4d589eebc736","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":191,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"b443c958-b5a1-4c5f-aa13-15f4f1e08347","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":191,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"adbb3f8c-5c78-4ed1-a15c-38a64148c4ec","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":191,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"3df1af63-2e8b-4c9e-821c-e0d028727504","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":191,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"42fd7a4e-0363-43ff-99ff-a9f034de764d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":191,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"8a9cc73f-1260-4e36-a707-5493145689cb","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":191,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"37f46441-bb94-40e0-a924-1f37ee2b6b26","block_type":"box","text":"credit risk.","page_number":191,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"3006021b-daff-4404-9866-6ede9bc10f50","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":191,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"f61ab312-85e6-4ecd-b196-7f5d43548618","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":191,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"38c5a6e8-d8cb-4085-9471-2b4332447cf0","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":191,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"66f224cd-752a-4d45-a1fc-cb63723b1398","block_type":"box","text":"of principal or interest.","page_number":191,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"799511ed-7625-4359-a87c-f37782469a76","block_type":"box","text":"Note:","page_number":191,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"33f2ae51-1eb3-49dd-b95c-463c96056d82","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":191,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"52a96724-b647-400e-9649-c215925382aa","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":191,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"56b5faa6-b266-427d-a129-9ce56107c7a5","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":191,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"d6dc504c-7344-4848-8f5d-c114d005b48b","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":191,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"286345fe-1908-499b-9691-b8f689be05f4","block_type":"box","text":"companies, and securities firms.","page_number":191,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"4344f093-ef9b-408e-a061-817c39650488","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":191,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"2e1b4b1a-0710-42d3-b806-842f02c58da3","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":191,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"bbd67d0a-6700-4066-bb3d-99e4c063a67a","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":191,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"2cf58077-055a-4f01-ae43-1c5f4cc63eed","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":191,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"33740428-d0e6-4135-8e73-e3b704b86f8c","block_type":"box","text":"that security.","page_number":191,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"5149ad4a-1e9c-4bb9-8708-90fd314cdb82","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":191,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"0eea78bc-17db-4848-9597-e2b2cfa64e4d","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"d6eaa34b-2c78-4498-817b-57c68fbb8b92","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"6c8c1015-c2c3-4496-a7d0-1d4b672d58cd","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"f82daf31-8791-4a5d-a1b1-aa4c5f05c723","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":191,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"fcb1db8d-8d8c-4327-8186-35c53068682a","block_type":"box","text":"categories.","page_number":191,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"9455868c-6021-4d32-af1c-3761fc4416e8","block_type":"box","text":"A-2","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3ca3b6c3-bb8c-4c45-882b-8b0f8ca256ab","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4385ffcb-7860-4b34-9267-3cfe0b3ba365","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"9c41d256-94da-4d32-95d4-40b96b0dbfaf","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":192,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"3c8bcaaa-3941-4f33-9a2b-54a616a5bb48","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":192,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"6e4fddd6-4cd3-45e3-a892-15db944ba3d4","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":192,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"8ccfa5a9-bfad-4406-95ce-a10b4fbcb3a6","block_type":"box","text":"an issuer’s self-liquidity.","page_number":192,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"d75c3828-7db4-45df-a3b1-2c79207d6ff6","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":192,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"c3d9d204-3cb6-411f-9237-07382834021d","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":192,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"87156c2a-1511-4387-8c36-9267d386efcc","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":192,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"315c0926-fe8d-4b74-815a-78f233fae700","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":192,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"905444a3-3226-4835-8b62-7d110c72f629","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":192,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"aff48801-464f-4cd0-b4b2-33d4a8244eac","block_type":"box","text":"MIG Scale","page_number":192,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"5144e743-26a6-418f-b9cf-4a4223908c52","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":192,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"9498a539-5dba-4906-96ef-fa4bdd5fc98b","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":192,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"80d75462-f253-4aa2-af07-49d6c891686d","block_type":"box","text":"refinancing.","page_number":192,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"7d073c86-09b6-456c-8cf0-79f086c1482a","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":192,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"5b966e63-bf25-4e5e-aff8-ae5cdfc8ee73","block_type":"box","text":"large as in the preceding group.","page_number":192,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"e44064c6-6839-431e-824a-6e3ada8a18c1","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":192,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"2904ea08-4e77-4804-8769-3f8bcefb7e79","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":192,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"77442780-4685-4ff1-9b24-2ed37797ed99","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":192,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"fa8151e6-c614-470d-8aff-573b835f7cb4","block_type":"box","text":"lack sufficient margins of protection.","page_number":192,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"7f90c170-a917-4fb8-8c8d-5d6e8ffcb58b","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"57a4e17f-3d19-462f-82a4-5f26ac59e9ee","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":192,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"64c7903c-4a31-44cf-9641-d2361393ae71","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":192,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"8a5f91f1-4406-45bf-992c-a7d1d05cad24","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":192,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"51ec90b3-231b-49ad-82e3-dc3c82705f0d","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":192,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"9cea48c5-0f34-49cc-bb3c-5c17ff4c4d19","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":192,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"d837b235-402c-4375-a580-a33ba9798cd5","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":192,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"cbad5b0b-10da-4360-a4f7-f765a4fe77a9","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":192,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"cbab3e34-fa6e-487e-98f7-3e70fb1a187c","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":192,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"e4d99259-067d-433f-912b-a812ecdb4f4d","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":192,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"1a61eec1-bc1f-484e-ae9e-de72116ba0f0","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":192,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"f6476e24-55a9-4caa-82b0-48b229cb2e90","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":192,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"d9b00d5c-834c-4930-845b-111d17f1b31e","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":192,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"bb450206-a5d1-400c-946f-fcee5e49eb8f","block_type":"box","text":"VMIG Scale","page_number":192,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"053da19e-4b25-44b2-9609-fd457b823a7e","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":192,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"443a3765-02c8-4f8e-8a21-44264be61b3f","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":192,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"1b74cff4-eccc-4c46-a00c-19159d0ddb87","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"1ca67f5b-bfd8-4321-a0c8-8f7594217527","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":192,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"a0b13a36-ae6e-48ca-a109-96cb7074b7a7","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":192,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"0ca887d0-b7a6-4d4d-bcb9-ce6390695414","block_type":"box","text":"payment of purchase price upon demand.","page_number":192,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"93206a82-f9d8-4810-8cb7-750e7c6c8336","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":192,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"2035daa0-ff21-46e1-a3d2-6c99ee06ee1d","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":192,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"a7baefa3-6708-4f35-aec5-ac66e150ab27","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"6e2d6ba9-c212-454e-8c17-8acac16017f7","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":192,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"a34ec70a-0dc1-4a5e-a011-0fa288db42a6","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":192,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"dc633966-2f26-4636-9aeb-441468bd3507","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":192,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"5580d538-087c-41b4-9def-a3e90a2e100d","block_type":"box","text":"price upon demand.","page_number":192,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"9a862752-aa73-4b8e-8871-a3baf0e09f22","block_type":"box","text":"A-3","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b5da1147-0b97-4759-a194-39a2b2f33fc6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48505338-f579-47c5-81dc-549c3c82261a","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":193,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"65565a98-b94b-4d3f-b006-e9544af78451","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":193,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"d4e24c0d-64af-4c3d-844d-02342f0c15cd","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":193,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"157a23d4-d796-42d9-858a-afb4fbdb2d31","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":193,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"f6685241-349d-46c5-9701-8ed1788fa7cb","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":193,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"6361da09-0981-4336-8f5f-e5252a140916","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":193,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"d7399809-1952-40c5-b533-6c3af9c7f1ba","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":193,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"cbb1dda3-698f-44f3-80f3-34a7e5c8026d","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":193,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"f71dcd3d-423f-48ec-8f76-fd10fa002340","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":193,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"cbbceb2d-c30a-4f15-a68f-1bc79966a68b","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":193,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ce002f4a-009e-44c5-a69d-c5f625f1fd1a","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":193,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"73292583-06c8-4fb1-b2c4-578f8a0ab726","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":193,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"bb64aa3e-934d-4539-9c1b-6205017a0a54","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":193,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"7c779767-602a-44c5-a410-dfc9f522243b","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":193,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"5f3514c7-b597-43b7-afe5-c5163d8996f0","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":193,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"c0fc3dbd-5e4f-4e8f-8409-b981b8f10df7","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"a74e8426-59cf-4c25-8ca2-725165a4e175","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":193,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"543617fe-aee7-4b08-afa4-90347843edbb","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":193,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"baba24d5-55fc-4807-bae2-ded755fefd12","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"3046d15b-9220-4f71-ad9c-1e5aeb5e3b8a","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":193,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"eb3f91a3-fac6-46b3-82e8-773aab89ee9d","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f7697e4e-78b3-416c-ad9a-730f472bd4b7","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":193,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"cf89af60-12dd-43cd-835d-c14ddc06370a","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":193,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"267206e5-5d5a-46fd-89ad-49b5fd693160","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":193,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"78e5e2d6-ee46-41fa-8214-3933b1d1ee29","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":193,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"df1110c5-487b-45f9-92ed-3f2865e6b2f5","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":193,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"56ffc526-505f-4a14-835c-1fc662d4e1bf","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":193,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"e0b6fff3-c101-457b-a9a7-27c2d530e833","block_type":"box","text":"obligations.)","page_number":193,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"571385a2-656c-4d88-933f-713a3bc4d86d","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":193,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"7f4b2852-d2ca-47f4-aea2-ab29c6f8722e","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":193,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"73c1ca3e-99d7-4d5e-a4d8-20fcba8f0121","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":193,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"271035b6-66cd-4689-9611-e4a327b55fef","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":193,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"d408814b-d67e-4ce7-89d6-84dafb9774a6","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":193,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"0a81911d-f656-4155-8c27-68ccd542f68f","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":193,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"7c5d50d8-b9f2-4306-b95e-063a142e804b","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":193,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"7dd8a84c-3fad-4780-bd7c-28e828a833a5","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":193,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"94fa20d0-1a22-41b0-b717-2b3abef6919d","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":193,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"2de51c94-2568-4225-bcf9-41b3aebd2534","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":193,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"0fb5b585-ba45-4f00-93b5-eac2078658e2","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"2542d8fd-6d67-4af7-891b-fd5ad5f3b9ed","block_type":"box","text":"BB,","page_number":193,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"4a6c711a-dad4-47d4-9c9f-069540f7fd2d","block_type":"box","text":"B,","page_number":193,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"f9f0d622-8e18-4226-9d07-6622a41ecf9a","block_type":"box","text":"CCC,","page_number":193,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"c7b21eab-4a48-4409-abea-ff594bf417fc","block_type":"box","text":"CC,","page_number":193,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"37b43a89-6576-415c-8f11-557d87be79db","block_type":"box","text":"and C","page_number":193,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"c365a45c-afc8-49b2-9161-547ac924bc38","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":193,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"2745f472-ba73-4950-ba1e-2dc31c903aa6","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":193,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"e680b140-28a9-45c6-8687-9b2cb33b27e7","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":193,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"ce3dd7ae-5f07-44ed-afb9-18cba9a1c9ea","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":193,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"42b105d9-e8fa-4aa0-8e80-bd42ee548a04","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":193,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"faabb3d0-ad5a-453d-8088-fde0ae2f3de4","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":193,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"500663a4-d529-41d8-b85c-931aeb5e064f","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":193,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"7c9625e2-0dd9-49ad-af33-d6c7f9e1b69d","block_type":"box","text":"on the obligation.","page_number":193,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"ef22f3bf-d48a-4600-a151-d92a68e74834","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":193,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"b9aeceb7-a023-4620-aefb-88cfe59b9447","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":193,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"5d6166f5-41e8-498b-8fab-bd1df9f4ea13","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":193,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"f9a9d78a-94cd-4d71-bc9a-11cf9a608027","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"2767be38-5b15-47d8-bf27-c3f724dae67c","block_type":"box","text":"A-4","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"7ea82ab4-5084-46f5-8ea4-95f138b27ab9","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7d5a939-a4aa-468f-82c2-27a7d334eae3","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":194,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"de9db95d-c305-459a-be86-7c86ea642c48","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":194,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"e4426a78-ca7c-469e-b272-4ef4a02daae2","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":194,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"7a700222-1aa9-4f21-b2c7-30741780609b","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"90ec0de7-112e-4090-9ab4-a9d548e4591c","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":194,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"5d14083f-ec87-4ffe-bdd0-ff5995474400","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":194,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"111e6670-561f-49ce-8489-01ae805398c9","block_type":"box","text":"anticipated time to default.","page_number":194,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"1d29849a-6eaf-42ae-b427-8b5f6ebef43e","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":194,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"e5fd5e12-893f-492d-a6dc-7a9d5b3fe1d4","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":194,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"0beb41db-f534-4546-bb2b-b33a30685c65","block_type":"box","text":"higher.","page_number":194,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"3f3d854b-e17e-42e6-9661-f610e45284ef","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":194,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"4516eb53-ab90-49a9-9a1b-d28990249a54","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":194,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"0a0c43d5-fbe9-4552-bc6a-3a84d928f651","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":194,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"d188dde8-238e-4e52-b55a-907fe03b7e21","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":194,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"6637e061-9b80-439b-84bc-f9a9595deee3","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":194,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"c7210c92-2334-404a-9e14-07d5441f4469","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":194,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"d4791a9e-f4cd-4068-9964-9320db599407","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":194,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"24fb1044-c2f0-4794-8416-a186ac7def75","block_type":"box","text":"restructuring.","page_number":194,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"2d999f16-25ae-4619-ada1-9d5e143a7f34","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":194,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"9d76a2e1-949f-4e6c-bca4-70027e24e32c","block_type":"box","text":"standing within the rating categories.","page_number":194,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"b8d8ff6a-6209-44e1-8ea8-87399d998a62","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":194,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"fbc89245-2e06-492b-b6ae-71ea20d03bcf","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":194,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"94ebcf45-77bb-4a96-ad3a-ef7f34a114fe","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":194,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"3ec2a2e7-2a97-4ea2-b708-1c8dc33d99a5","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":194,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"dfdf7e5c-c336-46d2-b119-6bf6668d58a2","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":194,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"57cfaae8-cca9-4207-983e-9fe49ef5488d","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":194,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"d7fb0f80-74bd-4c83-a6cb-e921c8be5217","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":194,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"7c3bdbcc-3ae9-492f-b902-50e57bc1aef0","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":194,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"5414c3e3-494e-43fe-8039-b75983e5beb5","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":194,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"b41d1e5a-5aef-443f-9dcc-06b1fcb2c3b0","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":194,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"2fc8962f-4515-46e0-ba40-6319ba2d55df","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"f6e068cb-12f8-43f7-9694-32a55ade81f4","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":194,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"18b6c96b-a8d5-4d6e-8701-ab84c6c73743","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":194,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"a220647f-1bb5-4a5b-a5d4-c000a564f21f","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":194,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"9e613632-3475-4dce-a908-383f5dbc997d","block_type":"box","text":"financial commitments.","page_number":194,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"2db35e05-e370-4b16-ab48-792a3e3916d0","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":194,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"81d8e555-7a60-4b5c-b469-a523b14ad79d","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":194,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"bfc5ba66-5e88-4265-a6ce-77ee3c3fee9d","block_type":"box","text":"commitments on the obligation.","page_number":194,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"5c702ea0-7db5-45e2-a3dd-ff099b939788","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":194,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"b6ca44df-4d97-47cf-9ae1-fe85107e8e53","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":194,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"37001e8b-73e1-4da4-9842-d652316f3bc7","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":194,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"89021161-f421-4c6e-8439-8d1be46b851d","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":194,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"52b2df7f-8119-4f32-bb23-c41881b896bc","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":194,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"0c4d4787-6543-4402-86bd-3df05c2c5bd7","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":194,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"7233cbdd-149b-4b2e-bb97-70db337b60bb","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":194,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"06da81da-7c78-4392-a129-2aa1218544c4","block_type":"box","text":"debt restructuring.","page_number":194,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"ea3a5830-acff-457d-ba86-902b913085a1","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":194,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"f09fca83-b5d4-4f64-b48f-452df2e2f993","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":194,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"1e92aea3-35e4-49c3-ad36-58a4e582021e","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":194,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"33bde117-f1b8-4177-b26f-b18ca53f9b86","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":194,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"c72104d5-0796-416c-b6c6-ee017cf89b58","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":194,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"e6e627ca-d9ad-42d5-8b16-3eb4ae8ea972","block_type":"box","text":"A-5","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c7496cf5-6561-4a90-8170-5dafd0b70d54","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61835231-e2c3-4aa6-ab29-212168325484","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1eec93e4-6810-4428-a111-621180026190","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":195,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"720774d9-0756-4ad0-838d-81e1d01288ac","block_type":"box","text":"as a note; and","page_number":195,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"320f85f6-f0e7-42b0-a6cf-fe3549d5476d","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"8cdf6abd-254c-4da1-94c9-589174d98316","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":195,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"f4a0a7d9-5312-402c-8e5b-e155b42fb28a","block_type":"box","text":"treated as a note.","page_number":195,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"b1e7e1d8-65ce-4027-96f7-0f78a558daa5","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":195,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"70ac361a-4fbd-4aaf-909c-a0c6672f10c3","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":195,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"a9552c22-7be6-4eac-a1c7-7c2dd01ff270","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":195,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"78172016-371d-4249-835f-50c6af7d794c","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":195,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"db5d323b-66d9-491d-ae44-6f0959a93c35","block_type":"box","text":"economic changes over the term of the notes.","page_number":195,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"afc04eba-8ded-4e98-967f-d9f2111df86d","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":195,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"2853b514-1c92-45a4-a1d2-d3730e71f233","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":195,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"76d693fe-3c05-47df-aa40-bd1c3d554f9b","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":195,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"a2be38d9-1dd4-4a7a-87b4-62fc376ab942","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":195,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"a816686a-9ef3-4e86-8798-5eb6fa08f7ad","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":195,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"326d0092-42b6-4960-8fcf-6b29d9b3d8ea","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":195,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"4373de61-3aff-43b9-9142-5573b9170319","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":195,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"1ce2e9d4-c978-4db0-a23a-ed21ccbe072a","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":195,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"08722a58-cf82-4ddf-a7d2-268c7656b4c7","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":195,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"d1f195d3-6c7e-4c45-94fd-b0082e6201e0","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":195,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"8455ca5c-b213-470b-b918-a6dc48c45d82","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":195,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"635b8406-3434-4eff-a51a-c03f0ff00c5e","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":195,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"d7b4b30b-6f98-4926-a348-6070523e24f8","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":195,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"ea60a8e2-8152-49e7-bd9f-0f2c8e3b3945","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":195,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"5cf5f6a0-f3e9-4b1e-9280-cadf05f082f6","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":195,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"81a2a9d9-0be7-4779-9b9b-7d7fab6bc6fe","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":195,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"812a5fcb-095b-41b0-86b0-c5cba28683b2","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":195,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"5843a90b-7bf1-44e6-9fda-8b03ebbd44b0","block_type":"box","text":"receivables or other financial assets.","page_number":195,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"ee27b19d-62f6-46fc-8aaf-a6eba5e2bb99","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":195,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"d646ffc8-17dc-46b2-bb9a-67926f940645","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":195,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"854ad86c-2276-4d74-9dcc-b651ef10e6d3","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":195,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"8a7efb48-69bb-4724-90c2-1eab4e4794f5","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":195,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"782126a6-9250-4125-b77d-3c7cf9dd2a85","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":195,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"9edd0f70-0aca-4168-8422-7b6ce9e12224","block_type":"box","text":"occurred.","page_number":195,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"adf4f168-119d-437a-b5b4-48c790fe9f28","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":195,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"07560055-e17e-4fb3-a64e-8998a6f1ba64","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":195,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"dbb0aecc-5aea-46d2-a4f2-2a19a491850b","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":195,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"1a68fb55-d7b8-4a4e-aecd-4d166881bb7e","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":195,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"14c46b37-241d-4341-9621-5c59e93a2fdb","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":195,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"8740e013-8375-4b58-adf4-48c9bfd675f7","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":195,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"918667a7-7325-44fe-a7bd-76883088642f","block_type":"box","text":"rates.","page_number":195,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"c52cfdeb-9114-4de6-86ca-fc83c192fbd2","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":195,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"dd2bf2f3-3e5f-4f18-a9c5-79f6bc265ad8","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":195,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"4c335993-2961-4cd8-98ba-50c1b9f4f3d9","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":195,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"f421d370-607b-4859-9278-a92461b473b8","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":195,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"96209c4b-27ba-420f-ba59-edfe1f17f3d0","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":195,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"d9a685ef-8a36-4799-94cd-58226466fff3","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":195,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"213a5f7c-699d-4a2e-baf2-1a20e47ae21a","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":195,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"fd5673b4-19b7-4b9e-92ad-2c5893bc7c70","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":195,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"779ac069-f936-4fcc-8fab-1841b30870b8","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":195,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"aae08a3a-ce65-49b3-9213-76161f347872","block_type":"box","text":"i.e.","page_number":195,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"87c33be8-0b0b-4230-a20d-4a4768ba8016","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":195,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"a086edec-c5cf-404b-be76-191f375d04e4","block_type":"box","text":"the obligation’s documentation).","page_number":195,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"88f0b6e4-cd68-4125-b4b1-6d0a9e9f43b2","block_type":"box","text":"A-6","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"e3230008-f90b-4f83-a072-8cfa4d8b59de","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbe3affb-fd25-430a-9e71-89de7325ecc1","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":196,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"044551cf-f05b-4115-93a2-78447938faee","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":196,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"d56a8a66-27c4-4abc-94c2-6d3d0746fe73","block_type":"box","text":"agents in the form of a rating letter.","page_number":196,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"3c97cb66-48ba-44e4-99dc-13298d78a587","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":196,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"287b1bc7-f732-4342-adbb-d8e531f8b261","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":196,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"fe384e06-bd36-4785-a8cb-d24d14bd8541","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":196,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"10154e9e-b156-4864-a7c3-0d3daae6ff92","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":196,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"d2eed1ed-b34e-4c23-b0e7-f6db1ac9e292","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":196,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"2719bb06-0d59-4453-ba5c-935667c6c9e2","block_type":"box","text":"e.g.","page_number":196,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"7a4d83e2-4f2a-478a-acd0-a243e175e5ee","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":196,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"d891f1ff-7a96-4cd7-9f7e-1c14a00c410b","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":196,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"25c3fea7-41ad-45ee-a92b-c24a374a58c8","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":196,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"74dd8f23-d7df-4bbf-a0e3-8711f81c95e4","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":196,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"c85aa9b6-9b31-4b17-b566-5e113d91a24b","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":196,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"d6b533e0-737e-4bd3-87c9-b0025d72bbe5","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":196,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"2daf10d8-311e-414e-b013-707df7f2db8e","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":196,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"82a47a24-9aff-4d86-ad22-ac55cac0880f","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":196,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"4c03c290-2af9-47df-9c6b-13cb6fbd7d64","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":196,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"0266b296-2288-4233-a92d-0e0c281fc7b0","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":196,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"8b96c8c7-275b-4cd1-8520-2606a859e1f3","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":196,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"735863b1-445a-4530-a21a-afa16e399013","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":196,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"e1304292-8fc5-418f-afb7-bb20d51ceeb9","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":196,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"08a454cd-72da-46f9-80cb-471c2b9b4920","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":196,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"940e2180-f737-4010-a55e-c4c1633ca808","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":196,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"8a11aa7c-e773-4443-99b3-395f8df4d5b3","block_type":"box","text":"Ratings.","page_number":196,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"48e396e3-f184-4751-b189-6b1f15607687","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":196,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"bdab960f-06e5-4dee-a9b3-5dd1d67be38e","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":196,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"db4801a5-55be-4092-bf79-51369e130482","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":196,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"760b4fc9-ceae-4076-b370-acda7bda4936","block_type":"box","text":"obligation ratings.","page_number":196,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"961f612e-dacd-4aa4-95a2-fd3ce04e595b","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":196,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"a251905a-325a-4b47-bc2c-441658f2afab","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":196,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"78efaa2e-4d91-472c-8c16-ccc385d06792","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":196,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"fa84dbf5-c39b-4123-952d-e65a7c1b81dd","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":196,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"b8d2ce6a-2e5a-4e50-b1e1-408cce32790e","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":196,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"b6431775-361d-446d-87de-7b10420e95d2","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":196,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"51725b5c-4ff7-4850-963b-9d669efcfd24","block_type":"box","text":"to foreseeable events.","page_number":196,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"e9238beb-12af-4a71-9318-112dc078a9fc","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":196,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"ac00fd64-6a55-4cef-b71f-54f37b24de2b","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":196,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"76f38be3-5126-43d9-8c99-1bd86a96b719","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":196,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"2c5b4273-1a90-456e-bfae-073c00bc2860","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":196,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"ee74b717-0c26-42eb-924f-da28845d8af8","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":196,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"dc3fae41-a0d4-4a6f-a384-6084483b5640","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":196,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"de4faf77-12bd-455c-a78f-90c1cc1c865a","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":196,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"f101d39f-aa3d-4288-affc-414f8e9ede4f","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":196,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"e28a081d-cb3a-4136-a915-9119f007b146","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":196,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"1b4d0f72-d52b-44b1-8308-6ffc580d6b3b","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":196,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"ef5085e5-b6c0-4ec8-85e2-8a5009acbfd9","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":196,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"2847fb66-834a-4a38-809f-7133745fc4d5","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":196,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"716ccee9-752d-41fa-b1f4-b1cf0d886b95","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":196,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"adf5d1fb-7149-46c4-85c3-95b40493eef2","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":196,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"6d736c5d-1c4e-479c-b79a-f767f57d9684","block_type":"box","text":"relative status within major rating categories.","page_number":196,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"a019579c-5d0b-4892-a0f0-9b4c34bdf5cf","block_type":"box","text":"A-7","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2613efc3-5043-44cf-b5e5-1ce0767ce510","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"360effd4-a144-4b57-9867-4fe223777923","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":197,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"41a0f2b9-db4f-4031-94bb-403242665fdf","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":197,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"1eb81455-60a5-4b5f-b7a5-cddbf5a028ba","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":197,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"954729c6-0511-4078-aaa7-144529a49d3e","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":197,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"5459cc06-2a60-4f0e-b25c-ba9e39fe04c6","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":197,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"d9203efd-218b-40f3-a22f-d12f7b2990fa","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":197,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"2427d8be-1422-46f4-9a77-5ea2039b80b7","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":197,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"868ce2e2-d66c-40a6-9086-8102fa428529","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":197,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"6a9e788c-a6bb-48d7-ab17-1ba000445a0b","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":197,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"66fd4ee7-d447-4a8a-9294-91c1de3fcbbb","block_type":"box","text":"finance markets.","page_number":197,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"70bcda19-c629-44a9-83b9-0bb73bf14e23","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":197,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"bfe8c294-fd84-4262-8b6c-457119e18083","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":197,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"c726170a-a2f5-4621-8009-d3c8351ac06d","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":197,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"d2c0f62f-b561-40a1-8d0d-45af6d6ba7da","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":197,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"cfb4ef2a-ea97-41c9-951f-4785594a885f","block_type":"box","text":"commitments.","page_number":197,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"215676da-04b1-452a-aa28-12cfab4359d0","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":197,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"7f267721-98c0-4ac9-849f-7c1f5e7c8dd2","block_type":"box","text":"adequate.","page_number":197,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"6edbbf69-2fdb-4318-a644-f46c3f68013d","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":197,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"fef1d19a-0b67-4844-b9f5-0cd4c21abf05","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":197,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"3c765e91-1bdb-4e17-9dbe-aa76d379baea","block_type":"box","text":"economic conditions.","page_number":197,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"03c1942d-3318-42b8-98a9-b44626e932b6","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":197,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"93b96d4d-c0f9-4e0a-aa32-26180af188ec","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 short-term","page_number":197,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"15d44aff-1064-4ab4-a508-4d1c484f1c65","block_type":"box","text":"obligation.","page_number":197,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"f3373aa6-b3e5-48ad-8663-e715749f9e63","block_type":"box","text":"A-8","page_number":197,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"91adf673-4154-4e51-a088-22e2e0eeba02","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07a87dda-6e3a-4e1b-babf-c42bb498c4cb","block_type":"box","text":"APPENDIX B","page_number":198,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"a0de144e-5347-4a32-a6e7-68733cd15a27","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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Statements","page_number":198,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"306f02c7-0c07-4bc3-8868-2b520e78a81f","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":198,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"a7ce1904-9e9a-4512-8a29-59e8d076bb25","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":198,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"83ac6716-51ae-43e9-abe2-a0b092446be4","block_type":"box","text":"voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of","page_number":198,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"8ba0b50b-9376-4772-b41d-d3a27fc348b8","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":198,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"dc722326-f7ed-4b58-b0e1-3fc45ee53deb","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":198,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"228de792-c1cc-4407-8a60-5cec7343662d","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":198,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"4b4bbe3e-06aa-4496-b44a-7a36ed23fe87","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":198,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"f43d6ddb-1ab8-4bce-902f-d3da44ca54af","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":198,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"f81c9299-5ff9-46b9-afba-f0495b0302b2","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":198,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"1b84bc4c-4fb2-4595-84d7-7d8f8667135d","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":198,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"4ed1c059-9d05-4c9d-b819-81f6d2a1793e","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":198,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"9d24fce9-8314-4171-ab3f-423de3bcc547","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":198,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"01217ec5-7e23-4677-a13e-e66125dfc7b7","block_type":"box","text":"Conflicts Management","page_number":198,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"71603fc9-d0e6-4ada-8579-98a60cbf05d1","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":198,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"83434d68-68d0-4f4a-9f37-673d424515de","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":198,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"9c548318-7216-44b5-b945-25c8b309ce2d","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":198,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"f1ffb9ba-00a0-4f9a-ac64-5361e7da0a77","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":198,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"1801795c-efc7-4cec-8ded-213b1e2d6eee","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":198,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"4af9c809-e5a4-4cca-baf4-18b62e23518d","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":198,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"d3637505-cb4b-4ac6-a84b-b7fd141eb407","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":198,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"ba99042e-d307-42d2-8a14-ab2815cb51af","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":198,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"e69f0519-3af6-42bf-a1da-f20d87e7221b","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":198,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"e750cd2d-9d77-4aff-b7b4-8b67cdb14a7b","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":198,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"afb3d67e-7d4d-4154-bb56-b44138b12787","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":198,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"b87efdf0-d696-43d0-8722-15facb6a980f","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":198,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"f82a716e-2ace-4314-8336-8950e31acea7","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":198,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"7a8ff305-ff6d-4ef6-bb8c-3e5058debcbc","block_type":"box","text":"connection with proxy voting.","page_number":198,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"69382528-4180-4ce2-bc34-47fbd6938510","block_type":"box","text":"Reports to the Board","page_number":198,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"ccf49392-0a16-4125-8812-a01a816afb1b","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":198,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"7f68ae3d-195b-49bd-8c87-44e03fabb717","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":198,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"22cdd385-6e9c-4806-8e02-5c9c87f47dbe","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":198,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"5375acad-91ac-494e-9afa-0dcf42d1d74c","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":198,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"e4cb19f0-ecc4-4dae-b4e7-5619aa681274","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":198,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"d977dc1b-4d53-4838-92b6-599c63e2cdd6","block_type":"box","text":"BlackRock","page_number":198,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"74b8a441-d6f7-4f3e-ad19-ccaffd27607f","block_type":"box","text":"Public Page 1 of 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BLACKROCK","page_number":201,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"eb443971-528f-43ca-84c9-f1fd6494cc96","block_type":"box","text":".................................................................... 4","page_number":201,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"7034dd88-83df-4d2e-9a42-ea6686dcb5e3","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"6d82230b-19e6-459f-8e40-195f9cf02a0f","block_type":"box","text":"............................................. 4","page_number":201,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"72a93934-375e-440e-8d7a-27b30e5a7028","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":201,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"035b2925-0195-435f-bea0-313bcc3caca2","block_type":"box","text":".......................................... 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The guidance informs the voting recommendations BAIS","page_number":202,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"adb948bc-24f5-492d-bb93-6e66fec1e2c9","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":202,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"987b90a2-b6ef-4161-acdd-5d7e999e80dc","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":202,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"94bda310-5826-46fb-92bd-d1744cb17a58","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":202,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"c9cfecc4-9313-4576-a11b-5ace3874855e","block_type":"box","text":"The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these","page_number":202,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"e197e820-45de-449c-9f80-95089d8869d2","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. 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This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":202,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"3f8d704f-08c2-4372-80be-52375e688258","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":202,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"4e1b497e-2f65-4202-9506-fe7a10cb55f6","block_type":"box","text":"2","page_number":202,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"7b010c53-74f9-4860-be7c-e134ee291354","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":202,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"234ecfb7-d4db-47bd-b9e2-d1ddfe099092","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. 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The money BlackRock manages is not its own — it","page_number":203,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"8f370dc0-7a79-456c-92f7-6bd197e52be2","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":203,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"cd8a2a9b-3b03-4449-a702-a6fb91af6ed0","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":203,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"b5a57756-97d0-49fd-b271-ecfe08db0ce2","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":203,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"47b6f86c-b7f1-4238-a9ca-f4d4ef27a3f6","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":203,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"6872def1-e305-4a2a-90d4-f3dc153f5078","block_type":"box","text":"this work with research, data and analytics.","page_number":203,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"fe2c2114-7597-4207-9c16-c5ed4d473a9c","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":203,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"014d5403-9d91-451a-a1ca-b1d9b87fb4a3","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":203,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"762d0ec8-5f72-40c9-b899-272e74aa0fe2","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":203,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"07a0c128-ec3b-490c-906b-1aa21bc373dd","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":203,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"8dab5502-01fc-47f8-9933-63c374631433","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":203,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"965b3f29-d8aa-4ec0-b00d-fae6ceb84dbd","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":203,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"a7e8fb92-6a67-41c7-8b08-e525f1f217e0","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":203,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"2180a341-b99d-4682-80dc-ff6ea7c14a2d","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":203,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"db19642d-0637-43a9-9eb9-98efcb1e6966","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":203,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"503c2a41-ae17-4de1-ba6c-e5c2ecf9460a","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":203,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"f4890253-3ee5-4e22-ad6a-cd8091a788fc","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":203,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"1e4a81dc-5c79-493f-9140-ee719ac18152","block_type":"box","text":"shareholder meetings.","page_number":203,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"29b1b680-8fa9-4c5a-9090-fda6a137085a","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":203,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"d4161daa-b844-4333-8a7a-c12a82f7d0a8","block_type":"box","text":"investing.","page_number":203,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"cbf312c1-0e5d-4574-8c37-de1fbe91b44a","block_type":"box","text":"3","page_number":203,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"99dce236-adb5-449a-a7a8-47d82f75bc7a","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":203,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"0f318585-9389-4a21-b48a-10cfe6d4fdde","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":203,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"afce8f77-9f08-4027-b353-d45ae7d3b93e","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":203,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"26b84388-dc7b-42c3-b734-2c5bf8b15293","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":203,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"5b0246c5-cc4f-4751-a08b-733bbc2c35dc","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":203,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"6714a1ed-c921-4d42-9018-82efc543813d","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":203,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"4e5d81dc-a779-4ec0-a6f0-aa3aa0e0d23a","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":203,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"95a3cc75-ae6f-4773-ae50-253d0bc755ac","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":203,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"a49a96f7-d9a0-416a-b1e0-65b28ef588f4","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":203,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"2093ddd8-96b6-406b-ba66-b2aadd119d84","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":203,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"4b9ac50b-0ce8-4dc4-a3c4-7e279107ca69","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":203,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"19f9e851-c797-48f4-bcee-2d6dce08a7ef","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":203,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"691c90e0-f56c-49ad-8b26-97eb86aeb087","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":203,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"22c94689-a34f-4a1b-8d72-b530ab52cc93","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":203,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"50d01ec5-6842-4478-a140-7775cd973a42","block_type":"box","text":"management teams and board directors","page_number":203,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"d3018a7d-965e-48d5-b493-f42ee2f69d88","block_type":"box","text":"4","page_number":203,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"36c5f467-f04c-4864-8201-cd67dd2a85d3","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":203,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"50df7909-2c9f-433a-bd6e-970c295ebfd4","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":203,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"8f7ab42b-68e1-453f-a049-4d706324c74b","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":203,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"509cd0ac-cfde-43b5-bd1b-6517c1ced545","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":203,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"83758afd-6118-422e-b66b-f3a0b8cdc00d","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":203,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"305b6592-b7a6-44c0-8162-6508a55e6fa2","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":203,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"e51b345e-7967-4eb0-aaa6-e8efae785817","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":203,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"c69f2c2d-418a-4db1-b044-ad3d5890c24e","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":203,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"f8d7d5ab-9456-4486-a297-8bc237be8684","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":203,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"7d9cfb14-c70c-4154-97ae-33c244106975","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":203,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"3ec81354-7d1c-43eb-a290-82675695ee98","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":203,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"d8c398e3-438b-4f89-8360-b0fee22507e5","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":203,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"a8110bae-a2bc-4372-b32f-733ed8355480","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":203,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"a0d223a5-92a1-4ba6-bea0-74f06ec7474b","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":203,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"8a6d5e71-9bff-453c-9d67-6dbb04be1637","block_type":"box","text":"3","page_number":203,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"b208308d-1fa1-4f8f-96a7-8d32115b46a9","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":203,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"798ccc75-c964-4010-97a9-dc3d198fe9f4","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":203,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"f66857e4-ad2d-4465-8bc4-b0007d7f9d65","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":203,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"3f1c2139-6a3d-462a-b8b0-9ac87416e518","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":203,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"7b86524c-f2da-4361-9acf-1c9a6d096bc9","block_type":"box","text":"4","page_number":203,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"61c20887-d6a2-4b96-8407-6d96b42be85c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":203,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"64a6ab11-552b-4e7a-8f5b-3155e4a8b20c","block_type":"box","text":"boards and their members, where relevant.","page_number":203,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"3e332687-3e97-40b0-8879-e6268026acbf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d8029bc8-a4c0-482b-a627-6b7ed132865e","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"747a06df-2677-4c96-a4cb-cbffee1f46e3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3bf3de8-babc-400d-a2f9-b6ab1e12c533","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":204,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"6327e51d-c09c-4f30-8189-191bc85061b5","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":204,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"58048cbc-e1eb-4bb8-b5fd-086fb4b23d06","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":204,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"23caca69-69db-4833-a4e0-e31a842fa26b","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":204,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"efaec470-96ec-4c92-ad19-feac0599c945","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":204,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"0d6ee4e5-37e4-4577-812c-e7ec0be501df","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":204,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"4db975c1-93cb-44e3-9338-850e8acc24d8","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":204,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"617c01e1-957f-4668-9c64-c3e0089a8707","block_type":"box","text":"5","page_number":204,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"c8c14569-ea2f-4d36-98b3-57ef5b3b5fe5","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":204,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"7c4144a9-8262-42a8-aac9-c9ad5624d7cc","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":204,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"b37ba46a-6360-4460-bf1c-0e32c3923736","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":204,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"c1f52879-0e86-4a55-ade9-8053c57b0607","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":204,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"1a547e3f-068b-4d02-9c7a-43500b1244e5","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":204,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"6f8802b5-8a41-47f1-af1f-3361d195357e","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":204,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"c405a983-5cb0-4f6d-8d5a-30d7d04ba5f6","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":204,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"9acf0012-0920-4b07-9c2f-a0e7cf08b02f","block_type":"box","text":"5","page_number":204,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"1a3467d2-f5c4-49c1-8420-cbf254133c6b","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":204,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"efec041a-827b-4cb3-9d77-9c3f8bee629d","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":204,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"3dd7aeba-21b5-40d4-966c-d20de29ae911","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":204,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"95eedc1b-ad92-4c59-9a8b-400d7bd7d081","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6c5d757a-f4ba-4797-95bc-8f26fe19ebe5","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2caf08e6-6b5d-41c7-a960-1d9d3ff09f8d","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13205561-eb52-4d84-87ef-78cfa6af18b1","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":205,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"18285915-fdd9-4ed3-91fc-93606136e730","block_type":"box","text":"Roles and responsibilities","page_number":205,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"39d9842e-a8af-4c89-9003-78674996a0b0","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":205,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"f2992bfd-46e8-42c3-af41-02bb45990dba","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":205,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"0de31b61-f929-4c48-95ea-b2f8b8b1a9f9","block_type":"box","text":"6","page_number":205,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"968f4ce4-2ec0-41bd-953f-67b435f59fcc","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":205,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"aef4b944-06d4-4ffa-afe4-1bf32a8ee420","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":205,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"8fe00878-9daf-4b0e-99a7-af61c5307191","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":205,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"c81cc320-66c2-4df9-a51d-891b55cb2960","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":205,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"5c45b6fb-02e1-4e7e-97c1-7bac06544617","block_type":"box","text":"performance over time.","page_number":205,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"f701f4a2-808d-49c1-976d-820dd3ba62ef","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":205,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"14185804-c333-40fc-ab0d-167b43959e20","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":205,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"a23e3c6c-9cd1-4c10-9902-6c54a57aa32a","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":205,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"fbbb21da-5480-46bd-8530-3edb3db34671","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":205,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"a44b02b7-0b6b-4e6f-b33e-f06ea708b78f","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":205,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"3b56e7cf-0bbc-44d5-a3a4-cea96f0a202f","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":205,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"32ccc507-8d10-4314-ab80-eadb4c1b81b9","block_type":"box","text":"Composition and effectiveness","page_number":205,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"1d60760c-3431-496d-855f-3c648c3ca1f8","block_type":"box","text":"Appointment process","page_number":205,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"f4a12f84-71f1-4c02-b689-d08ca070505f","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":205,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"97021833-7a81-4563-88ac-8bfd77500da9","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":205,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"7d5dfe12-96c0-4090-be69-c1822535952d","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":205,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"5108ce7a-b1fa-4b09-a262-98e9a6dbd19c","block_type":"box","text":"e.g.","page_number":205,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"1290dd55-33ba-489e-af98-bfc28dd8ad64","block_type":"box","text":", sector, maturity, geographic","page_number":205,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"581c08f2-2432-4b4c-a7e1-7d471aec1831","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":205,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"510555e5-2681-4267-9379-66439acd98db","block_type":"box","text":"e.g.","page_number":205,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"227d69f9-1694-4ebc-8144-410777238fa0","block_type":"box","text":", financial expertise, industry track record). To","page_number":205,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"2287fb7e-98f4-4a3b-875a-7a41f0ebc1aa","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":205,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"39e79968-512e-481e-abf9-24c6c8bdb1f0","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":205,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"313ab9a8-765a-41ee-8609-fea71b1a0ba1","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":205,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"2847f793-a1b2-4eb4-a534-6dc33143cee8","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":205,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"0fcfbb2c-a9e0-4ba3-9dae-26205502d498","block_type":"box","text":"and local market requirements.","page_number":205,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"1a5a667e-866e-424e-b63e-0b1924702e86","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":205,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"f6b25bb2-9b20-450a-88ca-65dafde46295","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":205,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"5709150d-67f5-4c37-bce6-c3e41e66245a","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":205,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"08bfe11e-d038-4777-9493-4fac41875956","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":205,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"b7a073e2-3b59-414c-9fec-bff5eea42b85","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":205,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"be0baf91-b9b7-4b59-907e-c810346b1768","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":205,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"61f19b6f-c251-4a23-84aa-ee87d64a5032","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":205,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"f22d80e8-f07e-4f22-878f-c6fcd673a187","block_type":"box","text":"Independence","page_number":205,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"4da640af-cb05-41cf-bd8b-17173cac422f","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":205,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"a307e5d1-e899-4a0e-afd9-7debe2820a1f","block_type":"box","text":"e.g.","page_number":205,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"66564ae2-2eb4-43d7-91a5-719c22c37917","block_type":"box","text":", government or","page_number":205,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"07d9196e-3152-4636-b198-4d5c294efb00","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":205,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"50329f63-ee34-4c96-8826-e1a6176c2f13","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":205,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"1182d1b8-f149-4254-8e2c-ea31b4261961","block_type":"box","text":"conflicts of interest or undue influence.","page_number":205,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"ef8da335-4d60-44dc-a4dc-5541fe576cd9","block_type":"box","text":"7","page_number":205,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"60ffd9cf-f0c9-4023-bfe8-a53100de896b","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":205,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"76b330d2-7538-47c0-8daa-1a675dbe3f0b","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":205,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"e588dad9-085b-40d9-894d-6dec6c0f0a88","block_type":"box","text":"independence should meet those local requirements.","page_number":205,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"a7a54c5d-731c-4acb-bf40-5610566ebadd","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":205,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"5584de9d-2aa5-4e74-81eb-bb691b1abaa2","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":205,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"ff70160f-d625-4c11-8f53-3a535e0af8c9","block_type":"box","text":"composition if this is a perennial issue.","page_number":205,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"12c008d7-3c52-4d35-82b4-4f64e1c2e5ca","block_type":"box","text":"6","page_number":205,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"bbd77675-a516-4c3d-825b-114be1cd9d2a","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":205,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"0b8e1a13-f08f-4581-8646-abd5cd88b576","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":205,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"0c1d5dce-474d-4a3f-b969-4f29840522b2","block_type":"box","text":"7","page_number":205,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"dac36cff-fe5e-4448-a6b1-50dd2b3ebde2","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":205,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"1c612130-ccb5-444d-8d7e-ade9d9577933","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":205,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"b047a33d-4f98-4e1b-af1f-bb968441b271","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":205,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"d0c2ed91-fa7f-48c7-ba64-e438a76fb4cd","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":205,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"8affc3d3-4d08-47cd-8356-1f3c819497d5","block_type":"box","text":"of the company and shareholders.","page_number":205,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"ee125b51-48d4-42a1-9e1e-ea6074364bdf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"14c421d9-8a63-40ea-864a-13b1b566cfbd","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c5d6540a-86ee-4af8-b306-5e3bf2c61f1c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da85485c-2d60-4168-85d5-d408cac39d34","block_type":"box","text":"Independent board leadership","page_number":206,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"2b4cf03a-bc00-4471-a0c5-fa1bc712ed75","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":206,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"d3254303-3c0a-4460-b4ed-a9b704ca9a85","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":206,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"f0fefa0b-e902-4fad-9693-5c16754625ae","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":206,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"59ca1d6b-ef4e-47a5-b0a3-a2f4c6df9fd0","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":206,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"c7c9a2ce-8286-4fcc-aa9b-4a22c3545858","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":206,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"c0fcf126-c4f9-4d79-ab37-7ee788316b15","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":206,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"6e025019-e5ea-4796-8549-93ffc9b57eef","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":206,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"8359f1d6-9bbd-44d3-92b5-6068bcdde526","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":206,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"eb2f390b-6712-4316-9948-dc377ce33785","block_type":"box","text":"how it serves the interests of shareholders.","page_number":206,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"64f100f4-ce68-4b63-8f76-ca64d6bd43ce","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":206,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"317412b6-0a11-437e-87ca-d209c5c3b7d7","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":206,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"81eb1dbc-cb91-4a60-8a21-8e6db769fa83","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":206,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"3e0ec78b-5413-4db7-9481-3070607c5a10","block_type":"box","text":"Tenure and succession","page_number":206,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"162b7003-91b1-47d2-b996-b05cac8f0ebc","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":206,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"052035ac-f91d-4876-aa36-a9253c85ce3c","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":206,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"85e0d7ed-0fb9-47f4-8f8d-4aaf0df0be96","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":206,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"d138c397-b883-43d5-a6d1-4c86bbdcf521","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":206,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"04996c2b-0c76-4e25-bfdf-67bdd1fcaf14","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":206,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"41cdf2d1-d5d2-4c8a-aa24-baab8f208064","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":206,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"0ac037ae-db06-4683-8cef-c286612774db","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":206,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"f197d6a2-a1dc-4c92-8cdf-f7bf008ae4ba","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":206,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"0bcb9d43-f97d-4426-908e-dc3678e8e2af","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":206,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"450ae016-df73-45d2-834b-55ffde62d0fc","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":206,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"e6c059c7-b98d-4662-884f-b7ca2088924b","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":206,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"b5def7fd-ff54-4367-973f-38436b0df82e","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":206,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"6f43f731-168e-430b-bd7f-428347238700","block_type":"box","text":"for their continued service is not evident.","page_number":206,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"19d13835-a91b-40bc-a8af-e115ed966abb","block_type":"box","text":"Capacity","page_number":206,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"1186d50d-d903-40d9-8faf-da18066bd2fb","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":206,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"61bdebb3-d492-4edd-b613-367c64dc5192","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":206,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"0e232fed-1032-44aa-9a3d-b9d94ae953d8","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":206,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"fd631203-1b5e-4835-b55d-6e4d4adb4ad6","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":206,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"0d1549dc-ac73-4f5e-b4ed-80e882f64a82","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":206,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"e344757d-e096-47c9-bbc6-31e3da41c1de","block_type":"box","text":"determinations across markets.","page_number":206,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"0c0f0efb-d456-464f-bba6-a8ff3bbfbe10","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":206,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"e6cd852e-4db4-41cf-bf66-439ab7454b35","block_type":"box","text":"their duties to the board and company.","page_number":206,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"c5092df6-7449-4da7-ba3f-75030f0d029f","block_type":"box","text":"Director elections","page_number":206,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"92f370fd-a646-42da-b96e-8891fc683ebf","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":206,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"0fc297f8-511b-478a-8713-0d1054e0ace8","block_type":"box","text":"structure","page_number":206,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"1828e3e5-c9af-41e6-989c-0164de38bd33","block_type":"box","text":"8","page_number":206,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"0677fe92-1d9f-4343-b0f1-0f9717f94efa","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":206,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"f046f9d9-aa3e-4955-ad28-6911172a1828","block_type":"box","text":"basis of its business model (","page_number":206,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"5da057b5-512d-45b7-a125-cfce87d3c0b5","block_type":"box","text":"e.g.","page_number":206,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"76fc32af-9cf9-4ef2-9a9c-188fb917e079","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":206,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"fc23d744-c803-4a4e-8a18-11d70b4d0910","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":206,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"2d813f92-20e0-4608-bade-85f87e2a29a7","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":206,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"df8d7aec-2658-4afe-8b4e-3e8e247e2688","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":206,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"22d74d66-7390-4db8-b924-1fbae8a319a3","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":206,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"8980e26c-320b-4473-92bf-a150cced5356","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":206,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"7a127cc8-455f-4dca-967b-f5f2828c1cf9","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":206,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"4e903795-834b-4046-b487-7f603645f915","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":206,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"d11d4e0a-6968-4a22-ab13-2fd0c896e42c","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":206,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"ffaafbd9-7350-4842-9238-f0565cda7925","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":206,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"97c0a9ac-ba7e-47b2-befe-05001973aa09","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":206,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"40c427dc-5080-42e4-8de5-83c0a8de2780","block_type":"box","text":"8","page_number":206,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"f33ea910-b532-4019-bf9c-4950c21f86f8","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":206,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"b5b2f22c-4146-4c06-9f79-a777d3de4130","block_type":"box","text":"directors stands for election in any one year.","page_number":206,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"2847334c-5c88-4845-ac04-3e6f9d209b8d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d5031665-4d40-4f45-bce1-d1e8e49e6acb","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"6bcd5746-40e1-4128-b4a9-5adceb392733","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"286dd741-fcc4-49db-ad1d-2054a0439cb0","block_type":"box","text":"Committees","page_number":207,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"7eac45ae-9663-407b-8fc5-cd62dbcd4190","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":207,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"a4dda63f-7b90-44c8-932c-bc18e560fd8c","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":207,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"c8829e62-b8f3-4d81-9897-6f0c78774d97","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":207,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"a156e314-6ff2-4a32-a470-6f549f10c950","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":207,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"7123bbec-f466-47c5-823a-7265475b225c","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":207,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"1003eb41-8338-422a-815b-e780f1558f67","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":207,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"87b664fd-572f-4619-ae01-4eabb665b29b","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":207,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"d0fb2d65-166d-4464-b9dc-49c609aa567c","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":207,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"8b7f3ce5-9407-41cb-a182-073a85a2a66c","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"80220884-c26d-4c87-9bb4-24b769b73797","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":207,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"1d985a03-e4d8-46d0-8111-a7d04effbd07","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":207,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"e493a0ed-79a0-4f8c-afd1-76362a926bee","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":207,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"ae411d8c-5127-4bb0-bcf6-a751ee79f8e5","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"047d9761-591e-444b-b907-1ba9200576e8","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":207,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"0e10315a-d181-4dde-968c-5301c184af51","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":207,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"8417c432-1af2-4dfb-84fc-7515a1230949","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":207,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"74218c81-a995-403b-9d87-a51348584337","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":207,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"c60ff0c4-3003-4cbf-9d53-9840bc679f13","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"4de6ddba-cdb0-436d-a6ad-0fbc97d8e564","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":207,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"819cae7e-e186-4158-a58b-575914c78ba6","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":207,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"d55a5d3e-6811-4cc5-8451-be76f52fcda2","block_type":"box","text":"firm-wide compensation policies.","page_number":207,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"bc8d4d89-6762-4752-a4d2-a764591fcbfe","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":207,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"198692b3-501c-4816-b0b7-14b5850b5d11","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":207,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"faaf8544-0bc2-4a74-a6a1-3db67e2a0ec8","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":207,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"5c272832-9560-483e-8b91-07b0de98e7d8","block_type":"box","text":"Board and director evaluation","page_number":207,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"e701eb0e-3a38-4ac9-9734-8f26cab3ca12","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":207,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"6a0e781f-103a-4828-aca5-dc62f7cd9490","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":207,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"b9d35225-4e01-4c9d-b2f4-abfe1c283437","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":207,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"86becc79-bc66-403e-8a9e-819bd3067e60","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":207,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"ee3318bd-2135-45f3-b815-945755e0fc75","block_type":"box","text":"a result.","page_number":207,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"367eea83-e443-4b50-86c2-b70d7fab2734","block_type":"box","text":"Access to independent advice","page_number":207,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"35f510eb-0015-4c3e-9938-79a30ee61a86","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":207,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"0fbeaeaa-0477-43e5-9b4c-274427805657","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":207,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"b236832e-dfdf-4b6c-b3bc-fa7d164d8e7c","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":207,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"1709fb19-1256-48eb-be11-c1b199f4f219","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":207,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"1b8789ab-4276-416d-8e19-43af4fbb9762","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":207,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"93928478-4788-4044-8792-ab96c43d3e4b","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":207,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"d8a724cb-a386-461b-aeea-1a8fe06cc962","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":207,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"af74c68a-8e90-44ef-91ba-e25dc5ba8e0b","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":207,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"b87bea3d-08f8-457c-a765-c5256e83da79","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":207,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"7d3adf45-1784-471d-96f3-53b346971eec","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":207,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"5ee51e4a-f840-4461-bfa8-f757adc630e4","block_type":"box","text":"performance.","page_number":207,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"2bd47525-e015-424b-b4bf-109727e040dd","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":207,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6e582b4c-9771-429d-8153-fea62ad7e015","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":207,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"76c1846f-3a0a-4110-8fa8-bdef857196c6","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":207,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"00c727d5-bc16-40f8-820a-8e62aac9fb5f","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":207,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"481c9e7b-6f54-4f5e-a196-d9d29915c963","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":207,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"e2131295-c4cb-4e70-89d9-f7895991afca","block_type":"box","text":"recruit and motivate.","page_number":207,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"9d956e1d-5247-4b4a-8182-1209e316dcc0","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":207,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"523818be-4e23-4963-a332-508bd5e66d0a","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":207,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"1401f7d7-6fda-4e74-bbf3-29243ad0ca5e","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":207,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"8dcc409a-e498-4085-99e3-cf1fc058fa4b","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":207,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"0135f086-04bb-4bfe-a45a-5003579d9848","block_type":"box","text":"arrangements include:","page_number":207,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"bce45609-48b1-47d4-bf39-095ebc972167","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"4d16dca2-96d6-4f3c-981d-3c3096950570","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":207,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"546680fa-aebc-4b38-9d9f-851453c95a1d","block_type":"box","text":"the company’s size, sector and market.","page_number":207,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"42e70a37-dc51-490b-a1f4-ccacc27b1c13","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e19268ae-8798-484b-a228-748b922853d5","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"401e2730-2f91-4f00-aa11-381fbabc8f21","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68913c8d-d50c-4a1f-bca0-a811c816f453","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"95632c81-e5dc-4563-ba6b-f69925456469","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":208,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"95691289-8367-492d-93f3-552d941f88d1","block_type":"box","text":"strategic objectives.","page_number":208,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"39a7b5c0-2e08-4d8b-a864-774a32d11792","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"94500278-9453-49e6-897f-840cfef670f7","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":208,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"1f110b29-c00d-4948-9778-30cb35894a43","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"194d5909-10e7-4d60-81d4-7fb69139d2db","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":208,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"93b355b2-480d-41d7-b594-c0717d4ae7f8","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":208,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"c6038073-da93-40e4-8224-9b9fba2e53f3","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"ce3a6ce6-f9bd-41ee-bcea-1d008ebc212c","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":208,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"63328cc3-eec8-4555-88d7-9bb441e0662e","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"521ebd40-b53e-4269-b4d5-72671661bc39","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":208,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"09222bf5-ed13-4d98-b567-475a3b354d30","block_type":"box","text":"transparently.","page_number":208,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"a68bb603-522c-42e1-bf8d-c2513f8228ee","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"6603ee0d-3116-47cf-82eb-f577170b51b9","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":208,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"603d96f6-f3cf-4dfc-9713-7fc31b664120","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":208,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"5b6c2cc9-016e-49be-9ec0-d75e726eb718","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"90245597-c0fe-4c8b-85f1-324dd4e3ebaa","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":208,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"b6e53c38-b941-41a4-8db8-17d42b30e14c","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"a19a531a-f1ee-4d85-bdfc-894fbb880032","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":208,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"0a1d1fd3-d037-4e40-a3df-53ade7b88282","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":208,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"ae915983-9fbf-477f-b42a-497114098acb","block_type":"box","text":"misconduct.","page_number":208,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"d7499db2-74a7-4ac3-9871-27237454cf36","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"d271f3c4-6977-4e6e-a6a1-4c674949149f","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":208,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"5753beb0-a9ee-4934-82e1-ef564c33be96","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":208,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"56041a23-9e35-44e7-a341-fd59dc270be4","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":208,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"e1114f61-ac5f-4c04-9adf-0bc4b25a55d3","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":208,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"27542e26-2786-4bb1-b9dd-c26ca74d1738","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":208,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"8cc85999-7799-4f0c-9473-47482f25934b","block_type":"box","text":"committee, or the most senior independent director.","page_number":208,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"96f4a9ae-e0fa-42e4-a996-360349ad5f9e","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":208,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"65eb6117-182f-4a7d-ba81-63409c6cde0d","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":208,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"ceb173b9-e672-4a21-b7bd-0f67dad1f903","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":208,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"b4f37135-851e-4a55-b5d7-fa0b79ee5709","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":208,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"32e310a6-7294-48cd-a6b4-e50357e8008f","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":208,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"865bada6-3384-4b67-aa63-91609dfe7657","block_type":"box","text":"CAPITAL STRUCTURE","page_number":208,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"5fd7d310-505e-42eb-be94-ccde973ce350","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":208,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"b074ab56-5240-4825-8bc1-980a662c15e1","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":208,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"746ecead-2f36-4347-b2e7-ae5c03dda9f7","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":208,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"5a5a501d-93ff-4241-8be3-e4c8739e9978","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":208,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"1e8dd434-498c-42d6-8935-cb1574ce25f3","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":208,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"7d581458-bd3f-40b4-8572-30ba99f59219","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":208,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"db133361-196d-4b4d-982c-59fc6f8743e8","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":208,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"d9726f83-f152-4de6-bb67-f5ffef52681b","block_type":"box","text":"Share issuance","page_number":208,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"ea0dd659-ea3b-4bcd-9f15-71255791079f","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":208,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"5dffff5b-3de2-4b7c-ab9a-2163547c8b38","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":208,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"e282427f-c2cf-4e50-9dcf-d3d51da92d00","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":208,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"41ecaa63-75a7-4870-945d-f529ade1740a","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":208,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"5e8b2603-832a-4171-af24-17857a191dee","block_type":"box","text":"market environment.","page_number":208,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"5eb963ec-6fc4-452b-b207-1bc386fc2f17","block_type":"box","text":"Share buybacks","page_number":208,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"b8309fea-5bb1-419e-b210-c78ee9491de0","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":208,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"709c32be-800c-41be-96c0-7e73a2a8f231","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":208,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"ce119caf-5b94-404e-8dd6-072e2c2613e6","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":208,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"5c130ee2-cd48-4591-9621-647a082d267b","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":208,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"ebe56c7f-0099-4d58-bf8d-3f1419a0ee74","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":208,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"a0bd0f10-5c48-4c88-a537-3b7a0ce50940","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":208,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"9503d740-83ac-429c-9585-f026280f685e","block_type":"box","text":"of the company and the market environment.","page_number":208,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"ce01f434-e2a8-41ef-ba3a-6830a2967244","block_type":"box","text":"Dividends","page_number":208,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"c422088b-7049-4878-bc41-00c65f97de21","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":208,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"c0d2bff5-8bf0-447e-b292-54d413ac5822","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":208,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"5a0b07bf-cb34-482d-bdb8-d5696b7fc11e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2df2888e-de67-426f-99d3-0800c63ac51b","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"becde36d-8a44-48f3-a757-57d179976fde","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a73496a2-8c1f-46a3-a00b-e6ca436b266f","block_type":"box","text":"Differentiated voting rights","page_number":209,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"e8af0fc5-c894-4227-82fc-1dcde2678411","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":209,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"08e725f8-b9c8-45b8-aaa6-7a06a5adb1be","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":209,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"64814a19-3c8e-4482-823d-914272c1438d","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":209,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"6fda21c0-93a2-471d-aaac-38e8534eec70","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":209,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"b587e72c-07ce-410e-8c00-20ef3c1430ed","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":209,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"f0f06876-5043-4a33-932e-b85867e38a8c","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":209,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"f9e0fbbf-5200-46db-aece-35d9bf923563","block_type":"box","text":"analyses of proposals.","page_number":209,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"9c7ef589-895c-4dc9-b35f-2e5edea18f75","block_type":"box","text":"Mergers and acquisitions","page_number":209,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"3b193314-63cc-4d98-b9e3-4d99d7e10074","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":209,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"4d5c499b-6de9-485d-bed2-d89bcf7d5d2f","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":209,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"e1ace40b-8810-4f3d-a81a-8e33b57d0d24","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":209,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"7d69558c-2923-4c29-b0aa-78a4ac7d4760","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":209,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"1923d9cc-cea4-4a4c-843e-b16231358960","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":209,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"6b28863f-dfac-4ab2-9c48-5a59a6db5114","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":209,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"0990e134-50ee-4f89-9074-da639c9421b9","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":209,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"fd80a1f8-cf3d-4aff-8bef-e4a6c8d2fa21","block_type":"box","text":"Anti-takeover defenses","page_number":209,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"4e3d75c4-338c-47e4-89a8-071ac8da6178","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":209,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"999aab33-d9d3-40c8-841b-3da04cdb84cd","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":209,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"eed34f7f-a36f-45aa-ae92-1aefb0175e5e","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":209,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"1f16f606-7b12-4eb7-8f45-9120b6c7bd6a","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":209,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"0da9d405-6bb3-4884-9aec-19202e8baa05","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":209,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"1b99a807-37f8-4cab-9177-8bd2fde2509d","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":209,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"d969a0e3-9965-48d9-aac2-0113b219cfd3","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":209,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"37c27925-4c14-4541-9aff-6e61883c8b92","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":209,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"57fed3b5-8c6f-443b-b6c0-b5db12f40454","block_type":"box","text":"Shareholder activism","page_number":209,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"125ca501-ad6f-4581-a5a0-78bb4cc0a95b","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":209,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"084a5df3-c4e3-45e0-bf4e-a7034869368c","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":209,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"0ec3bd61-2996-4ef9-b9e9-d97ba105bad6","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":209,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"640824af-36b1-40ca-8761-9316a881c7a5","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":209,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"05fb92ff-90fb-4bdd-baf1-53f7b410a33c","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":209,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"8fb13af7-3666-4bcb-b031-51e257b30b85","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":209,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"eb923a9e-cf77-4db1-8286-eb662fa0bf1f","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":209,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"7c186183-cf21-4504-a6d1-d09e96c3499c","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":209,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"086988b0-1191-498b-9b02-2881550240af","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":209,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"ad815478-a656-461c-937a-d2a3a935e6dc","block_type":"box","text":"protecting shareholders’ interests.","page_number":209,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"b8c60da4-a8f3-41d3-9287-e01c22b3b711","block_type":"box","text":"Significant shareholders and related party transactions","page_number":209,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"d8b9676e-42a8-4c24-ac49-b07cd53a1619","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":209,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"2c7af1e5-24e1-44b3-9b7b-5cc58a037200","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":209,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"2f78f279-1e97-4214-a5a9-7b06ce8733da","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":209,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"d77c74b6-2c40-4b06-adde-6bb0cbcad614","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":209,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"11e140a4-eca8-45e5-afa0-fb1cd51503f0","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":209,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"b1ad88ab-874a-4132-8c2a-6e2ebea0e048","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":209,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"81469f7d-92e6-4398-a2d0-77ab91f07ebc","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":209,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"1f4f0336-bdde-4507-9b86-9e7605ee8f0f","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":209,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"1d3884df-843f-44bb-b38f-2b897fe02c41","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":209,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"75be74c4-63a5-4c4e-9ab5-b394515edbe4","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":209,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"938ce9dc-0ff1-4783-8253-8e3990139a2c","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":209,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"18d2ffe4-a304-466f-9347-2da2129ed18d","block_type":"box","text":"audit.","page_number":209,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"49c682b0-91c5-4c0a-be4c-8449e9e1d877","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":209,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"70dcef60-7d75-46e7-918e-efe4e4df3e41","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":209,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"dedd7ca2-ae3c-427d-842e-723666deb9cf","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":209,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"a9fd7db4-8e7e-451b-be59-a59378c7de52","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a690c1fb-2182-4389-9bbe-ea1fa76a1887","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c8b113cf-a884-44e6-a409-23d952c91faf","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26e8449f-9a2c-4f90-9473-c5e2e585d3e5","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":210,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"8dbbc24a-7afe-40f4-b02f-db67bd8100df","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":210,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"5b8d3794-2994-4757-bbc4-5a10ce60915b","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":210,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"a408fdd5-f71f-4712-9f82-f7ca87495156","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":210,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"44434fde-7f69-4857-ac9c-3ab24f08b00a","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":210,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"42fe243d-e83b-4453-912f-d576f50f784a","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":210,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"a2598e14-76ae-4b5d-842a-6b35d6db1d50","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":210,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"a6d5fe1a-e178-448c-9d41-92aced45b13c","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":210,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"29d93735-2952-482a-9dac-c7baa0296b9e","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":210,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"a0739a09-d253-4d70-81ac-e997719f5319","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":210,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"ed1e74d2-120f-4314-b120-c2a5861f009a","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":210,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"886a341a-fe2e-4e3e-bc13-805456b96a73","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":210,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"bcaa7672-f844-42c4-a7ea-d924e652c32d","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":210,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"3dd64c2f-51be-457f-a2d7-9b7143cad96a","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":210,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"64f61e42-0ea4-4d8a-a575-d283203feaaa","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":210,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"abdaa3fb-890b-420a-bceb-29f0859ab00c","block_type":"box","text":"9","page_number":210,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"0287ca07-121b-4d30-bfad-cff0de59a973","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":210,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"ef1ed5ad-ffe9-42e8-b8b1-99f58086ed33","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":210,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"5aca9b0d-97fd-41a5-8de5-816685a44583","block_type":"box","text":"standards specified by policy makers.","page_number":210,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"76dc053e-20c5-4d50-a122-41550681c1cd","block_type":"box","text":"10","page_number":210,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"bad58925-0d64-4120-ba82-ce685598ec0d","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":210,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"fb69f27c-4842-46c9-8224-32ef14995dc1","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":210,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"f1a9aa3d-663e-49b2-944b-f62a4ff98b11","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":210,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"c6e928d5-7b11-4ca4-8e38-5997bad61191","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":210,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"04dad41e-93bb-492c-98b3-18655d36bc7a","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":210,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"49a9ba37-047e-486a-9985-1b07eb0eb16c","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":210,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"13d593a9-60d9-4339-8afd-231ad8436ea1","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":210,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"ecd71fb7-2062-45bb-9a7e-5fd96086fa38","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":210,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"4a24c0b7-8216-4867-8a5c-190b290a6ee1","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":210,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"90ce8be1-83a2-431a-922c-196d9940d329","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":210,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"4ff2f308-1252-40cb-8eae-3ec53bb004fd","block_type":"box","text":"remained independent.","page_number":210,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"40e4e1fd-6495-45dd-9cf4-ad2d46792e1d","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":210,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"82067e08-e316-49e2-b1a0-79b719212792","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":210,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"eb7ab433-3694-4b3c-b7f4-63b84e3035e3","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":210,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"6a8a5738-c80a-4786-a273-3a47a820fce9","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":210,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"0ba92dbc-2ec2-4ec4-aae3-d26b0263a21e","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":210,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"44a34fb9-a4cc-46e9-8867-18841ce97918","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":210,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"2c67754e-9088-44de-9f44-f8fa902775b3","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":210,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"efeec293-0e5f-4793-9332-b620c2ba6756","block_type":"box","text":"General shareholder meetings","page_number":210,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"bd8f599f-6254-4151-bc68-ea205b424330","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":210,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"87783204-d783-4c70-8960-64dbe3338456","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":210,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"d8c40e96-43b0-48f9-bcaf-07db9e9edecf","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":210,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"eb8eb1dd-2a8f-4697-b791-9a52e2252413","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":210,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"57cf1986-2d92-404a-90fc-c722adc0102a","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":210,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"7ca982b0-ab1c-4d03-af24-9dba280c4789","block_type":"box","text":"an in-person meeting.","page_number":210,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"5ebd3876-64ea-4c33-bf3b-b46cc8ff801d","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":210,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"cf1b39a0-a43a-4375-86fd-c20e680e3859","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":210,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"857621e3-f1fb-44cb-93a3-5b8e2a2523c6","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":210,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"4ddabab0-d099-4d63-8583-152c7d3b7c39","block_type":"box","text":"participation.","page_number":210,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"dc97379f-8fe3-4c63-a4c5-441fbf1254b4","block_type":"box","text":"9","page_number":210,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"4f607326-3cd5-4379-8371-ccb5d1bc7d99","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":210,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"7362f103-fc6f-48c5-93b4-a004951ba0cf","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":210,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"0339c857-35d9-458b-aa68-f346c7b48884","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":210,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"8d83ce5c-f94b-43e7-8524-bff646de45fc","block_type":"box","text":"Disclosures.”","page_number":210,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"18e06b26-a427-4e21-a9a1-48a458fe9086","block_type":"box","text":"10","page_number":210,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"3491e41f-ca10-4a27-be9a-f43620261a4d","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":210,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"2af8c559-c198-4f6b-a247-0013d095e59c","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/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":210,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"7c8c7d79-3b9d-483e-80af-6c482b03b129","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":210,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"1aa62e16-7bc6-4b00-8147-2f1aea417003","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6baf4793-c1f3-4ad9-8610-32580d6e5b0e","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ed26006a-5a13-492d-a857-1b5ea70fd58e","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d7f5135-cc05-4670-a80b-af2cf5d0e095","block_type":"box","text":"Bylaw amendments","page_number":211,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"0e90d22a-9299-4b3f-96a7-5be326fa9f40","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":211,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"6313fd5f-320c-4969-92dd-b5a71f270595","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":211,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"82822515-579a-4c53-b190-9e73557e60aa","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":211,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"152f5bfa-4afd-4ace-a20a-5d289e568292","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":211,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"87f45cc8-b5b5-4ffe-bf91-609b5a82e84c","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":211,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"b2c58146-f517-460b-a409-04d4c6cf7f43","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":211,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"caf4f83c-7c21-476a-b581-d9ec16f61a86","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":211,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"4a094252-803a-4e7d-a0b3-9e4aac932114","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":211,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"d769d773-3564-4352-8db9-4f9e02a07330","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":211,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"6ba2f4f6-0d56-404c-9801-ffec2fb7c6b8","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":211,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"5a7a2f57-0218-421f-8530-8e371e091ba2","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":211,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"cd0e5f1c-0658-442d-a730-aa9ff9c5759f","block_type":"box","text":"nomination process.","page_number":211,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"a2b20b3a-63b8-4a01-8580-0500f1efdc65","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":211,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"bc81e132-7017-423b-8659-c46a12e1d369","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":211,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"e5aa8a80-50e0-4b86-b343-6b885bd05fe7","block_type":"box","text":"Change of domicile","page_number":211,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"0259372f-ad4d-4ec9-8951-4789e961b044","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":211,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"274e3cb8-a66e-4179-9fac-a72843375fb9","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":211,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"6b0b9719-ae84-46fd-96fd-5048c497ccc2","block_type":"box","text":"immaterial.","page_number":211,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"6fb67c21-32dd-4430-b123-cb3a6cc37dd3","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":211,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"afd6a2d5-f795-4456-b2a3-03c39d7d7f10","block_type":"box","text":"with our clients’ financial interests.","page_number":211,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"b10084d6-f5b0-4e8a-9977-406fd0d24e78","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":211,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"f11c3f73-d382-4371-8a7b-7d1f42b7033d","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":211,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"64b5dac7-3e7e-4731-84cc-2e394d36d4f4","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":211,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"26cfb5d9-cefa-40f8-ad0d-0b6c0097a54e","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":211,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"1f0b3d1a-563c-4b47-a76f-c6e83d20eb49","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":211,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"24e10b8d-7efa-4e03-81c5-e2e6e3f17374","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":211,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"3f07413b-1904-44f2-9085-e090a010641c","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":211,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"544ec71b-d2dc-44ef-9787-656534efba00","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":211,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"2c8fe0a7-bdff-4fb5-8cf1-6b0f95a03923","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":211,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"1e88b67e-31d7-4465-9f12-6631f3987bdb","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":211,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"f26d7c0f-c754-4085-a923-d7d11003e5cb","block_type":"box","text":"relevant to a company’s business.","page_number":211,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"332c2ffc-922f-4852-b03e-dad94073bb56","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":211,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"0617a624-e505-4286-b5e3-490bd330808c","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":211,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"d523a3a6-e168-4d15-a047-5b5381736a6a","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":211,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"23545edf-1ae4-4527-9097-975454f53d0f","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":211,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"487acb96-5959-429f-ac53-4fbd2ed5295e","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":211,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"bdb9acba-c02e-4ce1-a492-a3ee50b53017","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":211,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"421bbb01-c202-44ed-80aa-edbe7e45d35e","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":211,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"87bfeb71-01f8-4342-a40f-d1c31f833788","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":211,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"dcbe4bec-4d05-4c36-9613-ebd4eb264481","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":211,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"cfc03f2b-a7df-4ee8-9820-7d6caf0ce7da","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":211,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"caa3f96e-d960-4796-91a6-a644e02d9f42","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":211,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"ac7e463f-294c-4ccc-9ff1-cf7b122c63ff","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":211,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"8d34cb97-9bc4-4fac-a431-777decce0372","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":211,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"1b2f0eb7-24e0-4c31-8f13-7c2a4d1d2901","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":211,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"4b2f8402-aae6-49ab-ae13-6f2e78944b94","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":211,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"3588dd4f-3d5f-4217-9c8d-80405e986929","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":211,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"785eaf39-c805-4025-9424-c941b1afd61e","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":211,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"a48b3f37-2fa0-4fba-bee9-32be278bc5ee","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":211,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"429da183-a3df-49ca-892b-155dd700bc26","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":211,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"24a19ea9-1c3e-4265-ac2c-726a3913989d","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":211,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"1dc248ff-3126-4c7b-836c-e7641cbd0a62","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8b08d589-2efa-43c7-9236-c614bbcf41d1","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4f51dc3e-50b8-4fd2-8cd3-2519e5dce7f6","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2de10b5d-e66b-476e-b25e-28c5fe627f8c","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":212,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"fa98b6a7-2bcf-4e66-b42f-e6b85f8d74ff","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":212,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"b87fd095-15f0-4add-ab81-c82b7fe601e3","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":212,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"9d60b60f-da93-4931-9ff8-da4979fe56b2","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":212,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"50e8b249-b687-452b-bcef-16b6c5130718","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":212,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"1df56f03-09e2-41a7-9741-e06f357e0abd","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":212,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"41a13142-2087-4aee-a1ed-a9fb6d572b89","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":212,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"9fbe456e-d8d3-41cf-9672-a7a828713bcb","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":212,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"9b6dee63-dabd-484b-a0c3-86d5cfefbcf6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"00635c3f-ea19-4f99-a13f-2046bb673ad0","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9945e06a-48dd-4219-bdef-009ef3df697c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e16194a-98e6-44f0-a254-94c2be3e7d81","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":213,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"3d79428a-0e1b-479e-8f1c-ac12ac3a8b37","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":213,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"214208ee-7042-4061-b6db-13f3f195baaa","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":213,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"af8aea45-2915-4437-a1a0-54a8b909a2f1","block_type":"box","text":"11","page_number":213,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"9b5abac1-e664-41ee-bee8-cf857f646fab","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":213,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"72da3b3b-874f-4e57-a721-dea5c5970d4b","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":213,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"a973680f-e837-45b9-a1fa-5bad767f92ad","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":213,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"6b42162a-6c76-45a9-9200-9c41b981b3c4","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":213,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"502c8230-0b08-4303-bdd6-6650a7465eb7","block_type":"box","text":"regulatory requirements.","page_number":213,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"e48f3b6d-a083-42b8-9b54-6a53a9d40b5f","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":213,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"7d3f4a55-3f68-48f6-a18c-f47c9472f215","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":213,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"e90f201e-1f0a-40e0-b0fd-93779e78d7ed","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":213,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"f7705f25-adb5-4846-a6b9-ab62a847889c","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":213,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"bb98c203-c518-4e52-a61b-dc24018c4079","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":213,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"6130a29e-5523-4e01-b31e-b291fd92a670","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":213,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"dc56ea78-dabc-4520-b67a-6e2ff4a32a8e","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":213,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"4bd5cbee-5950-43a7-9bdc-0144f35885c0","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":213,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"6f9c3286-a7c8-4624-bdda-ce3f7f9becd1","block_type":"box","text":"returns.","page_number":213,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"ca67486b-9b7d-4d11-a0a5-88c5456f8a96","block_type":"box","text":"KEY STAKEHOLDERS","page_number":213,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"ee5bdea7-adaa-4a17-a728-707b7a0b20d5","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":213,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"0cda24f2-a90f-4940-a52f-4eb5884c2065","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":213,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"f9ef4fbc-a4d9-4291-a3ab-7b0f9212cf70","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":213,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"568eaa92-937c-4b2d-985c-348eaa56b1d8","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":213,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"7794c25e-1bf0-42f3-8e77-39e861b86fa2","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":213,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"157eefaf-017c-4bc1-9928-a50090def5ea","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":213,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"ab8872c9-75d7-419c-93ba-89f54ae57e28","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":213,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"fc292f44-0cc0-4f5f-9318-328285d9549c","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":213,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"b100c365-6840-4b9e-b2ac-ebd6460f71b0","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":213,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"43740d00-5058-4616-962b-9fd337f8580c","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":213,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"1a2df610-b0b9-4886-a20c-c47691c951c8","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":213,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"6e07b0f1-0c39-43aa-86b4-8f353b829836","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":213,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"b14e40a8-2312-40c0-9d45-fe58516c410a","block_type":"box","text":"i.e.","page_number":213,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"d97d42f6-d515-4783-9dd2-52e75940fdee","block_type":"box","text":", one in which global","page_number":213,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"80898187-9d61-418d-a5bd-ec709ac2d967","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":213,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"525bbf2c-e49d-483b-bcd7-5411897051da","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":213,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"59d7895a-dc14-4be6-9216-aa47d2a1239a","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":213,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"06c0feed-f347-492c-b926-97f78f8bc407","block_type":"box","text":"client.","page_number":213,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"1155fcd7-d936-4141-9985-ea58033fd1e9","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":213,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"2497a388-aa12-4de1-8916-c9110c2a0a0f","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":213,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"44243c47-95f2-40a1-8789-0377ced59978","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":213,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"3108ed49-1c4f-4d7d-9244-aea47cfb903a","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":213,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"0548c145-2dc2-4710-b308-6cd5912ffa22","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":213,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"23e38796-2aa9-47fc-992f-a0ea073454e3","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":213,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"26ebd697-ffec-410c-aadd-f61dd37ab6a7","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":213,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"f7cd436f-4c41-4f0b-ac2b-09541f8a4985","block_type":"box","text":"1 and 2 emissions.","page_number":213,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"7ec753d2-74b7-4f77-be9b-9e07a4245a02","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":213,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"962095b2-8ef6-4a36-9f8f-747fca960dd6","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":213,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"d95174e5-e0e9-4fda-8a1d-f17008936349","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":213,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"ad9d2962-76ad-4bc1-9a71-f0a4d5462b56","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":213,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"5e81d87c-b04c-465b-a3ba-e6a3f8ac4ced","block_type":"box","text":"11","page_number":213,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"23cbb3d5-cd31-4f31-a510-053bb6b35c1c","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":213,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"417913b1-c470-4400-9f60-61e85dd404cd","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":213,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"68aef16a-ff4f-4a46-88d6-28fcacc8b00e","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":213,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"80b5b15f-41b9-405f-9ae5-3296ad35c0a0","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":213,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"952fa0b9-e041-4bb3-bca4-25ebe89a5979","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":213,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"663f4bc0-80df-41ed-9062-f0edaf832761","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":213,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"92833a66-89b0-4246-a546-8fbb2a3c5b43","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":213,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"87976a1f-2537-4f3c-b579-6b9ac0868b41","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":213,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"35cc9d47-63a7-43c2-98b4-eefc01d62d81","block_type":"box","text":"sound governance framework.","page_number":213,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"9cf22484-09aa-435b-a46c-f7bc1b5660a7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c0ec6512-027e-4546-8585-dbbd582869ef","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a0f41bea-5bfa-401b-b54a-6f9e51c205cc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b32fc29-2e7d-46ba-b609-27b4607cb12d","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":214,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"5e70fb82-9489-4cb3-9a28-3595581f376d","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":214,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"3d75fd16-5b1f-4455-ba69-335773336c24","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":214,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"f1f429e2-8fc7-46a6-bb43-54f7170abd5b","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":214,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"54b0d39e-3912-47af-b851-9534c73b3790","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":214,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"d01fe8aa-ace1-4b3d-ae30-0946c8862d25","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":214,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"f5130da8-3c85-4b23-9090-939a1f2341f7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8a89ba02-22b3-46c4-b422-a808232bf2a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"dc282b4e-461e-42a6-8682-28b6a9b54bc9","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30d0284b-d06d-44dc-89ca-24f5a85053d2","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":215,"box":{"x":121,"y":45,"width":736,"height":9}},{"id":"5f1505c0-5e5a-40d1-bbc1-6bf6829addc3","block_type":"box","text":"Oversight","page_number":215,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"43e87bf2-8adc-4e01-b102-3888e29967c6","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":215,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"81949073-a84a-4778-809a-8f94a7e826fd","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":215,"box":{"x":69,"y":101,"width":778,"height":11}},{"id":"c5c9bc1e-eb19-486e-bfe1-e2e21475ee09","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":215,"box":{"x":70,"y":116,"width":814,"height":11}},{"id":"cfe2e2fd-4696-42be-8905-7286664607db","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":215,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"3f35e5c7-397d-4e8f-9668-60b2545d442b","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":215,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"b87a0c7d-793e-4af7-96f2-8c11aa2d4bc5","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":215,"box":{"x":101,"y":164,"width":744,"height":11}},{"id":"f7f08f4c-7003-43d9-a427-31eab62e7df4","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":215,"box":{"x":70,"y":179,"width":786,"height":11}},{"id":"7871fc26-941c-4dca-8eac-89bb164ec8c0","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":215,"box":{"x":70,"y":194,"width":839,"height":11}},{"id":"903eb194-beda-4eb3-8bdf-0fb1f8b0ed42","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":215,"box":{"x":68,"y":209,"width":822,"height":11}},{"id":"ce27dca0-f2d2-4fc1-b3ae-82c2eda66c82","block_type":"box","text":"relevant active equity investors.","page_number":215,"box":{"x":69,"y":224,"width":223,"height":11}},{"id":"7716f99b-6f04-4142-a64d-c31a51f24b02","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":215,"box":{"x":102,"y":242,"width":797,"height":11}},{"id":"f41c1400-600d-487a-b768-ffbb1723f33f","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":215,"box":{"x":68,"y":257,"width":810,"height":11}},{"id":"df084a24-0ec3-4f9d-8bc9-1d75936e158e","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":215,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"179153d4-97b6-49fe-b218-7814112e56f8","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":215,"box":{"x":69,"y":287,"width":801,"height":11}},{"id":"a84d6bfb-da0b-4905-839a-9107e6992bd3","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":215,"box":{"x":70,"y":302,"width":836,"height":11}},{"id":"4876d33a-f8a8-4dae-829a-a89e5fcf9cfa","block_type":"box","text":"third-party vote services providers” below).","page_number":215,"box":{"x":68,"y":317,"width":305,"height":11}},{"id":"02378c35-f664-454e-84c8-0ddfd46cd377","block_type":"box","text":"Voting guidelines and vote execution","page_number":215,"box":{"x":68,"y":339,"width":269,"height":11}},{"id":"7d009b5f-b7d4-4e46-8954-17ec3dbc28d2","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":215,"box":{"x":102,"y":357,"width":790,"height":12}},{"id":"589025c9-1f1f-464e-b421-58adb7f08455","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":215,"box":{"x":69,"y":372,"width":838,"height":12}},{"id":"09a63c86-2fea-49c9-aefe-b0337dae307c","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":215,"box":{"x":69,"y":387,"width":831,"height":12}},{"id":"23415a9d-e6ac-4502-a8dc-71c78e8897f9","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":215,"box":{"x":68,"y":402,"width":809,"height":11}},{"id":"c57d1090-229e-4cc2-b8a7-d5efaff6671d","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":215,"box":{"x":67,"y":417,"width":749,"height":11}},{"id":"71597186-28b9-4da7-8cc3-0db9375bcde7","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":215,"box":{"x":69,"y":432,"width":825,"height":11}},{"id":"6e3bfcdf-e9ce-475d-a84b-c1bcff5b34a3","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":215,"box":{"x":69,"y":447,"width":445,"height":11}},{"id":"1f2b2eb8-e791-4f44-bc0f-60b326dc0969","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":215,"box":{"x":101,"y":465,"width":803,"height":12}},{"id":"d4077f82-29fa-4792-8651-5b8b6867d536","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":215,"box":{"x":69,"y":480,"width":806,"height":12}},{"id":"981bacfd-8171-43b6-8830-4cab4a87589e","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":215,"box":{"x":69,"y":495,"width":752,"height":11}},{"id":"4f34cbdb-2c72-43c8-936f-c62ad58e7ec9","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":215,"box":{"x":101,"y":514,"width":782,"height":11}},{"id":"46815117-b548-48e2-a0b0-e065273f5c1d","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":215,"box":{"x":69,"y":529,"width":837,"height":11}},{"id":"00a8cb65-4f4b-40be-acac-0cf8c14c5831","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":215,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"ed612dee-05a6-4037-a5db-96d3105fefd7","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. 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We are not supportive of impediments to the","page_number":215,"box":{"x":70,"y":711,"width":806,"height":11}},{"id":"d068b922-4411-4b3b-88bd-f8d6614103ee","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":215,"box":{"x":69,"y":726,"width":704,"height":11}},{"id":"b927a0f1-9e3e-44bc-9232-790fb68b4f6b","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":216,"box":{"x":68,"y":145,"width":770,"height":11}},{"id":"62cd486a-2b07-4e8b-a6eb-62a4c3db2ddf","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":216,"box":{"x":70,"y":160,"width":807,"height":11}},{"id":"2f1b1cae-56a9-4791-8a59-1acdbe041c19","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. 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In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":219,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"abde8d87-2d65-4aad-a1c6-ab4574102e15","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":219,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"e833b1aa-4739-4081-bed7-1a4e4c03f53b","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":219,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"ff9176e1-68ac-4a0b-9438-d75e9f1649e6","block_type":"box","text":"Appendix A.","page_number":219,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"c8388b0f-0fd1-4f44-a4b1-8fee65a58c4b","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":219,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"ef8f3915-5fd9-4886-a660-7b132162f4ee","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":219,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"3dc18f9a-0da6-4d19-9288-3802f169d820","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":219,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"c10e55cf-df31-4f1d-b8b4-22bf3c5bd353","block_type":"box","text":"Conflicts Management","page_number":219,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"50789881-dcd5-4d0c-8ceb-750010e3aa2b","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":219,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"30925b03-cab6-4dbb-adf6-b33ced5fccd1","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":219,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"0dd38eaa-0223-4b8e-9516-75f8ef8bccf8","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":219,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"43110422-631e-473d-91a7-a27df6e0c11e","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":219,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"675fce1c-af4a-4062-9070-593ff5c1f899","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":219,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"6a1018e5-0a5b-4d1c-9cd7-e7e0d390175a","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":219,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"2a5a19b2-3a73-4377-91a4-5c8c4fd9c57e","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":219,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"2c5213c4-f44e-4061-8931-ec77a6aa8cb6","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":219,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"74ef61c5-09b9-4ecd-8a95-08004cd8d9e5","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":219,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"c1fa3d02-86dd-4830-a9a8-e98f113fa6b1","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":219,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"cdf13e77-cd3a-4e51-9017-7c5b26a8b36d","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":219,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"acb96ee0-dfeb-49b9-b479-a7ca14a5bbe3","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":219,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"96d468a0-8e2d-43c8-bf7c-e3e56cabded4","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":219,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"6f2a5aeb-0cb2-46ea-acc6-be42eeafcd97","block_type":"box","text":"connection with proxy voting.","page_number":219,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"ca9b037f-61cc-49d6-adf9-f9555fc9eb44","block_type":"box","text":"Reports to the Board","page_number":219,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"0cf13d4f-b2da-4b47-990b-901e8c466378","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":219,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"ed96398a-3bc7-4aaa-906b-a280367b268b","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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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":222,"box":{"x":194,"y":396,"width":710,"height":8}},{"id":"3557ca86-0fee-4a90-b649-25ca2cf6758e","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":222,"box":{"x":74,"y":412,"width":293,"height":9}},{"id":"994d0062-82ba-466c-aa18-f5f12de6912c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":222,"box":{"x":373,"y":412,"width":531,"height":9}},{"id":"9ef98887-5b35-42fc-bee4-1dc6b9ae79d9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5a913978-b7b7-4279-b650-a61f84599377","block_type":"box","text":"Global Principles | 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BlackRock offers a","page_number":223,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"55bb9cf4-8d5b-400f-bfba-30e813a9f9b9","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":223,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"2e1d0e4a-f53a-4af0-99fd-9ee1d18eea4b","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":223,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"953b1471-3311-492e-b3af-f81ae56cb076","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the","page_number":223,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"6960b3b3-ba7a-4c9d-ae8e-c254eb310575","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":223,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"59b6c3c9-db0d-41fe-86e3-9dd0a7f038a6","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":223,"box":{"x":69,"y":171,"width":451,"height":11}},{"id":"1c088477-dfa2-40b4-91a9-287bcef0b6d2","block_type":"box","text":"in which clients are invested to deepen our","page_number":223,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"cf3605af-efe5-4bfe-8359-bc331e95bca4","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":223,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"c14f8ec1-9820-4517-ae36-a61889809579","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients.","page_number":223,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"b58e5aed-ce30-434c-aebe-353163c88cbf","block_type":"box","text":"1","page_number":223,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"546b2750-7e6f-4e77-98a5-81339ae2c3ff","block_type":"box","text":"2. Voting at shareholder meetings","page_number":223,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"33bafe67-4c05-4e8d-aa4b-50638ed7a946","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":223,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"57296296-395b-4d5f-9ac9-7ed8fc27534c","block_type":"box","text":"to vote on their behalf.","page_number":223,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"eada960d-af20-4a96-a23a-682ed9939d09","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":223,"box":{"x":69,"y":256,"width":388,"height":11}},{"id":"a2a63079-d963-4c37-b31f-2da93bf12041","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":223,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"b7c5ef88-83c2-478b-b25f-581ccb2611d9","block_type":"box","text":"clients’ investments.","page_number":223,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"a099a909-85e0-478f-9522-ee4dc47a5d61","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":223,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"83183fb1-7de1-45ca-9555-f3fe6c140a00","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":223,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"a9f4732c-7c6f-498a-9d9c-20c512f6a245","block_type":"box","text":"publications on our website and direct client communications.","page_number":223,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"8d45c937-5bfa-4d9f-bc7a-f6cdadd1a480","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":223,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"81d6d196-d9b3-4368-9bd0-bb11d2b2317c","block_type":"box","text":"voting on corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies.","page_number":223,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"b6ab790a-3efd-46e8-afd0-50b19c6e8f58","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":223,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"c56ab42f-3acc-4c90-9411-cd054a8c5b3e","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":223,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"afe3044e-ab09-4761-bed5-59249e8e65b0","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":223,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"a7654651-d1b4-433a-ab5e-f5635c8d3851","block_type":"box","text":"2","page_number":223,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"bc52f891-8d01-424a-932e-1b4b1d4e93d6","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":223,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"6b6af83a-d5fb-4214-9842-03fe7a3b72e5","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":223,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"90c488ac-3507-4352-a9ad-14245eb318cb","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":223,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"bbbb2dce-0d81-4cd8-99ba-a088b7a2222f","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":223,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"efbda741-8ab7-4267-9e88-6545f93c8aba","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":223,"box":{"x":102,"y":496,"width":802,"height":11}},{"id":"56c6e38c-e847-4a45-8e50-bb624f9d4053","block_type":"box","text":"minority shareholders in public companies, BlackRock does not direct a company’s strategy or its implementation,","page_number":223,"box":{"x":69,"y":511,"width":813,"height":11}},{"id":"0a1a3a20-e747-4991-af21-3d928abd3208","block_type":"box","text":"nor how they should manage material business risks. Our role, on behalf of clients as long-term investors, is to better","page_number":223,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"e50ebf98-0a5a-44fb-93a4-ac4188b76fd6","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on opportunities to help protect and","page_number":223,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"a9750244-0f4d-424c-9962-81b49043f40e","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":223,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"740f9129-9e49-4f2f-b950-2e96103de5ea","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":223,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"92313356-6cc2-4326-b871-d9a29fc0e0d0","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":223,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"405cf4c1-e9f2-4f4b-9d97-48a29368bd43","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":223,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"be9e818c-5ce0-4302-bbd8-dd6ac2b69f2a","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":223,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"626e7422-dd73-4975-a3b2-4a64d156a30d","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":223,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"c3d51f78-16fc-4120-95bd-992ec470b0dd","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":223,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"ded1ee2e-4f2b-4b4e-9162-4aaa0956f52a","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":223,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"18fdf6da-f9da-4db7-812e-fefa3d364aa7","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":223,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"31c633ab-6026-496a-a4f2-a762af848719","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":223,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"a76524ec-6b57-4a53-b846-46d195103cc9","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":223,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"bf0d7f91-d9db-45dd-95d9-ef0d6403ebe5","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":223,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"41f6a4cd-6b26-47f9-9e21-742e7a3137a8","block_type":"box","text":"opportunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":223,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"ab5cb7f2-59f0-459f-b5d4-9f3db4c99995","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":223,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"873a6b5c-fbfc-4730-96f7-4c5cffd6ad25","block_type":"box","text":"1","page_number":223,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"783990fa-e7cb-4c59-a124-7a673cd838ee","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":223,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"d9810255-3db7-4dc7-9c16-a07d188e053a","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":223,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"fdcc5368-2d39-416c-9f19-16ba7e57c741","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":223,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"878bf0b9-6b4a-41e3-aaf3-45737e690885","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":223,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"9f49c320-9ada-42d8-a53f-8e883b8c321c","block_type":"box","text":"2","page_number":223,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"51a211cf-5b6a-4af6-bb10-9f0981015f75","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":223,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"d051857c-9e88-4b9c-b936-5ac26a0b5dc3","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":223,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"d2811afe-c7b7-4e78-92a3-1c0ec7dce128","block_type":"box","text":"material business risk or opportunity.","page_number":223,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"d98da12f-8213-4812-afe8-a7680cdef48f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0bd3655f-8ef0-407a-a004-8a2571ce1044","block_type":"box","text":"Global Principles | 3","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"844fb756-14a1-4946-ad56-f9a928dafb31","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"013b10d0-2f39-4a0e-8180-841bcdf2b1b9","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":224,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"28f10496-5cea-4545-8e48-516796cfa63d","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":224,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"58447537-e52e-40f8-b391-aeb5f5091c67","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":224,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"41d4f7d4-d218-4064-9ec5-74edc7c9eadb","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":224,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"229335f4-b559-484b-a859-96c5c5ca529e","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":224,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"5c7ec28b-10e1-4bab-b715-b5a1d75c66c9","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research,","page_number":224,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"552f8469-175a-4536-97a8-86dfa3438aa7","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":224,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"db863d84-dccd-4fcf-b18b-b7ed09378123","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies","page_number":224,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"9a38f289-16f9-4f97-958a-92e0632d7188","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":224,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"ffde6cf0-dc19-402a-8489-9354e12359d4","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":224,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"5bdee4cd-480e-4798-834f-dcbe498efa33","block_type":"box","text":"support the election of directors or other management proposals, or we might not support management’s voting","page_number":224,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"16c338d2-804c-46a8-8e7d-7df16c5eefa8","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":224,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"dbf7baa9-234f-4072-b496-54e1e82733b5","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":224,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"09e00ad8-3c00-4e2b-8273-ed9ed169a1cf","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached","page_number":224,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"703a4dfa-b1bb-46e7-a7b6-97ad5efbe258","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":224,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"af456ef8-7984-4344-9df0-fd2f5518b2c8","block_type":"box","text":"3","page_number":224,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"033ef5b9-7758-43ce-8c21-0c15337d06c4","block_type":"box","text":"For example, in","page_number":224,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"f8d9d53c-cdfc-44aa-996b-4ebfd3a4e8b2","block_type":"box","text":"most markets, shareholders have the right to:","page_number":224,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"bca3a3af-b9d3-4776-aa87-216fdbc14722","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"d8f4d790-1ebc-43c8-b474-bb439a4d1821","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":224,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"4c0b1d65-50b2-4f0d-9895-31ae2d1b1a27","block_type":"box","text":"charter or bylaws.","page_number":224,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"d63d3d73-8e07-4253-9359-a17160f31b61","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"f711ea09-110c-4c4a-b222-0f838570965a","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":224,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"e4cc94e5-668c-43e8-8c5c-6e47dedcb687","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":224,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"11d74e03-e17c-41a7-a656-7e8970eaa9bc","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"cb0293f1-3490-42ff-928d-410419fd1b14","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":224,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"f74e8386-a2ed-499d-91b1-5a5d49a88a6f","block_type":"box","text":"are material — to make informed decisions.","page_number":224,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"b3c4d6db-5575-4952-8c1e-cf573f3dff9e","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":224,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"06278def-6d2e-4f2f-9edc-bb2509ba8ff9","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a","page_number":224,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"9c9f7daa-2ea9-4fae-9bc4-85aa5bcde9f3","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":224,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"2f1932f2-115a-410b-a1a2-17143acee64d","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":224,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"7cf5c9dd-a5ff-4d67-b166-07a35de9bb7c","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"74dd2a8c-d3a9-41fa-9d24-ae7c927b74f2","block_type":"box","text":"Boards and directors","page_number":224,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"85408f29-a4fd-495b-8a77-3e57db9da57e","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"e13bb0ad-38d6-4808-9e83-c5ec522ef481","block_type":"box","text":"Auditors and audit-related issues","page_number":224,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"7f3a291b-6924-4702-ad1d-4eb99268a6f8","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"53640f46-6709-470b-864b-4463cb937155","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":224,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"a3817f8b-8dc5-4fa1-86d3-1564fb92c88f","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"fa0189e2-2cba-45bd-80d7-f132d41b76b4","block_type":"box","text":"Executive compensation","page_number":224,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"7795e3e4-bdbb-4090-bb03-b5e1ab4cb9a3","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"656fd73f-5b33-4b5b-a6c0-afb2ec4eb4b4","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":224,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"ef7ca879-246c-4178-b87b-7b25d7fdb2fa","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"c832d3ba-60d9-4387-8555-ebd11fb850e9","block_type":"box","text":"Shareholder proposals","page_number":224,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"5296894b-03ef-4ffd-8f67-0f85e58fe965","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":224,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"4345ab53-dc53-461c-8bc8-6f1f65a7a7f9","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":224,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"663f3037-edbe-4c35-842b-22d1b3d5d99c","block_type":"box","text":"which companies operate.","page_number":224,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"42c7d95c-a421-4d3f-a1b1-e61879433bde","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":224,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"07167e42-a3cb-406d-bd64-da7ff18f7221","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":224,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"7f6f3197-45ca-46b1-aa2e-c0bbcaf7ade3","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":224,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"6a725c2b-7dd8-4d4f-ab19-4054788039a8","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":224,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"de4239ce-0f09-4f4a-a1c9-b62b526ef287","block_type":"box","text":"4","page_number":224,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"85a18fba-4a42-44c4-8271-4f983d1aaf69","block_type":"box","text":"3","page_number":224,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"86791897-3a64-4e10-a809-9b7152ea3c6a","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":224,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"3981e649-941d-4d67-9b87-1692b108a05c","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":224,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"0f2cdbe8-7c05-438b-a441-c18de38a88c1","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":224,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"f5f67f3c-2336-42e4-a40c-66966039fd1b","block_type":"box","text":"4","page_number":224,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"0b6ebf26-edd2-4d1c-898b-83fdde152bf0","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":224,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"706e5052-728a-4d21-ae83-7e3ae63758b4","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":224,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"2859ce91-c6ea-41a5-8308-2da2f6588d3c","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":224,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"17eda2b9-dcae-4dac-ba6c-6698f2542db5","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":224,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"095bb777-9701-4626-bf36-f72abeb306c2","block_type":"box","text":"guidelines.","page_number":224,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"0f33ea77-17bc-433e-a682-bee558f05527","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"afc75e03-6539-43f6-8c3c-a5245db4b10a","block_type":"box","text":"Global Principles | 4","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6221487f-6962-4398-b5ab-b7e7e3b7919a","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e235791-a50f-4d29-a17b-c2056391b03b","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":225,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"16ad71e2-0a9e-4789-b37d-4cbceca7f43f","block_type":"box","text":"Oversight role of the board","page_number":225,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"d34fcb07-2685-4672-8f71-82019c1ebcb0","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":225,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"06eaf4c4-5a76-4fd4-973c-625ef28cad68","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":225,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"82e70867-3823-4659-ae45-f17af05ef23c","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":225,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"66cf057d-929b-4db7-8b03-a98c31c77451","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":225,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"8ee4d063-e504-4a21-bcd8-ecabf3f82b3f","block_type":"box","text":"long-term financial performance.","page_number":225,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"c04cd6fb-5a6c-41e1-9dce-7a7faa5238e8","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":225,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"0227c3d5-ffc5-415a-a580-2e7f10d326ee","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":225,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"5b74b614-b8fd-4fa9-ac6a-c5513f0f712c","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":225,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"8c8ca2e6-e369-47c8-ab3c-156ec5c648fa","block_type":"box","text":"the business environment in which a company is operating.","page_number":225,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"a75e596f-463a-42ef-9259-bed3f3b8e196","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":225,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"747e6049-8284-4608-9017-517e48d06f40","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":225,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"f022180c-85ef-41a6-85e4-ff4a242ec99f","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":225,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"965fcb5a-3c04-47d5-b977-63d27b55a6e6","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":225,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"76fc0a18-e175-43dc-9f43-40622a24231b","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":225,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"07cbfd4c-12db-4635-8d40-2dd682e4873c","block_type":"box","text":"mitigating such risks.","page_number":225,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"55ee2ff5-e6fb-48d2-b5d4-4d57ae1272f5","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":225,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"d7a0a1cc-9208-4926-ae61-21ce9c003e8c","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":225,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"a65de4d2-002a-425e-b091-2bf14fd6bf34","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":225,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"67a5cc10-0e90-42e4-a791-c911c4993afc","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":225,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"1510e7ef-fd75-4822-974d-f74cc1c90c8a","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":225,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"7e20db0a-1c2a-4b55-a373-f868446241b9","block_type":"box","text":"strategy.","page_number":225,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"4780dd94-8c01-4391-8bad-9053efbac9fa","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":225,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"b63abb5c-fec3-470a-a9b3-876f68cd7c1d","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":225,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"a45c2423-36dc-41ec-9b68-1fe4b70f39fc","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":225,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"e801d6d5-0a86-4d09-a4c2-a81ea30e4748","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":225,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"abf54044-e3d4-4dba-bc92-d846efcfc97a","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":225,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"74ed9084-0bd9-4a98-8dc2-78a9c18cdb58","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":225,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"2c316e17-2798-4f27-88f4-3929654db2ec","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":225,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"3736712b-4e19-44e4-b1d8-2d8f459de88b","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":225,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"432d07b2-0fbd-41e2-aba3-4184f641183e","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":225,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"d63a5af2-aa07-486f-96cf-2ec337fcad74","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":225,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"841b7f04-a2d7-4bdd-b64a-732490eb6caa","block_type":"box","text":"Regular accountability through director elections","page_number":225,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"69453755-8960-4061-b1e5-eac2ea320b34","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":225,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"1a8e96e3-24d8-4775-9588-69358e0089ba","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":225,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"902765ea-9611-4e96-a56b-38eef19a5933","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":225,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"ede048fb-a55d-435e-8def-78ebad973caf","block_type":"box","text":"5","page_number":225,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"4fd9c367-9119-4c39-b959-c0d326db36cd","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":225,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"9b20b4df-7aac-4a0e-aedf-77e86f472342","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":225,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"3816db73-5d4a-494f-bdb2-07a4e7e30e47","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":225,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"fb4dd9d2-9083-4278-b399-23bd75b842fd","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":225,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"f246d0a9-af9d-40d0-8d1d-f6e3f255f9dc","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":225,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"4ff0af40-9c44-4b8b-8914-e0009c327cfe","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":225,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"f28a5ed0-412f-4e90-bf99-dd5f4d11cddd","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":225,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"ba49ec2a-23f3-4f51-8625-e814d6304ba1","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":225,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"a6e214ae-f0df-4db5-a16e-9b4260d5c7c7","block_type":"box","text":"5","page_number":225,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"3106aace-5d63-4e16-912e-756969ea0806","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":225,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"cdeebde2-0645-41f6-87d1-c1205d411e08","block_type":"box","text":"market regulation or voluntary best practice.","page_number":225,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"402fba40-e4b6-46ac-88d8-0a7cd92daa5c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b8805d2f-8052-4c6c-b916-a94fa5ef6f4d","block_type":"box","text":"Global Principles | 5","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3fef6459-e519-4e16-8b46-029ccc4d68dd","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d96bdd8b-ea4d-4eab-9064-6c8ddfd5611f","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":226,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"279dccdc-b214-4bb8-8969-861dfd86dcd8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":226,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"32bd344b-940b-4374-9f60-3ede5bbded1d","block_type":"box","text":"recently.","page_number":226,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"e92e0b66-d369-499a-925a-86f55e6d3df9","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":226,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"9c6799a9-0b6b-445e-8821-671391317a42","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":226,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"eff7b384-b615-4f7e-a104-dc4a5d3b12ac","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":226,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"7338a4cb-3122-403c-be49-c46a910031bd","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":226,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"3d37ab0f-3b17-4682-b75d-08d22cd10353","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":226,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"ec0bdca8-ad52-4a84-b138-c92066a723cf","block_type":"box","text":"Director independence","page_number":226,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"01f8fc29-3a77-466d-b349-cf877df2649f","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":226,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"2e5ecc5c-d2c7-49b3-a267-70dfd6174c31","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":226,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"d6c8d447-1bdb-41fc-8020-e89075c411b3","block_type":"box","text":"6","page_number":226,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"e7e920e5-09ac-4beb-878f-53071ce4b2f3","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":226,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"98bab7ae-03bd-4055-9319-7049f97de766","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":226,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"ad820893-adb0-4a3a-b0c7-9b82d58476e2","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":226,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"e36d0d05-498e-4166-b52a-85ab5ad96c42","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":226,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"36d28916-d0ec-4100-8998-d9b75b4efe6a","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":226,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"7358f138-fb83-449d-a96f-5a14b636cd0e","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"d3970be0-7adb-4c7c-843f-e32b5e636660","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":226,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"c5f4fa53-8d22-4fe0-b19f-5f426d8e6bcc","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"6a191a91-79ea-41ba-91d0-63efc83b0af1","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":226,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"e1a5e6fb-d855-4728-b4c6-330aeb288504","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"ef178f9c-49e3-48ba-83b1-20b53f2cc6a4","block_type":"box","text":"Interlocking directorates","page_number":226,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"d7bdab9c-6024-449f-86dd-97754f1c8bb7","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"fe819541-038b-4ba9-856e-2582aea45d87","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":226,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"6251cb05-3075-4910-be2f-674df90eff01","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":226,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"08f5908d-d386-4f13-bd00-6f11e0fa1829","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":226,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"abd85875-d439-4413-88e7-fbbaee05fb59","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":226,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"91a86b46-f9a9-4b45-837c-dafda4c11cea","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":226,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"4b2c38a7-bd92-48a9-905e-dc269633fdff","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":226,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"e47b428e-a86b-4119-ab75-c2e7460a7435","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":226,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"cd65145e-14e4-44b4-862a-0e3e8577c75f","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":226,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"02c74609-0835-400d-8402-f942f0d8913c","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":226,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"21edf6ce-6347-4b38-816d-fa05c202a0dd","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":226,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"e521b13a-041e-4c10-b681-3ff3c4192fac","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":226,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"64b11351-1d18-4baa-b382-ad42da4ab9f5","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":226,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"09f19d49-8868-41d8-a828-9a22e6c2d0ca","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":226,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"0a08796b-4a6a-4302-a3b9-c0dac1f7c249","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":226,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"a0d08afa-9eb1-4d8c-af91-4a41b7fee8a4","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":226,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"3a014ec2-5b64-42fe-9d6c-0aeb25770952","block_type":"box","text":"Sufficient capacity","page_number":226,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"f161446a-c112-4936-b247-82dd5da28adb","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":226,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"3d8b1ee9-c03d-40b4-bd21-9fa18ecb1f65","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":226,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"164bef06-26c4-4abf-9e35-9b8091fe0ab1","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":226,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"7c5c8537-f94b-4a95-ac68-ea3752affdd9","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":226,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"4edda20a-7d3d-446f-b192-89c8ca056499","block_type":"box","text":"Board composition","page_number":226,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"844e0f25-b1e8-45da-bb25-b7574c2170d6","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":226,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"b813dd76-c977-41de-8b79-918fb9a270fa","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":226,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"ade22d60-9d5d-4bf5-83a5-0540e4b73068","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":226,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"1137906c-0d2a-4f27-9aee-44e98e078dad","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":226,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"b8aa9a7b-1400-4737-b4da-b141fc940e86","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":226,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"a1d3c4fb-9616-452b-b6bc-5978309eef66","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":226,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"eed3ff47-2b7f-48a6-9cc2-2cae7da94ab4","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":226,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"62d058b3-6b33-49ce-a616-0831aabcb6b5","block_type":"box","text":"6","page_number":226,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"cfce875a-bf37-4ac1-9845-5c41c9cfdce8","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":226,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"728bea3e-c1be-4908-b4b7-73f7b0a14f24","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":226,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"4404b0fc-c93a-4673-b2a2-f1fe380b4461","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b02c1b93-5e10-4509-8bae-13660ffdaee7","block_type":"box","text":"Global Principles | 6","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"aeb39c3d-ac25-41d8-91e3-31b92d4aa580","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9be823a7-2e73-4069-a1a8-a539595e9abe","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":227,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ff150053-61d5-421e-bee4-ba04a2fdb613","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":227,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"16280ddb-746a-45e9-92a4-aeef9640afa1","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":227,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"8dea3463-11ed-4cd2-a01d-c4231509c8ad","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":227,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"96be64a2-5d76-47f3-aaad-053f48bb6d01","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":227,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"5fd9c15d-4a8e-458d-9397-6d49990e64fb","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":227,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"c9915c86-a72c-4efe-a464-8e5073235372","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":227,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"225cd9f1-9234-45b1-8534-425b91f3ee0c","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":227,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"9d24355f-7b3a-40c8-b9e4-5d22bca007e0","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":227,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"f759637e-cc9d-49ab-9da8-26f6d1c4d4c9","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":227,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"0375a744-0165-473d-af4a-53693074630a","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":227,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"f684fd54-d937-464b-a45e-e21a48e35741","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":227,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"ff9d63d5-2163-4216-8256-a6e38e18402f","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":227,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"e30ad315-85be-414e-836e-fe1943db9e6a","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":227,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"76b5deb8-fb6c-4d05-89f4-9513189dc600","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":227,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"9f223e6f-0a2a-4509-a6c8-32650411bcbe","block_type":"box","text":"systems.","page_number":227,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"36db0343-f793-4983-a19b-3b288492b792","block_type":"box","text":"7","page_number":227,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"87a2082d-aa68-498c-9e2b-aa14a222c0cf","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":227,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"c3c02765-ec50-4d4c-9419-00c11ba7711e","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":227,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"0a47dcf8-c7b3-4874-b95d-3950cab02d20","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":227,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"d5bfc91b-2010-4101-a48b-ce010c7d3bea","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":227,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"fc00921e-d934-465e-a371-7e019f483fa9","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":227,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"704b53a9-0d65-4ec5-a667-bc2bd381bd41","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":227,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"78fd0351-21a4-4c7a-9fd5-4c00d70bdee4","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":227,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"53be5f6d-b144-44e9-8be0-050dd37266ef","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":227,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"1f3cba1c-3d9c-4370-b10f-e33fe2185b70","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":227,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"8a775bd9-2dda-41ba-a968-37aaa08c1abb","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":227,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"64f695a9-fff9-43ee-a61e-eb4f94194612","block_type":"box","text":"or internal audit function.","page_number":227,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"20feeca0-ff2f-468b-ba6c-9c833fd47f50","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":227,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"113e8073-b7c9-416f-a770-6fc087ee03d9","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":227,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"c7d9587a-efd6-4588-a145-7a3ea7062446","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":227,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"cbd5dfd1-3805-4537-9ec9-4713954f5024","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":227,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"04689020-8660-4810-920d-3b533b85ab18","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":227,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"32cba27b-e256-42b4-9d3b-1d3011f1a6e3","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":227,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"7adf78fc-a5e6-4d17-aeb1-d6662b0b885a","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":227,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"591f0234-857a-48a4-9744-6042a3133cf9","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":227,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"63adde5e-6808-4437-969e-cfe1727d84b1","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":227,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"9ab339b7-9349-4a88-bc95-495c78ac206c","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":227,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"0f8886d7-42bc-4b10-bcf4-94dc4c936dde","block_type":"box","text":"risk.","page_number":227,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"c8819541-9852-40a0-9c4e-db1b1a0c621a","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":227,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"247bd32d-0ba4-41a0-bba6-be5536e384b4","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":227,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"7be94343-007a-4d3b-aadf-37d2cf8011a6","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":227,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"46b6597c-e22d-4b42-9a5b-ce6441480e0f","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":227,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"7f3d867f-76b0-4dc1-a310-12dcfa44b171","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":227,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"8c172a2c-e229-4e3c-a3be-6d28302be81c","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":227,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"a9db79bd-3a73-49ca-8c8f-7b71ad329f44","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":227,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"7182c686-8a0f-4fb3-adb5-48d0445eeb0d","block_type":"box","text":"7","page_number":227,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"03ad0e20-f76d-4ad4-b9ba-2278106785c0","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":227,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"4603568f-cba2-4c0b-8018-1ff859a5a8ae","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":227,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"de9902b7-4f96-4544-88fc-5ed65717c54a","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":227,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"29bc6a30-aa7f-4f65-8646-dd9db46f727c","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":227,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"ba4a5d44-80c0-4969-8d56-4c1219b40f59","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":227,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"4a71e5a2-31f7-4fd0-91a7-41266a0bdbf8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"46b44cf0-763d-4123-a0e4-502c4aeabe00","block_type":"box","text":"Global Principles | 7","page_number":227,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"9c30d6dc-5ed9-4cc2-bf13-ba93802c5337","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e65a5229-bb6e-49d6-bfa7-5f10f2ddc86c","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":228,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"7fa81774-c99b-46b6-9b9d-2b7bba13d5bb","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":228,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"a1ddd641-676e-43e2-bf6a-ec7dfeee2706","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":228,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"04169d1d-f42f-4bf4-8da0-aa44d7174e93","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":228,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"7a37ca3c-398f-493c-8618-14f4d0416f4f","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":228,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"8f2a4deb-863c-41b9-abff-074a27e9160c","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":228,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"56409da6-6abd-4dff-94e1-66aaa7e07d34","block_type":"box","text":"minimizing costs to shareholders.","page_number":228,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"2c26d8bc-7000-4f91-94aa-2a5ac5be2d7f","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":228,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"0438f9d0-9cef-42c7-a73d-c0c2930280d0","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":228,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"06d60d5a-b2d3-4f17-9d47-1b93d88198dc","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":228,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"2e166277-a3b9-40ff-bce9-e4760e9f4b01","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":228,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"1dfe48b8-36f1-44eb-b5c2-1e73e61148dc","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":228,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"d4de5148-3464-4a01-ad33-b2cc61214ccc","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":228,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"a0141f37-464b-4518-8f5f-9d2729cbc8e1","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":228,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"f700db13-e13b-48cc-b2a6-715f62a76218","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":228,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"339adc4d-92a1-4dd5-be23-472019085117","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":228,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"83b0b09b-d130-4eca-b221-854218954fc3","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":228,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"1d3fa9de-a4d9-4e59-bc6d-36fd1bc298b3","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":228,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"6da9e52f-bff4-4692-bbb8-8ba710386844","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":228,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"c6dd0c35-e85d-499b-ab37-27114299e316","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":228,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"50dcda6b-6b04-4fa3-af1d-5f13924ed2f0","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":228,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"674bc72e-fb56-4510-a090-155354af4454","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":228,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"036e800c-965b-4cd7-b4cd-f59fdd7b9a9e","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":228,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"8aa700f8-ff71-4d7e-b8a7-4d6e92480f04","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":228,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"a76a3f27-f58a-47b3-ba46-005cefe752eb","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":228,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"a7d83746-02e4-4bac-b815-a930be2ee172","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":228,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"836d8227-dde7-4ff1-ac31-889a962003f9","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":228,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"2c72a044-6444-4f39-8451-b5825c776747","block_type":"box","text":"ownership.","page_number":228,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"b76ff916-7c57-43dd-9668-8b85997060f0","block_type":"box","text":"8","page_number":228,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"da61160b-be72-40e6-885a-5b988fbc971c","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":228,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"cf9602b6-40d5-4554-84d2-9040d91b6f92","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":228,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"0a21f9f4-5bd4-4c7a-a4e3-26279ca77d95","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":228,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"32ce4ae2-57ba-48df-bf72-764dd8016335","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":228,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"1dd1908c-b2c8-469a-9b58-f5706042ef12","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":228,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"b5858187-e87b-448a-b787-b025ddaa81b5","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":228,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"8c4d3303-5f4d-4351-a493-14771fb7b994","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":228,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"4780cda6-c62d-48b3-b3d8-c4f7d07ea7a3","block_type":"box","text":"results over a period of years.","page_number":228,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"24cf887a-dad8-4fe8-bf5a-4c73e165d90a","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":228,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"222f410c-0da9-4c51-ae5b-3dc6f5b0c289","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":228,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"61c65314-2ef4-4092-810e-7f1bd87413e6","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":228,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"6301e921-9f01-444c-834e-50cc09ff66e3","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":228,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"0753b451-7237-483b-8658-0eefa2d937cf","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":228,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"d2fb1a00-66cd-4a7b-bdf2-1a4bc7b6b063","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":228,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"648d2dae-fd78-4454-8180-3b570e70cf64","block_type":"box","text":"executive compensation strategies.","page_number":228,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"2c62e066-70ca-4528-b667-b8d2399b8550","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":228,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"295dcc40-5e47-414f-8325-b1bef77c609d","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":228,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"41510ceb-be4d-434e-b2df-557fab0dff24","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":228,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"037d91e6-8307-4016-9912-0b757a48eeec","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":228,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"22c217af-6db0-418a-8064-20c0e1c336e0","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":228,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"cf85a6f6-fc1a-4bfb-8cbc-04b187f54b1b","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":228,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"6057c118-b3e0-4f8b-8c9b-83a3a9a7592f","block_type":"box","text":"8","page_number":228,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"f1d7eb86-882c-4805-9ee6-f41ebc2e1a66","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":228,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"db77d67f-dba0-4426-87dd-7793f8d5ab39","block_type":"box","text":"different markets.","page_number":228,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"e50ab620-2a37-4d89-8b65-f4a933e67954","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"72df1ee7-8e83-49c3-a586-354dad6da1a6","block_type":"box","text":"Global Principles | 8","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e82f2470-63fa-4dfe-99db-ea614c0ec748","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c7e1ad4-33b0-4781-b143-60b4ad4dbaed","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":229,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"3fef9217-9067-44c9-9c1d-7bcd18d9319c","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":229,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"2380a3b6-f256-4799-8c90-626881ada69f","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":229,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"236c7dd6-13fc-4e0f-8786-1ea102d65843","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":229,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"a0241c60-0e86-464d-9cec-3b8e8e39e13b","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":229,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"e2c0fb5b-9e57-4c7c-bdb2-2b0716bf263d","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":229,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"2abcfb50-ed06-4d8e-9f4e-13cc9cf49c3e","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":229,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"81f0559c-265f-4a8d-b5db-d138ff9293f0","block_type":"box","text":"whom they are charged with overseeing.","page_number":229,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"fb22b821-3d63-4a01-98eb-eb7c3cf4df43","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":229,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"b69fce7c-4892-4518-8956-19f4de26c718","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":229,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"a1aedede-dd15-4eaa-8068-8120b4d98461","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":229,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"f4516e59-5634-4b3a-9c54-f57f2e6ef339","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":229,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"e838fcd5-08c4-40ea-9010-3b5e23f82537","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":229,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"5b0b7f92-626b-4bb9-8851-4f081693c693","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":229,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"de724207-33f1-4405-81ba-580cae9f5d85","block_type":"box","text":"structures.","page_number":229,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"bb0caf25-6818-4c4d-8c38-1d17d98886db","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":229,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"c1892d05-cd5f-424a-8e43-4402af14e542","block_type":"box","text":"Corporate form","page_number":229,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"44c80f75-c8e2-4d0d-91c1-dda50d2cf907","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":229,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"7b2eb2ec-01b4-440c-bd77-143daf37d1ee","block_type":"box","text":"the company’s purpose and business model.","page_number":229,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"84a0e272-f536-464a-bc56-64144f3bb116","block_type":"box","text":"9","page_number":229,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"795015a2-4efc-4686-82da-ac53a18df222","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":229,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"ede3d95a-7d7a-4a37-ab22-9167e26ee440","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":229,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"599f79ed-4fee-479d-9196-4c2899f7b2d3","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":229,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"f0371788-bf23-46d9-8042-460b145a5e1d","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":229,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"0e59fcf9-70c6-4a4d-be30-c0fffb195095","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":229,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"6e0c97ba-e5a4-4a88-a952-67a679d829b9","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":229,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"97134e21-4f92-43a0-b8a6-6204a05fa1c4","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":229,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"09b72573-7594-408d-bd78-e7668f9cd998","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":229,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"288a8243-bf92-45cc-891e-85a6b8e81fbd","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":229,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"726d3d90-d96d-4d37-8256-053c0e002099","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":229,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"2e8b1846-f36f-4f9b-a882-c5147065bf0c","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":229,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"a2dd1d54-3b0c-48c9-93ae-a863cf5fa980","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":229,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"c6e3fba4-693d-4efa-b4da-15ded8b045fc","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":229,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"b8f96afb-5d74-4b50-849e-bae223542fb2","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":229,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2a6ec542-a2d7-4471-bf15-41191e3415f7","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":229,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"55a5282c-bba1-4230-aac1-3423ec04a0d4","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":229,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"71de2087-f01b-46cc-a12a-9bfb697e4d75","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":229,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"8b913682-4a35-41a9-9d57-1c691116fca0","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":229,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"e4a79b1e-b61a-412b-b7e2-abb5f3be520c","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":229,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"30f9840d-b839-4f35-93da-c5ae7fca8029","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":229,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"7ca8a657-495a-4943-bc29-09ed1b658970","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":229,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"02007a6a-28ba-4932-8a3c-fee15f05c24c","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":229,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"0d2bf9c3-3866-4339-b93b-a6360a2572ff","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":229,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"2864df33-2e80-47d7-bc0a-2a86d6b4f900","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":229,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"189c19f0-65de-43b2-a13a-44e1c9d827c5","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":229,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"469435ea-82a2-4353-b284-9f0aebcad5e6","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":229,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"44eba139-1081-4068-92a5-6fbe28213697","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":229,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"76b2f73e-afc3-4519-a363-e487f0d0a4b5","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":229,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"c4d2ca69-189e-4d02-96a7-529ca42a70c9","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":229,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"33f97c39-f9f1-4906-894c-8934667fc6ad","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":229,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"c80f1d5b-90cb-4f8c-8b93-93c3193ab7c3","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":229,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"ffdf3a0d-3598-47c4-874d-40b174dec9c6","block_type":"box","text":"9","page_number":229,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"18bf88f9-8889-4a19-a4c2-e03e49aa313b","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":229,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"52644eff-0e68-40fb-a889-0d32132089bd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c4018734-2857-41bd-874d-82a49cce3361","block_type":"box","text":"Global Principles | 9","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"763d8028-c661-40a4-aa9b-1a3eaebcc2fc","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ed84d1e-4302-44be-8075-ef89e30e3010","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":230,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"435fbcb5-8aea-4abb-b9d9-b638bbb113cc","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":230,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"5bb8ebe3-659c-4277-9591-3b849bf34f83","block_type":"box","text":"long-term financial interests.","page_number":230,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"c6813858-5dfd-4a5d-83d8-63fe50af184c","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":230,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"48198a2f-a354-4c09-a018-0a58f5612bcc","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":230,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"79e9493e-bd29-433a-add8-5dbea519d603","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":230,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"952a7fb3-00d5-409f-b481-60f1630687aa","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":230,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"c3ed89e1-e81d-4145-babf-0ed18634961a","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":230,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"36661e95-87a9-4315-9c91-6923fae8b7ea","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":230,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"d66a04dd-952f-4fb2-80f8-b04c1ca72768","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":230,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"219f3b5a-e028-47c6-9be5-ff9c0e30d598","block_type":"box","text":"term financial value creation.","page_number":230,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"3fb62f7c-e254-415e-bb95-7ffac0a87e6d","block_type":"box","text":"10","page_number":230,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"e78cac60-eb52-4242-99fb-411cba06e891","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":230,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"e3107456-4896-47bb-9e9f-d772674fcdbe","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":230,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"8bd4fce6-68a4-499e-861e-8bf6fa4ac912","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":230,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"d72ecf34-0fa2-4a96-9154-cd3a35d1e115","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":230,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"d99cc867-d4c6-44e5-a106-862bb0910d76","block_type":"box","text":"industry-specific metrics.","page_number":230,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"d75c4ed4-2802-4593-b6e6-bcbc5f6361e5","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":230,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"7169bc57-837c-46cf-b9c7-1395ea315a29","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":230,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"6cdb869d-8eb4-4494-bf60-b41a64a4ebdc","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":230,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"53275e65-cdef-48fe-a27f-377495cf6df1","block_type":"box","text":"11","page_number":230,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"a94af3ac-7111-4bd2-90e2-407159360287","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":230,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"d35a54a8-a1ef-49d7-acce-c799fed87159","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":230,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"d33e9ac6-e23d-4df9-b98a-faed000344da","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":230,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"563301ee-27d6-40f1-afea-b6470007866d","block_type":"box","text":"specific.","page_number":230,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"d93d83f4-e8bf-4ce1-a4c7-7f33369de55f","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":230,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"b6038a70-26da-4788-958d-39304cd0b1f6","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":230,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"5b16bfc3-89ae-4493-9f5e-1598e0b212de","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":230,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"e397ba0e-15cc-4f2e-a50c-fa1a29cfc75e","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":230,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"0d79fc30-1b7f-4622-bce6-f5bc95915fa4","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":230,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"0b720039-7a55-4dc4-978a-3ff92fec4ede","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":230,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"55c059a9-abe6-4171-bf15-2f44e58d205c","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":230,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"19012721-54fd-43fa-afe7-6cd1ef5f3bd7","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":230,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"60acb83c-7103-4a4f-8a8b-bd8be7e770e8","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":230,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"5aa56921-386b-4ded-a0fb-9ae0a124b12e","block_type":"box","text":"10","page_number":230,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"24f44674-0978-42b4-b7e0-33446f26c377","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":230,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"a910b2c7-3275-445a-82aa-6cfaca915310","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":230,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"bb06cfde-0ba0-48ef-9b75-97d1163e8123","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":230,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"04b2a318-7f89-4eb5-9262-e1c902748cdf","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":230,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"389fada4-1aa8-4f5f-bbec-072b5a509b75","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":230,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"20f06f17-7dde-4ab8-820f-78bd67dd9888","block_type":"box","text":"11","page_number":230,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"5e5bf71f-868e-4d4a-8110-63c3a61094d1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":230,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"58977e05-e098-43bc-99c2-48159c418e0d","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":230,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"22390ac0-0a96-4eb9-ada8-c380698337a0","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":230,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"58adcff9-425f-41a8-a084-3a43824a5043","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":230,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"7aa73664-1ea5-4e1b-b46a-2d386861d7fb","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":230,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"3c1d3db5-614e-4d67-9e26-2953ef98115d","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":230,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"b0d615fc-5f9d-42c7-8859-a1195e9a1951","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"487b6a81-38b5-4b46-b60b-2437eb1249b5","block_type":"box","text":"Global Principles | 10","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"8785b261-507f-4386-9abf-aa404c52ece3","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"187bef8b-0a3c-4876-8a21-7cd5a05dc296","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":231,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"bcdbade1-1750-4581-8755-4c973119a3b7","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":231,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"71a2f3fb-8100-4cf7-9305-ce47d10abeef","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":231,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"52b206c0-6f47-4f45-b4c0-479ee600b5d2","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":231,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"412c1ed4-abe1-466c-bcd5-515fdea9f3d1","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":231,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"a9476fcb-80ff-446c-bcdc-32fc78d6174e","block_type":"box","text":"12, 13","page_number":231,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"bb7cae8a-bfaa-4cf4-aa22-10f7b495f626","block_type":"box","text":"From company disclosures and","page_number":231,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"eb577851-effe-4c56-b88c-f27fbc9f6da3","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":231,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"ac86d647-3167-4f9e-8d85-53e52ba6e9b0","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":231,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"72ecec4b-86c6-4dbc-81c2-dae9f229ed88","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":231,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"c59678f3-af0d-4a3a-9193-36d68aad7f9c","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":231,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"71f2c0c2-e717-4d57-af54-76ace4acda03","block_type":"box","text":"viewed as best practice in the market.","page_number":231,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"d012aac5-7a01-45b6-ba68-edafeb729b03","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":231,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"c2807918-3be8-4a0c-ac41-e23ededbe570","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":231,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"33845a65-2347-4043-b5b0-b98a338a7de7","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":231,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"984f3a6e-b8f8-4c70-8bc0-acf749e7834b","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":231,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"b2a77349-d4d2-449a-8297-88249e3b0a6e","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":231,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"64fd54f8-dd5b-4197-b9e5-98d9982b21a6","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":231,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"6a656069-b55b-49f1-b0eb-128936b1010d","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":231,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"acfc1245-cb13-4add-ac76-3ed926fb519f","block_type":"box","text":"interests of their investors.","page_number":231,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"a0779772-8473-4264-8a68-859fe5f20928","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":231,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"0f70b362-5e3f-4adf-94db-25c46ab0c90c","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":231,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"c2e2ab98-7d03-4f3c-a3fe-070e1810bbcb","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":231,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"5185b116-6787-4c90-8e01-899054c533e0","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":231,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"4aab0b56-31a8-4afe-b1bf-d00d008b8f89","block_type":"box","text":"good-faith basis as methodology develops.","page_number":231,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"f0cddd14-9cb9-4588-b7cb-2a125c77a15e","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":231,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"56a46eca-a61d-4897-ba73-f409acbd4b38","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":231,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"feffd1e9-e5b5-4052-97f6-15e7a9ec40e3","block_type":"box","text":"generate long-term financial returns.","page_number":231,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"fe4f02cb-a628-4739-b6a6-4615acd7e9d6","block_type":"box","text":"14","page_number":231,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"85b04450-b390-4251-acd5-f48e94f2f577","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":231,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"70353f8f-95c7-4158-b4dc-919cfa0307da","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":231,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"fb78166b-7358-4526-8c0d-6097b0d2c572","block_type":"box","text":"15","page_number":231,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"8ec58022-6196-44c7-a649-d6349650c8eb","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":231,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"11b4e9d1-c882-42e7-8da1-57e83a696cc9","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":231,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"1fd87a35-48c4-4605-b971-ceddb4994c8b","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":231,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"38feb8dd-5d03-41fa-a7c0-c609d92ce77c","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":231,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"02b9be3a-2136-4690-b516-59dbf2fe8d3a","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":231,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"942ca6c5-7bfe-434e-a883-0d375107a850","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":231,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"f7f2586d-366c-4fa6-99a7-092d0c276c4b","block_type":"box","text":"12","page_number":231,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"6c09a1b1-5bcd-4723-8077-0bf6620a9005","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":231,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"e276736d-129b-4bb0-9065-8c6579601649","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":231,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"eaecad6a-7699-4e6f-9fa6-956fb7827d87","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":231,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"af56f8dd-6fb2-4e4b-87ef-7c916da14fc4","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":231,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"d2df23cb-3641-4412-ac31-1f242dfa067d","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":231,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"355843b5-d609-4228-9524-398c4e93d15d","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":231,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"401ff2e2-506e-4876-9f01-7de1f8a11832","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":231,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"088d8c64-663c-4140-b39b-0e50f00e3078","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":231,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"a440e512-3cc9-45e7-8a0b-f677c52c4a38","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":231,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"672a3f2b-2eee-4211-90d1-34cab7b2f3bb","block_type":"box","text":"13","page_number":231,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"dfe4903d-08e2-4654-898b-f7e209376ca0","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":231,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"de2deb8f-4c17-411a-bae2-206040541e8a","block_type":"box","text":"2025.","page_number":231,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"bd5956d8-9f06-4fe1-b3a5-a9e4648620c8","block_type":"box","text":"14","page_number":231,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"9ab61383-f1d4-474c-8d0b-d05abdf225ed","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":231,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"f923ece4-d0d2-499e-bf78-b176cc29d560","block_type":"box","text":"2025.","page_number":231,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"29fef060-3cb0-41e7-9514-d9ee0382e670","block_type":"box","text":"15","page_number":231,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"c56c5f33-6c91-493d-95b7-fc5d9e3d5623","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":231,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"c74bcdf9-14c5-4cf9-ae86-10320c0c78cd","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":231,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"e8f279e4-a645-48c0-8fad-862634965b49","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":231,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"4c07c25a-25ab-41a8-bfb6-500a9b215f50","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":231,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"9272caf2-0b92-4ee8-9115-ea288b26f942","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":231,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"555cfa56-2aa7-4466-9b39-761403d1de2c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4b0ab7d7-9c1c-45b0-9d09-14dc0a776ebe","block_type":"box","text":"Global Principles | 11","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"53ba0765-9eef-4080-820a-ef1e0597c5d4","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5df565b8-d949-4a57-8a91-4297f8130b8a","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":232,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"8751ee2a-fcce-440d-b32a-91fd5370d6a9","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":232,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"387d31a5-c96d-4286-9f88-c41b7558396e","block_type":"box","text":"16","page_number":232,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"0075ad97-d305-4fb5-a532-eaf1094dcefd","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":232,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"9b46ff93-550d-4ee1-aa96-21bed284909d","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":232,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"e6fd86f2-3688-4e78-b364-c3e6e8dbf23c","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":232,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"6de53bfe-20c4-421d-973c-f35d3cb8af01","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":232,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"82aa9975-944e-4a68-b282-b2667457c980","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":232,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"c57c0fcc-fdd5-4e79-b33e-130a00fcc196","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":232,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"956b63ce-02d8-4fd9-8505-10f4e4d1bde5","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":232,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"d4988dd0-843b-4b81-81cb-3f00150941e0","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":232,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"031d9fc5-b491-4835-aeec-74ed4b97b5f6","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":232,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"44b170f7-194b-4ad4-a152-f6b32f6b44ea","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":232,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"62de6d0d-ebb6-4035-ad34-d88f479347cb","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":232,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"ea44ca65-73e1-47e9-b6e3-4c590388a2c9","block_type":"box","text":"impacts.","page_number":232,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"03cabeb0-d90a-449a-9144-bc4bf4ce63c4","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":232,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"fcc959af-2a4e-4df2-aaf9-319e3572ef9b","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":232,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"90936b56-616c-405f-8cb0-cb741564f5b6","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":232,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"df9deddf-96be-467c-b66f-01b4a93eaa2b","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":232,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"8e8bde39-8612-4b5e-a2f5-9dc65c914f86","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":232,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"7ef22042-11e1-42eb-bf47-4d655442b12f","block_type":"box","text":"clients at the global and regional level.","page_number":232,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"cb45a2f1-b5b5-4103-9c43-acbcc09ac177","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":232,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"f0f6aebc-fc49-4df7-9703-c96d461aa4ef","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":232,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"9897a38d-3df6-414c-84e5-7a329ede4133","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":232,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"ef2614c5-f6c3-4165-91a0-30c0363483bb","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":232,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"23c90dc7-cf6f-4ab4-adca-a0b9c35c54c8","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":232,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"c0022308-cb4c-409d-b36e-f4f140f8afce","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":232,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"79690741-bd3d-401d-8b5f-40db3ee1e7d2","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":232,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"0d4730c7-c37f-4902-996f-a07f905d8868","block_type":"box","text":"are independent from the investment stewardship function.","page_number":232,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"ba621a2b-b0ca-41ff-8f6f-556f4d5810d6","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":232,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"763219f4-aaac-4f69-9d69-62f7b5265e8a","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":232,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"ebac990e-9853-422b-b366-4ed06e33ec2b","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":232,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"07b79b9a-3b24-4a54-93e8-79da89448f7c","block_type":"box","text":"VOTE EXECUTION","page_number":232,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"f433d8a3-d95e-4d14-8859-7ad11218d014","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":232,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"12b8b4dd-f519-4942-b0d6-3462f308dcfe","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":232,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"00446e8a-9c44-4085-add6-974532c2c691","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":232,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"743dafd2-c7a1-4489-8a6e-79d487112ef4","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":232,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"fafb9c33-81ad-4195-92c3-137d3350fa59","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":232,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"c405faac-537d-4651-b2dd-17e5966d4d40","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":232,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"7bdbc9a9-da45-4b49-8a88-c33be56a8186","block_type":"box","text":"management policies and procedures,” below).","page_number":232,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"80aa608f-fa86-4a86-93b7-4cb7c2d0e5fd","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":232,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"90792cd3-6581-48b8-9175-569d7963e27c","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":232,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"fea8846e-1bc6-4d6f-982d-a45ae41abcb8","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":232,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"0d14b497-5107-4ba1-8b6d-3ae0c9c229a8","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":232,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"27c2a7a0-3216-4275-9f24-ec2d0f8b3871","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":232,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"704b1f62-f59c-40e7-9255-3d17f630b0ef","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":232,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"bfc88d61-8c3f-4c3d-81aa-82b752cde3aa","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":232,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"894ea3f7-14df-4f62-a02e-d2b9e8dec206","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":232,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"ec000841-e833-4eef-95ac-f527be753af8","block_type":"box","text":"16","page_number":232,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"d7c35966-b56b-4b88-94dc-2201f9d93bf9","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":232,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"0e53c4f0-0520-4821-a642-80b7b7b7700e","block_type":"box","text":"December 2025.","page_number":232,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"624d91f2-1263-4751-8faf-2f2cbfda695f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d3db3b66-5dcf-473c-9a52-c55c9d90686e","block_type":"box","text":"Global Principles | 12","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"fe2c2797-226d-4aa9-90ea-729750933f57","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2247d3a-d40b-4fbe-a3b2-57ba392f4503","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":233,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5db270c1-7147-4440-a1fd-bd10244a5e37","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":233,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"26704c6d-7fa5-4403-b019-8640b3b15715","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":233,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"773b615e-a47c-4373-b3c9-d1bbc2368c7d","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":233,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"10db2908-9274-4c9f-8e00-87ff8413b60a","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":233,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"df71dba1-fdf8-446b-8988-9b02121853ee","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":233,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"db7d7443-2a36-464b-8c0d-cb785c56fdd9","block_type":"box","text":"enterprise-level vendor management activities.","page_number":233,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"029ca6fa-4160-4746-b5fc-7d74a9ad2ae3","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":233,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"10877eb6-0994-4bd4-9c11-85f02282287d","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":233,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"160ea487-4d32-42dc-bbc0-937a11012070","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":233,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"3822f4ba-7560-4ccb-a6c6-6277033044c2","block_type":"box","text":"BlackRock employees.","page_number":233,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"f8797bb7-3324-46cd-bbd2-1d778931de5b","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":233,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"a00f0d96-7c07-4d68-9f69-7bb8855baa0f","block_type":"box","text":"SECURITIES LENDING","page_number":233,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"47a58a1e-b18c-4b87-8f14-07f85fa6fa76","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":233,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"4f16f8e2-8ca1-4f64-81f1-cc3cbdbc00af","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":233,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"144e9fbb-f7f8-4aee-a53a-be9ab041ab48","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":233,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"37c4b690-e7b8-4287-a7a0-921c171c1a2c","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":233,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"c52f2572-d966-4cc5-b6f6-b70a793fc29e","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":233,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"cae6e470-e237-4255-8772-6dc47a5aa164","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":233,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"baa32f21-581a-4896-b62a-1b6ea497065f","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":233,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"ed70d27a-7a2a-407a-9d96-1199e3a53d48","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":233,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"84d988ce-e8f0-4a56-a843-6c4d66dfc6a0","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":233,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"afb996fa-9fcb-4e42-9ee5-faa737fa7763","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":233,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"59776888-9674-4f74-ac73-0a8ad90aec55","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":233,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"1b1d3532-50a3-4b5a-8619-3976de1e92e9","block_type":"box","text":"of recall consideration).","page_number":233,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"321ae380-1fa7-448c-b4df-c40d7b6b2920","block_type":"box","text":"17","page_number":233,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"613734a1-12ee-4873-8e22-807d85486c42","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":233,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"978f8910-7f55-4cc5-93b4-bfcbd04a61ef","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":233,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"58c8bf7b-33c2-4136-b3f3-6590b254246e","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":233,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"d1362080-8c64-4160-94f9-52c16213f37c","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":233,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"62203a86-747c-423e-b23c-885e752d2b40","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":233,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"71025be9-01c4-4842-ac0e-54029a7419e0","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":233,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"54d10da5-d1cb-47ce-96f0-3a85b2dd670b","block_type":"box","text":"important to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":233,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"a4ae18a2-8693-4c8b-ab72-be21feefd6c7","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":233,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"af67449b-f9a2-429a-9ffc-5bcad94ed59a","block_type":"box","text":"and may modify it as necessary.","page_number":233,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"ae9cd761-19fc-479e-8290-4a216e6701ad","block_type":"box","text":"VOTING CHOICE","page_number":233,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"4fff0768-711d-4f01-9d8c-e72bb5acc701","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":233,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"81d13bb5-1913-4d7d-b789-641de150660e","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":233,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"a0aa2dd0-1438-4e64-8c22-9615ac233082","block_type":"box","text":"18","page_number":233,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"cb800a33-6965-49c0-92ed-5bc1ba9f9aae","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":233,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"9042bf30-90e4-48a4-b1c7-196aae0262f7","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":233,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"55f9e863-7b95-4e6a-8efe-a1b6a27f9423","block_type":"box","text":"17","page_number":233,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"674c1c7c-b79b-49e3-baa8-ed800e2dac3f","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":233,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"3667d5b9-c21a-49fe-bf32-06ed66f6191c","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":233,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"7369a656-009a-4f05-a23a-7c1a4066ee0a","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":233,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"9101ff5d-18c3-4ae2-becb-528cc7296a97","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":233,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"d5538b94-6b9a-49d6-b07e-83f72104ca99","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":233,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"f33fd27d-3736-4929-80cf-b7e30e928ac6","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":233,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"9dc7ceb5-e81b-473d-84df-aec29c4e1ff9","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":233,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"84c5a0b4-0e17-4e8b-9b82-69fb0c029ae4","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":233,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"b3b31f74-69e9-4e82-a8c9-d2dfb904b8e2","block_type":"box","text":"18","page_number":233,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"bd625281-3c47-4b9c-8c17-af6ad7120665","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":233,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"d90dd466-ad1d-41e7-b6c6-5df7872be789","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":233,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"b513ffef-12ce-47c0-9660-d7f3d1306473","block_type":"box","text":"including the decision to lend securities.","page_number":233,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"29e04225-d875-4b64-9d95-0bf8ea55dcad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b5204589-f558-48e5-911f-57f42ca9ec03","block_type":"box","text":"Global Principles | 13","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d8fed1f6-f892-486d-87d8-768acdafacb1","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3f2c18f-e049-4e31-bea6-4ef3837bd181","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":234,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"e2d796b7-4cd3-46fa-bb97-84ecd14b358f","block_type":"box","text":"(SAE) strategies. 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All other trademarks are those of their respective owners.","page_number":235,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"40ec2c22-2462-4bf9-9ede-6428826028fa","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":235,"box":{"x":69,"y":942,"width":486,"height":13}},{"id":"a02036eb-273f-4063-930a-07f414615e09","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"370427de-cdd8-4cca-a412-271ce8f6658e","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":236,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"2f631715-c2a2-4ee3-9e58-0d0d8d8c7a7d","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":236,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"50ef3b4b-d192-4a25-9a91-a32f9031b7e1","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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BIS does this through:","page_number":236,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"bafb87b4-3a79-4da5-b260-bf0416e9696e","block_type":"box","text":"1.","page_number":236,"box":{"x":70,"y":171,"width":11,"height":9}},{"id":"a3fb9dbb-a421-4d37-8a76-8e75c9c74022","block_type":"box","text":"Engaging with the boards and management of companies","page_number":236,"box":{"x":102,"y":171,"width":418,"height":11}},{"id":"8d3df82a-ef52-4d65-9db8-b3d028b9a15d","block_type":"box","text":"in which clients are invested to deepen our","page_number":236,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"4c2a9fb0-a026-48f0-a98f-8d3fb95eac22","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":236,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"87906318-1257-4b2d-a2c3-70f60199d06a","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of 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Further, the Guidelines consider the","page_number":238,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"de0a0199-560e-450d-839e-3e7a7961e152","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":238,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"55172b88-c855-4e26-9f75-672ca26d9101","block_type":"box","text":"does not.","page_number":238,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"89664fb4-342c-4122-931d-380fd189f296","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"216d06aa-afc7-4fe6-97a9-e187f38d0af6","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":238,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"89d9856a-4f87-4a5a-a4c5-a843294e0d90","block_type":"box","text":"limitations:","page_number":238,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"7a5676ff-90ac-46f5-a13f-4bc2f0d0682f","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":238,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"a01eb381-8f3d-49de-8ee0-774e7d6b8115","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":238,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"ea4391f3-2a37-4312-80fc-698303212eec","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":238,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"f1b9bc4c-51c9-40ad-9722-2da63c66ea77","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"f39cd71f-70d9-471e-be1e-24da5e702286","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":238,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"f2fe0427-3547-489f-9721-aacb30902991","block_type":"box","text":"The boards and executive leadership","page_number":238,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"b4dd353f-3c6a-44b5-9e6d-593804e044f0","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":238,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"2789f59f-a32c-4ff7-906c-83ae12d305d4","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":238,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"b3fc4ef6-c34e-4d0f-b65e-b4f6d81c0dc8","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":238,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"7cc79e32-dbc2-464f-b49b-7a9e5606262f","block_type":"box","text":"Voting approach under the Guidelines","page_number":238,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"02ae8e91-d848-4ce2-b541-f917ef3e8300","block_type":"box","text":"12","page_number":238,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"dcb16595-e334-4420-9f20-c28213518895","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":238,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"cbbb8ce7-c182-4f8e-a067-2e910e3ece1d","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":238,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"f7c612b0-ed62-43d4-9bf6-425023487ed2","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":238,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"2ade65db-b55e-4a8f-88f6-4e96bb1a3979","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":238,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"51cf6f3e-5290-43f9-bc43-88d0bb924c74","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":238,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"14e3e6b0-8c34-429f-8231-f57cedc7fd14","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":238,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"8b03bee1-6a4a-4a20-9d56-d717fe265ea9","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":238,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"2bbec80c-4d95-4a1d-b514-b0561e15365b","block_type":"box","text":"Corporate Disclosures","page_number":238,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"f24844c0-41c7-4c82-9dc1-7a5b2dbf268a","block_type":"box","text":"13","page_number":238,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"8bcb0d6d-6402-42d4-8c48-67ab5b6b0d67","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":238,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"11e580b7-5d65-4108-bdcf-3bc025a74ac9","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":238,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"e89412d0-b827-4fbe-b5b2-a85cd154b96f","block_type":"box","text":"to companies that are important to the transition to a low-carbon economy to explain the strategy and governance","page_number":238,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"9279448b-08b7-4d89-a1c0-90ff7d3a2592","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":238,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"720b0889-c7b9-4675-9aeb-ee80f396911a","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":238,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"3a6a72d0-cb7b-4ae6-bf9a-ad2d4bcab567","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":238,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"be52e5ed-22bc-4394-946a-8d5b8c7e5b2b","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":238,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"6a2bd3be-8e50-48a3-b567-40fcf459255c","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":238,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"a404940a-3421-4bc4-8795-e683b1512705","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":238,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"cc1c85b1-42fa-4987-9cae-f179f03a96bf","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":238,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"01aa0aef-bc4c-4957-bc6a-6f1f4382be0f","block_type":"box","text":"14, 15","page_number":238,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"2da23938-1f1c-4bbb-8a28-f8a5649998cd","block_type":"box","text":"IFRS","page_number":238,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"ff7d4aec-fffe-4eed-94ba-5072ad92b645","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":238,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"9451bee3-2882-4d62-868a-e2f85c7d7324","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":238,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"3d12c9d0-0824-4cb4-9289-b9ea391e53bb","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":238,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"464ebe60-4d30-45f0-862b-d151ee0c2a3d","block_type":"box","text":"and assurance standards are developed.","page_number":238,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"2818690d-ed41-455c-a8b3-7adf301dc201","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"69911b0b-38f4-44e0-8d08-7d5ac9ec942b","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":238,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"0b0fb6a6-7c0f-41d1-845d-65a4d7f03da9","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":238,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"87c5f814-d510-49ab-932d-9d7236875419","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":238,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"dd815be5-1c24-44c3-9062-a3c46409194a","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":238,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"413fbdf5-0064-4e12-998d-2ef3ae224730","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"cf415615-d19f-4d07-9bae-5b877d28ea22","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":238,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"2f6a2e55-3ca5-4d15-ae3c-190337c070b8","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":238,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"9e55ff8f-a3e8-4d33-a39f-15fa6f1e1398","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":238,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"164e69e9-24aa-4dc4-9dd6-8e89eb64bbaf","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"a936a0e0-b85a-48c2-890a-99824a48535b","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":238,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"104c0c07-80bd-43e7-82a7-1c2f8c35341f","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":238,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"06986e31-e5e2-4e99-8916-6b8de79c9a6e","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":238,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"25f4f413-a8e2-43da-a34d-4007db935b67","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":238,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"d5f43d0f-f0a2-4245-93c6-15ed2e0498bb","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":"48941131-2469-4dd5-8844-a4829a342608","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":238,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"c16c42f2-9482-4ff4-a8b4-d4faf0302d0e","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"83f0ac5d-db52-4602-a6fd-4161b8e111cc","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":"ff7e9691-5dd3-46e7-85ae-bf9698ad6995","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":"7b021b2c-4bcb-4864-8c6f-8eefec6daf29","block_type":"box","text":"companies may report 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":"7798e1e9-db62-4b6f-b8ec-23ec487eff3b","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":"c1233091-ef18-4c22-828f-78b4b8278169","block_type":"box","text":"may be phasing in reporting 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":"e30704a9-b9e4-4d0d-878e-da5a49d28b8c","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5b40415-ad4c-4831-88d7-4dd9e5f9a47b","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":"78da21c5-8acb-4c93-af5b-2493bd8cc17e","block_type":"box","text":"16, 17","page_number":239,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"781363cf-00c9-4ea9-a534-50f5f520ea03","block_type":"box","text":"In addition, the dedicated team looks to","page_number":239,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"5165fc2f-89bc-4a2c-9a7f-94d07592fb90","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":"13955854-582f-47f6-a3f6-b87e4a05dabb","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":"93433a95-3442-4a57-881a-2338fb4c7217","block_type":"box","text":"scope 3 emissions reductions. 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Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":240,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"4f5f12c1-0fe9-425f-9e0a-083239df02a4","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":240,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"642a6516-be72-4e6e-870e-47eb0750b279","block_type":"box","text":"with the different constituents in their value chain.","page_number":240,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"b49ecb1b-52d3-48db-acd5-96cc3bf3d174","block_type":"box","text":"21","page_number":240,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"ed23b910-2948-4e34-b434-62e39d81a645","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"b837a0cf-33b6-4ab2-8a02-e9b54e549fe2","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":240,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"e577cd46-cb80-45e0-865d-19e5e5301533","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":240,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"aedfc534-f5b3-4447-a31a-f1b1f994c497","block_type":"box","text":"22","page_number":240,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"248c918e-64e3-4cef-b3e7-619a343af3e4","block_type":"box","text":"The dedicated team looks for","page_number":240,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"7901398e-900a-4b59-8743-8f10017e5f87","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":240,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"b5cc0b76-f04a-45b2-9da6-c644d6c480ac","block_type":"box","text":"related to the low-carbon transition.","page_number":240,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"1b29cb43-d1a2-4910-8ead-2ca78f74291a","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":240,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"b839dd8c-0cfb-4757-9662-bbd5a6a14be6","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for","page_number":240,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"df13fc4a-e401-4d95-a880-36c1892d0a39","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":240,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"bb4d1fe7-063b-4fa7-a931-d6efb5543217","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The Guidelines consider these","page_number":241,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"25cf92e4-b1cb-4130-8f49-d83ccd3becd1","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":241,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"bbf94eaf-d08a-45d5-982e-8ab4fd28c13e","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally supports management’s climate","page_number":241,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"1d19a264-1589-49ed-956c-bcd164eb64eb","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":241,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"fc94bdf0-3e02-477b-9513-8ba8e9062d04","block_type":"box","text":"transition. Similarly, the dedicated team generally supports management’s proposal on a progress report if the","page_number":241,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"0d340b4a-d605-4561-a304-0add0b6f7fbb","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":241,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"068ca133-73b4-47ab-94c6-5d4e3e971829","block_type":"box","text":"transition plan and targets.","page_number":241,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"5bccb0a9-d591-4b13-823f-9194d0f91dc9","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":241,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"8095c40d-1f30-453e-ad42-87553e175839","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":241,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"5114d6eb-c2b9-4407-8bbf-07fd83140c6d","block_type":"box","text":"long as certain requirements are met. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":241,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"f32199de-2a58-49d3-9d4b-d5ddf068e72b","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. 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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":"b3a85749-ad8f-437b-8921-667663e9c224","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. 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The dedicated team will continue to take a","page_number":241,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"2663ff25-9185-48ab-a7d3-c6b39dcdc4d7","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":"9afc1fdd-facb-4e17-b80d-dd055d0bc6e4","block_type":"box","text":"25","page_number":241,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"cf93917a-e3a8-4a52-a17f-4556373cbf47","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":"a4106190-72bd-4eef-a3a9-43e3230c637e","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":241,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"15160f83-a329-43a4-b240-24ec5e6d2bd4","block_type":"box","text":"BNM1026U-6033078-19204813","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"041f522b-e3eb-4da3-9102-47744c41d73d","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":"b77c0ae8-5e59-4527-b40f-69de2f50632a","block_type":"box","text":"strategy and risk management.","page_number":242,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"d99733f4-ec86-498c-9cc5-3f82312e145c","block_type":"box","text":"Auditors and audit-related issues","page_number":242,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"3d0a74a4-29af-4a25-b2c6-f6ea46842f8d","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":242,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"22b82213-d340-4ca7-b8a5-5b8c81b9acf9","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":"a2415d52-1386-44f7-b940-36734a4e43a7","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":"07f5ba64-db71-4840-8827-bf32365e5247","block_type":"box","text":"context of its audit report. 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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":"73a81125-ca96-4248-b44b-3f2b685ebf97","block_type":"box","text":"stakeholders.","page_number":242,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"dfb83681-7bf7-4137-a4e0-738260c5a5df","block_type":"box","text":"26","page_number":242,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"82edb542-ce1a-4ef4-82c6-fb8328e47494","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":"a46e9531-58fa-424e-bdca-e75b96df7831","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":"159a61dd-1bdf-4b03-b4c9-3ce7bda016fb","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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This can be carried out by countries, companies and even","page_number":243,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"c85aa0b5-3786-4723-9a7e-b83f5898a697","block_type":"box","text":"individual consumers. 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