{"annotation_id":"e559ccbf-7f25-4b3d-8653-87fa0095d60a","file_hash":"a17ce92391d80b9845cf2fa3489d7eea74aaf1c55e7ff0b7b4a24b502da0ccac","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"8483f7bb-e872-4452-8aaa-ffaeb279e06d","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":1,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"769f9ea5-dc65-47ce-8d23-8f02e98ea3c5","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":1,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"2957847a-28e4-4c18-a9a4-a6b9c0a4b889","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":1,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"527710ae-06f9-4087-9a37-690e28a3d14a","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"bbe1d573-c49d-4162-bb9a-d6988c71e508","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":1,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"bb9355b2-ab45-4ef8-b62a-7146f55b64d2","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":1,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"09e5ede3-737e-46bb-a1e4-12e66339bb1e","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":1,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"d2ff4deb-0ef3-4511-bbf3-a52b35b45135","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":1,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"c7dd563d-1460-49bc-945c-c4f6040a96e5","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":1,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"5a58791d-09fa-4d0d-b40c-ae6a40136bf9","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":1,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"48a78de8-72f1-496f-8f94-629c3e057c0d","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"23888f93-ce2e-40dc-a9e1-0c186a325a92","block_type":"box","text":"SM","page_number":1,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"2b449671-c8e5-435e-965d-85c592bdcd0b","block_type":"box","text":"BlackRock Funds II","page_number":1,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"6029bfb6-3626-41c9-94d3-642a54174936","block_type":"box","text":"BlackRock Funds III","page_number":1,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"23d77114-aad5-43e2-99f4-e5c5eca113ed","block_type":"box","text":"BlackRock Funds IV","page_number":1,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"8b5ddf3f-fd62-4850-9e4d-d21d30304826","block_type":"box","text":"BlackRock Funds V","page_number":1,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"3780c198-42e3-4aed-a12a-cfe98d6787ac","block_type":"box","text":"BlackRock Funds VI","page_number":1,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"aa5453cc-279b-473e-96cf-ad035491ad54","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":1,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"92485acf-e9ff-41b9-b932-8e2ddf493faa","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":1,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"3423dfd1-fdc8-4d82-8b57-b8c44db9a041","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":1,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"f7a8bba1-8dc4-4baa-9ee8-737dc619fe12","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":1,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"09551d29-eb1b-4693-a410-f4b26ce9362a","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":1,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"afa18b70-4b52-4f91-a1a3-8344ae179844","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":1,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"1328789b-0df9-48b7-ad1f-4d7cd6cc48f4","block_type":"box","text":"BlackRock Liquidity Funds","page_number":1,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"d8c7a97d-43e3-4401-9359-a01638516115","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":1,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"2518b403-dd0e-4ee2-929a-11a03de7c7f4","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":1,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"757ef5ff-0844-4822-b0b7-318fc103f823","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"98dda62c-52ed-49f4-8502-50719b95246d","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":1,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"e2b61a71-0820-4a21-958b-c758cceb5b04","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":1,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"0af1f793-7d5f-4478-879c-3e735f053e6a","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":1,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"05d6ce7a-155a-4991-a6d6-dcae9d3bdc11","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":1,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"8ba92210-8b7b-4f31-b6ec-b1f57ce122a3","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"df770006-5e9d-411c-817b-242e29ffafef","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":1,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"572ed738-95cc-42c9-a6d8-486a9629e2df","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":1,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"23f22204-1abd-4515-a001-e42e351fb6c4","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":1,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"82cae1b7-d7c8-4205-97f9-a36e446668de","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":1,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"8bd85b2d-83f0-49c3-9fd0-77e743056ad1","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":378,"width":260,"height":12}},{"id":"9de7135e-fc80-453e-a459-4f980b02b946","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed","page_number":1,"box":{"x":221,"y":394,"width":561,"height":11}},{"id":"5f0ef04e-81cf-45c2-b68b-9f34900fcc5c","block_type":"box","text":"in Appendix A (each, a “Fund”), as amended from time to time.","page_number":1,"box":{"x":271,"y":409,"width":461,"height":12}},{"id":"2271596a-61ce-4371-b41b-799893c30b7b","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":436,"width":292,"height":9}},{"id":"31924e85-db1c-4d7a-8297-d6b42f08f578","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":1,"box":{"x":116,"y":463,"width":722,"height":12}},{"id":"2668973a-3f9b-495d-8802-de5892d8e146","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":1,"box":{"x":116,"y":479,"width":721,"height":12}},{"id":"2c81e87a-5200-4ced-9be9-497a16c7e903","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":1,"box":{"x":116,"y":494,"width":695,"height":12}},{"id":"5eaef560-8a51-4a24-b865-33b7c911eb30","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":1,"box":{"x":116,"y":510,"width":734,"height":12}},{"id":"4a13eb8b-166e-4f96-948e-750491436e6f","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":1,"box":{"x":116,"y":525,"width":712,"height":12}},{"id":"b60943e1-c6ad-429b-8931-cbfb265b6733","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":1,"box":{"x":116,"y":541,"width":771,"height":12}},{"id":"17f7a298-edb7-4dce-82cf-2d0531cba5b3","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":556,"width":557,"height":12}},{"id":"7b2bcf66-3cd6-4a5c-a153-cfb073bf7214","block_type":"box","text":"&Partners","page_number":1,"box":{"x":116,"y":584,"width":72,"height":9}},{"id":"7875e33f-8e3f-4f98-8e4a-49377a948f37","block_type":"box","text":"AccuTech Systems Corporation","page_number":1,"box":{"x":116,"y":599,"width":219,"height":12}},{"id":"cbf13381-b904-4126-9ebe-581001f9df5b","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":1,"box":{"x":116,"y":615,"width":173,"height":10}},{"id":"7f24adef-3921-4f21-8161-5712c95a2286","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":1,"box":{"x":116,"y":630,"width":215,"height":12}},{"id":"89f8126d-0b84-4369-8526-f3a8b066118b","block_type":"box","text":"Advisor Group, Inc.","page_number":1,"box":{"x":116,"y":646,"width":140,"height":11}},{"id":"a783e93f-1385-4813-9492-1588cc670924","block_type":"box","text":"AE Wealth Management, LLC","page_number":1,"box":{"x":116,"y":661,"width":207,"height":12}},{"id":"4fe72e59-6ecc-4a16-a133-f57a417114a3","block_type":"box","text":"Alight Solutions LLC","page_number":1,"box":{"x":116,"y":677,"width":146,"height":11}},{"id":"84383439-643f-4837-a1a9-429c94236f3b","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":1,"box":{"x":116,"y":692,"width":250,"height":11}},{"id":"57a0395e-9c38-42b7-993a-7a50069019fd","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":1,"box":{"x":116,"y":708,"width":314,"height":11}},{"id":"364aa520-e1b5-41c8-87eb-a4f2b497274a","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":1,"box":{"x":116,"y":723,"width":345,"height":12}},{"id":"9233161a-9231-4d7e-9dee-7a2f0d4249ea","block_type":"box","text":"Altruist Financial LLC","page_number":1,"box":{"x":116,"y":739,"width":154,"height":9}},{"id":"562ded2a-05ca-421b-b23d-4170281a58d9","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":1,"box":{"x":116,"y":754,"width":313,"height":12}},{"id":"b5512c0f-c28d-4e0c-9858-49ce889f3fd8","block_type":"box","text":"American General Life Insurance Company","page_number":1,"box":{"x":116,"y":770,"width":295,"height":11}},{"id":"24817551-22b2-4eec-9fa3-4ee477bd10e5","block_type":"box","text":"American United Life Insurance Company","page_number":1,"box":{"x":116,"y":785,"width":288,"height":12}},{"id":"4de9cd4a-46fd-44a9-bb45-7ad616dbf401","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":1,"box":{"x":116,"y":801,"width":292,"height":11}},{"id":"21f65275-19bb-476b-8f4e-4ff555aede19","block_type":"box","text":"Anthem Securities LLC","page_number":1,"box":{"x":116,"y":816,"width":160,"height":9}},{"id":"34d4bb7a-a06e-4065-b59a-719fba5adc40","block_type":"box","text":"Argent Institutional Trust Company","page_number":1,"box":{"x":116,"y":832,"width":246,"height":11}},{"id":"f45a198b-61d1-47f7-aeae-b533cfc29070","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":1,"box":{"x":116,"y":847,"width":263,"height":11}},{"id":"bf2068d5-bb37-4762-aa79-bc2b03a85785","block_type":"box","text":"Ascensus, Inc.","page_number":1,"box":{"x":116,"y":863,"width":102,"height":10}},{"id":"9e425313-fe10-450d-ac76-b629015018ab","block_type":"box","text":"Atomic Brokerage LLC","page_number":1,"box":{"x":116,"y":878,"width":165,"height":12}},{"id":"9d708708-a7d2-4b15-9b0f-61b5d08db472","block_type":"box","text":"Avantax Investment Services, LLC","page_number":1,"box":{"x":116,"y":894,"width":242,"height":10}},{"id":"85aadaae-6fb0-4799-a8b5-2d1f5713ba40","block_type":"box","text":"Bancroft Capital LLC","page_number":1,"box":{"x":116,"y":909,"width":147,"height":12}},{"id":"3e161880-f18c-4993-b32f-848dfa268740","block_type":"box","text":"Bank of America, N.A.","page_number":1,"box":{"x":520,"y":584,"width":161,"height":10}},{"id":"05393863-59b0-48d9-a37d-a38a799bc332","block_type":"box","text":"Bank of New York Mellon","page_number":1,"box":{"x":520,"y":599,"width":185,"height":9}},{"id":"a9ae5fd7-09d5-4200-9e92-bf773942bdfd","block_type":"box","text":"Barclays Capital Inc.","page_number":1,"box":{"x":520,"y":615,"width":146,"height":11}},{"id":"5c30dd63-1454-479e-a95e-394db30f5a03","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":1,"box":{"x":520,"y":630,"width":295,"height":11}},{"id":"1d2e9ab8-36d5-48ef-b2b1-6c35e3e81ee5","block_type":"box","text":"Benefit Trust Company","page_number":1,"box":{"x":520,"y":646,"width":163,"height":11}},{"id":"17297c6e-e763-4c5b-8f36-62a6d029e4a0","block_type":"box","text":"Beta Capital Securities LLC","page_number":1,"box":{"x":520,"y":661,"width":190,"height":12}},{"id":"9c684d4b-2ba6-4214-bd7b-66865f167bf9","block_type":"box","text":"bfinance US Ltd.","page_number":1,"box":{"x":520,"y":677,"width":114,"height":9}},{"id":"545667cd-554d-4fe0-826f-f6e83673f4e3","block_type":"box","text":"BlackRock Advisors, LLC","page_number":1,"box":{"x":520,"y":692,"width":179,"height":11}},{"id":"0dc37353-68a0-4ec7-9609-3b915f52c484","block_type":"box","text":"BMO Capital Markets Corp.","page_number":1,"box":{"x":520,"y":708,"width":191,"height":11}},{"id":"6f83dc11-c005-4f5e-a510-7b1e74be2891","block_type":"box","text":"BNP Paribas","page_number":1,"box":{"x":520,"y":723,"width":85,"height":9}},{"id":"3f193dbe-c5e2-47f7-88ad-c5aea59fb0a2","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":1,"box":{"x":520,"y":739,"width":311,"height":9}},{"id":"b34d6e90-d75a-46e1-909e-6ccc225dde47","block_type":"box","text":"BNY Mellon, N.A.","page_number":1,"box":{"x":520,"y":754,"width":128,"height":11}},{"id":"ff619545-d584-44e1-921a-421b9a79a338","block_type":"box","text":"BofA Securities, Inc.","page_number":1,"box":{"x":520,"y":770,"width":141,"height":10}},{"id":"99d4699e-6531-4851-9f58-01609edf629d","block_type":"box","text":"BOKF, N.A.","page_number":1,"box":{"x":520,"y":785,"width":84,"height":11}},{"id":"30106d10-84ad-43ef-8b7a-5ecff52f5302","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":1,"box":{"x":520,"y":801,"width":253,"height":11}},{"id":"ee6b0e93-cf77-4bab-8440-3a2ad7938e25","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":1,"box":{"x":520,"y":816,"width":300,"height":12}},{"id":"97e89c3f-2d2e-4aea-962f-7eecbba7b3b8","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":1,"box":{"x":520,"y":832,"width":327,"height":11}},{"id":"6d74491a-9256-4d00-b0c4-a37987791c40","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":1,"box":{"x":520,"y":847,"width":226,"height":9}},{"id":"6a378bee-7a56-4f52-a613-30958c97b557","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":1,"box":{"x":520,"y":863,"width":210,"height":11}},{"id":"7872275e-bcae-4a01-84ee-a7077fac3bbd","block_type":"box","text":"Capital One, N.A.","page_number":1,"box":{"x":520,"y":878,"width":126,"height":12}},{"id":"91d3460d-2fa6-4df1-8d41-4d1d6cf32770","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":1,"box":{"x":520,"y":894,"width":212,"height":9}},{"id":"b1fe2692-2202-45b4-bf02-5f0c5fdf0107","block_type":"box","text":"Cetera Advisors LLC","page_number":1,"box":{"x":520,"y":909,"width":144,"height":9}},{"id":"253ee4b1-f324-46e6-988d-6e8a262fead3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":1,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"840177ff-2c0c-4914-8275-a364b19126a0","block_type":"box","text":"Cetera Financial Group","page_number":2,"box":{"x":116,"y":88,"width":162,"height":11}},{"id":"b43a6125-c51a-4da1-8325-a5685b95c53e","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":2,"box":{"x":116,"y":103,"width":227,"height":12}},{"id":"2547c030-5208-4698-882e-1caed3fad9af","block_type":"box","text":"Cetera Investment Services LLC","page_number":2,"box":{"x":116,"y":119,"width":224,"height":9}},{"id":"cef6b00f-ba40-48c5-a809-7676c7504368","block_type":"box","text":"CF Secured, LLC","page_number":2,"box":{"x":116,"y":134,"width":123,"height":11}},{"id":"8d6f73f1-746a-484c-b54c-594158ee9a9a","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":2,"box":{"x":116,"y":150,"width":192,"height":10}},{"id":"c331985d-30da-4ac4-8221-671b9b4ec721","block_type":"box","text":"Charles Schwab Trust Bank","page_number":2,"box":{"x":116,"y":165,"width":192,"height":9}},{"id":"e9ca02c8-0eb6-4757-bed7-2e08fa8cb60d","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":2,"box":{"x":116,"y":181,"width":238,"height":11}},{"id":"872a8de7-ad06-4133-bc1c-d097877347b5","block_type":"box","text":"CIM Investment Management, Inc.","page_number":2,"box":{"x":116,"y":196,"width":241,"height":12}},{"id":"78c14c76-a5c1-4477-970e-56c7718f2d8f","block_type":"box","text":"Citco Securities, LLC","page_number":2,"box":{"x":116,"y":212,"width":151,"height":10}},{"id":"1a7e4e08-1b8c-49f7-80cd-bf6d28bdc1a3","block_type":"box","text":"CitiBank, National Association","page_number":2,"box":{"x":116,"y":227,"width":215,"height":11}},{"id":"bfc2642d-5d64-42e4-9f1d-e8493ec4614b","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":2,"box":{"x":116,"y":243,"width":212,"height":11}},{"id":"80d0681e-16dd-47f9-9720-2c992bcb7de9","block_type":"box","text":"Citizens Bank","page_number":2,"box":{"x":116,"y":258,"width":99,"height":9}},{"id":"403ee744-c35b-4adf-85b4-04bf313d4753","block_type":"box","text":"Citizens Business Bank","page_number":2,"box":{"x":116,"y":274,"width":163,"height":9}},{"id":"55541ff5-0537-4800-b38d-e11424c1250a","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":2,"box":{"x":116,"y":289,"width":231,"height":12}},{"id":"3d1cc62a-ed6a-4b23-900c-faa2c97c59ff","block_type":"box","text":"CMFG Life Insurance Company","page_number":2,"box":{"x":116,"y":305,"width":223,"height":11}},{"id":"3699c1e3-ed9b-4ca5-8c90-4e24482e9ced","block_type":"box","text":"Comerica Bank","page_number":2,"box":{"x":116,"y":320,"width":109,"height":9}},{"id":"e7ccdb75-b9ed-4ed9-aa3a-caaee8912741","block_type":"box","text":"Commonwealth Financial Network","page_number":2,"box":{"x":116,"y":336,"width":242,"height":9}},{"id":"772ed8fd-a796-4edf-9e66-961fc36921cc","block_type":"box","text":"Computershare Trust Company","page_number":2,"box":{"x":116,"y":351,"width":216,"height":12}},{"id":"38d9910a-d114-4837-98c3-9e19c88c5a7d","block_type":"box","text":"Conduent HR Services, LLC","page_number":2,"box":{"x":116,"y":367,"width":198,"height":10}},{"id":"af79d6a3-b919-4f19-9945-0198dea1c636","block_type":"box","text":"Delaware Life Insurance Company","page_number":2,"box":{"x":116,"y":382,"width":240,"height":12}},{"id":"e8c674c7-225e-4bd4-acaf-5376bd684dbc","block_type":"box","text":"Delaware Trust Company","page_number":2,"box":{"x":116,"y":398,"width":178,"height":11}},{"id":"a37c49d6-add5-43a2-a8a1-dcd51b8c772a","block_type":"box","text":"Deutsche Bank AG","page_number":2,"box":{"x":116,"y":413,"width":135,"height":9}},{"id":"b8f24cba-debc-414b-b10b-ff3fe62b9a80","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":2,"box":{"x":116,"y":429,"width":285,"height":11}},{"id":"ca6767f3-1a88-4be3-9da2-c20df9822902","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":2,"box":{"x":116,"y":444,"width":232,"height":12}},{"id":"5332b002-2cb4-477e-a76f-94c27ebd4b29","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":2,"box":{"x":116,"y":460,"width":328,"height":10}},{"id":"bdd3d9cb-df68-4f47-ac07-a291bb1965f6","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":2,"box":{"x":116,"y":475,"width":223,"height":12}},{"id":"d8b701bb-db2f-4ce3-8db0-457ced64f2be","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":2,"box":{"x":116,"y":491,"width":200,"height":10}},{"id":"53dfa5fe-7900-46cc-9dcf-4df7a4421b68","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":2,"box":{"x":116,"y":506,"width":298,"height":12}},{"id":"de2574e3-6926-4326-a7f8-28d2d2d7c8a7","block_type":"box","text":"Company","page_number":2,"box":{"x":116,"y":522,"width":69,"height":11}},{"id":"a416a1a7-83bc-4fef-a169-a0a89e52d924","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":2,"box":{"x":116,"y":537,"width":349,"height":12}},{"id":"cf1e8d79-d55c-4b36-a0f7-efce39ede243","block_type":"box","text":"Empower Financial Services, Inc.","page_number":2,"box":{"x":116,"y":553,"width":232,"height":11}},{"id":"edc92df4-d79b-4f76-9404-0e138e2a9adf","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":2,"box":{"x":116,"y":568,"width":336,"height":12}},{"id":"a2bc45b2-07bd-46b0-b2fa-ebaf144960c4","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":584,"width":74,"height":9}},{"id":"aa54aa0e-4439-4e07-960a-22e75e343453","block_type":"box","text":"Empower Plan Services, LLC","page_number":2,"box":{"x":116,"y":599,"width":205,"height":12}},{"id":"2c6eb426-7758-409b-9de6-a7fb897c6c68","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":2,"box":{"x":116,"y":615,"width":238,"height":11}},{"id":"2d76d7e8-2f24-499c-9feb-a3d93b931b13","block_type":"box","text":"Equitable Advisors, LLC","page_number":2,"box":{"x":116,"y":630,"width":174,"height":12}},{"id":"9760eef3-cac7-4274-a13e-8fd568f96c46","block_type":"box","text":"Equitable Life Insurance Company","page_number":2,"box":{"x":116,"y":646,"width":240,"height":11}},{"id":"65abd0e2-4c4e-48cf-b25a-3e7ca63bd2a8","block_type":"box","text":"E*trade Savings Bank","page_number":2,"box":{"x":116,"y":661,"width":150,"height":12}},{"id":"ec9e67fa-54c7-4636-b87a-ec3bff499f2e","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":2,"box":{"x":116,"y":677,"width":262,"height":11}},{"id":"d78174be-e562-4815-b8fc-0a9e87ac293d","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":2,"box":{"x":116,"y":692,"width":223,"height":12}},{"id":"adf2d25e-412f-4106-980c-d947dc5a74bb","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":2,"box":{"x":116,"y":708,"width":301,"height":11}},{"id":"76ca0355-ad8f-4d1d-befa-76c7d71fc8ea","block_type":"box","text":"Company, Inc.","page_number":2,"box":{"x":116,"y":723,"width":98,"height":12}},{"id":"7b492a2c-df3e-45a0-826e-eb8899d10842","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":2,"box":{"x":116,"y":739,"width":309,"height":11}},{"id":"424b47b1-5b39-4437-ab70-d48c0b1eae61","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":2,"box":{"x":116,"y":754,"width":178,"height":11}},{"id":"fd4a9847-3db9-4a17-a087-bbce96a35b4e","block_type":"box","text":"First Allied Securities, Inc.","page_number":2,"box":{"x":116,"y":770,"width":181,"height":10}},{"id":"ed634dd7-f1ce-4f28-b06b-a16839040763","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":2,"box":{"x":116,"y":785,"width":269,"height":12}},{"id":"24630549-fc62-4939-972d-a5b72fcdf9b1","block_type":"box","text":"First Hawaiian Bank","page_number":2,"box":{"x":116,"y":801,"width":139,"height":9}},{"id":"a7f7a16c-2abd-4abc-9bde-cbbd998e0279","block_type":"box","text":"First Republic Bank","page_number":2,"box":{"x":116,"y":816,"width":136,"height":12}},{"id":"d62d6d96-4241-43f9-9ce2-9e9ad26cd615","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":2,"box":{"x":116,"y":832,"width":339,"height":11}},{"id":"4873a14c-ec4b-4edf-a7ab-7b01c1bfdb52","block_type":"box","text":"Company of New York","page_number":2,"box":{"x":116,"y":847,"width":162,"height":12}},{"id":"6c7af437-7f78-4cc3-bdfa-f879a86b36a3","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":2,"box":{"x":116,"y":863,"width":348,"height":11}},{"id":"165785a7-8870-419c-b2e6-02fcf04982f6","block_type":"box","text":"New York","page_number":2,"box":{"x":116,"y":878,"width":74,"height":9}},{"id":"6439f4da-ce01-48f5-8ada-0b373facc8a0","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":2,"box":{"x":116,"y":894,"width":262,"height":11}},{"id":"874cb581-6ca4-4da8-ba72-c4c0ec714678","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":2,"box":{"x":116,"y":909,"width":283,"height":12}},{"id":"d39371aa-53ff-4e35-be81-6460128c52ff","block_type":"box","text":"FNEX Capital, LLC","page_number":2,"box":{"x":520,"y":88,"width":141,"height":11}},{"id":"e562d6bd-006e-4657-a505-4128cde4f0fb","block_type":"box","text":"Forethought Life Insurance Company","page_number":2,"box":{"x":520,"y":103,"width":258,"height":12}},{"id":"562fe8d2-c54e-4ad7-b8c0-14f51cfd4abb","block_type":"box","text":"FSC Securities Corporation","page_number":2,"box":{"x":520,"y":119,"width":190,"height":11}},{"id":"be128211-5d20-4c61-8814-84318b177781","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":2,"box":{"x":520,"y":134,"width":331,"height":12}},{"id":"f7562f4b-1fd4-42a3-b731-846949bb84ff","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":150,"width":336,"height":11}},{"id":"45795b8a-8b7c-4897-b288-dd58d11340dd","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":2,"box":{"x":520,"y":165,"width":233,"height":11}},{"id":"f918a56b-0a92-480f-8e0b-bea073cd4051","block_type":"box","text":"Goldman Sachs & Co.","page_number":2,"box":{"x":520,"y":181,"width":156,"height":9}},{"id":"0c737f34-0276-4b19-a9de-bf74f2cbf729","block_type":"box","text":"Great Pacific Securities, LLC","page_number":2,"box":{"x":520,"y":196,"width":203,"height":11}},{"id":"179a5b5e-bacc-4e86-9927-5977d4f15ffb","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":2,"box":{"x":520,"y":212,"width":275,"height":11}},{"id":"1c3cc950-9fb1-48e7-b489-44dedd13e41b","block_type":"box","text":"Hancock Whitney Bank","page_number":2,"box":{"x":520,"y":227,"width":166,"height":12}},{"id":"10a1f52f-f89c-40b8-b982-0228709bccee","block_type":"box","text":"Hartford Funds Management Company","page_number":2,"box":{"x":520,"y":243,"width":269,"height":11}},{"id":"69b593ca-26ca-447d-998d-05b8dbeab3ea","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":2,"box":{"x":520,"y":258,"width":322,"height":12}},{"id":"12506f7c-49a2-4eee-8904-d72ae86fc668","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":2,"box":{"x":520,"y":274,"width":203,"height":10}},{"id":"a1f9b800-2c57-447e-86cf-233deadee6de","block_type":"box","text":"Hightower Securities, Inc.","page_number":2,"box":{"x":520,"y":289,"width":181,"height":12}},{"id":"111b3dac-ca55-4111-bf69-3142e4baf8e7","block_type":"box","text":"Hilltop Securities Inc.","page_number":2,"box":{"x":520,"y":305,"width":152,"height":11}},{"id":"57fcdf09-0a91-4f77-8b2a-2ab4dd7dba10","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":2,"box":{"x":520,"y":320,"width":166,"height":11}},{"id":"0cec7c58-28ea-496e-9835-c932719b53b5","block_type":"box","text":"Huntington Securities, Inc.","page_number":2,"box":{"x":520,"y":336,"width":186,"height":11}},{"id":"a866f43e-5442-4f9b-ba58-4b48198a31d5","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":2,"box":{"x":520,"y":351,"width":249,"height":11}},{"id":"2ada2cc4-adbe-4f5f-94a3-09cd26ce57fa","block_type":"box","text":"Integrity Life Insurance Company","page_number":2,"box":{"x":520,"y":367,"width":234,"height":11}},{"id":"95af0101-0abd-468f-a999-d226c0488912","block_type":"box","text":"Interactive Brokers, LLC","page_number":2,"box":{"x":520,"y":382,"width":174,"height":11}},{"id":"368bbc1c-69ba-4123-a4aa-f5e4944dc8e2","block_type":"box","text":"Investment Trust of California","page_number":2,"box":{"x":520,"y":398,"width":209,"height":9}},{"id":"e22f472d-492a-427b-af71-4e4b92c233e9","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":2,"box":{"x":520,"y":413,"width":287,"height":12}},{"id":"eb0491d8-8f0d-45da-abd2-21539151464d","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":2,"box":{"x":520,"y":429,"width":193,"height":11}},{"id":"56f840fe-57f0-438a-8398-6b051a526c98","block_type":"box","text":"Jefferies LLC","page_number":2,"box":{"x":520,"y":444,"width":97,"height":9}},{"id":"c5772fe0-d5e0-4e28-8c14-d18c47cbee76","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":2,"box":{"x":520,"y":460,"width":300,"height":11}},{"id":"0f81fb81-3e2f-4a70-944e-d3a81a20cbb0","block_type":"box","text":"Jefferson National Life Insurance Company of New","page_number":2,"box":{"x":520,"y":475,"width":354,"height":12}},{"id":"e294afd2-cf58-4bd7-bc44-a0de2ee10b68","block_type":"box","text":"York","page_number":2,"box":{"x":520,"y":491,"width":39,"height":9}},{"id":"4d66d987-6768-462d-8cd9-f4a4505d48c8","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":2,"box":{"x":520,"y":506,"width":333,"height":12}},{"id":"3c3a7215-36b2-4ef3-b5dd-4ed76bb1a1de","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":2,"box":{"x":520,"y":522,"width":365,"height":11}},{"id":"00ff23ef-3913-4435-ab58-e5715e19093a","block_type":"box","text":"John Hancock Trust Company","page_number":2,"box":{"x":520,"y":537,"width":209,"height":12}},{"id":"2ac8fc55-a865-4eef-89ed-69c3be4d552d","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":2,"box":{"x":520,"y":553,"width":199,"height":11}},{"id":"707faa6d-3813-4b32-aa88-2108a1acca76","block_type":"box","text":"Kestra Investment Services, LLC","page_number":2,"box":{"x":520,"y":568,"width":229,"height":11}},{"id":"39254ff3-14ff-4203-8b44-52c2580480ed","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":2,"box":{"x":520,"y":584,"width":274,"height":11}},{"id":"4d5d9609-ecc4-4f27-9473-f43f08d54dca","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":2,"box":{"x":520,"y":599,"width":280,"height":12}},{"id":"3714eae1-9087-4f0a-a6d6-8f3dfc6bef15","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":2,"box":{"x":520,"y":615,"width":328,"height":11}},{"id":"957cc8db-d8f7-43c8-a64a-c0e8487c7187","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":2,"box":{"x":520,"y":630,"width":290,"height":12}},{"id":"e272ddd8-4386-4706-9b89-245c6018b3ab","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":2,"box":{"x":520,"y":646,"width":233,"height":9}},{"id":"035b708d-c23c-45f2-9d9e-4303f1e7d4bb","block_type":"box","text":"Lombard International Life Assurance Company","page_number":2,"box":{"x":520,"y":661,"width":328,"height":12}},{"id":"c12cfa2c-9160-4b6f-8000-4b5494a14c5c","block_type":"box","text":"LPL Financial LLC","page_number":2,"box":{"x":520,"y":677,"width":132,"height":9}},{"id":"9706b4cf-3c84-41f6-9683-94ccea731aae","block_type":"box","text":"M&T Securities Inc.","page_number":2,"box":{"x":520,"y":692,"width":138,"height":9}},{"id":"b78883db-7bc1-4864-b093-549ae07886ef","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":2,"box":{"x":520,"y":708,"width":291,"height":11}},{"id":"b86f3799-11d4-4825-b069-def0f937fd51","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":2,"box":{"x":520,"y":723,"width":321,"height":12}},{"id":"ceb0a774-3e6c-4952-a06b-3ea086e51286","block_type":"box","text":"Members Life Insurance Company","page_number":2,"box":{"x":520,"y":739,"width":235,"height":11}},{"id":"838c04f3-021e-4499-a6be-76c7d2adc5d4","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":2,"box":{"x":520,"y":754,"width":353,"height":12}},{"id":"36c6631d-38a1-488e-9a7f-9f7d35e76e6f","block_type":"box","text":"Metavante Corporation","page_number":2,"box":{"x":520,"y":770,"width":156,"height":11}},{"id":"9dd13246-400b-47ac-990b-5b72377d3e4e","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":2,"box":{"x":520,"y":785,"width":259,"height":12}},{"id":"97822779-8fce-4139-a06f-f74dcf596eb3","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":2,"box":{"x":520,"y":801,"width":328,"height":11}},{"id":"93868a8b-26ae-4ffb-970a-1f87f120c16c","block_type":"box","text":"Midland Life Insurance Company","page_number":2,"box":{"x":520,"y":816,"width":228,"height":12}},{"id":"471d61b8-eb9b-4297-bb97-4199e250bb9c","block_type":"box","text":"Minnesota Life Insurance Company","page_number":2,"box":{"x":520,"y":832,"width":247,"height":11}},{"id":"28e0b403-bbbe-48d1-b32c-b343de0cc1c6","block_type":"box","text":"Mischler Financial Group","page_number":2,"box":{"x":520,"y":847,"width":178,"height":12}},{"id":"37a6243b-40f4-45b8-9558-42f23890f201","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":2,"box":{"x":520,"y":863,"width":195,"height":9}},{"id":"400658f8-3076-4a45-8598-f1f42b317561","block_type":"box","text":"MML Distributors, LLC","page_number":2,"box":{"x":520,"y":878,"width":169,"height":11}},{"id":"6bdb3071-de39-491c-a541-efe319451dff","block_type":"box","text":"MML Investors Services, LLC","page_number":2,"box":{"x":520,"y":894,"width":212,"height":10}},{"id":"ac8fce2a-f90c-460f-9fba-a3933f58ebaa","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":2,"box":{"x":520,"y":909,"width":189,"height":12}},{"id":"42cc80c4-df68-423f-bd01-80dea09c59c6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":2,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4f3f6846-7b00-46ba-8c4e-175f5d1b925e","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":3,"box":{"x":116,"y":88,"width":232,"height":11}},{"id":"d1f4988f-3f78-403f-a91e-9b1d8c8d94dc","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":3,"box":{"x":116,"y":103,"width":245,"height":12}},{"id":"5bf97538-3b6c-4078-bd0d-2683ff98ec80","block_type":"box","text":"MUFG Union Bank, National Association","page_number":3,"box":{"x":116,"y":119,"width":289,"height":10}},{"id":"d6c91101-48bf-42ba-85a1-e84edf84f93a","block_type":"box","text":"Nassau Life Insurance Company","page_number":3,"box":{"x":116,"y":134,"width":224,"height":12}},{"id":"ebc8c271-b6f4-465a-8fb6-c3bf45000b74","block_type":"box","text":"National Financial Services LLC","page_number":3,"box":{"x":116,"y":150,"width":226,"height":9}},{"id":"272747a1-1366-4446-91cd-453284fb1394","block_type":"box","text":"National Integrity Life Insurance Company","page_number":3,"box":{"x":116,"y":165,"width":296,"height":12}},{"id":"bdc4928c-cb6b-4949-b64d-0a64dedb72b2","block_type":"box","text":"National Life Insurance Company","page_number":3,"box":{"x":116,"y":181,"width":234,"height":11}},{"id":"36a29b9c-20bd-4a33-a77c-fa6286650573","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":3,"box":{"x":116,"y":196,"width":245,"height":11}},{"id":"2256a88e-f97d-4b1f-bfed-0e2bebb0490c","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":3,"box":{"x":116,"y":212,"width":242,"height":9}},{"id":"dd7c1c32-5ee0-4bd5-8b7b-db84c59624d2","block_type":"box","text":"Nationwide Retirement Solutions","page_number":3,"box":{"x":116,"y":227,"width":230,"height":9}},{"id":"69a5f244-b9c1-4fd8-801a-0efb3476ad4c","block_type":"box","text":"NCB Federal Savings Bank","page_number":3,"box":{"x":116,"y":243,"width":191,"height":11}},{"id":"a5a4e496-b774-47f2-b03e-e678daf8718a","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":3,"box":{"x":116,"y":258,"width":288,"height":12}},{"id":"7a26db24-6c1b-49d7-92bb-accecebb0ce2","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":3,"box":{"x":116,"y":274,"width":350,"height":11}},{"id":"112fbdf7-2fc0-402a-bec8-81470574e69e","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":3,"box":{"x":116,"y":289,"width":237,"height":12}},{"id":"ac0a2ba4-a769-493a-9ecc-50f7a279064d","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":3,"box":{"x":116,"y":305,"width":249,"height":11}},{"id":"7502243d-e51f-47da-a0a4-b633e16d8db0","block_type":"box","text":"Northern Trust Company","page_number":3,"box":{"x":116,"y":320,"width":174,"height":12}},{"id":"a0fca2f3-40bc-48d0-b2d0-37f0177d804d","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":3,"box":{"x":116,"y":336,"width":329,"height":10}},{"id":"80996824-7baf-4bd5-befd-a9c72cc544ee","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":3,"box":{"x":116,"y":351,"width":320,"height":12}},{"id":"cf6bbe9d-8f54-467c-9000-90071b37a4a9","block_type":"box","text":"NYLife Distributors LLC","page_number":3,"box":{"x":116,"y":367,"width":177,"height":9}},{"id":"74e15278-4731-4c08-af41-67b4a96171d3","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":3,"box":{"x":116,"y":382,"width":175,"height":12}},{"id":"f6053e2c-b8ee-4d8d-9623-dd4c333c44fd","block_type":"box","text":"Orion Advisor Services, LLC","page_number":3,"box":{"x":116,"y":398,"width":203,"height":10}},{"id":"420a74c6-7492-48f9-8eb6-23f050aee65d","block_type":"box","text":"Osaic Wealth, Inc.","page_number":3,"box":{"x":116,"y":413,"width":129,"height":11}},{"id":"298501e7-f8ee-4c16-a6e3-27245b168d0b","block_type":"box","text":"Pacific Life & Annuity Company","page_number":3,"box":{"x":116,"y":429,"width":230,"height":11}},{"id":"a673d829-c723-45c3-a9fa-2b8a5dd5a2cf","block_type":"box","text":"Pacific Life Insurance Company","page_number":3,"box":{"x":116,"y":444,"width":223,"height":12}},{"id":"0f1eb174-d5fb-47e6-aab3-98aea50030d1","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":3,"box":{"x":116,"y":460,"width":221,"height":10}},{"id":"c00653c0-e8e5-40cb-a1c5-6556bd2b509d","block_type":"box","text":"Park Avenue Securities LLC","page_number":3,"box":{"x":116,"y":475,"width":198,"height":9}},{"id":"edfb073e-6eab-4b33-b57e-f64c2924ca00","block_type":"box","text":"Penserra Securities LLC","page_number":3,"box":{"x":116,"y":491,"width":169,"height":9}},{"id":"3b8a9f55-4114-4fbd-846b-c7d9b0257156","block_type":"box","text":"Pershing LLC","page_number":3,"box":{"x":116,"y":506,"width":99,"height":12}},{"id":"9044b41e-1b65-4666-8ded-d026fb79fe46","block_type":"box","text":"PFPC Inc.","page_number":3,"box":{"x":116,"y":522,"width":73,"height":9}},{"id":"5fa98060-a627-4d88-97b7-7b13c188cac3","block_type":"box","text":"Piper Jaffray & Co.","page_number":3,"box":{"x":116,"y":537,"width":136,"height":12}},{"id":"d8ca3f45-94c4-4a71-92cc-c2371fc92b3a","block_type":"box","text":"PNC Bank, National Association","page_number":3,"box":{"x":116,"y":553,"width":226,"height":10}},{"id":"123b707b-6543-4a70-bb58-6c51400c7213","block_type":"box","text":"PNC Capital Markets LLC","page_number":3,"box":{"x":116,"y":568,"width":185,"height":12}},{"id":"53850fff-4344-4264-81fc-6475a74549b3","block_type":"box","text":"PNC Investments LLC","page_number":3,"box":{"x":116,"y":584,"width":158,"height":9}},{"id":"a43eb084-075e-4781-9d69-fbdaea5469fd","block_type":"box","text":"Principal Bank","page_number":3,"box":{"x":116,"y":599,"width":105,"height":12}},{"id":"94fbc8b3-39fc-4915-a7cc-2704947499f3","block_type":"box","text":"Principal Life Insurance Company","page_number":3,"box":{"x":116,"y":615,"width":237,"height":11}},{"id":"9611bae1-f132-4484-862a-3ddc97d9e6d6","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":3,"box":{"x":116,"y":630,"width":332,"height":12}},{"id":"447f2726-f144-4fe9-af5e-eb9bb1710aa2","block_type":"box","text":"Protective Life Insurance Company","page_number":3,"box":{"x":116,"y":646,"width":244,"height":11}},{"id":"e3d799f3-6616-468c-86cf-769401283099","block_type":"box","text":"Pruco Life Insurance Company","page_number":3,"box":{"x":116,"y":661,"width":210,"height":12}},{"id":"3939d0b6-0623-4e2c-8063-5bb064683659","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":3,"box":{"x":116,"y":677,"width":311,"height":11}},{"id":"06bf6efe-bba8-42e9-9481-5b355ac1652e","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":3,"box":{"x":116,"y":692,"width":257,"height":11}},{"id":"7507ac33-6902-49f7-b491-4886ae202684","block_type":"box","text":"Prudential Insurance Company of America","page_number":3,"box":{"x":116,"y":708,"width":289,"height":11}},{"id":"3fd56a48-108b-4577-979f-4137d613b728","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":3,"box":{"x":116,"y":723,"width":237,"height":12}},{"id":"d4a2cde6-2b21-4604-9b69-b9f8e472bdaa","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":3,"box":{"x":116,"y":739,"width":272,"height":11}},{"id":"6c818cf7-ffe2-4d14-a37c-2d6addd98ccc","block_type":"box","text":"RBC Capital Markets, LLC","page_number":3,"box":{"x":116,"y":754,"width":185,"height":12}},{"id":"ba1b1bf5-14e9-4187-b5fe-c8b0031494e3","block_type":"box","text":"Regions Bank","page_number":3,"box":{"x":116,"y":770,"width":95,"height":11}},{"id":"815e0372-1029-461a-a28e-1ab05909aac2","block_type":"box","text":"Reliance Trust Company","page_number":3,"box":{"x":116,"y":785,"width":168,"height":12}},{"id":"c3d5ba6f-c3cc-46ca-964a-59a431249928","block_type":"box","text":"Reliastar Life Insurance Company","page_number":3,"box":{"x":116,"y":801,"width":231,"height":11}},{"id":"7c588d23-d4cd-4a23-bbb9-35e50fff8da6","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":3,"box":{"x":116,"y":816,"width":325,"height":12}},{"id":"b2501fb3-1fa9-4b14-a1a8-b130a600e889","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":3,"box":{"x":116,"y":832,"width":207,"height":10}},{"id":"e030ec7f-2dde-4ffe-9cf5-f635cdf5fd53","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":3,"box":{"x":116,"y":847,"width":311,"height":9}},{"id":"ed39a769-bb70-4153-9886-400b12bd7b72","block_type":"box","text":"RiverSource Life Insurance Company","page_number":3,"box":{"x":116,"y":863,"width":260,"height":11}},{"id":"4f3cc15c-a6f3-4010-9ff0-6e6f1c863866","block_type":"box","text":"SagePoint Financial, Inc.","page_number":3,"box":{"x":116,"y":878,"width":173,"height":12}},{"id":"b2bbd6ce-e963-47b3-8655-d57e207b98e1","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":3,"box":{"x":116,"y":894,"width":252,"height":10}},{"id":"9bcea6d9-24aa-49f8-803c-f354ae7f78ea","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":3,"box":{"x":116,"y":909,"width":207,"height":12}},{"id":"014a9a04-d2ea-44e4-a464-fa9920580e1a","block_type":"box","text":"Santander Bank, N.A.","page_number":3,"box":{"x":520,"y":88,"width":152,"height":10}},{"id":"89c6ef59-bffc-44ca-bd61-3dc15e0f7b8e","block_type":"box","text":"Saturna Trust Company","page_number":3,"box":{"x":520,"y":103,"width":165,"height":12}},{"id":"45e2631e-6b96-44b9-ab99-3d6824862fa9","block_type":"box","text":"Securities America, Inc.","page_number":3,"box":{"x":520,"y":119,"width":167,"height":10}},{"id":"df049ef4-6791-4791-a734-cbc0b69aecff","block_type":"box","text":"Securities Finance Trust Company","page_number":3,"box":{"x":520,"y":134,"width":238,"height":12}},{"id":"60527e27-e1a0-415f-aa60-f960a22cac5b","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":3,"box":{"x":520,"y":150,"width":286,"height":11}},{"id":"e9b92f33-ff44-4f0b-999c-0e6eca9709a9","block_type":"box","text":"Security Financial Resources, Inc.","page_number":3,"box":{"x":520,"y":165,"width":235,"height":12}},{"id":"a0a7df8c-0f5d-405f-95e9-3cf91bb7aad3","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":3,"box":{"x":520,"y":181,"width":304,"height":11}},{"id":"fd66b2c9-6bce-4674-8028-d9efc0f3b4ea","block_type":"box","text":"SEI Private Trust Company","page_number":3,"box":{"x":520,"y":196,"width":191,"height":12}},{"id":"b3cf1278-7509-4d18-89ab-21905c0af078","block_type":"box","text":"SG Americas Securities, LLC","page_number":3,"box":{"x":520,"y":212,"width":205,"height":10}},{"id":"fa5e4d62-53df-4a22-863e-02bd3576ba63","block_type":"box","text":"Silicon Valley Bank","page_number":3,"box":{"x":520,"y":227,"width":141,"height":12}},{"id":"456809fe-a1e4-48ce-a582-1e030060bbc7","block_type":"box","text":"Standard Insurance Company","page_number":3,"box":{"x":520,"y":243,"width":203,"height":11}},{"id":"7a19d7b0-468c-42bd-9ef0-cb8b47f2165c","block_type":"box","text":"Standard Retirement Services, Inc.","page_number":3,"box":{"x":520,"y":258,"width":239,"height":11}},{"id":"d276322d-2422-421e-9b19-62d2c1e55368","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":3,"box":{"x":520,"y":274,"width":347,"height":11}},{"id":"b49ae609-9137-45bc-82fa-d12df977b503","block_type":"box","text":"State Farm Life Insurance Company","page_number":3,"box":{"x":520,"y":289,"width":249,"height":12}},{"id":"ad8c9b1d-93c2-4d63-b9ab-d8ac29933338","block_type":"box","text":"State Farm VP Management Corp.","page_number":3,"box":{"x":520,"y":305,"width":237,"height":11}},{"id":"c5134d82-b44d-4e4b-bd81-3676907155fa","block_type":"box","text":"State Street Bank and Trust Company","page_number":3,"box":{"x":520,"y":320,"width":259,"height":12}},{"id":"14bd4ef5-caaf-4088-a18f-5fdef9661158","block_type":"box","text":"State Street Global Markets, LLC","page_number":3,"box":{"x":520,"y":336,"width":231,"height":10}},{"id":"382ece33-0a96-4cf1-a473-ac776f7e5592","block_type":"box","text":"Stern Brothers & Co.","page_number":3,"box":{"x":520,"y":351,"width":147,"height":9}},{"id":"4809ca1b-6c31-4830-b659-5ad2151e1853","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":3,"box":{"x":520,"y":367,"width":290,"height":11}},{"id":"1a97f943-907f-4a30-a062-d6e1ae9de56e","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":3,"box":{"x":520,"y":382,"width":227,"height":12}},{"id":"03da4ab9-3154-442e-9f60-1486261c5d26","block_type":"box","text":"SVB Asset Management","page_number":3,"box":{"x":520,"y":398,"width":170,"height":11}},{"id":"7c763078-7f85-4771-a009-54b3e4002bc0","block_type":"box","text":"Symetra Life Insurance Company","page_number":3,"box":{"x":520,"y":413,"width":232,"height":12}},{"id":"4681284c-1321-4ada-9b3f-82002456f80c","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":3,"box":{"x":520,"y":429,"width":200,"height":11}},{"id":"422091c4-7f74-434a-9d37-60d866becaf8","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":3,"box":{"x":520,"y":444,"width":310,"height":11}},{"id":"15c81baa-6e01-44c2-ba0e-a66fa27d775f","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":3,"box":{"x":520,"y":460,"width":319,"height":11}},{"id":"d3f4e8ae-2b24-486b-84f4-3df758899cc1","block_type":"box","text":"Company","page_number":3,"box":{"x":520,"y":475,"width":69,"height":12}},{"id":"d42da8d3-4951-4db9-b5b6-e65d4c31d9e2","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":3,"box":{"x":520,"y":491,"width":301,"height":11}},{"id":"9abaa60c-4aad-433b-8bcb-9c3286373723","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":3,"box":{"x":520,"y":506,"width":204,"height":12}},{"id":"37d8241d-bc42-4cf9-af32-a5e9a2e46280","block_type":"box","text":"TD Ameritrade, Inc.","page_number":3,"box":{"x":520,"y":522,"width":141,"height":10}},{"id":"0763019d-4e72-4670-a88a-0e1239aa5d0e","block_type":"box","text":"TD Prime Services (US) LLC","page_number":3,"box":{"x":520,"y":537,"width":205,"height":11}},{"id":"9783ccad-95d1-401e-b099-0bac5a09dbf6","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":3,"box":{"x":520,"y":553,"width":325,"height":11}},{"id":"01dc87f7-ebd9-4def-be9c-32ecc9a8007a","block_type":"box","text":"America","page_number":3,"box":{"x":520,"y":568,"width":62,"height":9}},{"id":"5c73447a-168c-4260-952c-5f18efdcbec5","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":3,"box":{"x":520,"y":584,"width":220,"height":11}},{"id":"f2efdf01-b656-4575-b78d-cd843bb2125d","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":3,"box":{"x":520,"y":599,"width":335,"height":12}},{"id":"9ab71f3d-dcb5-4252-bbef-f9e4cf799514","block_type":"box","text":"Transamerica Life Insurance Company","page_number":3,"box":{"x":520,"y":615,"width":268,"height":11}},{"id":"cb23f1c9-8721-4e42-ab2e-e5c906ef0e89","block_type":"box","text":"Treasury Brokerage","page_number":3,"box":{"x":520,"y":630,"width":138,"height":12}},{"id":"3de8c8b0-c3c2-42c5-90fc-c2d40301a976","block_type":"box","text":"Triad Advisors, LLC","page_number":3,"box":{"x":520,"y":646,"width":146,"height":10}},{"id":"6352798e-dace-4ebd-b4b2-56da1ebd8e30","block_type":"box","text":"Truist Bank","page_number":3,"box":{"x":520,"y":661,"width":80,"height":9}},{"id":"60350239-b2d7-40ee-bfed-56cab328b81e","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":3,"box":{"x":520,"y":677,"width":210,"height":11}},{"id":"a2cf5923-2042-46ab-8d01-453c7a23c224","block_type":"box","text":"U.S. Bank, National Association","page_number":3,"box":{"x":520,"y":692,"width":219,"height":11}},{"id":"92b3c237-401c-4b69-b459-3edeeb2b1fb5","block_type":"box","text":"UBATCO & Co.","page_number":3,"box":{"x":520,"y":708,"width":113,"height":9}},{"id":"89224db3-eb82-4896-80ec-3facb1eb9847","block_type":"box","text":"UBS Financial Services, Inc.","page_number":3,"box":{"x":520,"y":723,"width":194,"height":11}},{"id":"daf76d7c-00b6-4dac-8b9c-d0d234b57dd9","block_type":"box","text":"UBS Securities LLC","page_number":3,"box":{"x":520,"y":739,"width":139,"height":9}},{"id":"59a529d3-c0a1-46da-af49-32fa12cf4ab0","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":3,"box":{"x":520,"y":754,"width":200,"height":11}},{"id":"8bc4d430-f23d-4db1-91fb-419ccebffa6f","block_type":"box","text":"UMB Bank, National Association","page_number":3,"box":{"x":520,"y":770,"width":228,"height":10}},{"id":"4e147c3b-726c-40dc-b6de-637313eb474b","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":3,"box":{"x":520,"y":785,"width":356,"height":12}},{"id":"27e33db0-9ada-4818-b67a-b48dec9ad968","block_type":"box","text":"New York","page_number":3,"box":{"x":520,"y":801,"width":70,"height":9}},{"id":"01025eb5-ac58-4957-9bcf-4f010c0c5db3","block_type":"box","text":"VALIC Retirement Services Company","page_number":3,"box":{"x":520,"y":816,"width":261,"height":12}},{"id":"7e96b871-9dc4-4d3c-a4d6-00efc1f63b29","block_type":"box","text":"Vanguard Group, Inc.","page_number":3,"box":{"x":520,"y":832,"width":152,"height":11}},{"id":"15c7afe7-5b2d-46e1-95e4-34715f704271","block_type":"box","text":"Vanguard Marketing Corporation","page_number":3,"box":{"x":520,"y":847,"width":230,"height":12}},{"id":"f241c74f-a4a4-443e-a2ab-8969de8997bc","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":3,"box":{"x":520,"y":863,"width":207,"height":11}},{"id":"89993a68-43f9-4bc7-9b22-734af2da6e1f","block_type":"box","text":"Voya Financial Partners, LLC","page_number":3,"box":{"x":520,"y":878,"width":207,"height":12}},{"id":"d539535d-cb13-4308-9fb9-1db0c142cf75","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":3,"box":{"x":520,"y":894,"width":262,"height":11}},{"id":"a07b3f9b-8f5d-4941-895b-419ba8219ca7","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":3,"box":{"x":520,"y":909,"width":263,"height":12}},{"id":"5b07b29b-2e82-4bf8-b495-b83671c728d4","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":3,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"877b8c45-c988-4904-83de-5f66161b184b","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":4,"box":{"x":116,"y":88,"width":245,"height":11}},{"id":"2b8a2e4e-6ffe-476e-9da5-f83b25455786","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":4,"box":{"x":116,"y":103,"width":347,"height":12}},{"id":"957d3f57-e3b8-46ff-9ad8-5f05bdf9cd0b","block_type":"box","text":"Waddell & Reed, Inc.","page_number":4,"box":{"x":116,"y":119,"width":151,"height":10}},{"id":"c446df8b-dc2a-4b9b-b49b-82b8b0ef402d","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":4,"box":{"x":116,"y":134,"width":192,"height":12}},{"id":"1d29a533-025c-4fe5-88f5-1a9eb4c0f10f","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":4,"box":{"x":116,"y":150,"width":322,"height":11}},{"id":"eabcb644-830b-4e79-8be9-1b3d181e1461","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":4,"box":{"x":116,"y":165,"width":168,"height":12}},{"id":"6906d1c7-16c1-427e-ab0b-dbc349c4f6f8","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":4,"box":{"x":520,"y":88,"width":251,"height":11}},{"id":"7eee4184-51d9-4364-81f2-4fa91f7505a7","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":4,"box":{"x":520,"y":103,"width":213,"height":12}},{"id":"2c34612d-11bd-41d2-b2d9-9a0bc2c96013","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":4,"box":{"x":520,"y":119,"width":198,"height":11}},{"id":"c19d3d17-a703-4440-96a7-60939d7ec0f5","block_type":"box","text":"Wilmington Trust, National Association","page_number":4,"box":{"x":520,"y":134,"width":275,"height":12}},{"id":"7f364c41-8378-4808-b8d2-54c6f191a262","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":4,"box":{"x":520,"y":150,"width":238,"height":11}},{"id":"5a7e5e74-fa5f-4b8d-9677-3548e8000518","block_type":"box","text":"ZB, National Association","page_number":4,"box":{"x":520,"y":165,"width":176,"height":11}},{"id":"fe0007d6-cccd-4813-9c5f-88401df22af4","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":4,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f0ec8831-8722-431e-9d30-b6d6a4825ade","block_type":"box","text":"Appendix A","page_number":5,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"ef0d4673-e414-4f08-a35b-e2efd24ae2dd","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":5,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"527e005a-a324-4f89-ad61-89b27cb5d71e","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":5,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"2766487b-3482-4cd6-9f68-038dffa13607","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":5,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"6d348482-f9f9-427c-9d7b-ec1cf0cf759a","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":5,"box":{"x":150,"y":196,"width":267,"height":9}},{"id":"0e4379b2-4e1c-4586-a546-353633354174","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":5,"box":{"x":150,"y":212,"width":304,"height":11}},{"id":"5c1cc8fb-dfec-4917-8591-85bf809847ed","block_type":"box","text":"BATS: High Income Municipal Series","page_number":5,"box":{"x":150,"y":227,"width":263,"height":12}},{"id":"8985afb4-e2b4-42ab-b3c4-157159fa754c","block_type":"box","text":"BATS: High Income Taxable Series","page_number":5,"box":{"x":150,"y":243,"width":248,"height":11}},{"id":"383d6522-02c3-4855-8157-3c3a63b0701a","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":5,"box":{"x":150,"y":258,"width":256,"height":12}},{"id":"7db3ac6b-af80-425a-aae4-a253950aafe6","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":5,"box":{"x":150,"y":274,"width":235,"height":11}},{"id":"6ded39b2-5493-49b0-8c2b-4629122d590a","block_type":"box","text":"BATS: Short Duration Taxable Total","page_number":5,"box":{"x":150,"y":289,"width":254,"height":9}},{"id":"b8eadf6b-4eae-44fe-bacb-9b7907883a0d","block_type":"box","text":"Return Series","page_number":5,"box":{"x":150,"y":305,"width":95,"height":9}},{"id":"34322af4-0bfe-41d6-94fa-2c57bcf6c363","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":5,"box":{"x":150,"y":320,"width":306,"height":12}},{"id":"bebf3cc4-9e2d-4974-adbe-229c84077331","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":5,"box":{"x":116,"y":351,"width":232,"height":11}},{"id":"fa1bd3cf-eeb9-4ae9-b892-4054424d70a1","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":5,"box":{"x":116,"y":382,"width":203,"height":11}},{"id":"8e9da329-172a-4ed2-b203-065465b6fbfc","block_type":"box","text":"BlackRock Total Return Fund","page_number":5,"box":{"x":150,"y":398,"width":207,"height":9}},{"id":"1265234f-5476-47a3-b0ab-9ef0556e6866","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":5,"box":{"x":116,"y":429,"width":331,"height":11}},{"id":"2b5b3bae-a9fd-4f69-b2ba-7a2fffa3e928","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":5,"box":{"x":150,"y":444,"width":321,"height":12}},{"id":"118a5826-5627-427a-9e5a-1a8f5152cbb7","block_type":"box","text":"Fund","page_number":5,"box":{"x":150,"y":460,"width":38,"height":9}},{"id":"14bdf893-8417-45a3-8da2-60c9f76b3cb3","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":5,"box":{"x":116,"y":491,"width":317,"height":11}},{"id":"65a98c40-e0fe-46a5-b847-74f143bf637e","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":5,"box":{"x":116,"y":522,"width":301,"height":11}},{"id":"969f3575-84a3-4cf0-93da-76ce91a800b9","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":5,"box":{"x":116,"y":553,"width":248,"height":11}},{"id":"392a8b47-7d67-45fb-8629-2ad28a831445","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":5,"box":{"x":116,"y":584,"width":332,"height":9}},{"id":"75c9d4ad-a4bb-41c7-9dfa-704c6ac96f41","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":5,"box":{"x":150,"y":599,"width":278,"height":9}},{"id":"d1858c5a-a017-4ffa-b0b4-ba78add7ca66","block_type":"box","text":"BlackRock Funds","page_number":5,"box":{"x":116,"y":630,"width":127,"height":9}},{"id":"51e8f631-d7bb-45f0-8195-93d77142f10b","block_type":"box","text":"SM","page_number":5,"box":{"x":244,"y":630,"width":15,"height":6}},{"id":"6af3033f-8c73-4c08-8484-731bad96dd4d","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":5,"box":{"x":150,"y":646,"width":325,"height":11}},{"id":"19d85222-b5cc-4ec6-9e20-672c03ca54c1","block_type":"box","text":"BlackRock Advantage International Fund","page_number":5,"box":{"x":150,"y":661,"width":281,"height":12}},{"id":"0da17b9f-0488-4699-87c8-49d99d06e4f0","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":5,"box":{"x":150,"y":677,"width":320,"height":11}},{"id":"69472bf5-1b55-4b0b-a2e4-5fafe3035ba6","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":5,"box":{"x":150,"y":692,"width":302,"height":12}},{"id":"0690c927-3a5d-4444-bba6-a1f3a5a23528","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":5,"box":{"x":150,"y":708,"width":321,"height":11}},{"id":"38ceab1d-a4c2-4861-a939-649b9a7e2c50","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":5,"box":{"x":150,"y":723,"width":271,"height":12}},{"id":"d3593fec-3ee9-4ecb-bd40-ac3086356cda","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":5,"box":{"x":150,"y":739,"width":268,"height":11}},{"id":"916deb69-e640-4f31-bf0b-5f3fe8d7ddcd","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":5,"box":{"x":150,"y":754,"width":288,"height":12}},{"id":"71722183-668a-43ec-9d53-0cb0b01e2d4f","block_type":"box","text":"Reserve Vehicle","page_number":5,"box":{"x":150,"y":770,"width":110,"height":9}},{"id":"eb4037d9-ddbd-407d-8773-0174bc8d02f8","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":5,"box":{"x":150,"y":785,"width":294,"height":12}},{"id":"c5d89c5a-fb9a-4855-8190-eea606752b57","block_type":"box","text":"Markets Fund","page_number":5,"box":{"x":150,"y":801,"width":93,"height":9}},{"id":"1dd493d2-4489-49c1-a227-346f093314b9","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":5,"box":{"x":150,"y":816,"width":309,"height":12}},{"id":"cb5ef33a-c997-483f-b5b8-1d0cb5b7df9a","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":5,"box":{"x":150,"y":832,"width":267,"height":11}},{"id":"1b710a07-dcad-4df3-b85e-497d77ddb7f0","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":5,"box":{"x":150,"y":847,"width":213,"height":12}},{"id":"f13ed1e9-9698-4535-bc79-c8cf6f7066d8","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":5,"box":{"x":150,"y":863,"width":324,"height":11}},{"id":"44e17b4a-70f8-4774-9ff6-d4ee9f3c7f0c","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":5,"box":{"x":150,"y":878,"width":288,"height":12}},{"id":"1b2f8f1b-b99e-4bb9-8323-721a788ae40d","block_type":"box","text":"Portfolio","page_number":5,"box":{"x":150,"y":894,"width":63,"height":9}},{"id":"590ff8d0-5d30-42e5-8661-9ce3e6257f2f","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":5,"box":{"x":150,"y":909,"width":255,"height":12}},{"id":"0d13c6db-9443-4585-a7b1-207c37ea6cc5","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":5,"box":{"x":554,"y":119,"width":312,"height":11}},{"id":"f507ca54-77a6-451c-bca9-65bf9613c9fe","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":5,"box":{"x":554,"y":134,"width":269,"height":9}},{"id":"443f8d72-c273-42cc-afd7-dc14d7caf5ba","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":5,"box":{"x":554,"y":150,"width":241,"height":11}},{"id":"0f96671a-1dcf-4641-9eec-63508df3dbc9","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":5,"box":{"x":554,"y":165,"width":287,"height":12}},{"id":"6191ada8-9dfd-4de6-ac89-55ba480effbb","block_type":"box","text":"Emerging Markets Equity Fund","page_number":5,"box":{"x":554,"y":181,"width":218,"height":11}},{"id":"fc2bd129-7959-410e-bfd0-5374920e6a67","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":5,"box":{"x":554,"y":196,"width":330,"height":12}},{"id":"182dae79-4bf8-468c-bf60-29287144631a","block_type":"box","text":"Cap Core Fund","page_number":5,"box":{"x":554,"y":212,"width":106,"height":11}},{"id":"367f0de1-1335-45a9-ae21-d6349ad305ff","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":5,"box":{"x":554,"y":227,"width":273,"height":12}},{"id":"5a378090-b8ed-4c1a-8b10-454e7bc6ed46","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":5,"box":{"x":554,"y":243,"width":299,"height":11}},{"id":"cc5cef81-34d8-4a45-bd54-1bd41297697a","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":5,"box":{"x":554,"y":258,"width":298,"height":12}},{"id":"fbf26fe6-bbb4-4e3b-91a4-9af8c2c96dc4","block_type":"box","text":"Aware Fund","page_number":5,"box":{"x":554,"y":274,"width":87,"height":9}},{"id":"06e90536-4dc7-45d9-9c06-70ad501a77c3","block_type":"box","text":"Circle Reserve Fund","page_number":5,"box":{"x":554,"y":289,"width":142,"height":9}},{"id":"c5185a0a-b747-4329-8baf-1ac92a0398d2","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":5,"box":{"x":554,"y":305,"width":292,"height":11}},{"id":"dc0c5d90-b8cc-4940-97da-1e003786a23b","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":5,"box":{"x":554,"y":320,"width":280,"height":9}},{"id":"77b9e271-ab2b-4a9a-905a-12aa56b5f873","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":5,"box":{"x":554,"y":336,"width":322,"height":11}},{"id":"c7ba5851-496e-47d3-ba54-996b3db0e9ce","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":351,"width":38,"height":9}},{"id":"4ae9055d-6f48-47e6-9a26-11f1e7450f7a","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":5,"box":{"x":554,"y":367,"width":249,"height":11}},{"id":"a609f0d6-123f-4f30-b5dd-998c40a75087","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":382,"width":254,"height":12}},{"id":"44213f8f-db0b-45ea-943e-4bf03bc4bf1f","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":5,"box":{"x":554,"y":398,"width":298,"height":11}},{"id":"6b71c09e-26df-4fce-a1b6-d2a2767c098f","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":5,"box":{"x":554,"y":413,"width":297,"height":9}},{"id":"51b94dfd-2e2c-41e2-ba28-acdf6d6e91be","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":5,"box":{"x":554,"y":429,"width":304,"height":9}},{"id":"5f22cbfe-97a6-4d30-9f16-fea974963b1a","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":5,"box":{"x":554,"y":444,"width":306,"height":9}},{"id":"494e5363-4d65-4d3c-9d04-62cf9848635a","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"b2246477-a6b5-4e97-b16f-2ae370f2fab2","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":5,"box":{"x":554,"y":475,"width":306,"height":9}},{"id":"ab10596a-f128-4c31-9fdd-e4177870a7cc","block_type":"box","text":"Index Fund","page_number":5,"box":{"x":554,"y":491,"width":81,"height":9}},{"id":"d4dc13d9-1721-405b-9947-4462d8f9998b","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":5,"box":{"x":554,"y":506,"width":296,"height":12}},{"id":"aa22eed6-8734-45cb-9ca4-6a26e9512f53","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":5,"box":{"x":554,"y":522,"width":299,"height":11}},{"id":"c5122325-94fe-4319-b53c-b8b8a3e3e9fa","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":537,"width":38,"height":9}},{"id":"17f1159f-7a43-4ccb-999a-295a6594e48c","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":5,"box":{"x":554,"y":553,"width":290,"height":9}},{"id":"d2648733-3cfb-46d3-912f-9969fe53505d","block_type":"box","text":"BlackRock Funds II","page_number":5,"box":{"x":520,"y":584,"width":149,"height":9}},{"id":"57c56d92-cc80-4b78-b7bc-1517de2b69a6","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":5,"box":{"x":554,"y":599,"width":283,"height":12}},{"id":"25d6bd83-6027-4393-be12-10807d345742","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":5,"box":{"x":554,"y":615,"width":283,"height":11}},{"id":"ecf80161-f049-4b82-9f03-3c1f6e62debf","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":5,"box":{"x":554,"y":630,"width":283,"height":12}},{"id":"190ce247-2eb9-4dfe-84e2-e0fa52359338","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":5,"box":{"x":554,"y":646,"width":283,"height":11}},{"id":"f7d9dc8d-5c5e-4c29-a31e-0af647fc09dd","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":5,"box":{"x":554,"y":661,"width":296,"height":12}},{"id":"56a45ecc-9eb0-4517-a515-97e47cd3193b","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":5,"box":{"x":554,"y":677,"width":255,"height":9}},{"id":"e1818c67-2f60-4a14-b1af-a2a370cfedc7","block_type":"box","text":"BlackRock Managed Income Fund","page_number":5,"box":{"x":554,"y":692,"width":235,"height":12}},{"id":"6fa7274c-a4c4-4945-8200-0efad7836a5d","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":5,"box":{"x":554,"y":708,"width":277,"height":9}},{"id":"f2fc570c-1420-45eb-aee5-7070c01319b4","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":5,"box":{"x":554,"y":723,"width":285,"height":9}},{"id":"e908acad-c1fd-44c8-a057-8aa3334f2068","block_type":"box","text":"BlackRock Funds III","page_number":5,"box":{"x":520,"y":754,"width":151,"height":9}},{"id":"1aa3d236-1e4d-408e-b416-fd15719f7f2e","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":5,"box":{"x":554,"y":770,"width":247,"height":9}},{"id":"302cbed0-6c4f-4073-baf3-e3bf08574c2c","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":5,"box":{"x":554,"y":785,"width":226,"height":12}},{"id":"0dce09fd-8062-4d25-8e67-eef6b01c5959","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":5,"box":{"x":554,"y":801,"width":288,"height":11}},{"id":"a7e5a64b-7cf6-41f6-8ebb-ebd5b1ec7da9","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":5,"box":{"x":554,"y":816,"width":290,"height":9}},{"id":"f6c46031-faf7-411a-9b8d-7e7bfde950d5","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"7aa7206a-176c-4165-953d-8a3be6113bc1","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"6835fb1f-729b-4c68-b952-e5ab70e2c054","block_type":"box","text":"Dynamic Retirement","page_number":5,"box":{"x":700,"y":832,"width":149,"height":11}},{"id":"f97449df-4ffa-40c6-9c57-cbfd2f3eda11","block_type":"box","text":"Fund","page_number":5,"box":{"x":554,"y":847,"width":38,"height":9}},{"id":"e0c79c3c-cade-4ae8-8e10-152952c69197","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"6bc4ef4e-3c6e-43c7-a10d-ab9ddbb8508a","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"180a0046-6303-47b9-8c9c-99efb33eca94","block_type":"box","text":"Dynamic 2030 Fund","page_number":5,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"3693eca4-5ef0-49b6-b86d-f53b08e7e4ff","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"61113b22-bd50-4e3a-a558-e8ad3ab2791f","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"6409b6aa-0555-4fa9-8e19-c13f2a71d1c1","block_type":"box","text":"Dynamic 2035 Fund","page_number":5,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"2b9a6eb9-5365-4983-9be4-f3708357f9d1","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"0dbc9e12-1600-4673-a6ae-4d45d88bb9c0","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"fa46b91e-2538-4b89-9a38-8894df5ef00c","block_type":"box","text":"Dynamic 2040 Fund","page_number":5,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"c5ffaa5d-86e9-47d0-a0ac-df4e7b202b93","block_type":"box","text":"BlackRock LifePath","page_number":5,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"ff060c63-32a6-4fd6-9509-30706033c91b","block_type":"box","text":"®","page_number":5,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"a977c10a-97a8-48d2-9a03-94913fbb7746","block_type":"box","text":"Dynamic 2045 Fund","page_number":5,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"205a1c6e-846d-41aa-84b9-48012a819fe8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":5,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d62fdc22-a4d7-48d4-abe8-c5e4c8da7e81","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"56de46f9-a097-468a-87af-2ac282a49281","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"ed13e242-4ecd-4de3-ab3b-39e258f51a2a","block_type":"box","text":"Dynamic 2050 Fund","page_number":6,"box":{"x":296,"y":88,"width":147,"height":11}},{"id":"0a0bcf07-2bb4-46e6-b0f0-dd4b9726b794","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":103,"width":136,"height":9}},{"id":"8dac104f-5a1c-4751-8450-dec10bbbecfa","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":102,"width":9,"height":7}},{"id":"c415d665-0d6a-4ade-8ea3-d3859a462189","block_type":"box","text":"Dynamic 2055 Fund","page_number":6,"box":{"x":296,"y":103,"width":147,"height":12}},{"id":"8afa7a05-2ba9-42c6-ae6d-c726b18539db","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"5ce3ebce-4f88-48ea-bbb1-a90642325b59","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"be690560-8b8a-4e2e-990e-6b825336b1d2","block_type":"box","text":"Dynamic 2060 Fund","page_number":6,"box":{"x":296,"y":119,"width":147,"height":11}},{"id":"7f1498d3-4be4-43dd-8ad8-c289d1b43fd5","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"456c1cba-6f04-48a5-98e5-3239984ca261","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"2c8a700f-b11b-413f-9a52-1727ae25c71a","block_type":"box","text":"Dynamic 2065 Fund","page_number":6,"box":{"x":296,"y":134,"width":147,"height":12}},{"id":"4a833cb3-d02c-4f4d-a77e-ad40cf66d8b4","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"c4d7be57-c03f-4d6f-93ae-6327e481b0a0","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"f9f5410d-e68d-4fa6-9735-a2f623046051","block_type":"box","text":"Dynamic 2070 Fund","page_number":6,"box":{"x":296,"y":150,"width":147,"height":11}},{"id":"7f4a332d-2ccd-45a1-8f70-2e9f258f5824","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"e34e06bc-4f70-4443-8e09-1089ad87158d","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"38b71b22-a0e9-4ab3-a677-6057ae2568c4","block_type":"box","text":"Index Retirement Fund","page_number":6,"box":{"x":296,"y":165,"width":165,"height":9}},{"id":"1702fa11-1072-44fc-9a8a-2abd87e4fafc","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"d9843d64-d528-49da-ade4-4ae3673e6dff","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"95e0be88-970d-4486-b0cb-63e90c2d8bd3","block_type":"box","text":"Index 2030 Fund","page_number":6,"box":{"x":296,"y":181,"width":124,"height":9}},{"id":"ebd2ce91-7b0d-4bbe-8ad6-80b4dcbc4b1a","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"3e8db4a1-0400-446b-a188-789c73f43e80","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"fc5f48a9-f855-4aec-b782-1d816ecec917","block_type":"box","text":"Index 2035 Fund","page_number":6,"box":{"x":296,"y":196,"width":124,"height":9}},{"id":"254a4599-ba46-4df0-a2a5-571b6a78e0f4","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"4a635ef2-a077-4450-ab51-01c9592dcbf5","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"7701b3bf-42d7-4aa3-9f03-1d5a5f25e348","block_type":"box","text":"Index 2040 Fund","page_number":6,"box":{"x":296,"y":212,"width":124,"height":9}},{"id":"e4b8354c-fd9a-4ffd-906c-4a7246c75dd3","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"95b40755-2585-4e8d-ba75-89df50eecd9b","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"22b8e9ea-2910-4aee-a540-bfce22ba876f","block_type":"box","text":"Index 2045 Fund","page_number":6,"box":{"x":296,"y":227,"width":124,"height":9}},{"id":"10a4667b-0d65-4197-aaa9-5c6322ad25c7","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"5f098a4e-92d1-496f-805d-c453c4a9dfbe","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"0167c2da-2ad0-4fc6-a656-c54c0b41cb60","block_type":"box","text":"Index 2050 Fund","page_number":6,"box":{"x":296,"y":243,"width":124,"height":9}},{"id":"684e4755-38f3-4c95-9e06-2af73af786c5","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"c8d96b84-4b92-4646-b2d0-f0f1bba11ffe","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"6eb73d5e-f2b6-441f-9a75-4cfc6f685283","block_type":"box","text":"Index 2055 Fund","page_number":6,"box":{"x":296,"y":258,"width":124,"height":9}},{"id":"5995f83b-52fa-4486-9286-a6cdb3ec1f15","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"e937d912-c964-4019-b2c0-e56d8089257d","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"2c7677c3-cdd0-4b5f-b9d2-8c6535cc1f96","block_type":"box","text":"Index 2060 Fund","page_number":6,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"47797d5e-5e66-49e1-8782-992b06c8ab71","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"eee8b3b3-57d4-4696-8d74-ae14cbce726c","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"c578d75a-fa2f-4d97-9d60-49097cbde2e4","block_type":"box","text":"Index 2065 Fund","page_number":6,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"71c50cdd-51f7-4052-81e9-f4a5296db4a6","block_type":"box","text":"BlackRock LifePath","page_number":6,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"1f1514ba-462a-4c8d-9cdf-eb27e46d13f3","block_type":"box","text":"®","page_number":6,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"61401141-2870-4a1d-ab43-c8744f94dca0","block_type":"box","text":"Index 2070 Fund","page_number":6,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"e9c8272f-fa4b-487b-9de6-cadc8cc9e771","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":6,"box":{"x":150,"y":320,"width":310,"height":9}},{"id":"66e65a33-cc63-4414-9369-9b398a45d579","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":6,"box":{"x":150,"y":336,"width":303,"height":11}},{"id":"b0a4ac90-c15a-42f6-ba62-5a384ae54b45","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":6,"box":{"x":150,"y":351,"width":200,"height":9}},{"id":"855fb8eb-b77d-4380-8866-1376c0659753","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":6,"box":{"x":150,"y":367,"width":284,"height":11}},{"id":"71e56411-4724-4557-9fdd-e1ca08319dbe","block_type":"box","text":"BlackRock Funds IV","page_number":6,"box":{"x":116,"y":398,"width":154,"height":9}},{"id":"cc9fe8c6-e42f-4d3e-ada7-446cd5ec67df","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":6,"box":{"x":150,"y":413,"width":268,"height":9}},{"id":"116a556c-e0e0-4915-833a-d84184ef76e7","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":6,"box":{"x":150,"y":429,"width":299,"height":11}},{"id":"d29555bb-0629-4c06-9b43-28f7a09471cc","block_type":"box","text":"BlackRock Funds V","page_number":6,"box":{"x":116,"y":460,"width":148,"height":9}},{"id":"5ce7ad36-fdd6-47c3-9f86-9e3a9edd62ad","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":6,"box":{"x":150,"y":475,"width":220,"height":9}},{"id":"0415a8cb-717d-442d-a2a8-5dd99bb2ad36","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":6,"box":{"x":150,"y":491,"width":293,"height":11}},{"id":"f6c6c569-5436-41b3-b289-3454576c9cd0","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":150,"y":506,"width":222,"height":12}},{"id":"f82d120e-7bd3-4e58-9b53-6c8439a62b09","block_type":"box","text":"BlackRock Income Fund","page_number":6,"box":{"x":150,"y":522,"width":172,"height":9}},{"id":"4d4a09db-0493-422c-bb25-3a915799275a","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":6,"box":{"x":150,"y":537,"width":313,"height":9}},{"id":"099e6208-4aa4-4e29-bdd8-364d19e96ab4","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":6,"box":{"x":150,"y":553,"width":282,"height":9}},{"id":"036387bb-63e5-4a79-96ec-29b6e0eac10c","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":6,"box":{"x":150,"y":568,"width":294,"height":12}},{"id":"cba612af-2cf1-45ee-91cf-8e2eb4be4497","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":150,"y":584,"width":63,"height":9}},{"id":"6612253f-508b-4e26-a4bd-72bc29a5b464","block_type":"box","text":"BlackRock Funds VI","page_number":6,"box":{"x":116,"y":615,"width":154,"height":9}},{"id":"5fefc988-6fdc-4a5c-bce9-d4fcbe3f3ad5","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":6,"box":{"x":150,"y":630,"width":313,"height":12}},{"id":"8544a008-17d5-4393-9874-2fe7e484efc4","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":6,"box":{"x":116,"y":661,"width":287,"height":11}},{"id":"3d519a8c-bdb8-4ce8-acc9-7137776126d3","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":6,"box":{"x":116,"y":692,"width":208,"height":11}},{"id":"84ecdc64-a242-4dd1-810e-1156a06552ee","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":6,"box":{"x":150,"y":708,"width":312,"height":9}},{"id":"6404a6aa-26a7-44c6-96a5-e08b0c56c655","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":6,"box":{"x":150,"y":723,"width":298,"height":12}},{"id":"50e6db45-1878-48e0-84e5-96c4bade7d0e","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":6,"box":{"x":116,"y":754,"width":319,"height":12}},{"id":"5396d277-5839-45be-9270-3945e06f716a","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":6,"box":{"x":116,"y":785,"width":344,"height":12}},{"id":"76e75385-56ec-4116-a0c6-b22e8616fc1f","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":6,"box":{"x":116,"y":816,"width":330,"height":12}},{"id":"40fbbf51-db08-4a45-9804-0fa4edaad95a","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":6,"box":{"x":116,"y":847,"width":296,"height":12}},{"id":"85e50285-2985-40c2-85ae-a8501a77e276","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":6,"box":{"x":150,"y":863,"width":306,"height":11}},{"id":"355ddb8e-8643-4520-ad07-6997b4ba339d","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":6,"box":{"x":150,"y":878,"width":314,"height":12}},{"id":"a583cc01-c8d9-4bea-915e-6a659399a335","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":6,"box":{"x":150,"y":894,"width":261,"height":11}},{"id":"ee66189b-f9e7-442a-be84-7ebe1f6038ed","block_type":"box","text":"BlackRock Liquidity Funds","page_number":6,"box":{"x":520,"y":87,"width":203,"height":12}},{"id":"6b429c8c-d9fa-4d29-a228-0185030929d9","block_type":"box","text":"FedFund","page_number":6,"box":{"x":554,"y":103,"width":63,"height":9}},{"id":"ad8bedbe-6fed-41b8-bc60-43b1ab5a8d18","block_type":"box","text":"MuniCash","page_number":6,"box":{"x":554,"y":119,"width":74,"height":9}},{"id":"822b3cdc-62df-4b6a-aa94-924d89c5b862","block_type":"box","text":"TempCash","page_number":6,"box":{"x":554,"y":134,"width":77,"height":12}},{"id":"031a653e-96fc-4d10-a520-dd6db7e67db1","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":6,"box":{"x":554,"y":150,"width":300,"height":11}},{"id":"a55758c0-27dc-4b44-8b5c-08ddc0960615","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":165,"width":38,"height":9}},{"id":"dc9c4e69-f60e-4227-b07b-858dfd693da5","block_type":"box","text":"T-Fund","page_number":6,"box":{"x":554,"y":181,"width":54,"height":9}},{"id":"19dafc92-ff27-420c-be0a-e1ac7b5cb35b","block_type":"box","text":"Treasury Trust Fund","page_number":6,"box":{"x":554,"y":196,"width":142,"height":12}},{"id":"bf2ed5c8-ccd8-4db7-8ce6-c6a2cd60c5d9","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":6,"box":{"x":520,"y":227,"width":282,"height":12}},{"id":"929ac13d-2067-46fe-9f73-648d4a22e858","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":6,"box":{"x":554,"y":243,"width":227,"height":11}},{"id":"f8e04585-03e4-40bc-ab03-f7e3d115dd1e","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":6,"box":{"x":520,"y":274,"width":339,"height":11}},{"id":"d9a8c783-0078-454d-8170-7b82fe0afb42","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":6,"box":{"x":554,"y":289,"width":314,"height":12}},{"id":"6dff76ce-35e3-4ef0-8c94-daee9179c69f","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":6,"box":{"x":554,"y":305,"width":324,"height":11}},{"id":"b3894fb4-2729-44f2-8081-56baf1f69b5a","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":320,"width":38,"height":9}},{"id":"9474a947-8480-4671-99e0-fe2001d7eb45","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":6,"box":{"x":554,"y":336,"width":326,"height":11}},{"id":"8e6f1e5f-99f5-4e0d-a957-884e60552add","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":367,"width":282,"height":11}},{"id":"1ad0aa46-b20b-4311-abd5-801ca973a553","block_type":"box","text":"BlackRock National Municipal Fund","page_number":6,"box":{"x":554,"y":382,"width":253,"height":12}},{"id":"5bb98ae8-442d-436f-882c-f9d2561cbd9c","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":6,"box":{"x":554,"y":398,"width":263,"height":9}},{"id":"c864c7a8-d2fa-4e70-9b07-b1b27ab6971b","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":6,"box":{"x":520,"y":429,"width":252,"height":11}},{"id":"3f8f3f5b-6de8-46fa-8def-98881bc43abf","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":6,"box":{"x":554,"y":444,"width":313,"height":12}},{"id":"bd5a6ca7-36fd-4f85-834a-337b1d60f7de","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"1bd09f9a-a33d-4f03-96ea-9a9395910e0e","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":6,"box":{"x":520,"y":491,"width":264,"height":9}},{"id":"de793303-be6b-421b-8524-0d467c6d73ba","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":6,"box":{"x":520,"y":522,"width":208,"height":11}},{"id":"1ea6c212-d273-41b2-bc6b-58761a9883a4","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":6,"box":{"x":554,"y":537,"width":331,"height":12}},{"id":"68510c1e-2dc6-4dc3-9e9c-2dc1fb8ea1a5","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":6,"box":{"x":554,"y":553,"width":209,"height":9}},{"id":"b9f791d0-4653-4a7d-9567-0f770f635e04","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":6,"box":{"x":554,"y":568,"width":288,"height":12}},{"id":"499d9fc3-f21e-4296-a116-340a5eb4f975","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":6,"box":{"x":554,"y":584,"width":268,"height":9}},{"id":"78707ab2-386a-454c-87d0-5ef3ea6434e3","block_type":"box","text":"BlackRock Government Money Market","page_number":6,"box":{"x":554,"y":599,"width":272,"height":12}},{"id":"bc28c56e-c4ce-4c9f-96ca-b757c2c83978","block_type":"box","text":"Portfolio","page_number":6,"box":{"x":554,"y":615,"width":63,"height":9}},{"id":"aa45eb7e-2cf5-4753-9a33-010bc63c408c","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":6,"box":{"x":520,"y":646,"width":226,"height":11}},{"id":"23065e76-e36e-42aa-87a4-9fb039213e41","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":6,"box":{"x":554,"y":661,"width":217,"height":12}},{"id":"80825de3-7d42-4277-8155-a3580aa05142","block_type":"box","text":"BlackRock Series, Inc.","page_number":6,"box":{"x":520,"y":692,"width":161,"height":11}},{"id":"bdf4e7b9-54a4-4c8b-b884-93897f6c718c","block_type":"box","text":"BlackRock International Fund","page_number":6,"box":{"x":554,"y":708,"width":203,"height":9}},{"id":"9d184c50-767a-4c34-b204-ea4a37c55291","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":6,"box":{"x":520,"y":739,"width":320,"height":11}},{"id":"b5ffbb7f-eb21-4b1a-88a2-3019d7262a5e","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":6,"box":{"x":520,"y":770,"width":283,"height":11}},{"id":"d7f285fb-c73b-4dff-b9e8-6f18143176d3","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":6,"box":{"x":520,"y":801,"width":277,"height":11}},{"id":"17d0d780-5896-4ce2-b590-dff72b2bda9e","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":6,"box":{"x":554,"y":816,"width":304,"height":12}},{"id":"36dd407f-2d08-4437-9507-7becd0d82fd3","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":832,"width":38,"height":9}},{"id":"3abe29fd-7ceb-4ca4-bb87-e5c3e580b1fb","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":6,"box":{"x":554,"y":847,"width":298,"height":12}},{"id":"4e4b7a31-c9bb-4468-a643-a6d0889d1caa","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":863,"width":38,"height":9}},{"id":"e25cee8d-3d74-451b-9b97-782755cd5f0f","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":6,"box":{"x":554,"y":878,"width":305,"height":12}},{"id":"340b221f-8347-4380-b99a-715920e9f97a","block_type":"box","text":"Fund","page_number":6,"box":{"x":554,"y":894,"width":38,"height":9}},{"id":"43c64718-13d3-429f-af0d-936ba78883b0","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":6,"box":{"x":554,"y":909,"width":298,"height":12}},{"id":"465b6ef4-8dc2-4371-bed4-5d7f7fb38e8f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":6,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"289649d0-cefa-4bb8-a71f-db7c37032fd9","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":7,"box":{"x":150,"y":88,"width":234,"height":9}},{"id":"80107028-35da-486e-afb6-66eff7bf8012","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":7,"box":{"x":150,"y":103,"width":293,"height":12}},{"id":"4421c0ef-4f10-4eb0-926a-3e09f4d439b5","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":7,"box":{"x":150,"y":119,"width":264,"height":11}},{"id":"33cb2e75-fa65-4f6b-b86a-2d622ad1fc48","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":7,"box":{"x":150,"y":134,"width":273,"height":9}},{"id":"680a5c86-8d99-4fba-89dc-81f7789e5579","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":7,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"32cfd2cb-92ce-4c6a-b3d3-8a985d55bf2f","block_type":"box","text":"Fund","page_number":7,"box":{"x":150,"y":165,"width":38,"height":9}},{"id":"dae09a94-2253-4923-b690-57959605fc9a","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":7,"box":{"x":150,"y":181,"width":281,"height":9}},{"id":"ad64fece-e092-41b8-9b87-8f8049daf576","block_type":"box","text":"BlackRock International V.I. Fund","page_number":7,"box":{"x":150,"y":196,"width":238,"height":9}},{"id":"d1ef8a91-d454-4940-a2f8-c3f3b395305e","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":7,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"ca908d64-c966-47f7-a61a-5b87b7266874","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":7,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"8f3a5bfa-2bc7-4ea7-b8cc-e5619cb283d8","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":7,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"2f22ce54-0743-4889-98c1-bef13875c1c1","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":7,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"bf15b5ec-1ca6-4fa3-b664-7a40fa531f36","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":7,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"cc210fd6-fadb-4b80-9670-8f00a7438dbf","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":7,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"97d19f77-9143-4812-bde2-ab8056b9d6e5","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":7,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"9ff9f4b2-0f66-4c27-bb0e-76002ab58c2d","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":7,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"c0e42c3d-d35a-4791-bb4a-3f8fd268a697","block_type":"box","text":"SAI-GLOBAL-1026SUP","page_number":7,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"fd64a60d-695f-435e-a041-f5613696a1cf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":7,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c537dc3a-c13d-43b4-9e20-a87d691b6350","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":8,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"fe0e1e73-b440-4b07-9d23-bc43e093b077","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":8,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"5c2b01d4-c279-434c-b1d1-6984d9df3c8a","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":8,"box":{"x":116,"y":118,"width":266,"height":12}},{"id":"05f2169d-1b9a-4b1c-a9a4-7c6fc42e1c26","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":8,"box":{"x":116,"y":134,"width":232,"height":11}},{"id":"6039d656-ab0e-42eb-9678-c38c04e18cc9","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":8,"box":{"x":116,"y":150,"width":203,"height":11}},{"id":"ddd75f81-25f7-45b9-a5fc-5553bf74c8c8","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":8,"box":{"x":116,"y":165,"width":331,"height":12}},{"id":"86a3266b-b306-4089-9f58-54bc07e7804f","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":8,"box":{"x":116,"y":180,"width":317,"height":12}},{"id":"dab3bec6-228a-4633-b757-269e912725ed","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":8,"box":{"x":116,"y":196,"width":301,"height":12}},{"id":"c2f31c19-2fb8-481c-8b4d-ce6c407f0d3e","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":8,"box":{"x":116,"y":212,"width":248,"height":11}},{"id":"41af1867-4a37-4c4a-a550-e8d0c7794ab3","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":8,"box":{"x":116,"y":227,"width":332,"height":9}},{"id":"d07c1522-4558-40ef-98ab-38620bcadbf4","block_type":"box","text":"BlackRock Funds","page_number":8,"box":{"x":116,"y":243,"width":127,"height":9}},{"id":"9652e748-3685-435c-9419-46fe2ad13ff8","block_type":"box","text":"SM","page_number":8,"box":{"x":244,"y":242,"width":15,"height":6}},{"id":"cfc78f2a-b41c-4774-a5c6-cab5ac2cbbc7","block_type":"box","text":"BlackRock Funds II","page_number":8,"box":{"x":116,"y":258,"width":149,"height":9}},{"id":"73e0c3ef-51d6-4e11-83f6-da9fa4584c89","block_type":"box","text":"BlackRock Funds III","page_number":8,"box":{"x":116,"y":274,"width":155,"height":9}},{"id":"bad7507c-5d4a-4422-8026-8431ead7a7ed","block_type":"box","text":"BlackRock Funds IV","page_number":8,"box":{"x":116,"y":289,"width":154,"height":9}},{"id":"dd89a981-1482-4a3c-9893-c1070e8403a0","block_type":"box","text":"BlackRock Funds V","page_number":8,"box":{"x":116,"y":305,"width":148,"height":9}},{"id":"fca157e6-74bc-4829-aac8-32321e3c45bb","block_type":"box","text":"BlackRock Funds VI","page_number":8,"box":{"x":116,"y":320,"width":154,"height":9}},{"id":"eaa057e8-a621-438f-9df6-02944aeaa3a9","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":8,"box":{"x":116,"y":336,"width":292,"height":11}},{"id":"54e59ed2-cb6c-494f-bdc9-dfa4e5becbb0","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":8,"box":{"x":116,"y":351,"width":213,"height":11}},{"id":"dfb8a2a7-a25e-4bcb-b175-75f7b5ca8683","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":8,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"9802d0d0-cf46-4da8-b42c-60c02a896ded","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":8,"box":{"x":520,"y":103,"width":349,"height":12}},{"id":"8d49b411-72c8-4711-953e-5809caa0a547","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":8,"box":{"x":520,"y":118,"width":335,"height":12}},{"id":"0dca6d6f-ae09-4b64-ac04-c2cd6cd30b1c","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":8,"box":{"x":520,"y":134,"width":296,"height":12}},{"id":"966e8505-bfec-49f8-b941-890cd1bcfea2","block_type":"box","text":"BlackRock Liquidity Funds","page_number":8,"box":{"x":520,"y":149,"width":203,"height":12}},{"id":"dfd2fa3f-3d69-4ff7-839d-2354e12c6271","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":8,"box":{"x":520,"y":165,"width":282,"height":12}},{"id":"394b614f-7f20-4998-bf4f-428b5b4d84b5","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":8,"box":{"x":520,"y":180,"width":339,"height":12}},{"id":"58b9c64b-44b7-44c6-9f75-fd21340724d2","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":196,"width":282,"height":12}},{"id":"0e8c5990-95c1-4fd8-8225-ea79bd431aa2","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":8,"box":{"x":520,"y":211,"width":252,"height":12}},{"id":"6d76e8fb-e356-43f7-b883-79b7eb798d26","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":8,"box":{"x":520,"y":227,"width":264,"height":9}},{"id":"35924d19-0990-4f92-a2cc-74d88c4e24e8","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":8,"box":{"x":520,"y":242,"width":208,"height":12}},{"id":"eb1facdc-d933-46f1-83b9-798732d202f4","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":8,"box":{"x":520,"y":258,"width":226,"height":11}},{"id":"e1d80e13-b6f6-435f-bec0-eacc1c30dd5a","block_type":"box","text":"BlackRock Series, Inc.","page_number":8,"box":{"x":520,"y":274,"width":166,"height":11}},{"id":"6580f1a3-0479-45ca-9f15-629bfc54946b","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":8,"box":{"x":520,"y":289,"width":325,"height":12}},{"id":"bbf97e95-8ffd-4a47-a37f-b6d81758297b","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":8,"box":{"x":520,"y":305,"width":288,"height":11}},{"id":"72e3389b-9a5e-47a8-83af-60b99a939538","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":8,"box":{"x":520,"y":320,"width":282,"height":11}},{"id":"7434418a-875a-4911-9c10-5786c409e6d9","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":8,"box":{"x":520,"y":336,"width":299,"height":11}},{"id":"06cd7fab-4875-4308-a684-02c86228ba75","block_type":"box","text":"Supplement dated September 11, 2026","page_number":8,"box":{"x":362,"y":382,"width":280,"height":12}},{"id":"97114806-0002-4376-88e2-ae51b8a8a699","block_type":"box","text":"to the Statement of Additional Information (“SAI”) of each of the funds listed in Appendix A (each, a","page_number":8,"box":{"x":137,"y":398,"width":729,"height":11}},{"id":"ae5b6c49-1795-483c-b3ef-ce3f1377ac3f","block_type":"box","text":"“Fund”), as amended from time to time.","page_number":8,"box":{"x":356,"y":413,"width":292,"height":11}},{"id":"2a0f2ade-fa5f-4c80-9440-063b720cb987","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":8,"box":{"x":116,"y":444,"width":292,"height":9}},{"id":"c0fb8a9e-6d0c-4fc1-9be8-04dde8ef7549","block_type":"box","text":"The list in the section entitled “Purchase of Shares - Additional Payments by BlackRock - D. Service","page_number":8,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"427d930d-f98c-441a-a6f7-4cef2c0448e3","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous -","page_number":8,"box":{"x":116,"y":491,"width":721,"height":11}},{"id":"255040bc-6ff4-4652-840d-34859922f20d","block_type":"box","text":"Additional Payments by BlackRock - D. Service Organizations Receiving Additional Payments,”","page_number":8,"box":{"x":116,"y":506,"width":695,"height":12}},{"id":"8e6d66bf-7fad-4979-8d00-18b0dbe6c73e","block_type":"box","text":"“Investment Advisory Arrangements - Additional Payments by BlackRock - D. Service Organizations","page_number":8,"box":{"x":116,"y":522,"width":734,"height":11}},{"id":"99093080-e3fc-43e7-b710-828cb65dd3e4","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers - Additional","page_number":8,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"41faf27e-35b2-4525-b200-c4bb22e667a7","block_type":"box","text":"Payments by BlackRock - D. Service Organizations Receiving Additional Payments,” as applicable, of each","page_number":8,"box":{"x":116,"y":553,"width":771,"height":11}},{"id":"3b39c122-ae2f-4abb-9f5f-a2cccffe9e8a","block_type":"box","text":"Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":116,"y":568,"width":557,"height":12}},{"id":"19670bb7-da21-49af-a105-89edd743527e","block_type":"box","text":"&Partners","page_number":8,"box":{"x":116,"y":599,"width":72,"height":9}},{"id":"0dc67536-e70e-4483-89ef-53ba3c9ab93c","block_type":"box","text":"AccuTech Systems Corporation","page_number":8,"box":{"x":116,"y":615,"width":219,"height":11}},{"id":"507b0948-9e66-4f9e-a66c-c7dafcac63e8","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":8,"box":{"x":116,"y":630,"width":173,"height":11}},{"id":"7d486949-b3f5-434f-b48a-139b82062061","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":8,"box":{"x":116,"y":646,"width":215,"height":11}},{"id":"715c30cf-5ed2-426b-9bdd-46309ef3fdc4","block_type":"box","text":"Advisor Group, Inc.","page_number":8,"box":{"x":116,"y":661,"width":134,"height":12}},{"id":"38ba15c2-e46a-4849-b5f7-9af8732b662d","block_type":"box","text":"AE Wealth Management, LLC","page_number":8,"box":{"x":116,"y":677,"width":207,"height":11}},{"id":"b9d0a8d4-f76d-430b-90f5-91d6f8d4297c","block_type":"box","text":"Alight Solutions LLC","page_number":8,"box":{"x":116,"y":692,"width":146,"height":12}},{"id":"43588e7e-3a5a-49a6-b28a-a8414ce7477d","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":8,"box":{"x":116,"y":708,"width":250,"height":10}},{"id":"5e80f248-994c-4dbf-a6b4-f117257e5577","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":8,"box":{"x":116,"y":723,"width":314,"height":12}},{"id":"e8a3797a-98e1-4b15-86b4-72bc4de7e2d8","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":8,"box":{"x":116,"y":739,"width":345,"height":11}},{"id":"9b238d12-bcc2-4081-a3dd-12f139ae9bc2","block_type":"box","text":"Altruist Financial LLC","page_number":8,"box":{"x":116,"y":754,"width":154,"height":9}},{"id":"eb1d8c06-4d38-4e48-ad7c-c9589d86ddb8","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":8,"box":{"x":116,"y":770,"width":313,"height":11}},{"id":"ec2a8a0c-1838-4ba4-944a-88af0f495e36","block_type":"box","text":"American General Life Insurance Company","page_number":8,"box":{"x":116,"y":785,"width":295,"height":12}},{"id":"9896d65a-2aab-4be8-9875-030902986ce1","block_type":"box","text":"American United Life Insurance Company","page_number":8,"box":{"x":116,"y":801,"width":288,"height":11}},{"id":"c0164e57-0acb-41be-8f7e-1e108262bbb6","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":8,"box":{"x":116,"y":816,"width":292,"height":12}},{"id":"114eb986-8277-4ba6-a693-6258fa415444","block_type":"box","text":"Anthem Securities LLC","page_number":8,"box":{"x":116,"y":832,"width":165,"height":9}},{"id":"c93c5dbb-149d-497d-bd2a-d6a5b733487f","block_type":"box","text":"Argent Institutional Trust Company","page_number":8,"box":{"x":116,"y":847,"width":246,"height":12}},{"id":"b8ea906c-5e11-4660-a572-c7259bcf5c69","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":8,"box":{"x":116,"y":863,"width":263,"height":10}},{"id":"afb23c11-c524-455b-85ba-0e41c2a107aa","block_type":"box","text":"Ascensus, Inc.","page_number":8,"box":{"x":116,"y":878,"width":102,"height":11}},{"id":"696e3038-cf17-4448-8655-af2124ffdcfb","block_type":"box","text":"Atomic Brokerage LLC","page_number":8,"box":{"x":116,"y":894,"width":165,"height":11}},{"id":"aecf03e6-773f-4aa8-adf0-3a880a05844d","block_type":"box","text":"Avantax Investment Services, LLC","page_number":8,"box":{"x":116,"y":909,"width":237,"height":11}},{"id":"11cd138f-59d1-421e-b621-7641c2dd4973","block_type":"box","text":"Bancroft Capital LLC","page_number":8,"box":{"x":520,"y":599,"width":152,"height":12}},{"id":"33d3bf0d-0845-4dcc-9ef4-6ec8158bd9cd","block_type":"box","text":"Bank of America, N.A.","page_number":8,"box":{"x":520,"y":615,"width":161,"height":10}},{"id":"296dedd2-f23c-458f-9cbd-28cc4625a9f0","block_type":"box","text":"Bank of New York Mellon","page_number":8,"box":{"x":520,"y":630,"width":185,"height":9}},{"id":"70908d7e-d8a3-4c5e-a2b6-d4c294ab1ded","block_type":"box","text":"Barclays Capital Inc.","page_number":8,"box":{"x":520,"y":646,"width":146,"height":11}},{"id":"f8bbfeaa-0fd8-46b8-8088-1cd4741bc348","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":8,"box":{"x":520,"y":661,"width":290,"height":11}},{"id":"b2f43c59-8c73-48b3-9099-49499ed7c9b9","block_type":"box","text":"Benefit Trust Company","page_number":8,"box":{"x":520,"y":677,"width":158,"height":11}},{"id":"3f1f794a-0d28-4407-a52a-5cefe16c6359","block_type":"box","text":"Beta Capital Securities LLC","page_number":8,"box":{"x":520,"y":692,"width":190,"height":12}},{"id":"e570bc09-ba26-467a-800c-d3dc810c85a0","block_type":"box","text":"bfinance US Ltd.","page_number":8,"box":{"x":520,"y":708,"width":114,"height":9}},{"id":"7de5b665-1213-489a-b5ff-aff10133f79c","block_type":"box","text":"BlackRock Advisors, LLC","page_number":8,"box":{"x":520,"y":723,"width":179,"height":11}},{"id":"4e88c257-4200-4bac-9c1e-fcb1e03ce4d7","block_type":"box","text":"BMO Capital Markets Corp.","page_number":8,"box":{"x":520,"y":739,"width":191,"height":11}},{"id":"0055a5f5-29e6-4a42-8f83-aa1214f84e9c","block_type":"box","text":"BNP Paribas","page_number":8,"box":{"x":520,"y":754,"width":85,"height":9}},{"id":"e7762efc-fafa-4801-b61c-05b0e40d6d44","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":8,"box":{"x":520,"y":770,"width":311,"height":9}},{"id":"03bcda58-8a2b-4f75-80f0-1d8b7991db6b","block_type":"box","text":"BNY Mellon, N.A.","page_number":8,"box":{"x":520,"y":785,"width":128,"height":11}},{"id":"8a912c1c-b101-41ec-8d88-b3700bc7e9f8","block_type":"box","text":"BofA Securities, Inc.","page_number":8,"box":{"x":520,"y":801,"width":141,"height":10}},{"id":"607dbd03-dea2-4a5f-8b99-115e0ff34e0e","block_type":"box","text":"BOKF, N.A.","page_number":8,"box":{"x":520,"y":816,"width":84,"height":11}},{"id":"d9f09d43-7f79-4693-a8d2-745df866ac26","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":8,"box":{"x":520,"y":832,"width":258,"height":11}},{"id":"778f0663-5d79-4e45-9698-e59d924bdf2d","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":8,"box":{"x":520,"y":847,"width":305,"height":12}},{"id":"a99afa68-5a81-452d-b20a-b24f97ca86e8","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":8,"box":{"x":520,"y":863,"width":327,"height":11}},{"id":"d607b60f-04ba-4cdf-8039-e50a4f907dfe","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":8,"box":{"x":520,"y":878,"width":226,"height":9}},{"id":"2828c60f-14d1-4a2b-8674-5b5b7001f473","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":8,"box":{"x":520,"y":894,"width":210,"height":11}},{"id":"b2d47575-177a-496e-ab5c-1cd5e5e5a2bd","block_type":"box","text":"Capital One, N.A.","page_number":8,"box":{"x":520,"y":909,"width":121,"height":12}},{"id":"21bf9fee-53b5-4dd8-afa1-6117941aa0cf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":8,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5011b1f9-990e-48ed-bdbb-fa032d4ade33","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":9,"box":{"x":116,"y":88,"width":212,"height":9}},{"id":"1a8f0a8c-fbce-46a3-8425-ea5aaad6925f","block_type":"box","text":"Cetera Advisors LLC","page_number":9,"box":{"x":116,"y":103,"width":149,"height":9}},{"id":"ea7162f2-f20d-4b6e-ae3b-a5a0250bb993","block_type":"box","text":"Cetera Financial Group","page_number":9,"box":{"x":116,"y":119,"width":162,"height":11}},{"id":"eb26c4d2-860d-4455-aa4a-a42fe1041875","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":9,"box":{"x":116,"y":134,"width":227,"height":12}},{"id":"8fd4662a-a703-49f8-bf2c-0cbb4e56af21","block_type":"box","text":"Cetera Investment Services LLC","page_number":9,"box":{"x":116,"y":150,"width":224,"height":9}},{"id":"b317693d-bc71-4465-af09-dc91fba9c997","block_type":"box","text":"CF Secured, LLC","page_number":9,"box":{"x":116,"y":165,"width":123,"height":11}},{"id":"8e722d3d-3839-498e-bcec-9afe123dcbf4","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":9,"box":{"x":116,"y":181,"width":192,"height":10}},{"id":"920f612c-651b-48e6-8b9b-6b1db4b3997c","block_type":"box","text":"Charles Schwab Trust Bank","page_number":9,"box":{"x":116,"y":196,"width":192,"height":9}},{"id":"d3472aad-a6d0-4103-9c6b-c08535f3a09a","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":9,"box":{"x":116,"y":212,"width":238,"height":11}},{"id":"69f1e74c-15a3-467c-ae21-f84898beb2eb","block_type":"box","text":"CIM Investment Management, Inc.","page_number":9,"box":{"x":116,"y":227,"width":241,"height":12}},{"id":"337c5766-928a-472e-9e41-b1f9fcb9b459","block_type":"box","text":"Citco Securities, LLC","page_number":9,"box":{"x":116,"y":243,"width":151,"height":10}},{"id":"10c345a6-9ccb-44f3-b1e6-1ab035b2e2e0","block_type":"box","text":"CitiBank, National Association","page_number":9,"box":{"x":116,"y":258,"width":215,"height":11}},{"id":"e8459878-6634-4b39-9ec9-30bbe88ab878","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":9,"box":{"x":116,"y":274,"width":212,"height":11}},{"id":"af2b44ed-be3a-4319-ba0d-60f22fb4d2d6","block_type":"box","text":"Citizens Bank","page_number":9,"box":{"x":116,"y":289,"width":99,"height":9}},{"id":"d36a1fb6-8ee1-4957-90e4-7d5d23565253","block_type":"box","text":"Citizens Business Bank","page_number":9,"box":{"x":116,"y":305,"width":163,"height":9}},{"id":"7d3c4326-4e0a-4665-8833-e444f509220b","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":9,"box":{"x":116,"y":320,"width":231,"height":12}},{"id":"48b560de-7ef0-4e8f-8596-d6d51be7e074","block_type":"box","text":"CMFG Life Insurance Company","page_number":9,"box":{"x":116,"y":336,"width":223,"height":11}},{"id":"18ffd58a-3b32-4ded-a2fe-426986ea82da","block_type":"box","text":"Comerica Bank","page_number":9,"box":{"x":116,"y":351,"width":109,"height":9}},{"id":"bd66c3a5-a68c-48be-900c-1cf7af3c5da8","block_type":"box","text":"Commonwealth Financial Network","page_number":9,"box":{"x":116,"y":367,"width":242,"height":9}},{"id":"818bbdc6-0635-421c-9702-c0cc4cefe531","block_type":"box","text":"Computershare Trust Company","page_number":9,"box":{"x":116,"y":382,"width":216,"height":12}},{"id":"08f6f018-87ab-425d-8a89-c7f42b35e0d4","block_type":"box","text":"Conduent HR Services, LLC","page_number":9,"box":{"x":116,"y":398,"width":198,"height":10}},{"id":"3a8e1460-3919-42cd-b9ab-0e8c511b5bee","block_type":"box","text":"Delaware Life Insurance Company","page_number":9,"box":{"x":116,"y":413,"width":240,"height":12}},{"id":"6869f517-25e8-4fed-a605-83c3299b06f3","block_type":"box","text":"Delaware Trust Company","page_number":9,"box":{"x":116,"y":429,"width":178,"height":11}},{"id":"8ebfff62-0b48-4590-9453-c59fe45c4a0a","block_type":"box","text":"Deutsche Bank AG","page_number":9,"box":{"x":116,"y":444,"width":135,"height":9}},{"id":"16642f4e-1ba8-4f8a-a0e3-9bf32ce4b99f","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":9,"box":{"x":116,"y":460,"width":285,"height":11}},{"id":"8b3ad4ba-316d-45b1-aa92-71c2c884f0ba","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":9,"box":{"x":116,"y":475,"width":232,"height":12}},{"id":"e48910b7-b4fc-420a-9614-6844d8127b37","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":9,"box":{"x":116,"y":491,"width":328,"height":10}},{"id":"72b2c71a-07fe-462e-974e-ae89b34ca349","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":9,"box":{"x":116,"y":506,"width":223,"height":12}},{"id":"a37528c0-681d-49d9-925f-c349eea7b44d","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":9,"box":{"x":116,"y":522,"width":200,"height":10}},{"id":"844f02b2-6317-4d6b-82cf-061b42adafa4","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":9,"box":{"x":116,"y":537,"width":298,"height":12}},{"id":"249190cb-f538-47be-b23a-33cb8f71d0ef","block_type":"box","text":"Company","page_number":9,"box":{"x":116,"y":553,"width":69,"height":11}},{"id":"6b047ced-04f2-478b-895e-257050df15af","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":9,"box":{"x":116,"y":568,"width":349,"height":12}},{"id":"bac3fe88-2811-4efc-9392-0c7a21fea1dc","block_type":"box","text":"Empower Financial Services, Inc.","page_number":9,"box":{"x":116,"y":584,"width":232,"height":11}},{"id":"e912741d-09cb-4c9d-bcfc-e116ccc618f3","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":9,"box":{"x":116,"y":599,"width":336,"height":12}},{"id":"a6f5e3cd-e3ef-4b56-b2e1-ee6a877d272d","block_type":"box","text":"New York","page_number":9,"box":{"x":116,"y":615,"width":74,"height":9}},{"id":"98a5b8bb-618d-448a-82e8-91380a464a44","block_type":"box","text":"Empower Plan Services, LLC","page_number":9,"box":{"x":116,"y":630,"width":205,"height":12}},{"id":"dac83495-58e7-4c60-8ce2-993537e7c847","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":9,"box":{"x":116,"y":646,"width":238,"height":11}},{"id":"0faeab66-52bd-40bc-aec2-09d1f08f379f","block_type":"box","text":"Equitable Advisors, LLC","page_number":9,"box":{"x":116,"y":661,"width":169,"height":12}},{"id":"ea8a025e-834a-483b-a69a-309a2df60c96","block_type":"box","text":"Equitable Life Insurance Company","page_number":9,"box":{"x":116,"y":677,"width":236,"height":11}},{"id":"c32cb236-c977-4ccb-9fcb-0b627129b2cc","block_type":"box","text":"E*trade Savings Bank","page_number":9,"box":{"x":116,"y":692,"width":150,"height":12}},{"id":"f42c794d-2986-409c-9696-0b0fe6a990b7","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":9,"box":{"x":116,"y":708,"width":262,"height":11}},{"id":"614f94d0-0723-41eb-9d6a-a4d58daeebcd","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":9,"box":{"x":116,"y":723,"width":223,"height":12}},{"id":"535229ec-b330-4611-949a-7755bdd59d94","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":9,"box":{"x":116,"y":739,"width":301,"height":11}},{"id":"c2b12f74-312e-4108-9ce5-6a0c75c5bdfd","block_type":"box","text":"Company, Inc.","page_number":9,"box":{"x":116,"y":754,"width":98,"height":12}},{"id":"ac90d268-4d20-4e7f-9c5b-866cd898a4fd","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":9,"box":{"x":116,"y":770,"width":309,"height":11}},{"id":"12da96e7-959f-4228-ad6d-0e52d0492f99","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":9,"box":{"x":116,"y":785,"width":178,"height":11}},{"id":"5f57c7e3-4326-4666-9a2d-aa0bb7e24c72","block_type":"box","text":"First Allied Securities, Inc.","page_number":9,"box":{"x":116,"y":801,"width":181,"height":10}},{"id":"4f97a49c-d189-4974-bfc3-fe7e95e714cc","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":9,"box":{"x":116,"y":816,"width":269,"height":12}},{"id":"9e96cfda-2173-4e44-939c-eeab71d11d67","block_type":"box","text":"First Hawaiian Bank","page_number":9,"box":{"x":116,"y":832,"width":143,"height":9}},{"id":"fa83a6a3-ac0c-477b-9f31-d734f87b3855","block_type":"box","text":"First Republic Bank","page_number":9,"box":{"x":116,"y":847,"width":140,"height":12}},{"id":"73bfbb73-b925-468f-97e5-e2937bb9612d","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":9,"box":{"x":116,"y":863,"width":339,"height":11}},{"id":"7f60a26b-4dfc-4ba0-8b5a-1200fe9f21a5","block_type":"box","text":"Company of New York","page_number":9,"box":{"x":116,"y":878,"width":162,"height":12}},{"id":"0f2a22b0-d9eb-4b57-a6f7-8379a8afb5ad","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":9,"box":{"x":520,"y":88,"width":348,"height":11}},{"id":"00f070d8-0c46-4446-9ca9-49e4f8210ee6","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":103,"width":74,"height":9}},{"id":"b6126062-fa96-49fb-8346-a58b3ca0977f","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":9,"box":{"x":520,"y":119,"width":262,"height":11}},{"id":"40b8d489-cd9a-4bc2-9b1d-ad6d357ff2bc","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":9,"box":{"x":520,"y":134,"width":288,"height":12}},{"id":"2acdd01b-c408-4d4b-9b46-5286ddd0b737","block_type":"box","text":"FNEX Capital, LLC","page_number":9,"box":{"x":520,"y":150,"width":141,"height":11}},{"id":"3a01ea4a-c783-498e-8733-07394beddf3e","block_type":"box","text":"Forethought Life Insurance Company","page_number":9,"box":{"x":520,"y":165,"width":258,"height":12}},{"id":"dc24a8ab-d4c7-487d-8fa4-87cf2898939f","block_type":"box","text":"FSC Securities Corporation","page_number":9,"box":{"x":520,"y":181,"width":190,"height":11}},{"id":"f4c0ed0f-5a5c-4fa2-967f-425975debf0c","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":9,"box":{"x":520,"y":196,"width":331,"height":12}},{"id":"aa30577d-ac68-4e91-91ac-96144741daaf","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":212,"width":336,"height":11}},{"id":"88aa30e7-4f30-451c-8e6b-908e30de7633","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":9,"box":{"x":520,"y":227,"width":233,"height":11}},{"id":"6b0446dc-229c-4c95-a96e-f0747bc4d525","block_type":"box","text":"Goldman Sachs & Co.","page_number":9,"box":{"x":520,"y":243,"width":156,"height":9}},{"id":"42ec5efa-a839-4a24-8fd5-8f17fc559d3a","block_type":"box","text":"Great Pacific Securities, LLC","page_number":9,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"73f213ba-28a9-4163-ac6d-27a84e0664da","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":9,"box":{"x":520,"y":274,"width":275,"height":11}},{"id":"1aafb382-2725-434d-bd40-768c0c40e738","block_type":"box","text":"Hancock Whitney Bank","page_number":9,"box":{"x":520,"y":289,"width":166,"height":12}},{"id":"dfbfd8da-16e6-4459-90cf-86dbe86e3177","block_type":"box","text":"Hartford Funds Management Company","page_number":9,"box":{"x":520,"y":305,"width":269,"height":11}},{"id":"878c3d60-af4b-4fa0-a4e6-d0bc9370087c","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":9,"box":{"x":520,"y":320,"width":322,"height":12}},{"id":"827d3944-cf17-4f08-8d83-70ff0c96842c","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":9,"box":{"x":520,"y":336,"width":203,"height":10}},{"id":"b71f33be-be96-4330-8a25-11b9d94481e6","block_type":"box","text":"Hightower Securities, Inc.","page_number":9,"box":{"x":520,"y":351,"width":181,"height":12}},{"id":"5c1cc3b6-17d2-4245-8773-fa9198f1ab9f","block_type":"box","text":"Hilltop Securities Inc.","page_number":9,"box":{"x":520,"y":367,"width":152,"height":11}},{"id":"ead3b9e7-e6f9-4fab-8ee9-3233d0b7007e","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":9,"box":{"x":520,"y":382,"width":166,"height":11}},{"id":"1f2926cc-9982-48b3-b96a-6d5d77bab49c","block_type":"box","text":"Huntington Securities, Inc.","page_number":9,"box":{"x":520,"y":398,"width":186,"height":11}},{"id":"534fd560-8e90-471b-9958-cb8d5db121f3","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":9,"box":{"x":520,"y":413,"width":249,"height":11}},{"id":"9e0b3458-9a1a-4969-b428-0e873f47330c","block_type":"box","text":"Integrity Life Insurance Company","page_number":9,"box":{"x":520,"y":429,"width":234,"height":11}},{"id":"38d96a9a-9866-4c25-9d9e-f5f54a4bf038","block_type":"box","text":"Interactive Brokers, LLC","page_number":9,"box":{"x":520,"y":444,"width":174,"height":11}},{"id":"160d5d8d-2154-4849-b311-88c2ec1bb8f9","block_type":"box","text":"Investment Trust of California","page_number":9,"box":{"x":520,"y":460,"width":209,"height":9}},{"id":"ab3419ca-5f11-4678-935d-d9caeeff0396","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":9,"box":{"x":520,"y":475,"width":287,"height":12}},{"id":"1c773123-b331-4583-bcdb-4597488cf386","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":9,"box":{"x":520,"y":491,"width":193,"height":11}},{"id":"3f4af7cd-7994-4821-a48a-11522ad1d1ca","block_type":"box","text":"Jefferies LLC","page_number":9,"box":{"x":520,"y":506,"width":97,"height":9}},{"id":"279ad6e6-a592-405e-a2d2-98e5456577c7","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":9,"box":{"x":520,"y":522,"width":300,"height":11}},{"id":"ac4fa7a6-d296-4cae-9ea7-fb9f8158e51b","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":9,"box":{"x":520,"y":537,"width":318,"height":12}},{"id":"08e22058-b5f3-4fb9-8543-7f6852b6db35","block_type":"box","text":"New York","page_number":9,"box":{"x":520,"y":553,"width":74,"height":9}},{"id":"7a54d148-d5bb-4059-b000-2cfff0b167a0","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":9,"box":{"x":520,"y":568,"width":333,"height":12}},{"id":"c30a23cd-6fbc-4971-a864-f85eec68ef7c","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":9,"box":{"x":520,"y":584,"width":365,"height":11}},{"id":"59bb3f8a-88a0-4167-b6e0-c8e726a8a487","block_type":"box","text":"John Hancock Trust Company","page_number":9,"box":{"x":520,"y":599,"width":209,"height":12}},{"id":"29e54aa7-12e4-44ef-b0bc-28444ccc9d56","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":9,"box":{"x":520,"y":615,"width":199,"height":11}},{"id":"08c50640-0ef2-49a3-91c1-464b74c8838a","block_type":"box","text":"Kestra Investment Services, LLC","page_number":9,"box":{"x":520,"y":630,"width":229,"height":11}},{"id":"d3cefd79-d315-4d65-ac13-e95fbdc928b5","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":9,"box":{"x":520,"y":646,"width":274,"height":11}},{"id":"e9899fe5-d318-466d-996c-bec078c073c1","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":9,"box":{"x":520,"y":661,"width":275,"height":12}},{"id":"110b82e6-dd2f-4e66-9fc5-d825e5f56b6a","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":9,"box":{"x":520,"y":677,"width":324,"height":11}},{"id":"13e0c78b-9fc0-4241-a926-3bb054f2302a","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":9,"box":{"x":520,"y":692,"width":286,"height":12}},{"id":"51da3a62-3599-4b54-9198-4e36de9bdc23","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":9,"box":{"x":520,"y":708,"width":228,"height":9}},{"id":"d1ff48dd-994f-475f-80fa-02599b002bf8","block_type":"box","text":"Lombard International Life Assurance Company","page_number":9,"box":{"x":520,"y":723,"width":328,"height":12}},{"id":"92c86e7c-ad5b-42e8-ac3e-9545f0ded02a","block_type":"box","text":"LPL Financial LLC","page_number":9,"box":{"x":520,"y":739,"width":132,"height":9}},{"id":"4bf24ce3-76cd-4ee0-8ba5-a7169f1a8163","block_type":"box","text":"M&T Securities Inc.","page_number":9,"box":{"x":520,"y":754,"width":138,"height":9}},{"id":"8cb5ee6f-669c-4298-b66c-ce153d68ee18","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":9,"box":{"x":520,"y":770,"width":291,"height":11}},{"id":"bf117348-987f-4415-bd03-c20d1774a7de","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":9,"box":{"x":520,"y":785,"width":321,"height":12}},{"id":"eda6ec33-f8df-448e-835b-c15cfaffcb9a","block_type":"box","text":"Members Life Insurance Company","page_number":9,"box":{"x":520,"y":801,"width":235,"height":11}},{"id":"9646bb28-4846-48f2-8a33-cfdf1f4642cb","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":9,"box":{"x":520,"y":816,"width":353,"height":12}},{"id":"b47b1894-4a7c-4864-aa7c-fb7337917277","block_type":"box","text":"Metavante Corporation","page_number":9,"box":{"x":520,"y":832,"width":161,"height":11}},{"id":"2b8a6a7f-68b3-411f-a66e-42a87c24c8db","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":9,"box":{"x":520,"y":847,"width":264,"height":12}},{"id":"1d62ecb6-7ffb-4dd7-8b85-ef35028b5fc2","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":9,"box":{"x":520,"y":863,"width":332,"height":11}},{"id":"f0599493-bc8d-4050-b4f3-fcc42cffd585","block_type":"box","text":"Midland Life Insurance Company","page_number":9,"box":{"x":520,"y":878,"width":233,"height":12}},{"id":"027adf77-9d15-4d99-9d6b-a9c7b353221d","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"2d2298d9-88b0-41ba-a51e-c2c3d4570969","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":9,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6fe5694e-980a-4237-9c0a-0fa8df9f4aae","block_type":"box","text":"Minnesota Life Insurance Company","page_number":10,"box":{"x":116,"y":88,"width":247,"height":11}},{"id":"8c136d3e-ca86-4ec9-9a55-a66f60c157de","block_type":"box","text":"Mischler Financial Group","page_number":10,"box":{"x":116,"y":103,"width":178,"height":12}},{"id":"39115f3e-096e-4f4f-a1e9-82298a64a70d","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":10,"box":{"x":116,"y":119,"width":195,"height":9}},{"id":"b745dd27-c1c2-4ea3-992d-b9d1fbb9dbb8","block_type":"box","text":"MML Distributors, LLC","page_number":10,"box":{"x":116,"y":134,"width":169,"height":11}},{"id":"be45218b-1243-4a5c-93d0-5b81023f48be","block_type":"box","text":"MML Investors Services, LLC","page_number":10,"box":{"x":116,"y":150,"width":212,"height":10}},{"id":"f25ce71e-8e45-4cd3-bfc5-899644827d1b","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":10,"box":{"x":116,"y":165,"width":193,"height":12}},{"id":"c0933fd0-bfcb-40a0-8116-6573847e4eb1","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":10,"box":{"x":116,"y":181,"width":232,"height":11}},{"id":"c790d939-745b-4a5a-9a55-3525181e32ea","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":10,"box":{"x":116,"y":196,"width":245,"height":12}},{"id":"7b47484a-c2d8-493e-a494-38633933b18a","block_type":"box","text":"MUFG Union Bank, National Association","page_number":10,"box":{"x":116,"y":212,"width":289,"height":10}},{"id":"81cb0b4e-98b9-4459-b922-2369688e40f8","block_type":"box","text":"Nassau Life Insurance Company","page_number":10,"box":{"x":116,"y":227,"width":224,"height":12}},{"id":"c426a4a5-58ea-43b0-aaf7-3babca9bdea5","block_type":"box","text":"National Financial Services LLC","page_number":10,"box":{"x":116,"y":243,"width":226,"height":9}},{"id":"00b801a7-5299-4b3b-8ba9-47ab829228f4","block_type":"box","text":"National Integrity Life Insurance Company","page_number":10,"box":{"x":116,"y":258,"width":296,"height":12}},{"id":"c84418b4-4629-44b3-8f38-f5e8c8869928","block_type":"box","text":"National Life Insurance Company","page_number":10,"box":{"x":116,"y":274,"width":234,"height":11}},{"id":"917ed3b3-48f7-4865-b51f-7b00bafde61b","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":10,"box":{"x":116,"y":289,"width":245,"height":11}},{"id":"c4cab85c-13d5-4530-9a7e-54d9a66095c5","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":10,"box":{"x":116,"y":305,"width":242,"height":9}},{"id":"e19e8bc7-fb50-463d-b6b9-05b2fee6004a","block_type":"box","text":"Nationwide Retirement Solutions","page_number":10,"box":{"x":116,"y":320,"width":230,"height":9}},{"id":"ffbe8ba4-045d-45bc-b4d5-3440a4caa51f","block_type":"box","text":"NCB Federal Savings Bank","page_number":10,"box":{"x":116,"y":336,"width":191,"height":11}},{"id":"0312d09f-a8e4-4431-8c72-c7aa3e6e88e5","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":10,"box":{"x":116,"y":351,"width":288,"height":12}},{"id":"271a62ee-cdb2-48a0-a71d-b043b27f39ac","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":10,"box":{"x":116,"y":367,"width":350,"height":11}},{"id":"870b449e-5900-4e4c-a501-cdcbb841b1a0","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":10,"box":{"x":116,"y":382,"width":237,"height":12}},{"id":"b6564cec-3f40-4abc-b0db-2378a88370ff","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":10,"box":{"x":116,"y":398,"width":249,"height":11}},{"id":"7e8c340a-f8c0-4294-a77a-a97e83d581e2","block_type":"box","text":"Northern Trust Company","page_number":10,"box":{"x":116,"y":413,"width":174,"height":12}},{"id":"53c37639-0b67-4ad8-a65c-61c50323f21d","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":10,"box":{"x":116,"y":429,"width":329,"height":10}},{"id":"e28a9492-b7e7-45cd-9b1c-202a01ef35b4","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":10,"box":{"x":116,"y":444,"width":320,"height":12}},{"id":"0c45b5f1-f514-4d29-9c50-233e46ea023d","block_type":"box","text":"NYLife Distributors LLC","page_number":10,"box":{"x":116,"y":460,"width":177,"height":9}},{"id":"d5cbcf5d-a45d-4a6b-9ff6-e0f437202bd7","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":10,"box":{"x":116,"y":475,"width":175,"height":12}},{"id":"f81be1d1-f2ed-447b-b6f9-6b38f67e1316","block_type":"box","text":"Orion Advisor Services, LLC","page_number":10,"box":{"x":116,"y":491,"width":203,"height":10}},{"id":"060d6d47-9a08-45f3-a1e3-87c9454cea91","block_type":"box","text":"Osaic Wealth, Inc.","page_number":10,"box":{"x":116,"y":506,"width":129,"height":11}},{"id":"f74c6a7f-2169-4572-ae27-7746ad1bc582","block_type":"box","text":"Pacific Life & Annuity Company","page_number":10,"box":{"x":116,"y":522,"width":230,"height":11}},{"id":"b681ecbe-8be5-4f29-9eb8-e33847d96ab5","block_type":"box","text":"Pacific Life Insurance Company","page_number":10,"box":{"x":116,"y":537,"width":223,"height":12}},{"id":"b14c1da4-2cd8-4263-9264-9a7bada27fd1","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":10,"box":{"x":116,"y":553,"width":221,"height":10}},{"id":"615ce677-2914-455a-abe1-f6dd06889bec","block_type":"box","text":"Park Avenue Securities LLC","page_number":10,"box":{"x":116,"y":568,"width":198,"height":9}},{"id":"3a2991d3-756f-47ab-b5b0-7497d3423112","block_type":"box","text":"Penserra Securities LLC","page_number":10,"box":{"x":116,"y":584,"width":169,"height":9}},{"id":"b901a0a2-dfec-4bd5-9e41-94b5d68e075c","block_type":"box","text":"Pershing LLC","page_number":10,"box":{"x":116,"y":599,"width":99,"height":12}},{"id":"32a614af-6bdb-4f4b-9d93-372cf2b8eb23","block_type":"box","text":"PFPC Inc.","page_number":10,"box":{"x":116,"y":615,"width":73,"height":9}},{"id":"82c282fb-e045-41dc-bf9b-0d8ceb7d2cec","block_type":"box","text":"Piper Jaffray & Co.","page_number":10,"box":{"x":116,"y":630,"width":136,"height":12}},{"id":"8187832b-f41b-44f2-bb9f-6b473e871674","block_type":"box","text":"PNC Bank, National Association","page_number":10,"box":{"x":116,"y":646,"width":226,"height":10}},{"id":"50a340f0-c1bc-4bfa-9cbf-74fa5dcab8ce","block_type":"box","text":"PNC Capital Markets LLC","page_number":10,"box":{"x":116,"y":661,"width":180,"height":12}},{"id":"8136b3e9-273d-48f8-a7b2-a5f62723d4ab","block_type":"box","text":"PNC Investments LLC","page_number":10,"box":{"x":116,"y":677,"width":154,"height":9}},{"id":"2916b97a-db74-4a7a-b51f-eb73fe52554d","block_type":"box","text":"Principal Bank","page_number":10,"box":{"x":116,"y":692,"width":100,"height":12}},{"id":"fd6e1508-d6af-40e3-adc6-b7544e9e09f3","block_type":"box","text":"Principal Life Insurance Company","page_number":10,"box":{"x":116,"y":708,"width":232,"height":11}},{"id":"1acf5187-0edd-4561-aa28-8d0625fda996","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":10,"box":{"x":116,"y":723,"width":327,"height":12}},{"id":"cc843adf-3661-4b4f-aca4-451a2b8fd9b9","block_type":"box","text":"Protective Life Insurance Company","page_number":10,"box":{"x":116,"y":739,"width":239,"height":11}},{"id":"6616bd06-e6ba-40d1-86e2-e149b9125c13","block_type":"box","text":"Pruco Life Insurance Company","page_number":10,"box":{"x":116,"y":754,"width":210,"height":12}},{"id":"5d58cbd5-e856-466e-901d-d6a4ab608686","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":10,"box":{"x":116,"y":770,"width":311,"height":11}},{"id":"17ccedac-046c-460c-886b-6119b0ecb46a","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":10,"box":{"x":116,"y":785,"width":257,"height":11}},{"id":"0df5d1f0-793a-43c9-8e00-74da60156238","block_type":"box","text":"Prudential Insurance Company of America","page_number":10,"box":{"x":116,"y":801,"width":289,"height":11}},{"id":"09da6017-aecc-4b65-b6fc-5703152724f8","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":10,"box":{"x":116,"y":816,"width":237,"height":12}},{"id":"70e1de5d-e770-48c6-87f0-072959f9a406","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":10,"box":{"x":116,"y":832,"width":277,"height":11}},{"id":"dd17ac4b-2ef5-47d8-a0a2-bfabd710e6ee","block_type":"box","text":"RBC Capital Markets, LLC","page_number":10,"box":{"x":116,"y":847,"width":190,"height":12}},{"id":"d977adfe-38f3-472b-9396-254b2c700d9c","block_type":"box","text":"Regions Bank","page_number":10,"box":{"x":116,"y":863,"width":99,"height":11}},{"id":"0ec47da2-e26a-4c3e-b500-05f9b1fcba42","block_type":"box","text":"Reliance Trust Company","page_number":10,"box":{"x":116,"y":878,"width":172,"height":12}},{"id":"76f1a06d-07eb-4fe0-8fbb-5b6c30f6068e","block_type":"box","text":"Reliastar Life Insurance Company","page_number":10,"box":{"x":520,"y":88,"width":236,"height":11}},{"id":"a8b98e6a-ae41-4037-b303-52f8f1ba8cea","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":10,"box":{"x":520,"y":103,"width":329,"height":12}},{"id":"ee4e7505-7fc6-40fd-9f0a-5ac5f1969a11","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":10,"box":{"x":520,"y":119,"width":207,"height":10}},{"id":"6aa523ba-03be-4b58-b25f-0bf63077cb98","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":10,"box":{"x":520,"y":134,"width":311,"height":9}},{"id":"6ff988d2-d1f4-450f-ab89-7fe7a999c4fa","block_type":"box","text":"RiverSource Life Insurance Company","page_number":10,"box":{"x":520,"y":150,"width":260,"height":11}},{"id":"fb4446ce-b421-4395-88b6-4fb9ab0a3e81","block_type":"box","text":"SagePoint Financial, Inc.","page_number":10,"box":{"x":520,"y":165,"width":173,"height":12}},{"id":"6872c345-c6d0-444e-9bfc-993a9816738b","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":10,"box":{"x":520,"y":181,"width":252,"height":10}},{"id":"af241266-1992-4012-8479-47f1bf93d697","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":10,"box":{"x":520,"y":196,"width":212,"height":12}},{"id":"84fc949d-7602-4a8a-b233-88d3dd301f98","block_type":"box","text":"Santander Bank, N.A.","page_number":10,"box":{"x":520,"y":212,"width":152,"height":10}},{"id":"62fa5b04-1a87-4f31-bc4a-3fed14e541aa","block_type":"box","text":"Saturna Trust Company","page_number":10,"box":{"x":520,"y":227,"width":165,"height":12}},{"id":"d369f56c-5af7-4b4f-9caf-d47bc709937b","block_type":"box","text":"Securities America, Inc.","page_number":10,"box":{"x":520,"y":243,"width":167,"height":10}},{"id":"0080d475-4749-45da-9337-8dc47a06ea3b","block_type":"box","text":"Securities Finance Trust Company","page_number":10,"box":{"x":520,"y":258,"width":238,"height":12}},{"id":"93bf908f-71cf-4b26-9cf0-48cfc00f1847","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":10,"box":{"x":520,"y":274,"width":286,"height":11}},{"id":"8b3e319f-7718-41a9-b17d-6f828ab976bf","block_type":"box","text":"Security Financial Resources, Inc.","page_number":10,"box":{"x":520,"y":289,"width":235,"height":12}},{"id":"661c62c9-7820-47a2-a8ae-a0a958b31637","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":10,"box":{"x":520,"y":305,"width":304,"height":11}},{"id":"3932f305-6282-4289-8d99-9018fe80d183","block_type":"box","text":"SEI Private Trust Company","page_number":10,"box":{"x":520,"y":320,"width":191,"height":12}},{"id":"4526e036-4341-4d3f-9a24-50d3ac07d77a","block_type":"box","text":"SG Americas Securities, LLC","page_number":10,"box":{"x":520,"y":336,"width":205,"height":10}},{"id":"037b8215-9427-4900-a98d-55849f8e1600","block_type":"box","text":"Silicon Valley Bank","page_number":10,"box":{"x":520,"y":351,"width":141,"height":12}},{"id":"96e471bb-6b0e-499b-a646-26139968b04e","block_type":"box","text":"Standard Insurance Company","page_number":10,"box":{"x":520,"y":367,"width":203,"height":11}},{"id":"6c91eeda-55bc-4eb9-8279-e0e1dd8aa108","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":10,"box":{"x":520,"y":382,"width":347,"height":12}},{"id":"608ade6c-0e7b-4105-babe-4b72b778e854","block_type":"box","text":"State Farm Life Insurance Company","page_number":10,"box":{"x":520,"y":398,"width":249,"height":11}},{"id":"4b605e04-3bbe-4c66-9521-0cf0e51af6b6","block_type":"box","text":"State Farm VP Management Corp.","page_number":10,"box":{"x":520,"y":413,"width":237,"height":12}},{"id":"155e0cf1-6dac-45bf-a330-6b4ad7f66f3e","block_type":"box","text":"State Street Bank and Trust Company","page_number":10,"box":{"x":520,"y":429,"width":259,"height":11}},{"id":"b7f3a0a0-ded1-4417-9131-1b51f52ce043","block_type":"box","text":"State Street Global Markets, LLC","page_number":10,"box":{"x":520,"y":444,"width":231,"height":11}},{"id":"07c5d910-2781-4ebc-af15-5b5fd7d75c84","block_type":"box","text":"Stern Brothers & Co.","page_number":10,"box":{"x":520,"y":460,"width":147,"height":9}},{"id":"a5edaa9f-2d3b-43c1-b0bd-bd53ab5b653f","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":10,"box":{"x":520,"y":475,"width":290,"height":12}},{"id":"ba7ba1a4-7deb-491e-891f-dd215fd14e39","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":10,"box":{"x":520,"y":491,"width":227,"height":11}},{"id":"c19883ac-e979-435b-88da-a6790f3006aa","block_type":"box","text":"SVB Asset Management","page_number":10,"box":{"x":520,"y":506,"width":170,"height":12}},{"id":"ddf6aaf4-7f72-4b5a-ba7c-ff07a93191b2","block_type":"box","text":"Symetra Life Insurance Company","page_number":10,"box":{"x":520,"y":522,"width":232,"height":11}},{"id":"2fc7359e-4288-4bb2-bc69-0ec09f9771e6","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":10,"box":{"x":520,"y":537,"width":200,"height":12}},{"id":"d6a44be6-f611-4af4-8bd9-a371e85ce860","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":10,"box":{"x":520,"y":553,"width":310,"height":10}},{"id":"9ae199e0-ca9b-40fe-a842-ceceea8b7057","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":10,"box":{"x":520,"y":568,"width":319,"height":12}},{"id":"c2d4ad01-54db-44a3-b339-92d6cbef1093","block_type":"box","text":"Company","page_number":10,"box":{"x":520,"y":584,"width":69,"height":11}},{"id":"e57f7449-1667-4076-9c73-847682125ff9","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":10,"box":{"x":520,"y":599,"width":301,"height":12}},{"id":"dcc3c999-891d-4fee-a015-b411ae514262","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":10,"box":{"x":520,"y":615,"width":204,"height":11}},{"id":"5753518d-1f23-4793-bba8-d4b437556215","block_type":"box","text":"TD Ameritrade, Inc.","page_number":10,"box":{"x":520,"y":630,"width":141,"height":11}},{"id":"6304812e-20c0-4c1e-ab52-b230ec73e19e","block_type":"box","text":"TD Prime Services (US) LLC","page_number":10,"box":{"x":520,"y":646,"width":205,"height":11}},{"id":"13df1294-6a58-487a-b5da-f75a021ee124","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":10,"box":{"x":520,"y":661,"width":321,"height":12}},{"id":"02ca1e48-8194-4e92-a0ac-d7acf8eb1676","block_type":"box","text":"America","page_number":10,"box":{"x":520,"y":677,"width":58,"height":9}},{"id":"d781314c-71a0-49b3-ac1e-415080a84023","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":10,"box":{"x":520,"y":692,"width":216,"height":12}},{"id":"fbdcc141-4fc6-4453-966c-86944c460d16","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":10,"box":{"x":520,"y":708,"width":330,"height":11}},{"id":"96e42f65-ea5a-4d3f-b7d8-e93fee51950d","block_type":"box","text":"Transamerica Life Insurance Company","page_number":10,"box":{"x":520,"y":723,"width":263,"height":12}},{"id":"045d7caf-d581-45f7-84af-e29ef2c5232d","block_type":"box","text":"Treasury Brokerage","page_number":10,"box":{"x":520,"y":739,"width":134,"height":11}},{"id":"c1f19bcc-2bc2-44e9-9ea1-da515bf6f7de","block_type":"box","text":"Triad Advisors, LLC","page_number":10,"box":{"x":520,"y":754,"width":141,"height":11}},{"id":"1d82ae7f-68c2-47c7-8c9c-ab086745f30f","block_type":"box","text":"Truist Bank","page_number":10,"box":{"x":520,"y":770,"width":80,"height":9}},{"id":"a81b99cd-9c01-4f0f-abbc-320efff61dd9","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":10,"box":{"x":520,"y":785,"width":210,"height":12}},{"id":"6bc365c5-85f2-4041-965c-013c945cfa36","block_type":"box","text":"U.S. Bank, National Association","page_number":10,"box":{"x":520,"y":801,"width":219,"height":10}},{"id":"a4e723e8-f935-41fa-bdfb-ed7ef07f259a","block_type":"box","text":"UBATCO & Co.","page_number":10,"box":{"x":520,"y":816,"width":113,"height":9}},{"id":"acb0a91c-5612-413f-8ae2-d9559defefa1","block_type":"box","text":"UBS Financial Services, Inc.","page_number":10,"box":{"x":520,"y":832,"width":199,"height":10}},{"id":"e5f69bb0-1eb1-487f-8f57-9cbe572dfd10","block_type":"box","text":"UBS Securities LLC","page_number":10,"box":{"x":520,"y":847,"width":143,"height":9}},{"id":"b481a68e-85f3-49f1-82ea-81f5d0d65041","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":10,"box":{"x":520,"y":863,"width":205,"height":10}},{"id":"c06d338e-3e5c-45e1-b99f-f4cac62911e1","block_type":"box","text":"UMB Bank, National Association","page_number":10,"box":{"x":520,"y":878,"width":232,"height":11}},{"id":"8efd5c8c-2be8-441d-a4df-76849877de3b","block_type":"box","text":"3","page_number":10,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"ccc8a4f8-e5a2-4988-8f04-a38b96c52a29","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":10,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"36f7c392-67f0-4dd4-aaea-4edaef59362d","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":11,"box":{"x":116,"y":88,"width":360,"height":11}},{"id":"ac3c5316-64fd-4dd8-ae11-078a07f3c577","block_type":"box","text":"New York","page_number":11,"box":{"x":116,"y":103,"width":74,"height":9}},{"id":"dd8f699a-c74e-42b7-8202-23f4ef7125bd","block_type":"box","text":"VALIC Retirement Services Company","page_number":11,"box":{"x":116,"y":119,"width":265,"height":11}},{"id":"7cd794e4-bd5e-45e7-961a-6c96079fb0ef","block_type":"box","text":"Vanguard Group, Inc.","page_number":11,"box":{"x":116,"y":134,"width":152,"height":12}},{"id":"f2f6f335-22c9-4f01-a085-58312729cfce","block_type":"box","text":"Vanguard Marketing Corporation","page_number":11,"box":{"x":116,"y":150,"width":230,"height":11}},{"id":"2f122ba8-428c-4b90-b576-afb17cb174d9","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":11,"box":{"x":116,"y":165,"width":207,"height":12}},{"id":"db2865c0-1862-4492-8cee-eeed580addf9","block_type":"box","text":"Voya Financial Partners, LLC","page_number":11,"box":{"x":116,"y":181,"width":207,"height":11}},{"id":"904ee998-071e-4444-8392-df83fce04d96","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":11,"box":{"x":116,"y":196,"width":262,"height":12}},{"id":"05007320-bfae-4caa-ab75-38d7641ed7b8","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":212,"width":268,"height":11}},{"id":"810894c2-3196-4245-a212-24afcab60d94","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":11,"box":{"x":116,"y":227,"width":245,"height":12}},{"id":"b24b9c03-7a09-47da-a31f-2175f96d30dd","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":11,"box":{"x":116,"y":243,"width":347,"height":11}},{"id":"b6448bb2-9003-4e31-bccf-26c21ca51019","block_type":"box","text":"Waddell & Reed, Inc.","page_number":11,"box":{"x":520,"y":88,"width":151,"height":10}},{"id":"f8be8ed1-9290-45fd-8db5-c5668d4ce49c","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":11,"box":{"x":520,"y":103,"width":192,"height":12}},{"id":"d90508ef-9366-4fa9-a94b-2c9debb6791d","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":11,"box":{"x":520,"y":119,"width":322,"height":11}},{"id":"e16e23ca-fa3c-446f-821f-2d7deea7a538","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":11,"box":{"x":520,"y":134,"width":168,"height":12}},{"id":"fc28d319-82be-4b0d-8c67-d273ea63b615","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":11,"box":{"x":520,"y":150,"width":251,"height":11}},{"id":"d9c59043-96ec-4704-9a57-ecd6c51489cb","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":11,"box":{"x":520,"y":165,"width":213,"height":12}},{"id":"7f3e5f7f-f0ef-4658-bb63-7aed20aa56a0","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":11,"box":{"x":520,"y":181,"width":198,"height":11}},{"id":"69f99ff9-6534-4e47-8796-c6cade041742","block_type":"box","text":"Wilmington Trust, National Association","page_number":11,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"c685cf0e-baf5-4501-beb7-9580436d4956","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":11,"box":{"x":520,"y":212,"width":238,"height":11}},{"id":"067162b9-4066-4f5b-8b1c-49c488b7317c","block_type":"box","text":"ZB, National Association","page_number":11,"box":{"x":520,"y":227,"width":176,"height":11}},{"id":"75442e85-7998-4c26-874f-a5eb732b51a5","block_type":"box","text":"4","page_number":11,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"40fa74b4-d111-43c0-badb-0c07cbd299ff","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":11,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"65febd5e-2207-4496-ab6b-87364129b055","block_type":"box","text":"Appendix A","page_number":12,"box":{"x":456,"y":87,"width":91,"height":12}},{"id":"aee7df0c-30e1-4994-865b-418d6e4d040e","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":12,"box":{"x":116,"y":118,"width":296,"height":12}},{"id":"f0ca13d0-b150-4dec-a141-7b0b91717cb6","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":12,"box":{"x":116,"y":149,"width":325,"height":12}},{"id":"d01a793b-5750-4ae4-b2ec-766f3173d87a","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":12,"box":{"x":116,"y":180,"width":266,"height":12}},{"id":"3195031a-e9b7-4470-91c1-2748f4276464","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":12,"box":{"x":133,"y":196,"width":267,"height":9}},{"id":"77f2efe4-269b-45be-b59f-304c35e12c8c","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":12,"box":{"x":133,"y":212,"width":305,"height":11}},{"id":"8d03617c-f95e-4882-ad7b-90ea17bdeae9","block_type":"box","text":"BATS: High Income Municipal Series","page_number":12,"box":{"x":133,"y":227,"width":263,"height":12}},{"id":"f5f07059-06a3-4de8-81c9-ea4ebac10f49","block_type":"box","text":"BATS: High Income Taxable Series","page_number":12,"box":{"x":133,"y":243,"width":248,"height":11}},{"id":"68bfac5d-ac77-48e0-8c55-138480f02029","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":12,"box":{"x":133,"y":258,"width":256,"height":12}},{"id":"f38c7f2d-c84c-4ee1-b1a9-0aa0ca8ca9ca","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":12,"box":{"x":133,"y":274,"width":235,"height":11}},{"id":"45494676-6fae-4af4-8a85-a12e4baff757","block_type":"box","text":"BATS: Short Duration Taxable Total Return Series","page_number":12,"box":{"x":133,"y":289,"width":350,"height":9}},{"id":"39fc4f81-49ec-48a2-a022-eca66570a44f","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":12,"box":{"x":133,"y":305,"width":307,"height":11}},{"id":"cad472b1-f270-47d8-b76e-6e225c270aaf","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":12,"box":{"x":116,"y":336,"width":232,"height":11}},{"id":"00989bef-0e6b-43a5-b610-d85ce20c92b2","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":12,"box":{"x":116,"y":367,"width":203,"height":11}},{"id":"15ae2285-c95b-4ef9-982e-c394d2d44afe","block_type":"box","text":"BlackRock Total Return Fund","page_number":12,"box":{"x":133,"y":382,"width":207,"height":9}},{"id":"d48d9e5f-c103-4a08-841b-7d4992f1c3f2","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":12,"box":{"x":116,"y":413,"width":331,"height":12}},{"id":"0324b990-9ae4-4566-851d-7cfae8c7366c","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":12,"box":{"x":133,"y":429,"width":322,"height":11}},{"id":"463d699c-a33f-4ccc-86a2-b4ad41b7f22e","block_type":"box","text":"Fund","page_number":12,"box":{"x":133,"y":444,"width":38,"height":9}},{"id":"47214d23-75ef-4841-bcff-b1a7a07fb24e","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":12,"box":{"x":116,"y":475,"width":317,"height":12}},{"id":"00b3171b-aa86-4b93-a3a0-6415fc57ad9c","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":12,"box":{"x":116,"y":506,"width":301,"height":12}},{"id":"f574c298-471a-4263-8c76-b9cc8744fed2","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":12,"box":{"x":116,"y":537,"width":248,"height":12}},{"id":"b451ce38-894c-4178-bb21-e7d4a035c439","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":12,"box":{"x":116,"y":568,"width":332,"height":9}},{"id":"2b522daf-441c-4852-a443-05f4a0bb6e15","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":12,"box":{"x":133,"y":584,"width":278,"height":9}},{"id":"1cc2a1c2-4f95-43d6-bbba-0b4990e351b2","block_type":"box","text":"BlackRock Funds","page_number":12,"box":{"x":116,"y":615,"width":127,"height":9}},{"id":"48cc90c9-710f-4cdc-b724-60f242433217","block_type":"box","text":"SM","page_number":12,"box":{"x":244,"y":614,"width":15,"height":6}},{"id":"e6305eeb-827e-42ab-bdda-2037d832059b","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":12,"box":{"x":133,"y":630,"width":325,"height":12}},{"id":"3a4615ab-76d2-4327-be99-3802b5093a26","block_type":"box","text":"BlackRock Advantage International Fund","page_number":12,"box":{"x":133,"y":646,"width":285,"height":11}},{"id":"f44d7332-6b15-4d5b-a648-5a801c9d62d8","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":12,"box":{"x":133,"y":661,"width":321,"height":12}},{"id":"2b2341ca-0280-4be0-8d89-b52481a8ec2f","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":12,"box":{"x":133,"y":677,"width":302,"height":11}},{"id":"af21e2d1-6120-4fe1-b6fa-f9b98f812ebd","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":12,"box":{"x":133,"y":692,"width":321,"height":12}},{"id":"f31a4085-d045-41d9-94ab-48dbd1856927","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":12,"box":{"x":133,"y":708,"width":271,"height":11}},{"id":"ef371fda-027a-46d3-ae12-29311122ab20","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":12,"box":{"x":133,"y":723,"width":269,"height":12}},{"id":"c8e78d55-c42d-4731-8fa2-d4f08e9a6bfe","block_type":"box","text":"BlackRock Daily Reinvestment Stablecoin","page_number":12,"box":{"x":133,"y":739,"width":288,"height":11}},{"id":"8b9f7d25-a7ed-4f46-9e60-41e35e1500ee","block_type":"box","text":"Reserve Vehicle","page_number":12,"box":{"x":133,"y":754,"width":110,"height":9}},{"id":"6679831a-1ead-46c4-9bdf-67bdbc4c45f7","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":12,"box":{"x":133,"y":770,"width":294,"height":11}},{"id":"df1cd684-c17d-411f-9f64-319824d12370","block_type":"box","text":"Markets Fund","page_number":12,"box":{"x":133,"y":785,"width":93,"height":9}},{"id":"747205b7-eaaa-47e5-9af3-d90d16c4d80c","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":12,"box":{"x":133,"y":801,"width":309,"height":11}},{"id":"504301c6-be9f-4bf8-8e09-001a9f63c709","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":12,"box":{"x":133,"y":816,"width":263,"height":12}},{"id":"31bf217c-b705-4954-930d-328e24aeda8d","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":12,"box":{"x":133,"y":832,"width":213,"height":11}},{"id":"144759e4-5ce3-4ab0-803f-a6a252fb752e","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":12,"box":{"x":133,"y":847,"width":324,"height":12}},{"id":"73dbeafa-0e91-40b5-ba0a-32b3a9b29e68","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":12,"box":{"x":133,"y":863,"width":288,"height":11}},{"id":"c808bbe9-21f4-4c10-8e1d-f31281ae78d1","block_type":"box","text":"Portfolio","page_number":12,"box":{"x":133,"y":878,"width":64,"height":9}},{"id":"2e45b79b-5314-4c0d-8689-1a3a44f51fbb","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":12,"box":{"x":537,"y":119,"width":259,"height":11}},{"id":"a262ab5a-7741-406a-b5cc-922bfe494149","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":12,"box":{"x":537,"y":134,"width":313,"height":12}},{"id":"aa8ca21d-5800-4ef4-9e5a-44e137218adf","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":12,"box":{"x":537,"y":150,"width":269,"height":9}},{"id":"384edfff-317f-4d8e-bce3-dade843ab758","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":12,"box":{"x":537,"y":165,"width":241,"height":12}},{"id":"97171266-43c8-40e6-b145-999fad3a38e7","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":12,"box":{"x":537,"y":181,"width":287,"height":11}},{"id":"36ee0cfb-e353-48ca-8ab0-6f550475a699","block_type":"box","text":"Emerging Markets Equity Fund","page_number":12,"box":{"x":537,"y":196,"width":218,"height":12}},{"id":"f732c5fa-134c-43b8-b546-84baff7e09f7","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":12,"box":{"x":537,"y":212,"width":330,"height":11}},{"id":"df441494-bfc8-4bd5-a339-dd408dfdff51","block_type":"box","text":"Cap Core Fund","page_number":12,"box":{"x":537,"y":227,"width":107,"height":12}},{"id":"ef2747f6-201c-4b14-a169-3f9e4ccfba72","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":12,"box":{"x":537,"y":243,"width":273,"height":11}},{"id":"8159e1dd-7276-40e7-b59a-337044c09c71","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":12,"box":{"x":537,"y":258,"width":299,"height":12}},{"id":"acbf9ace-85f1-4aeb-82b0-0b00d8fa01d0","block_type":"box","text":"BlackRock Wealth Liquid Environmentally Aware","page_number":12,"box":{"x":537,"y":274,"width":347,"height":11}},{"id":"92fc4561-9f77-4392-994c-19a3cba55e9d","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":289,"width":38,"height":9}},{"id":"2bb05753-5f61-49c9-825a-629218341b79","block_type":"box","text":"Circle Reserve Fund","page_number":12,"box":{"x":537,"y":305,"width":142,"height":9}},{"id":"cb2d011d-6cb1-4080-927b-914bf97c74f2","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":12,"box":{"x":537,"y":320,"width":293,"height":12}},{"id":"71538694-4876-4a19-9c4d-e03826365676","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":12,"box":{"x":537,"y":336,"width":280,"height":9}},{"id":"aa934294-5308-4217-8395-60ef0fcaf99a","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":12,"box":{"x":537,"y":351,"width":322,"height":12}},{"id":"b290e3de-4443-47e8-9fb7-f0158897db74","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":367,"width":38,"height":9}},{"id":"4cd7ab62-5c5a-4b9b-a4fd-5778ecf88abf","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":12,"box":{"x":537,"y":382,"width":249,"height":12}},{"id":"38cd9301-bbcf-4a27-a825-87d09b1a1f52","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":398,"width":254,"height":11}},{"id":"82862523-682c-4657-a9b5-95401d7d5acc","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":12,"box":{"x":537,"y":413,"width":298,"height":12}},{"id":"72697ef6-705c-412e-b2ca-cc0dd8a31834","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":12,"box":{"x":537,"y":429,"width":297,"height":9}},{"id":"b985dece-3304-4a6c-95c4-2f506e8a24cb","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":12,"box":{"x":537,"y":444,"width":304,"height":9}},{"id":"16da993a-ee14-4305-ad79-94a1df4a781e","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":460,"width":346,"height":9}},{"id":"0084aba7-bc22-4201-8b54-8fb43ea78764","block_type":"box","text":"iShares U.S. Intermediate Government Bond Index","page_number":12,"box":{"x":537,"y":475,"width":349,"height":9}},{"id":"2b4fb637-9f19-4a91-b112-b913151ddaf9","block_type":"box","text":"Fund","page_number":12,"box":{"x":537,"y":491,"width":38,"height":9}},{"id":"276ea3b7-11d0-4231-ac1d-3d52018c6bde","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":12,"box":{"x":537,"y":506,"width":296,"height":12}},{"id":"ce6e9c8e-1144-474e-a14d-a17bb1d7d7e0","block_type":"box","text":"iShares U.S. Long Government Bond Index Fund","page_number":12,"box":{"x":537,"y":522,"width":338,"height":11}},{"id":"01ef6ff8-4120-4883-8a34-d607e465f7a5","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":12,"box":{"x":537,"y":537,"width":290,"height":9}},{"id":"823595c0-f132-497b-8d46-85c919bef8f5","block_type":"box","text":"BlackRock Funds II","page_number":12,"box":{"x":520,"y":568,"width":149,"height":9}},{"id":"242b0d6b-b1ca-4649-bf72-41c4bf57ab5f","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":12,"box":{"x":537,"y":584,"width":284,"height":11}},{"id":"a10b5fce-16fe-45a6-b103-476c9b29bf3c","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":12,"box":{"x":537,"y":599,"width":284,"height":12}},{"id":"0e514eee-854b-4792-b30f-470baaf1c8c5","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":12,"box":{"x":537,"y":615,"width":284,"height":11}},{"id":"1a73bec4-bb1a-4568-8883-12ab900d7e2e","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":12,"box":{"x":537,"y":630,"width":284,"height":12}},{"id":"e8f21b85-ff15-4fd6-a8c5-b6993618d3e5","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":12,"box":{"x":537,"y":646,"width":301,"height":11}},{"id":"52b33683-fb6c-4407-b9ff-32e02b98b152","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":12,"box":{"x":537,"y":661,"width":255,"height":9}},{"id":"70af3094-3986-4b62-b69f-a9111dfdb890","block_type":"box","text":"BlackRock Managed Income Fund","page_number":12,"box":{"x":537,"y":677,"width":235,"height":11}},{"id":"d770b168-520b-4428-9710-6155a8b95cda","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":12,"box":{"x":537,"y":692,"width":278,"height":9}},{"id":"b52a7acf-17f3-42e7-bc41-d5f26a3fff45","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":12,"box":{"x":537,"y":708,"width":285,"height":9}},{"id":"4b6d22bb-a3b6-4b77-9c76-c74ddd1b3b74","block_type":"box","text":"BlackRock Funds III","page_number":12,"box":{"x":520,"y":739,"width":151,"height":9}},{"id":"a485cf97-5ecc-46e9-ba12-bd3085d0ca2f","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":12,"box":{"x":537,"y":754,"width":248,"height":9}},{"id":"fc31f58a-88cc-4107-97e1-93eee10c0778","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":12,"box":{"x":537,"y":770,"width":226,"height":11}},{"id":"4a49ecc0-f469-4783-b410-bf4c9305500c","block_type":"box","text":"BlackRock Diversified Equity Alpha Fund","page_number":12,"box":{"x":537,"y":785,"width":288,"height":12}},{"id":"b3ad6576-1653-4f44-9da7-68fe3a840890","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":12,"box":{"x":537,"y":801,"width":291,"height":9}},{"id":"9443a95d-9fea-4e26-95b0-9ac7d6e3b5d5","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":816,"width":136,"height":9}},{"id":"9b479a29-ec50-4bcc-9400-c26158bcbd81","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":815,"width":9,"height":7}},{"id":"470be483-999d-4682-a848-f2123bb841a8","block_type":"box","text":"Dynamic Retirement Fund","page_number":12,"box":{"x":688,"y":816,"width":179,"height":12}},{"id":"24561b98-055a-40dc-bf1b-f06cd585d241","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":832,"width":136,"height":9}},{"id":"1222fc8c-c467-451d-94d1-76e926a0bb7a","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":831,"width":9,"height":6}},{"id":"3694930c-6165-44e8-8f81-b819c80c6fb4","block_type":"box","text":"Dynamic 2030 Fund","page_number":12,"box":{"x":683,"y":832,"width":147,"height":11}},{"id":"b8c96352-efed-4ac2-829a-5f1637f1a5a9","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":847,"width":136,"height":9}},{"id":"b27edb80-5212-4eb7-bb5a-6a3cbfa98955","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":846,"width":9,"height":7}},{"id":"7c4fd814-43c4-4c7d-b2c4-7a647262a528","block_type":"box","text":"Dynamic 2035 Fund","page_number":12,"box":{"x":683,"y":847,"width":147,"height":12}},{"id":"af034a98-5c2f-40db-8026-2ad87fa764ac","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":863,"width":136,"height":9}},{"id":"faf3cef0-71fc-4c51-9078-b9ed77e1f671","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":862,"width":9,"height":6}},{"id":"ab8b1d8f-befd-48fc-9207-8b046237a42b","block_type":"box","text":"Dynamic 2040 Fund","page_number":12,"box":{"x":683,"y":863,"width":147,"height":11}},{"id":"d0b62ab1-300c-4663-a3f1-1d5d8a1e5af7","block_type":"box","text":"BlackRock LifePath","page_number":12,"box":{"x":537,"y":878,"width":136,"height":9}},{"id":"72613906-4060-436d-95b7-a3450322907e","block_type":"box","text":"®","page_number":12,"box":{"x":674,"y":877,"width":9,"height":7}},{"id":"5470f0fb-0f18-46a8-a0c5-2bdcbbf0ca18","block_type":"box","text":"Dynamic 2045 Fund","page_number":12,"box":{"x":683,"y":878,"width":147,"height":12}},{"id":"288fdb46-4575-4cc5-a085-3a50a91daba9","block_type":"box","text":"5","page_number":12,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"1cb43744-fd6f-47f0-a4ad-ff9f24246084","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":12,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3b1b23bb-db7c-4fdd-b1da-cd2c0d59ef29","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":88,"width":136,"height":9}},{"id":"6f643ab2-98a3-4d3e-98f4-52da0ec2817e","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":87,"width":9,"height":6}},{"id":"812b0cfa-6f21-48af-b4dd-7c72f05aba5a","block_type":"box","text":"Dynamic 2050 Fund","page_number":13,"box":{"x":279,"y":88,"width":147,"height":11}},{"id":"021d7176-dd01-4aac-b28d-15b455f8bd7d","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":103,"width":136,"height":9}},{"id":"2b9fa9e0-a536-4118-bcc8-a4f46a177fd5","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":102,"width":9,"height":7}},{"id":"1edfe943-0bbc-4df0-bc33-ce2f298f2c0a","block_type":"box","text":"Dynamic 2055 Fund","page_number":13,"box":{"x":279,"y":103,"width":147,"height":12}},{"id":"7d7b0eff-597f-478d-9e1f-c916680b57cd","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":119,"width":136,"height":9}},{"id":"627c8f14-746f-4217-a7be-a079d6653c96","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":118,"width":9,"height":6}},{"id":"5b327f3e-7902-4a50-85f2-62ba75aebdb5","block_type":"box","text":"Dynamic 2060 Fund","page_number":13,"box":{"x":279,"y":119,"width":147,"height":11}},{"id":"e888eeef-cf22-4b91-a66d-a7e8f81fa048","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":134,"width":136,"height":9}},{"id":"75384a60-1bfc-4471-8802-297a310351ad","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":133,"width":9,"height":7}},{"id":"6c4a4fcc-9cba-4d45-a29b-9d1b2cf40000","block_type":"box","text":"Dynamic 2065 Fund","page_number":13,"box":{"x":279,"y":134,"width":147,"height":12}},{"id":"d233e685-50d0-4de4-85b8-923ea41006d8","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":150,"width":136,"height":9}},{"id":"8d59e928-3659-4b6a-91d8-a28cc31c0554","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":149,"width":9,"height":6}},{"id":"8dfda5bf-7cdc-40db-a3c2-54e53e89f96c","block_type":"box","text":"Dynamic 2070 Fund","page_number":13,"box":{"x":279,"y":150,"width":147,"height":11}},{"id":"b375a957-febd-4240-9b3d-d036cefe9d8c","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":165,"width":136,"height":9}},{"id":"0ed3d638-9272-4a71-a5e2-3d363a5109d8","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":164,"width":9,"height":7}},{"id":"051b3ef5-bb22-41a4-89bd-f5ae92bb4c44","block_type":"box","text":"ESG Index Retirement Fund","page_number":13,"box":{"x":279,"y":165,"width":201,"height":9}},{"id":"26d10504-367e-4f3d-926a-27723bb583be","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":181,"width":136,"height":9}},{"id":"0589c82b-7392-4991-9da3-012672b2de4c","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":180,"width":9,"height":6}},{"id":"8f02e846-524d-46bd-8bce-60b91285d179","block_type":"box","text":"ESG Index 2030 Fund","page_number":13,"box":{"x":279,"y":181,"width":160,"height":9}},{"id":"a95b2542-36bf-45f5-9b33-6daa2796acf5","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":196,"width":136,"height":9}},{"id":"f32abf83-7c12-4ff3-9f20-896175cdffb2","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":195,"width":9,"height":7}},{"id":"1368772e-18ff-4444-81ca-ad12623dd84d","block_type":"box","text":"ESG Index 2035 Fund","page_number":13,"box":{"x":279,"y":196,"width":160,"height":9}},{"id":"161e98fe-687e-4257-a82a-f385cecaa10d","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":212,"width":136,"height":9}},{"id":"1fa94a1c-eb93-45ac-9137-f7a095058b53","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":211,"width":9,"height":6}},{"id":"24725436-804c-40a6-860d-d8d16c391ad9","block_type":"box","text":"ESG Index 2040 Fund","page_number":13,"box":{"x":279,"y":212,"width":160,"height":9}},{"id":"beaca6e9-0b10-4a0b-9766-a068a11b1878","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":227,"width":136,"height":9}},{"id":"20f60b4d-4b12-44eb-963a-63cb718d030b","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":226,"width":9,"height":7}},{"id":"fd5e10ae-e16d-47e5-a587-54426498273a","block_type":"box","text":"ESG Index 2045 Fund","page_number":13,"box":{"x":279,"y":227,"width":160,"height":9}},{"id":"873c74b0-ec3b-408d-9eca-29b1641c23c2","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":243,"width":136,"height":9}},{"id":"b399ac20-63ce-404a-b64f-9e04a4fbd553","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":242,"width":9,"height":6}},{"id":"d0b4a510-bda8-4120-89c2-278156a255ff","block_type":"box","text":"ESG Index 2050 Fund","page_number":13,"box":{"x":279,"y":243,"width":160,"height":9}},{"id":"4316c656-b17c-4c2e-862c-87d2782fafb0","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":258,"width":136,"height":9}},{"id":"5d29787d-959a-43e6-ab04-98769b85c0c8","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":257,"width":9,"height":7}},{"id":"2115a885-f10d-42aa-b73d-9ce8247dcfb9","block_type":"box","text":"ESG Index 2055 Fund","page_number":13,"box":{"x":279,"y":258,"width":160,"height":9}},{"id":"05c3e615-9477-418c-90e5-f77b2dd81f07","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":274,"width":136,"height":9}},{"id":"215e334f-1278-4fe1-88a5-af21e9f5ec3e","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":273,"width":9,"height":6}},{"id":"2a456bbf-bbc0-4c66-8ac7-fba5ae2e7d20","block_type":"box","text":"ESG Index 2060 Fund","page_number":13,"box":{"x":279,"y":274,"width":160,"height":9}},{"id":"9b9dfb49-130c-4a97-8a66-a410b35282c0","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":289,"width":136,"height":9}},{"id":"05696854-edaa-4ca3-a0f8-0c685e1a4087","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":288,"width":9,"height":7}},{"id":"a3304c4e-bcd9-4b70-bcd1-625a3b47f76d","block_type":"box","text":"ESG Index 2065 Fund","page_number":13,"box":{"x":279,"y":289,"width":160,"height":9}},{"id":"ac58331f-7480-41fc-b042-067d314164ea","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":305,"width":136,"height":9}},{"id":"996a5a11-180f-4f68-af96-d23f816b24c9","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":304,"width":9,"height":6}},{"id":"573051eb-f114-402e-b0d4-7ddc5367069f","block_type":"box","text":"ESG Index 2070 Fund","page_number":13,"box":{"x":279,"y":305,"width":160,"height":9}},{"id":"a4070776-e31e-4059-9a94-a19e4cef8453","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":320,"width":136,"height":9}},{"id":"2fdc35f8-1609-46fe-8d73-6f9963e6ac16","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":319,"width":9,"height":7}},{"id":"847a4ac3-2b96-4b71-93bf-9a5811b1da37","block_type":"box","text":"Index Retirement Fund","page_number":13,"box":{"x":279,"y":320,"width":165,"height":9}},{"id":"1d342423-4dac-4886-ad8d-4baefcdadba1","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":336,"width":136,"height":9}},{"id":"2b754d61-690a-4b5a-a88d-cf4a69916aed","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":335,"width":9,"height":6}},{"id":"c4d68460-1867-4605-bb73-d9f568b695b7","block_type":"box","text":"Index 2030 Fund","page_number":13,"box":{"x":279,"y":336,"width":124,"height":9}},{"id":"83d3ab66-6a7a-4722-a27f-81835a60a0d6","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":351,"width":136,"height":9}},{"id":"19b1af25-8be7-4e6b-b74b-98ea99a1bb97","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":350,"width":9,"height":7}},{"id":"08a48e38-718e-436b-bdcc-766ec83abfcc","block_type":"box","text":"Index 2035 Fund","page_number":13,"box":{"x":279,"y":351,"width":124,"height":9}},{"id":"246daf58-9a36-4d39-acc9-a2bb2b08d069","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":367,"width":136,"height":9}},{"id":"cbca3fec-25c4-446f-8fe3-fbe4516df343","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":366,"width":9,"height":6}},{"id":"0c460505-0380-4ad3-854a-8c8ec875f646","block_type":"box","text":"Index 2040 Fund","page_number":13,"box":{"x":279,"y":367,"width":124,"height":9}},{"id":"184ff446-1eb1-4379-99fc-d1181db132a9","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":382,"width":136,"height":9}},{"id":"9e9b24e8-4b61-4083-9017-8f258f860894","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":381,"width":9,"height":7}},{"id":"4e7a9146-c439-4184-abf7-1849a435ae3b","block_type":"box","text":"Index 2045 Fund","page_number":13,"box":{"x":279,"y":382,"width":124,"height":9}},{"id":"b56bc7a0-cddb-42f1-aaed-26a1dc3cde2b","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":398,"width":136,"height":9}},{"id":"041a929d-f5e6-4851-a5e4-5ce91bf48e03","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":397,"width":9,"height":6}},{"id":"04b66e43-6f45-44d1-a968-a26f6a1a392e","block_type":"box","text":"Index 2050 Fund","page_number":13,"box":{"x":279,"y":398,"width":124,"height":9}},{"id":"2ad3d1dd-84f9-4683-a1ef-62dd546e3ad4","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":413,"width":136,"height":9}},{"id":"11e04e03-66cb-4117-b11a-0fdc8e0f45b5","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":412,"width":9,"height":7}},{"id":"e1664e55-4223-47fa-b055-4d0d135a2004","block_type":"box","text":"Index 2055 Fund","page_number":13,"box":{"x":279,"y":413,"width":124,"height":9}},{"id":"984baed8-a40b-4e88-b8fd-53f14632ac5a","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":429,"width":136,"height":9}},{"id":"7c27d647-1b77-441f-90b2-b4c14d75c768","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":428,"width":9,"height":6}},{"id":"b1ebb767-1be2-4e46-a9e3-896eedf26118","block_type":"box","text":"Index 2060 Fund","page_number":13,"box":{"x":279,"y":429,"width":124,"height":9}},{"id":"4551b14f-57cd-40a1-880d-6a6ac36d2f35","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":444,"width":136,"height":9}},{"id":"8934964c-509e-4637-88b5-48d22227a81d","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":443,"width":9,"height":7}},{"id":"bcff5619-19bf-41c7-8d9c-382399f2c8c1","block_type":"box","text":"Index 2065 Fund","page_number":13,"box":{"x":279,"y":444,"width":124,"height":9}},{"id":"b593c857-f12d-4977-8cc2-531f38abd344","block_type":"box","text":"BlackRock LifePath","page_number":13,"box":{"x":133,"y":460,"width":136,"height":9}},{"id":"5f6c33e1-6d6c-4753-9e1c-f563657a723a","block_type":"box","text":"®","page_number":13,"box":{"x":270,"y":459,"width":9,"height":6}},{"id":"89fe7612-6632-47ef-8265-6958c7c29001","block_type":"box","text":"Index 2070 Fund","page_number":13,"box":{"x":279,"y":460,"width":124,"height":9}},{"id":"26fe6706-8d3c-4d57-8d24-9cbd1e7b1292","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":13,"box":{"x":133,"y":475,"width":310,"height":9}},{"id":"ff1f6d1a-10d6-43c9-8698-ae65ea95f044","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":13,"box":{"x":133,"y":491,"width":303,"height":11}},{"id":"21614e9e-00bc-498a-850e-58a91603873d","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":13,"box":{"x":133,"y":506,"width":200,"height":9}},{"id":"32748acb-1d2f-44da-b256-85e89e206759","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":13,"box":{"x":133,"y":522,"width":284,"height":11}},{"id":"a69a503d-7182-4a91-948f-5f1660f96228","block_type":"box","text":"BlackRock Funds IV","page_number":13,"box":{"x":116,"y":553,"width":154,"height":9}},{"id":"75eeb1cd-e586-41e1-9288-c1366e16f3b6","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":13,"box":{"x":133,"y":568,"width":269,"height":9}},{"id":"14e567ca-0795-472d-bb4e-093755c67c6e","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":13,"box":{"x":133,"y":584,"width":299,"height":11}},{"id":"c6b8dc50-3215-4058-a0f2-cc176fbcaffa","block_type":"box","text":"BlackRock Funds V","page_number":13,"box":{"x":116,"y":615,"width":148,"height":9}},{"id":"5e885735-a3cb-4625-9194-3f52a8e40c25","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":13,"box":{"x":133,"y":630,"width":220,"height":9}},{"id":"d130e865-5434-4f2b-a559-47a3ebe5ed73","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":13,"box":{"x":133,"y":646,"width":293,"height":11}},{"id":"c7fc45c3-9f91-4144-978e-42e7faa2a2b9","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":133,"y":661,"width":217,"height":12}},{"id":"24dc8e45-d367-429f-9bef-0e00b7e03522","block_type":"box","text":"BlackRock Income Fund","page_number":13,"box":{"x":133,"y":677,"width":168,"height":9}},{"id":"3771253c-2482-411d-b141-7181e84c8398","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":13,"box":{"x":133,"y":692,"width":309,"height":9}},{"id":"7bc60d24-f183-4de8-80f1-c1093b32c0fc","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":13,"box":{"x":133,"y":708,"width":278,"height":9}},{"id":"2d4c8eb4-bb2e-4a7a-a25a-d15e5e21e4c2","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":13,"box":{"x":133,"y":723,"width":289,"height":12}},{"id":"a36aae11-d29a-430c-8a06-3c866c39d030","block_type":"box","text":"Portfolio","page_number":13,"box":{"x":133,"y":739,"width":59,"height":9}},{"id":"d4f2ff7c-d9e4-49b6-8113-d376fb0495b6","block_type":"box","text":"BlackRock Funds VI","page_number":13,"box":{"x":116,"y":770,"width":150,"height":9}},{"id":"b58a58b1-be53-49a0-ba32-4026ab0e5038","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":13,"box":{"x":133,"y":785,"width":309,"height":12}},{"id":"8af5e41d-ddbd-4904-b1fb-945543a75e8b","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":13,"box":{"x":116,"y":816,"width":287,"height":11}},{"id":"fff5b17d-87bc-4f83-987b-e369b82e85e8","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":13,"box":{"x":116,"y":847,"width":213,"height":11}},{"id":"9a315dd6-26da-420d-9f21-45ef9eb41858","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":13,"box":{"x":133,"y":863,"width":317,"height":9}},{"id":"d2867f28-a908-4b18-b132-2605d14b62ef","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":13,"box":{"x":133,"y":878,"width":303,"height":12}},{"id":"8eff1cdc-e5c1-4798-b567-2d9f2289d96e","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":13,"box":{"x":520,"y":87,"width":324,"height":12}},{"id":"836fd5f8-7374-49a9-9767-c1a9ced6e564","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":13,"box":{"x":520,"y":118,"width":349,"height":12}},{"id":"e5a8f6eb-eb2f-4d3f-b9cb-0629412c5cf2","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":13,"box":{"x":520,"y":149,"width":335,"height":12}},{"id":"7b7d17ac-9d25-4bb8-9eb5-5f55056cee3f","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":13,"box":{"x":520,"y":180,"width":296,"height":12}},{"id":"2b0321ce-55cc-4a02-9fa5-d082a26ac439","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":13,"box":{"x":537,"y":196,"width":306,"height":12}},{"id":"f0349b62-ef91-493e-bf65-b29c62040ef7","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":13,"box":{"x":537,"y":212,"width":314,"height":11}},{"id":"02522551-cc72-451a-8f3c-19bd4f61a1bc","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":13,"box":{"x":537,"y":227,"width":261,"height":12}},{"id":"6e37bb79-79f2-4695-bafe-6886efb34376","block_type":"box","text":"BlackRock Liquidity Funds","page_number":13,"box":{"x":520,"y":258,"width":203,"height":12}},{"id":"e2994490-1af4-4bf6-8933-d8094c806857","block_type":"box","text":"FedFund","page_number":13,"box":{"x":537,"y":274,"width":64,"height":9}},{"id":"6aa0706b-6ac8-40b8-a322-ada743222f58","block_type":"box","text":"MuniCash","page_number":13,"box":{"x":537,"y":289,"width":74,"height":9}},{"id":"a23583eb-eea8-4127-b175-45ccae46b067","block_type":"box","text":"TempCash","page_number":13,"box":{"x":537,"y":305,"width":77,"height":11}},{"id":"fc43b63c-15b2-4137-821d-ac2971b143d7","block_type":"box","text":"BlackRock Select Treasury Based Liquidity Fund","page_number":13,"box":{"x":537,"y":320,"width":339,"height":12}},{"id":"8ff0e6e7-377b-4a6e-99e1-2063ee639093","block_type":"box","text":"T-Fund","page_number":13,"box":{"x":537,"y":336,"width":54,"height":9}},{"id":"506eb2eb-0d4e-4acf-b4b1-c2e657effd90","block_type":"box","text":"Treasury Trust Fund","page_number":13,"box":{"x":537,"y":351,"width":142,"height":12}},{"id":"f836ab16-42f4-44e9-8cb4-563c35ed8caf","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":13,"box":{"x":520,"y":382,"width":282,"height":12}},{"id":"a0987b17-445c-4e12-a295-d7114155e09c","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":13,"box":{"x":537,"y":398,"width":227,"height":11}},{"id":"efabd908-92b4-48ce-b024-efb881be6279","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":13,"box":{"x":520,"y":429,"width":339,"height":11}},{"id":"f63b9235-19c0-426a-8620-bb91e3318b7b","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":13,"box":{"x":537,"y":444,"width":314,"height":12}},{"id":"4e6e6e2e-bd11-47eb-8dce-d72fae076f25","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":13,"box":{"x":537,"y":460,"width":324,"height":11}},{"id":"486ffe22-061b-414b-b5c7-35361fdc2583","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":475,"width":38,"height":9}},{"id":"2326f9ff-742c-4afe-89c4-9e44f54c011d","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":13,"box":{"x":537,"y":491,"width":326,"height":11}},{"id":"49c7bc67-d851-40c3-aef8-3acd798f194e","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":522,"width":282,"height":11}},{"id":"3a2f79d7-9789-4796-bcf3-d5ee1f2326ec","block_type":"box","text":"BlackRock National Municipal Fund","page_number":13,"box":{"x":537,"y":537,"width":253,"height":12}},{"id":"64d58c9c-ce63-4ea8-93b5-45920ed7f683","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":13,"box":{"x":537,"y":553,"width":263,"height":9}},{"id":"e55d882b-3e03-4ec2-bd77-692aae76e772","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":13,"box":{"x":520,"y":584,"width":252,"height":11}},{"id":"3111381f-980d-4f2a-82f8-ff04340ca686","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":13,"box":{"x":537,"y":599,"width":313,"height":12}},{"id":"38e2d474-b4f9-4002-91d8-6c7837d434c6","block_type":"box","text":"Fund","page_number":13,"box":{"x":537,"y":615,"width":38,"height":9}},{"id":"a7e8c47b-863d-4346-859d-58a0c822ba95","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":13,"box":{"x":520,"y":646,"width":264,"height":9}},{"id":"14252dfe-4d06-47c0-9723-1b04cd9193bc","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":13,"box":{"x":520,"y":677,"width":203,"height":11}},{"id":"44e18b99-c6c9-492c-9536-138ed32a4712","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":13,"box":{"x":537,"y":692,"width":327,"height":12}},{"id":"27fea615-09f3-4f1a-a9f9-9338ea4605a9","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":13,"box":{"x":537,"y":708,"width":205,"height":9}},{"id":"32129dfd-7388-44e1-90a0-afb86efac8e3","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":13,"box":{"x":537,"y":723,"width":283,"height":12}},{"id":"f97f5eed-1723-4ab8-b3b4-556c7681113a","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":13,"box":{"x":537,"y":739,"width":263,"height":9}},{"id":"423a3225-d37b-424f-9374-ac87a7cfd5fd","block_type":"box","text":"BlackRock Government Money Market Portfolio","page_number":13,"box":{"x":537,"y":754,"width":331,"height":12}},{"id":"363df9e9-561b-49c4-bf19-74cdb3cfd626","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":13,"box":{"x":520,"y":785,"width":221,"height":11}},{"id":"af24b410-81d1-4cfa-a0ae-a7ab02469bf9","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":13,"box":{"x":537,"y":801,"width":217,"height":11}},{"id":"b8e0ff95-1ed0-47fe-b7e0-21925a058993","block_type":"box","text":"BlackRock Series, Inc.","page_number":13,"box":{"x":520,"y":832,"width":166,"height":11}},{"id":"cf684cf6-850d-4bc5-9a55-d5740bdae6d9","block_type":"box","text":"BlackRock International Fund","page_number":13,"box":{"x":537,"y":847,"width":208,"height":9}},{"id":"20be5c70-cd9c-435f-ba4d-a4ea53f369e3","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":13,"box":{"x":520,"y":878,"width":325,"height":12}},{"id":"9104da49-85f4-4de5-9853-84a9ec084417","block_type":"box","text":"6","page_number":13,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"070fba37-9155-45f2-89fa-bb6a2b274ae6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":13,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5e936b08-a00a-408f-8127-815908e59821","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":14,"box":{"x":116,"y":87,"width":288,"height":12}},{"id":"064fa68d-fdb9-4cee-ae7b-367c8f1fc01a","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":14,"box":{"x":116,"y":118,"width":282,"height":12}},{"id":"09f29503-5dde-4e02-b886-0a661506fea2","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I. Fund","page_number":14,"box":{"x":133,"y":134,"width":348,"height":12}},{"id":"97862f82-72c5-45fe-8ca7-57d5cff19d15","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I. Fund","page_number":14,"box":{"x":133,"y":150,"width":337,"height":11}},{"id":"0d48db23-0d34-48eb-aff1-4e21d4fe4a9c","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I. Fund","page_number":14,"box":{"x":133,"y":165,"width":344,"height":12}},{"id":"f71f3fc7-e5f2-4a06-a4ca-975b4b7fa8a2","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":14,"box":{"x":133,"y":181,"width":303,"height":11}},{"id":"e50f184a-0b9c-4bb8-9308-c903a0a2acc7","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":14,"box":{"x":133,"y":196,"width":234,"height":9}},{"id":"d33a92c4-f65d-4e9d-ad60-0a6183650e3b","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":14,"box":{"x":133,"y":212,"width":293,"height":11}},{"id":"61671004-be17-48bb-ac5d-1059c7959460","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":14,"box":{"x":133,"y":227,"width":264,"height":12}},{"id":"385a541c-8656-44c2-8c83-8e79c5608478","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":14,"box":{"x":133,"y":243,"width":273,"height":9}},{"id":"0f00f8a6-bb06-4c4a-a97b-de5d2cb7f0a6","block_type":"box","text":"BlackRock Government Money Market V.I. Fund","page_number":14,"box":{"x":537,"y":88,"width":341,"height":11}},{"id":"11af486e-1fa3-4536-8769-77db877b4a2a","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":14,"box":{"x":537,"y":103,"width":281,"height":9}},{"id":"376ac6cf-2975-4a63-9865-38f24a79b561","block_type":"box","text":"BlackRock International V.I. Fund","page_number":14,"box":{"x":537,"y":119,"width":238,"height":9}},{"id":"ed1b31b4-5c14-42ee-9943-3256959ae8c2","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":14,"box":{"x":537,"y":134,"width":323,"height":12}},{"id":"01edb964-4f1c-4468-9782-9c9c22e04a0d","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":14,"box":{"x":537,"y":150,"width":284,"height":11}},{"id":"1f059955-e8f4-4f59-8c2b-1797b64d1796","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":14,"box":{"x":537,"y":165,"width":256,"height":9}},{"id":"5ad32d77-35c0-4022-a978-66822d4925a4","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":14,"box":{"x":537,"y":181,"width":265,"height":11}},{"id":"3c65146f-9661-47cb-877b-026d8a824fbf","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":14,"box":{"x":520,"y":211,"width":299,"height":12}},{"id":"4eb640b1-d04d-476a-9538-091f111823e7","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":14,"box":{"x":537,"y":227,"width":227,"height":12}},{"id":"3a922547-6853-45a8-a31b-18ef947db888","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":14,"box":{"x":537,"y":243,"width":238,"height":9}},{"id":"16645e0c-15e1-436e-9994-819e2aa20d52","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":14,"box":{"x":267,"y":274,"width":470,"height":11}},{"id":"881c196f-23c7-4a81-b422-e22d92fd7e87","block_type":"box","text":"SAI-GLOBAL-0926SUP","page_number":14,"box":{"x":116,"y":305,"width":175,"height":9}},{"id":"b7f7362f-22f4-41f2-be3f-e21812bd54ac","block_type":"box","text":"7","page_number":14,"box":{"x":496,"y":910,"width":7,"height":8}},{"id":"9a77b999-e72a-4982-97bf-2fc88302e78a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":14,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b267e054-d3d1-4ac8-8f3a-60f256011fc2","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":15,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"54940413-78a7-476e-82d1-bb8f32530a29","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":15,"box":{"x":116,"y":117,"width":325,"height":12}},{"id":"45cde166-73d2-4397-be2a-1ec6e775e906","block_type":"box","text":"BlackRock Allocation Target Shares","page_number":15,"box":{"x":116,"y":146,"width":266,"height":12}},{"id":"2fb696b7-c80a-40e8-ba25-d3116bfdd3a1","block_type":"box","text":"BATS: Securitized Total Return Series","page_number":15,"box":{"x":150,"y":162,"width":267,"height":9}},{"id":"15ee010f-1a9d-47fe-a6bd-2f39596a61a4","block_type":"box","text":"BATS: Corporate Credit Total Return Series","page_number":15,"box":{"x":150,"y":177,"width":304,"height":12}},{"id":"1a386386-1728-4d6d-b0d1-bda8759fc3fa","block_type":"box","text":"BATS: High Income Municipal Series","page_number":15,"box":{"x":150,"y":193,"width":263,"height":12}},{"id":"050d9940-c01f-401f-8764-0a668c856de5","block_type":"box","text":"BATS: High Income Taxable Series","page_number":15,"box":{"x":150,"y":209,"width":248,"height":11}},{"id":"8d072e6d-2be8-47a0-8de3-06a231c15489","block_type":"box","text":"BATS: Mortgage Total Return Series","page_number":15,"box":{"x":150,"y":224,"width":256,"height":12}},{"id":"aeab46ef-b147-4c7e-8c59-8c08396b8bee","block_type":"box","text":"BATS: Interest Rate Hedge Series","page_number":15,"box":{"x":150,"y":240,"width":235,"height":11}},{"id":"ea1d469f-7599-4394-a4fb-eaa23fbcd35e","block_type":"box","text":"BATS: Short Duration Taxable Total Return","page_number":15,"box":{"x":150,"y":255,"width":304,"height":9}},{"id":"2b4a2a3b-8d7b-4493-bb61-910242ba76dc","block_type":"box","text":"Series","page_number":15,"box":{"x":150,"y":271,"width":45,"height":9}},{"id":"a6cbc70d-f73b-47d2-b4fa-3dcc414564db","block_type":"box","text":"BATS: Short Term Municipal Income Series","page_number":15,"box":{"x":150,"y":286,"width":306,"height":12}},{"id":"93de9b7f-744d-4824-8410-7ae5c8401c36","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":15,"box":{"x":116,"y":316,"width":232,"height":11}},{"id":"947fcc62-79c9-44bb-a75d-38a682f38ecf","block_type":"box","text":"BlackRock Bond Fund, Inc.","page_number":15,"box":{"x":116,"y":345,"width":203,"height":11}},{"id":"fc9bb885-6345-476d-b170-9d668c69ba69","block_type":"box","text":"BlackRock Total Return Fund","page_number":15,"box":{"x":150,"y":360,"width":207,"height":9}},{"id":"ba1b1127-037d-43f1-9eb0-661f9f9b62c2","block_type":"box","text":"BlackRock California Municipal Series Trust","page_number":15,"box":{"x":116,"y":390,"width":331,"height":11}},{"id":"5607b4b9-d0fd-4359-85b2-85e35a1e1149","block_type":"box","text":"BlackRock California Municipal Opportunities","page_number":15,"box":{"x":150,"y":405,"width":321,"height":12}},{"id":"b6e33058-90cb-47f5-ad9d-4110b4a8b209","block_type":"box","text":"Fund","page_number":15,"box":{"x":150,"y":421,"width":38,"height":9}},{"id":"b3148d74-58b3-4ed7-aac7-bebaead11a1f","block_type":"box","text":"BlackRock Capital Appreciation Fund, Inc.","page_number":15,"box":{"x":116,"y":450,"width":317,"height":12}},{"id":"b9559041-9f90-42ef-8827-c8b4e28902f4","block_type":"box","text":"BlackRock Emerging Markets Fund, Inc.","page_number":15,"box":{"x":116,"y":480,"width":301,"height":11}},{"id":"c3f62261-3e50-43a9-808e-24bcbc27e491","block_type":"box","text":"BlackRock Equity Dividend Fund","page_number":15,"box":{"x":116,"y":509,"width":248,"height":12}},{"id":"0a13d17b-015a-44a3-9094-98d6ce47ea35","block_type":"box","text":"BlackRock Financial Institutions Series Trust","page_number":15,"box":{"x":116,"y":539,"width":332,"height":9}},{"id":"04680eaf-3ea9-4af4-a58a-31f4f9a9adcc","block_type":"box","text":"BlackRock Summit Cash Reserves Fund","page_number":15,"box":{"x":150,"y":554,"width":278,"height":9}},{"id":"39060158-f5e1-4e6d-b1cb-6b20321ad9a2","block_type":"box","text":"BlackRock Funds","page_number":15,"box":{"x":116,"y":584,"width":127,"height":9}},{"id":"6695bddd-e4d2-4a5c-a6a6-133092d52e2e","block_type":"box","text":"SM","page_number":15,"box":{"x":244,"y":583,"width":15,"height":6}},{"id":"a5e744cf-ea8f-415c-9c55-45109d65474c","block_type":"box","text":"BlackRock Advantage Emerging Markets Fund","page_number":15,"box":{"x":150,"y":599,"width":325,"height":12}},{"id":"28ab47f4-5064-44ce-bdc3-2ab3d1aa7b32","block_type":"box","text":"BlackRock Advantage International Fund","page_number":15,"box":{"x":150,"y":615,"width":285,"height":11}},{"id":"b4d188d6-1619-4972-8ea8-a8ca67c26cb2","block_type":"box","text":"BlackRock Advantage Large Cap Growth Fund","page_number":15,"box":{"x":150,"y":630,"width":325,"height":12}},{"id":"30df5dc6-cdac-4c4c-95d0-c743d32143ca","block_type":"box","text":"BlackRock Advantage Small Cap Core Fund","page_number":15,"box":{"x":150,"y":646,"width":306,"height":11}},{"id":"53fc1a96-ed05-4f09-b9d5-26646220da23","block_type":"box","text":"BlackRock Advantage Small Cap Growth Fund","page_number":15,"box":{"x":150,"y":661,"width":321,"height":12}},{"id":"36ca3cf4-c665-4d73-856b-69cec8664c22","block_type":"box","text":"BlackRock China A Opportunities Fund","page_number":15,"box":{"x":150,"y":677,"width":271,"height":11}},{"id":"0dc8b810-2f06-4a1d-b252-a5c03da8fb1f","block_type":"box","text":"BlackRock Commodity Strategies Fund","page_number":15,"box":{"x":150,"y":692,"width":268,"height":12}},{"id":"af112f4a-acb4-4bd4-993e-450cc38c57b1","block_type":"box","text":"BlackRock Defensive Advantage Emerging","page_number":15,"box":{"x":150,"y":708,"width":294,"height":11}},{"id":"b2dfc25f-633c-4129-8150-690a1f565813","block_type":"box","text":"Markets Fund","page_number":15,"box":{"x":150,"y":723,"width":93,"height":9}},{"id":"6d4d0bf9-e03d-4ca0-963b-beedf200621f","block_type":"box","text":"BlackRock Emerging Markets ex-China Fund","page_number":15,"box":{"x":150,"y":739,"width":309,"height":11}},{"id":"df3df779-a344-4420-9ae0-bcfc9c0c9c5b","block_type":"box","text":"BlackRock Energy Opportunities Fund","page_number":15,"box":{"x":150,"y":754,"width":263,"height":12}},{"id":"db68222e-a109-4b6d-972d-b4b6b72f794c","block_type":"box","text":"BlackRock Exchange Portfolio","page_number":15,"box":{"x":150,"y":770,"width":208,"height":11}},{"id":"9df06a0e-8479-46d1-b377-53cb33d12f6a","block_type":"box","text":"BlackRock Global Equity Market Neutral Fund","page_number":15,"box":{"x":150,"y":785,"width":320,"height":12}},{"id":"733e6ed1-a7a5-4a90-a421-320d7255ec2e","block_type":"box","text":"BlackRock Health Sciences Opportunities","page_number":15,"box":{"x":150,"y":801,"width":283,"height":11}},{"id":"837762aa-ecb4-4747-8afd-4c7a036a5b98","block_type":"box","text":"Portfolio","page_number":15,"box":{"x":150,"y":816,"width":59,"height":9}},{"id":"8505150a-e915-494b-b168-339d64c4c1d8","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":15,"box":{"x":150,"y":832,"width":259,"height":11}},{"id":"9895cce0-6a53-423c-887a-1ba3fbe76f3c","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":15,"box":{"x":150,"y":847,"width":312,"height":12}},{"id":"12e98f17-2451-456e-8c7a-f0b654d22d0f","block_type":"box","text":"BlackRock Real Estate Securities Fund","page_number":15,"box":{"x":150,"y":863,"width":269,"height":9}},{"id":"831bc3bb-db41-4dd8-abd2-2eff36ff12c4","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":15,"box":{"x":150,"y":878,"width":241,"height":12}},{"id":"32a02bf5-927d-48b8-88a5-bbb58705f1e9","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":15,"box":{"x":150,"y":894,"width":287,"height":11}},{"id":"7a5a337a-6ac6-4be4-a177-62bf47875381","block_type":"box","text":"Emerging Markets Equity Fund","page_number":15,"box":{"x":150,"y":909,"width":213,"height":12}},{"id":"50accf55-3522-4c50-824f-4b8d2d7e40a2","block_type":"box","text":"BlackRock Sustainable Aware Advantage","page_number":15,"box":{"x":554,"y":88,"width":287,"height":11}},{"id":"f6699845-ba3d-4bca-ae8b-093e80b43027","block_type":"box","text":"International Equity Fund","page_number":15,"box":{"x":554,"y":103,"width":178,"height":12}},{"id":"f818fdea-99d2-4044-8b71-f691ca86215a","block_type":"box","text":"BlackRock Sustainable Aware Advantage Large","page_number":15,"box":{"x":554,"y":119,"width":330,"height":11}},{"id":"64fecd5c-53b8-436f-831b-7084afcb4b24","block_type":"box","text":"Cap Core Fund","page_number":15,"box":{"x":554,"y":134,"width":106,"height":12}},{"id":"90e0e655-e1a7-4948-9c3f-6f63a6c54fa2","block_type":"box","text":"BlackRock Tactical Opportunities Fund","page_number":15,"box":{"x":554,"y":150,"width":273,"height":11}},{"id":"4a200985-8c0e-480e-aca8-ab1e62467834","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":15,"box":{"x":554,"y":165,"width":299,"height":12}},{"id":"ef67b029-5fcc-4e35-8f4e-36252535792e","block_type":"box","text":"BlackRock Wealth Liquid Environmentally","page_number":15,"box":{"x":554,"y":181,"width":298,"height":11}},{"id":"d8bf5ea1-b329-48d3-a46d-dff58a117cdc","block_type":"box","text":"Aware Fund","page_number":15,"box":{"x":554,"y":196,"width":87,"height":9}},{"id":"4bb2c456-bb9b-43df-b86d-2e2262c6eb86","block_type":"box","text":"Circle Reserve Fund","page_number":15,"box":{"x":554,"y":212,"width":142,"height":9}},{"id":"1ffa3f16-8edf-4863-9c00-177fa077767b","block_type":"box","text":"iShares Developed Real Estate Index Fund","page_number":15,"box":{"x":554,"y":227,"width":292,"height":12}},{"id":"57b53c7a-21f0-454d-9ebf-39370bdf81ed","block_type":"box","text":"iShares Enhanced Roll Yield Index Fund","page_number":15,"box":{"x":554,"y":243,"width":280,"height":9}},{"id":"629bfa11-8042-4753-a0b0-cad3a093c234","block_type":"box","text":"iShares FTSE NAREIT All Equity REIT Index","page_number":15,"box":{"x":554,"y":258,"width":322,"height":12}},{"id":"dc250af7-4543-4bc1-9054-80ee8a710c52","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":274,"width":38,"height":9}},{"id":"e38ba8f6-7053-430d-999c-a50c7784c62f","block_type":"box","text":"iShares Municipal Bond Index Fund","page_number":15,"box":{"x":554,"y":289,"width":249,"height":12}},{"id":"471f0d64-1ae9-49de-b772-333affb34ac8","block_type":"box","text":"iShares Russell Mid-Cap Index Fund","page_number":15,"box":{"x":554,"y":305,"width":254,"height":11}},{"id":"1dd5e6ca-0bd0-489a-8d67-b5134644bc78","block_type":"box","text":"iShares Russell Small/Mid-Cap Index Fund","page_number":15,"box":{"x":554,"y":320,"width":298,"height":12}},{"id":"364f56e6-a6bc-44ac-8f77-7e9566b65525","block_type":"box","text":"iShares Short-Term TIPS Bond Index Fund","page_number":15,"box":{"x":554,"y":336,"width":297,"height":9}},{"id":"3d27fdbd-15b4-454b-8395-c9b6a145f077","block_type":"box","text":"iShares Total U.S. Stock Market Index Fund","page_number":15,"box":{"x":554,"y":351,"width":304,"height":9}},{"id":"00ee7871-9eec-4821-a8fd-4973db0f0e73","block_type":"box","text":"iShares U.S. Intermediate Credit Bond Index","page_number":15,"box":{"x":554,"y":367,"width":306,"height":9}},{"id":"2b10d7fd-f13f-468a-99df-0608c65fec32","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":382,"width":38,"height":9}},{"id":"a9e25f32-2c4f-45b4-b752-cdeeb087be9c","block_type":"box","text":"iShares U.S. Intermediate Government Bond","page_number":15,"box":{"x":554,"y":398,"width":306,"height":9}},{"id":"76844ba6-2c0e-4a53-b56f-81f0496914c5","block_type":"box","text":"Index Fund","page_number":15,"box":{"x":554,"y":413,"width":81,"height":9}},{"id":"eaa09e13-9898-4050-8524-d2bb0e83fc11","block_type":"box","text":"iShares U.S. Long Credit Bond Index Fund","page_number":15,"box":{"x":554,"y":429,"width":296,"height":11}},{"id":"03595cdb-ba96-44a4-b7b7-3b901f8a97d5","block_type":"box","text":"iShares U.S. Long Government Bond Index","page_number":15,"box":{"x":554,"y":444,"width":299,"height":12}},{"id":"bfd0878d-c44b-4658-8b8a-8389496132de","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":460,"width":38,"height":9}},{"id":"504c4092-17a1-406a-a04c-19654d551d4c","block_type":"box","text":"iShares U.S. Securitized Bond Index Fund","page_number":15,"box":{"x":554,"y":475,"width":290,"height":9}},{"id":"0ba06f4a-80d9-458e-9a79-4505a301bced","block_type":"box","text":"BlackRock Funds II","page_number":15,"box":{"x":520,"y":506,"width":149,"height":9}},{"id":"9a8738e5-1b20-426f-9383-8024dd335445","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":15,"box":{"x":554,"y":522,"width":283,"height":11}},{"id":"07a8840c-6458-45aa-8e8a-01759fb55843","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":15,"box":{"x":554,"y":537,"width":283,"height":12}},{"id":"dfbab9ca-f984-4fce-bf3b-25471918901d","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":15,"box":{"x":554,"y":553,"width":283,"height":11}},{"id":"9f68b2e3-6717-4468-972c-dfeebc9534f2","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":15,"box":{"x":554,"y":568,"width":283,"height":12}},{"id":"878ed1f5-e9d9-4014-9778-29ba96f1c383","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":15,"box":{"x":554,"y":584,"width":301,"height":11}},{"id":"551c83fa-ff7a-4ab9-a207-82e88247ab69","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":15,"box":{"x":554,"y":599,"width":259,"height":9}},{"id":"c1cf2125-b373-4233-be4d-44bca6eae268","block_type":"box","text":"BlackRock Managed Income Fund","page_number":15,"box":{"x":554,"y":615,"width":239,"height":11}},{"id":"12fbf173-3948-4dcf-9db3-589ee04f6736","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":15,"box":{"x":554,"y":630,"width":282,"height":9}},{"id":"ccda42b3-25e4-4268-946e-1c81ffeb6a50","block_type":"box","text":"BlackRock Retirement Income 2030 Fund","page_number":15,"box":{"x":554,"y":646,"width":289,"height":9}},{"id":"37a35714-f164-4081-9673-eb1bc04100f8","block_type":"box","text":"BlackRock Funds III","page_number":15,"box":{"x":520,"y":677,"width":151,"height":9}},{"id":"9c616765-58a1-47e9-893d-0a0d615647c5","block_type":"box","text":"BlackRock Cash Funds: Institutional","page_number":15,"box":{"x":554,"y":692,"width":247,"height":9}},{"id":"44ce4c4f-468a-4636-84cb-0746fb548cb8","block_type":"box","text":"BlackRock Cash Funds: Treasury","page_number":15,"box":{"x":554,"y":708,"width":226,"height":11}},{"id":"7464aae1-1627-4627-babc-6cc6acd06865","block_type":"box","text":"BlackRock Diversified Equity Fund","page_number":15,"box":{"x":554,"y":723,"width":242,"height":12}},{"id":"ab53365e-d148-4f9c-8fb1-774cc8437777","block_type":"box","text":"BlackRock Diversified Fixed Income Fund","page_number":15,"box":{"x":554,"y":739,"width":290,"height":9}},{"id":"22c08c5e-1a20-4fcc-9e9f-dc82b3937cb2","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":754,"width":136,"height":9}},{"id":"bfc3ca02-9f90-4ad0-9668-f7edea133864","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":753,"width":9,"height":7}},{"id":"96c19bdb-b161-4eb3-af2c-d8df3f2cb232","block_type":"box","text":"Dynamic Retirement","page_number":15,"box":{"x":705,"y":754,"width":140,"height":12}},{"id":"f6dfb79e-977f-4bb0-bb2f-f1c268a78517","block_type":"box","text":"Fund","page_number":15,"box":{"x":554,"y":770,"width":34,"height":9}},{"id":"cd0bf9a2-d36a-446d-8606-7de7648a7295","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":785,"width":136,"height":9}},{"id":"2dddac80-ab1b-444a-9e82-8004c88671aa","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":784,"width":9,"height":7}},{"id":"a8f579d7-1c22-4e6d-b8bb-a5ae04839a06","block_type":"box","text":"Dynamic 2030 Fund","page_number":15,"box":{"x":705,"y":785,"width":138,"height":12}},{"id":"aaae5d4e-702e-4507-88a4-6b555a7ca305","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":801,"width":136,"height":9}},{"id":"c4bb9e20-2c64-4cb3-b0fd-974a52b247a7","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":800,"width":9,"height":6}},{"id":"3b5d01ed-1f93-48d1-a2bc-ba58173ab8a8","block_type":"box","text":"Dynamic 2035 Fund","page_number":15,"box":{"x":705,"y":801,"width":138,"height":11}},{"id":"d898b3e0-8ebe-4145-b3ba-09ab127fb1fd","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":816,"width":136,"height":9}},{"id":"6944af02-060d-4ee9-89f0-f054133bcc68","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":815,"width":9,"height":7}},{"id":"4b08e543-fdab-4e44-8c6b-64d19280df9d","block_type":"box","text":"Dynamic 2040 Fund","page_number":15,"box":{"x":705,"y":816,"width":138,"height":12}},{"id":"d87e8947-96f2-48fe-b0ad-a547d722f442","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":832,"width":136,"height":9}},{"id":"ecd6318a-126a-40b3-81ab-1f4f13e590c6","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":831,"width":9,"height":6}},{"id":"9a3c168e-1403-4a4e-94d8-f716f4a93d2f","block_type":"box","text":"Dynamic 2045 Fund","page_number":15,"box":{"x":700,"y":832,"width":147,"height":11}},{"id":"5e11eb94-d474-4adf-a973-a8749b1b6d89","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":847,"width":136,"height":9}},{"id":"f21acb1d-16f3-482f-bd7c-42b7f4e3e636","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":846,"width":9,"height":7}},{"id":"7571823d-fe2f-4fc4-95b8-62f7d882843d","block_type":"box","text":"Dynamic 2050 Fund","page_number":15,"box":{"x":700,"y":847,"width":147,"height":12}},{"id":"269bc9ed-b626-457d-8024-150912f8e2cc","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":863,"width":136,"height":9}},{"id":"d67ff731-b7c9-4351-8f7c-0e896f46945b","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":862,"width":9,"height":6}},{"id":"d11068f0-2210-4f42-96cb-a976d07ad196","block_type":"box","text":"Dynamic 2055 Fund","page_number":15,"box":{"x":700,"y":863,"width":147,"height":11}},{"id":"17533afc-1a47-4670-afff-195c232eed41","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":878,"width":136,"height":9}},{"id":"8bc76438-a632-432b-9895-68b755ca89b6","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":877,"width":9,"height":7}},{"id":"a56d9842-49cb-4ab1-b1b1-26a97fdafb4d","block_type":"box","text":"Dynamic 2060 Fund","page_number":15,"box":{"x":700,"y":878,"width":147,"height":12}},{"id":"f41aa2c0-94c1-44be-a283-a2f3f35f7ad3","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":894,"width":136,"height":9}},{"id":"b1b12e71-713c-4367-b125-b3b18f6322d2","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":893,"width":9,"height":6}},{"id":"7e88fa03-4567-4fb2-8fa6-80e21f7eea5b","block_type":"box","text":"Dynamic 2065 Fund","page_number":15,"box":{"x":700,"y":894,"width":147,"height":11}},{"id":"c4bb2248-30fd-43b2-93e9-88de58790d4e","block_type":"box","text":"BlackRock LifePath","page_number":15,"box":{"x":554,"y":909,"width":136,"height":9}},{"id":"fc4867c1-4874-4c7f-a161-7ee9ed17d47c","block_type":"box","text":"®","page_number":15,"box":{"x":691,"y":908,"width":9,"height":7}},{"id":"ef33a024-ddb9-45c5-adcc-1881bace7264","block_type":"box","text":"Dynamic 2070 Fund","page_number":15,"box":{"x":705,"y":909,"width":138,"height":12}},{"id":"5d2b4063-3e29-4c4b-b250-a9762faf2431","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":15,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a24be9b0-586f-4ca0-85ed-6f24e1746564","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":88,"width":136,"height":9}},{"id":"313964a4-6cf4-4b86-aec4-47a7265438f1","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":87,"width":9,"height":6}},{"id":"a81e7d99-29b2-4c30-a06d-a66a25aa6e94","block_type":"box","text":"ESG Index Retirement","page_number":16,"box":{"x":296,"y":88,"width":162,"height":9}},{"id":"0cabd0ea-53ba-4a0c-a61b-67852690a46e","block_type":"box","text":"Fund","page_number":16,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"42fddb21-a429-4098-8f38-1b176cea4a94","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":119,"width":136,"height":9}},{"id":"5cfdb7cc-e8c2-42af-ad75-f4ffde30cccf","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":118,"width":9,"height":6}},{"id":"28fa6543-04de-4aa6-9b1a-03790c6d3157","block_type":"box","text":"ESG Index 2030 Fund","page_number":16,"box":{"x":296,"y":119,"width":159,"height":9}},{"id":"080be8cf-ec90-40e4-be1e-b22e1c3d627b","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":134,"width":136,"height":9}},{"id":"929fd66c-b5cb-44ae-8077-2bd15f07217b","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":133,"width":9,"height":7}},{"id":"2ab2c2a3-66f8-4215-8450-f10fb6f58e73","block_type":"box","text":"ESG Index 2035 Fund","page_number":16,"box":{"x":296,"y":134,"width":159,"height":9}},{"id":"5cea08d0-ea15-4676-a8f7-f9a4626d95b4","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":150,"width":136,"height":9}},{"id":"06c0b6ab-8115-4c3e-b17a-f01e6c227a24","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":149,"width":9,"height":6}},{"id":"84d70e65-1a30-40c4-a122-60a7ec0b2a16","block_type":"box","text":"ESG Index 2040 Fund","page_number":16,"box":{"x":296,"y":150,"width":159,"height":9}},{"id":"d43d2d03-3d4c-4ef1-aeb1-13c84899b9dc","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":165,"width":136,"height":9}},{"id":"b601c42f-d7a1-49a4-9897-9b2e6a022d6f","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":164,"width":9,"height":7}},{"id":"4835bd73-0b94-42b5-864c-3e7ab5378bdf","block_type":"box","text":"ESG Index 2045 Fund","page_number":16,"box":{"x":296,"y":165,"width":159,"height":9}},{"id":"d8741d70-ab42-4a3c-a995-704e93d41ec9","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":181,"width":136,"height":9}},{"id":"83c092fa-2dfa-4fa6-9a2d-81245876d742","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":180,"width":9,"height":6}},{"id":"2ee81786-35aa-465e-b369-25dc03c052e7","block_type":"box","text":"ESG Index 2050 Fund","page_number":16,"box":{"x":296,"y":181,"width":159,"height":9}},{"id":"efd8bfed-13b6-4ba7-811d-b2fab91c7d90","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":196,"width":136,"height":9}},{"id":"a69694b7-d908-4019-abbc-f6302da6ee8d","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":195,"width":9,"height":7}},{"id":"c7d81db2-726d-4824-8174-adf827b59435","block_type":"box","text":"ESG Index 2055 Fund","page_number":16,"box":{"x":296,"y":196,"width":159,"height":9}},{"id":"321c2731-79f2-4f8b-a6dc-cbbf16f7a058","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":212,"width":136,"height":9}},{"id":"53a482e1-4dfc-4c46-9b75-03883387181c","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":211,"width":9,"height":6}},{"id":"4fd2aac0-7cd9-4684-a010-46e13f64f0ae","block_type":"box","text":"ESG Index 2060 Fund","page_number":16,"box":{"x":296,"y":212,"width":159,"height":9}},{"id":"2c816500-e757-42e8-bf90-8672915ee6d3","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":227,"width":136,"height":9}},{"id":"0d82ab18-f27e-40d6-a34e-47d81a1053e4","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":226,"width":9,"height":7}},{"id":"4bac1020-10d6-46ab-8b28-b7ddccf0885c","block_type":"box","text":"ESG Index 2065 Fund","page_number":16,"box":{"x":296,"y":227,"width":159,"height":9}},{"id":"da3d433d-c127-42dd-9b89-eaea606b5470","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":243,"width":136,"height":9}},{"id":"dfc7c410-8c10-4d59-924b-3083cc6a31bd","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":242,"width":9,"height":6}},{"id":"825ce8a5-b126-43d9-b3d6-4a11aecbb67c","block_type":"box","text":"ESG Index 2070 Fund","page_number":16,"box":{"x":296,"y":243,"width":159,"height":9}},{"id":"ce4945a7-4de3-4ed0-984f-44d4ba3cd5f5","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":258,"width":136,"height":9}},{"id":"576812fc-e8de-4c95-9ed3-b7bd7732b8cc","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":257,"width":9,"height":7}},{"id":"10162b7a-8a10-420d-a320-37d0401be292","block_type":"box","text":"Index Retirement Fund","page_number":16,"box":{"x":296,"y":258,"width":165,"height":9}},{"id":"c7c00090-1159-4fc3-b561-abeadffae212","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":274,"width":136,"height":9}},{"id":"08ff30af-a14e-44a5-b7db-4bbdae6c8502","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":273,"width":9,"height":6}},{"id":"3e6333da-3535-4ceb-a01e-30cd9ba177b9","block_type":"box","text":"Index 2030 Fund","page_number":16,"box":{"x":296,"y":274,"width":124,"height":9}},{"id":"368ccaed-f38b-46e7-88ab-33453b1d6dcf","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":289,"width":136,"height":9}},{"id":"f4ccf30b-f245-4370-bfa3-2b4d36b978f5","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":288,"width":9,"height":7}},{"id":"c7b455df-3695-4529-97e5-580f3c5a353c","block_type":"box","text":"Index 2035 Fund","page_number":16,"box":{"x":296,"y":289,"width":124,"height":9}},{"id":"828aa54b-52ff-48de-a669-e877fc1d1991","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":305,"width":136,"height":9}},{"id":"9cf94602-9023-4bbe-af50-78cfbe1d9e2b","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":304,"width":9,"height":6}},{"id":"ce620fd7-29d5-4731-90e7-44ec03939a43","block_type":"box","text":"Index 2040 Fund","page_number":16,"box":{"x":296,"y":305,"width":124,"height":9}},{"id":"d3068e4e-10c2-456e-b68f-954ab3889133","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":320,"width":136,"height":9}},{"id":"1b449274-6425-4e5d-9e25-e9074b258ce2","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":319,"width":9,"height":7}},{"id":"0fccdd3e-6d3f-44c9-9c8c-365127ff31f2","block_type":"box","text":"Index 2045 Fund","page_number":16,"box":{"x":296,"y":320,"width":124,"height":9}},{"id":"bd5cff72-1d6f-48ed-b62e-ead2f8166e75","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":336,"width":136,"height":9}},{"id":"02a50cad-d1ab-4c3e-9e2b-de49f5f7f3da","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":335,"width":9,"height":6}},{"id":"4b98c2a8-23c7-4f63-825d-a238fa9eefeb","block_type":"box","text":"Index 2050 Fund","page_number":16,"box":{"x":296,"y":336,"width":124,"height":9}},{"id":"9dd1e3f8-96fd-43b4-b04d-54840592492f","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":351,"width":136,"height":9}},{"id":"ca990898-53af-400a-8226-cb82e9351c09","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":350,"width":9,"height":7}},{"id":"4aaf2498-018d-4178-8007-1b72e14a509c","block_type":"box","text":"Index 2055 Fund","page_number":16,"box":{"x":296,"y":351,"width":124,"height":9}},{"id":"7f4e485a-0896-4490-9f44-6fa6dcdb5407","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":367,"width":136,"height":9}},{"id":"d3e242ea-850d-47de-a016-dc6dda1a6577","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":366,"width":9,"height":6}},{"id":"d25637b9-0464-4365-98ef-32afa8ef43f6","block_type":"box","text":"Index 2060 Fund","page_number":16,"box":{"x":296,"y":367,"width":124,"height":9}},{"id":"120041a4-0743-45da-8962-10c6885ec4e2","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":382,"width":136,"height":9}},{"id":"a79fc518-9948-4846-9a14-138ebdda83ce","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":381,"width":9,"height":7}},{"id":"157f975d-04df-4ae2-9db4-c576a3c0c123","block_type":"box","text":"Index 2065 Fund","page_number":16,"box":{"x":296,"y":382,"width":124,"height":9}},{"id":"d646ee48-6fe7-46c1-8fde-a125fc63cd94","block_type":"box","text":"BlackRock LifePath","page_number":16,"box":{"x":150,"y":398,"width":136,"height":9}},{"id":"197e585b-4dab-4fe4-9d1b-f3f82d51a169","block_type":"box","text":"®","page_number":16,"box":{"x":287,"y":397,"width":9,"height":6}},{"id":"49cdee92-b79d-49bb-88f4-ad67ee9e31a6","block_type":"box","text":"Index 2070 Fund","page_number":16,"box":{"x":296,"y":398,"width":124,"height":9}},{"id":"fc867c45-571b-4f98-867e-60514a1bd3f0","block_type":"box","text":"iShares MSCI Total International Index Fund","page_number":16,"box":{"x":150,"y":413,"width":310,"height":9}},{"id":"36c24d88-4d90-480d-9753-270fb9cb4c68","block_type":"box","text":"iShares Russell 1000 Large-Cap Index Fund","page_number":16,"box":{"x":150,"y":429,"width":303,"height":11}},{"id":"2d352f7e-c059-4bf9-9208-662695803fc1","block_type":"box","text":"iShares S&P 500 Index Fund","page_number":16,"box":{"x":150,"y":444,"width":200,"height":9}},{"id":"083e6d5e-3fb8-4249-b9c8-9b71c72092dc","block_type":"box","text":"iShares U.S. Aggregate Bond Index Fund","page_number":16,"box":{"x":150,"y":460,"width":284,"height":11}},{"id":"a44c59c2-770b-4890-9192-050505e2a988","block_type":"box","text":"BlackRock Funds IV","page_number":16,"box":{"x":116,"y":487,"width":154,"height":9}},{"id":"ce663325-c2ce-44a5-a803-1e1d11c7c8b8","block_type":"box","text":"BlackRock Credit Relative Value Fund","page_number":16,"box":{"x":150,"y":502,"width":268,"height":9}},{"id":"28ed667e-8689-4c1c-9be5-eceea732bae5","block_type":"box","text":"BlackRock Systematic Multi-Strategy Fund","page_number":16,"box":{"x":150,"y":518,"width":299,"height":11}},{"id":"b29be48c-d19d-4e52-8ba6-c8cbe8148ebe","block_type":"box","text":"BlackRock Funds V","page_number":16,"box":{"x":116,"y":545,"width":148,"height":9}},{"id":"a9a7a3e9-a78b-42b3-8199-dff48536297d","block_type":"box","text":"BlackRock Core Bond Portfolio","page_number":16,"box":{"x":150,"y":560,"width":220,"height":9}},{"id":"2d03e940-6b07-4b0d-bbce-1cdb72f698ad","block_type":"box","text":"BlackRock Floating Rate Income Portfolio","page_number":16,"box":{"x":150,"y":576,"width":293,"height":12}},{"id":"f1b4ce12-93f3-4097-92d0-5e4b82f1b99a","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":16,"box":{"x":150,"y":591,"width":222,"height":12}},{"id":"db07a22e-3a91-4818-afe0-c9b0777bc34d","block_type":"box","text":"BlackRock Income Fund","page_number":16,"box":{"x":150,"y":607,"width":172,"height":9}},{"id":"6cb11fd6-c32d-48f5-a6a4-08bad59e2b1c","block_type":"box","text":"BlackRock Inflation Protected Bond Portfolio","page_number":16,"box":{"x":150,"y":622,"width":313,"height":9}},{"id":"69535461-32c3-400b-93eb-d391c89fbcbb","block_type":"box","text":"BlackRock Low Duration Bond Portfolio","page_number":16,"box":{"x":150,"y":638,"width":282,"height":9}},{"id":"4e15d63f-37b5-45f6-a718-3b9ca749f6e9","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":16,"box":{"x":150,"y":653,"width":294,"height":12}},{"id":"da3398b8-06f2-4432-8d78-6f5a8f119939","block_type":"box","text":"Portfolio","page_number":16,"box":{"x":150,"y":669,"width":59,"height":9}},{"id":"acd2b4d7-0a26-4dbd-812f-d2fe6aa87a48","block_type":"box","text":"BlackRock Funds VI","page_number":16,"box":{"x":116,"y":696,"width":150,"height":9}},{"id":"74f350e8-42c0-48bb-9869-8941a9f33026","block_type":"box","text":"BlackRock Advantage CoreAlpha Bond Fund","page_number":16,"box":{"x":150,"y":712,"width":309,"height":11}},{"id":"1d6236e9-9fe6-4c83-bb7f-9bdb0c7dbacb","block_type":"box","text":"BlackRock Global Allocation Fund, Inc.","page_number":16,"box":{"x":116,"y":739,"width":287,"height":11}},{"id":"57de8af4-ec48-4309-b04d-c8caa83b8cc7","block_type":"box","text":"BlackRock Index Funds, Inc.","page_number":16,"box":{"x":116,"y":766,"width":208,"height":11}},{"id":"245f56cd-39f9-4dfd-9af1-4ca05b684ead","block_type":"box","text":"iShares MSCI EAFE International Index Fund","page_number":16,"box":{"x":150,"y":781,"width":312,"height":9}},{"id":"f472e278-1ad6-4687-8ea3-b97352fee8b8","block_type":"box","text":"iShares Russell 2000 Small-Cap Index Fund","page_number":16,"box":{"x":150,"y":797,"width":298,"height":11}},{"id":"cd48bb3c-f100-40c4-9a95-0eb12dee2c04","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":16,"box":{"x":116,"y":824,"width":319,"height":11}},{"id":"25fb1908-9192-4eb2-8f4a-053b1192fb61","block_type":"box","text":"BlackRock Large Cap Focus Growth Fund, Inc.","page_number":16,"box":{"x":116,"y":851,"width":349,"height":12}},{"id":"77f2a3f0-49a3-4672-8448-e3a5e758c694","block_type":"box","text":"BlackRock Large Cap Focus Value Fund, Inc.","page_number":16,"box":{"x":116,"y":878,"width":335,"height":12}},{"id":"fbc681e9-7143-4336-9de7-1f1984956e19","block_type":"box","text":"BlackRock Large Cap Series Funds, Inc.","page_number":16,"box":{"x":520,"y":87,"width":296,"height":12}},{"id":"c352f793-e09a-4bf5-b11c-256d2521147e","block_type":"box","text":"BlackRock Advantage Large Cap Core Fund","page_number":16,"box":{"x":554,"y":103,"width":306,"height":12}},{"id":"ba365268-a661-44dd-8d08-61364cefa48a","block_type":"box","text":"BlackRock Advantage Large Cap Value Fund","page_number":16,"box":{"x":554,"y":119,"width":314,"height":11}},{"id":"925289ea-5ef5-497c-8643-e4ec3477748a","block_type":"box","text":"BlackRock Event Driven Equity Fund","page_number":16,"box":{"x":554,"y":134,"width":261,"height":12}},{"id":"9d20dd87-560c-4ebd-8d79-4c957102e2fd","block_type":"box","text":"BlackRock Liquidity Funds","page_number":16,"box":{"x":520,"y":162,"width":203,"height":12}},{"id":"9564f272-00a7-4c82-8e58-999737aa7051","block_type":"box","text":"FedFund","page_number":16,"box":{"x":554,"y":178,"width":63,"height":9}},{"id":"5c730582-f5b1-4fc5-9348-65d7e9f1167e","block_type":"box","text":"MuniCash","page_number":16,"box":{"x":554,"y":193,"width":74,"height":9}},{"id":"e4fcab24-cc41-45cf-a981-5744a98cfef4","block_type":"box","text":"TempCash","page_number":16,"box":{"x":554,"y":209,"width":77,"height":12}},{"id":"57dbcea2-88e4-4aa0-8002-a8fa83b5dc9a","block_type":"box","text":"BlackRock Select Treasury Based Liquidity","page_number":16,"box":{"x":554,"y":224,"width":300,"height":12}},{"id":"ff665c52-45f1-4b6b-bb6e-f2f3c34d2b6c","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":240,"width":38,"height":9}},{"id":"d2f0d52e-ac65-423d-891b-6165034ca49c","block_type":"box","text":"T-Fund","page_number":16,"box":{"x":554,"y":255,"width":54,"height":9}},{"id":"be14583e-7722-4f10-b6cc-a69c68cfc76f","block_type":"box","text":"Treasury Trust Fund","page_number":16,"box":{"x":554,"y":271,"width":142,"height":12}},{"id":"5d471d77-7205-4439-844a-c33583d6d208","block_type":"box","text":"BlackRock Mid-Cap Value Series, Inc.","page_number":16,"box":{"x":520,"y":299,"width":282,"height":12}},{"id":"8f7878f3-a684-4c47-9141-9d4e5fd50b82","block_type":"box","text":"BlackRock Mid-Cap Value Fund","page_number":16,"box":{"x":554,"y":315,"width":227,"height":11}},{"id":"f977a9ad-fc3b-4d50-8768-7d5bb0bb5165","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust","page_number":16,"box":{"x":520,"y":343,"width":339,"height":12}},{"id":"7952bad0-d4f8-4efa-8c9f-6cc54750fd41","block_type":"box","text":"BlackRock New Jersey Municipal Bond Fund","page_number":16,"box":{"x":554,"y":359,"width":314,"height":11}},{"id":"0db0d753-fe58-4772-8b70-ac6705e092e9","block_type":"box","text":"BlackRock New York Municipal Opportunities","page_number":16,"box":{"x":554,"y":374,"width":324,"height":12}},{"id":"9ff72f32-7d8b-419c-bafa-5c894797f41b","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":390,"width":38,"height":9}},{"id":"9d49036a-8008-44f7-9044-e43ca733113c","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund","page_number":16,"box":{"x":554,"y":405,"width":326,"height":12}},{"id":"65178fb5-6e51-4b37-86d9-b42615645ea3","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc.","page_number":16,"box":{"x":520,"y":433,"width":282,"height":12}},{"id":"f0382699-288c-4457-8f82-2f460ce282c9","block_type":"box","text":"BlackRock National Municipal Fund","page_number":16,"box":{"x":554,"y":449,"width":253,"height":12}},{"id":"cb7c9e2a-c77a-487d-9ff2-1865c0419c6f","block_type":"box","text":"BlackRock Short Duration Muni Fund","page_number":16,"box":{"x":554,"y":465,"width":263,"height":9}},{"id":"7ab02ca7-ff97-470f-8174-f0e43a1b1ed2","block_type":"box","text":"BlackRock Municipal Series Trust","page_number":16,"box":{"x":520,"y":493,"width":252,"height":11}},{"id":"f7ed0210-e896-42b9-83a5-ab2f2179de2a","block_type":"box","text":"BlackRock Strategic Municipal Opportunities","page_number":16,"box":{"x":554,"y":508,"width":313,"height":12}},{"id":"9d9db660-aa09-4f23-ba8f-a1d89ad990ba","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":524,"width":38,"height":9}},{"id":"9f906e51-6488-4010-ad3a-089acca92ce5","block_type":"box","text":"BlackRock Natural Resources Trust","page_number":16,"box":{"x":520,"y":552,"width":264,"height":9}},{"id":"31018d5b-c8d9-4f8f-aa6e-88fc044ec540","block_type":"box","text":"BlackRock Series Fund, Inc.","page_number":16,"box":{"x":520,"y":581,"width":208,"height":11}},{"id":"9630a2ab-6a42-4da9-bf9f-599247b563cc","block_type":"box","text":"BlackRock Advantage Large Cap Core Portfolio","page_number":16,"box":{"x":554,"y":596,"width":331,"height":12}},{"id":"44c93eee-87ed-4a65-99fc-b131d4d589f7","block_type":"box","text":"BlackRock Balanced Portfolio","page_number":16,"box":{"x":554,"y":612,"width":209,"height":9}},{"id":"0c6afc12-e792-4704-8b4b-08bd02afe139","block_type":"box","text":"BlackRock Capital Appreciation Portfolio","page_number":16,"box":{"x":554,"y":627,"width":288,"height":12}},{"id":"58a3475f-ba68-4d5c-bf44-676b537fda0c","block_type":"box","text":"BlackRock Global Allocation Portfolio","page_number":16,"box":{"x":554,"y":643,"width":268,"height":9}},{"id":"d140f657-2251-4305-85b0-c4761a18e57a","block_type":"box","text":"BlackRock Government Money Market","page_number":16,"box":{"x":554,"y":658,"width":272,"height":12}},{"id":"70fd7fe6-bd58-4a5b-b879-8fc821483b93","block_type":"box","text":"Portfolio","page_number":16,"box":{"x":554,"y":674,"width":59,"height":9}},{"id":"e4be84e5-be49-4eb3-9b48-19f4ab1b48b0","block_type":"box","text":"BlackRock Series Fund II, Inc.","page_number":16,"box":{"x":520,"y":702,"width":221,"height":11}},{"id":"97e4f7d3-10ca-456a-b040-71f6a7d846a9","block_type":"box","text":"BlackRock High Yield Portfolio","page_number":16,"box":{"x":554,"y":718,"width":217,"height":11}},{"id":"01fd8816-068b-4503-9400-39b7bbc05041","block_type":"box","text":"BlackRock Series, Inc.","page_number":16,"box":{"x":520,"y":746,"width":161,"height":11}},{"id":"becb7ae4-9210-4a5a-a592-822254c12af2","block_type":"box","text":"BlackRock International Fund","page_number":16,"box":{"x":554,"y":761,"width":203,"height":9}},{"id":"0ad330c6-d256-4876-8e0b-d2e2077477f9","block_type":"box","text":"BlackRock Strategic Global Bond Fund, Inc.","page_number":16,"box":{"x":520,"y":790,"width":320,"height":11}},{"id":"9fb002c2-2849-48da-833f-c6b9390e1951","block_type":"box","text":"BlackRock Unconstrained Equity Fund","page_number":16,"box":{"x":520,"y":818,"width":283,"height":12}},{"id":"eb5bb4a9-10c8-4c98-9f3f-e58cfcfc4798","block_type":"box","text":"BlackRock Variable Series Funds, Inc.","page_number":16,"box":{"x":520,"y":846,"width":282,"height":12}},{"id":"ddfec651-809c-44e0-9b9d-8af6b18d695f","block_type":"box","text":"BlackRock 60/40 Target Allocation ETF V.I.","page_number":16,"box":{"x":554,"y":862,"width":309,"height":12}},{"id":"ada019d0-f1b9-40e4-aabe-0e0053b46ef7","block_type":"box","text":"Fund","page_number":16,"box":{"x":554,"y":877,"width":38,"height":9}},{"id":"66fe550e-b373-48c0-afcd-dc86fdfe0243","block_type":"box","text":"2","page_number":16,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"257ace58-6583-40ab-baae-2e8f77b73b22","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":16,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9058f098-843b-4d8c-9460-d1fb0666167f","block_type":"box","text":"BlackRock Advantage Large Cap Core V.I.","page_number":17,"box":{"x":150,"y":88,"width":298,"height":11}},{"id":"f2f9e4b2-73d1-45cd-9cc5-e9168ce3ccf6","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":103,"width":38,"height":9}},{"id":"e51146f9-90bb-49ef-89f0-0f4d36f475f7","block_type":"box","text":"BlackRock Advantage Large Cap Value V.I.","page_number":17,"box":{"x":150,"y":119,"width":305,"height":11}},{"id":"503120ca-67c1-4adc-b8d5-a07c449c0b85","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":134,"width":38,"height":9}},{"id":"3813ffb4-2478-4794-81f4-8116ef349f9b","block_type":"box","text":"BlackRock Advantage SMID Cap V.I. Fund","page_number":17,"box":{"x":150,"y":150,"width":302,"height":11}},{"id":"a920b980-e9dc-48e6-bc7f-ba6373e42970","block_type":"box","text":"BlackRock Basic Value V.I. Fund","page_number":17,"box":{"x":150,"y":165,"width":234,"height":9}},{"id":"fda90522-f055-4928-b01a-77bb09caf510","block_type":"box","text":"BlackRock Capital Appreciation V.I. Fund","page_number":17,"box":{"x":150,"y":181,"width":293,"height":11}},{"id":"560be2ee-48e7-41f4-8f10-54a516c5b38d","block_type":"box","text":"BlackRock Equity Dividend V.I. Fund","page_number":17,"box":{"x":150,"y":196,"width":264,"height":12}},{"id":"bdf21164-bcbe-4984-a328-23cfed179426","block_type":"box","text":"BlackRock Global Allocation V.I. Fund","page_number":17,"box":{"x":150,"y":212,"width":273,"height":9}},{"id":"cf70ebd1-f7fb-4b67-9dc9-2bb767385c9e","block_type":"box","text":"BlackRock Government Money Market V.I.","page_number":17,"box":{"x":150,"y":227,"width":302,"height":12}},{"id":"b81a2fda-73c5-4857-9d47-8f8895a7f77c","block_type":"box","text":"Fund","page_number":17,"box":{"x":150,"y":243,"width":38,"height":9}},{"id":"e3f3e010-0bf2-441a-a8c1-d73cf5f0fc17","block_type":"box","text":"BlackRock International Index V.I. Fund","page_number":17,"box":{"x":150,"y":258,"width":281,"height":9}},{"id":"0b812cd3-d96e-4868-9879-f02b4086c051","block_type":"box","text":"BlackRock International V.I. Fund","page_number":17,"box":{"x":150,"y":274,"width":238,"height":9}},{"id":"238f89a2-bfee-4ed1-a62b-27203340d200","block_type":"box","text":"BlackRock Large Cap Focus Growth V.I. Fund","page_number":17,"box":{"x":554,"y":88,"width":323,"height":11}},{"id":"fb8f9888-70e1-4b2e-9d76-f6c5dfd107fc","block_type":"box","text":"BlackRock Managed Volatility V.I. Fund","page_number":17,"box":{"x":554,"y":103,"width":283,"height":12}},{"id":"19eafc9c-c579-4363-826b-1b412354796a","block_type":"box","text":"BlackRock S&P 500 Index V.I. Fund","page_number":17,"box":{"x":554,"y":119,"width":256,"height":9}},{"id":"abeedae2-7cec-457d-9282-9fba8c7b73f6","block_type":"box","text":"BlackRock Small Cap Index V.I. Fund","page_number":17,"box":{"x":554,"y":134,"width":265,"height":12}},{"id":"a83a91d0-73f6-4596-9620-2ccd05f9bb0e","block_type":"box","text":"BlackRock Variable Series Funds II, Inc.","page_number":17,"box":{"x":520,"y":165,"width":299,"height":11}},{"id":"afc7e286-264f-4cb2-bd9a-6fad7c1792e1","block_type":"box","text":"BlackRock High Yield V.I. Fund","page_number":17,"box":{"x":554,"y":181,"width":227,"height":11}},{"id":"2e01de34-4631-4884-8767-b89de4cea0c6","block_type":"box","text":"BlackRock Total Return V.I. Fund","page_number":17,"box":{"x":554,"y":196,"width":238,"height":9}},{"id":"5d8d4cd8-2443-44c8-a367-ef0b6d40084a","block_type":"box","text":"Managed Account Series","page_number":17,"box":{"x":520,"y":227,"width":183,"height":12}},{"id":"6f7e83cf-7e1f-46b1-b7e5-343c425c076c","block_type":"box","text":"BlackRock GA Disciplined Volatility Equity","page_number":17,"box":{"x":554,"y":243,"width":307,"height":11}},{"id":"3b51b43e-23ab-4d0b-98bc-d351df1549ad","block_type":"box","text":"Fund","page_number":17,"box":{"x":554,"y":258,"width":38,"height":9}},{"id":"c1eaddee-1e3c-4f03-a8cc-8a4c7f23cc2f","block_type":"box","text":"BlackRock GA Dynamic Equity Fund","page_number":17,"box":{"x":554,"y":274,"width":261,"height":11}},{"id":"887aaf9a-1486-4ade-a13a-ac4e7f2bbbdc","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":17,"box":{"x":334,"y":304,"width":336,"height":12}},{"id":"e28ab10b-cf0e-4e91-989e-a6e8dad12a38","block_type":"box","text":"Supplement dated March 6, 2026 to the Statement of Additional Information (“SAI”) of each Fund, as","page_number":17,"box":{"x":133,"y":335,"width":737,"height":12}},{"id":"cd233ebc-516e-449a-b2ca-f14e4cc68901","block_type":"box","text":"amended from time to time.","page_number":17,"box":{"x":400,"y":351,"width":204,"height":9}},{"id":"efec65d5-199b-4e17-b094-b8b76dd9a317","block_type":"box","text":"Each Fund’s SAI is amended as follows:","page_number":17,"box":{"x":116,"y":382,"width":292,"height":9}},{"id":"80c7dd02-6139-416a-866f-82045fb09351","block_type":"box","text":"The list in the section entitled “Purchase of Shares — Additional Payments by BlackRock — D. Service","page_number":17,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"5186ec2d-6c2d-4fdc-b647-c19666713300","block_type":"box","text":"Organizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous —","page_number":17,"box":{"x":116,"y":429,"width":732,"height":11}},{"id":"957a01ac-44e8-4808-ac28-f5bb6dd1e90f","block_type":"box","text":"Additional Payments by BlackRock — D. Service Organizations Receiving Additional Payments,”","page_number":17,"box":{"x":116,"y":444,"width":707,"height":12}},{"id":"0fbf1c85-29b5-44dc-8c30-5ab44d08f448","block_type":"box","text":"“Investment Advisory Arrangements — Additional Payments by BlackRock — D. Service Organizations","page_number":17,"box":{"x":116,"y":460,"width":756,"height":11}},{"id":"86286475-f034-499e-95ea-2c87546efd00","block_type":"box","text":"Receiving Additional Payments” or “Investment Adviser and Other Service Providers — Additional","page_number":17,"box":{"x":116,"y":475,"width":723,"height":12}},{"id":"4dcf71e6-15cf-49dd-b60b-470eb3ca69dc","block_type":"box","text":"Payments by BlackRock — D. Service Organizations Receiving Additional Payments,” as applicable, of","page_number":17,"box":{"x":116,"y":491,"width":746,"height":11}},{"id":"f13e49a8-ab87-479d-bf2d-da6e409a7bd7","block_type":"box","text":"each Fund’s current SAI, is deleted in its entirety and replaced with the following:","page_number":17,"box":{"x":116,"y":506,"width":594,"height":12}},{"id":"4e54976a-11ce-49f7-ae87-d5849153a268","block_type":"box","text":"&Partners","page_number":17,"box":{"x":116,"y":537,"width":72,"height":9}},{"id":"bb11ee69-e29c-4e74-9280-38a94a3fd498","block_type":"box","text":"AccuTech Systems Corporation","page_number":17,"box":{"x":116,"y":553,"width":219,"height":11}},{"id":"4e7798fc-3063-4d67-a2c1-08250ad1a158","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":17,"box":{"x":116,"y":568,"width":173,"height":11}},{"id":"027894e3-8175-4a30-a386-8fa4fe214735","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":17,"box":{"x":116,"y":584,"width":215,"height":11}},{"id":"59bcb7b3-83e7-415c-9ca6-99670c9264f6","block_type":"box","text":"Advisor Group, Inc.","page_number":17,"box":{"x":116,"y":599,"width":140,"height":12}},{"id":"f41fcf5e-03e2-47f8-80f4-0dac7f354018","block_type":"box","text":"AE Wealth Management, LLC","page_number":17,"box":{"x":116,"y":615,"width":212,"height":11}},{"id":"ccd102f4-12ef-4343-aadd-341e24ca54c4","block_type":"box","text":"Alight Solutions LLC","page_number":17,"box":{"x":116,"y":630,"width":151,"height":12}},{"id":"708bfc1a-cdcf-497c-a12b-edcdb7041a18","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":17,"box":{"x":116,"y":646,"width":254,"height":10}},{"id":"19e7ecb6-7620-4e1e-bfbb-bd32dab7ba56","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":17,"box":{"x":116,"y":661,"width":314,"height":12}},{"id":"bfc6d1a4-17a5-46ea-97de-5b6dcc488952","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":17,"box":{"x":116,"y":677,"width":345,"height":11}},{"id":"a19c524e-4d85-4a55-b1ee-a31e0cbfb5b3","block_type":"box","text":"Altruist Financial LLC","page_number":17,"box":{"x":116,"y":692,"width":154,"height":9}},{"id":"323326d5-5c04-46ca-948a-6fa54256d181","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":17,"box":{"x":116,"y":708,"width":313,"height":11}},{"id":"20c3347b-6177-4b21-999c-7dde6f983df6","block_type":"box","text":"American General Life Insurance Company","page_number":17,"box":{"x":116,"y":723,"width":295,"height":12}},{"id":"7f199f63-e915-4949-a920-51953d6008fb","block_type":"box","text":"American United Life Insurance Company","page_number":17,"box":{"x":116,"y":739,"width":288,"height":11}},{"id":"f1eda1e6-5af0-466b-a45a-746b7d4345e2","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":17,"box":{"x":116,"y":754,"width":292,"height":12}},{"id":"8b21e0fe-ada3-4fab-8766-890df56f5ffd","block_type":"box","text":"Argent Institutional Trust Company","page_number":17,"box":{"x":116,"y":770,"width":241,"height":11}},{"id":"6cca0a0b-9ace-4ad3-8c34-69d456a1862d","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":17,"box":{"x":116,"y":785,"width":258,"height":11}},{"id":"589cd9d7-1e86-4c43-9c55-2437d1d42bc1","block_type":"box","text":"Ascensus, Inc.","page_number":17,"box":{"x":116,"y":801,"width":96,"height":10}},{"id":"14bbf278-0e02-4251-bda8-f382a442cd9e","block_type":"box","text":"Atomic Brokerage LLC","page_number":17,"box":{"x":116,"y":816,"width":160,"height":12}},{"id":"a303a0dd-0f05-4ebb-8e12-4d4de10ef69c","block_type":"box","text":"Avantax Investment Services, LLC","page_number":17,"box":{"x":116,"y":832,"width":242,"height":10}},{"id":"74835209-10f8-42a4-ad6b-483cf1e6d945","block_type":"box","text":"Bancroft Capital LLC","page_number":17,"box":{"x":116,"y":847,"width":152,"height":12}},{"id":"b1f61624-5686-4f02-8109-8841d51e8192","block_type":"box","text":"Bank of America, N.A.","page_number":17,"box":{"x":116,"y":863,"width":161,"height":10}},{"id":"d4fbc1f2-1384-44c1-a1ae-773339874b3c","block_type":"box","text":"Bank of New York Mellon","page_number":17,"box":{"x":116,"y":878,"width":185,"height":9}},{"id":"43aea458-6438-42de-a2a3-b12f2fd42c3f","block_type":"box","text":"Barclays Capital Inc.","page_number":17,"box":{"x":520,"y":537,"width":146,"height":12}},{"id":"58f70033-e7b4-441f-92e7-d05f3d170796","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":17,"box":{"x":520,"y":553,"width":295,"height":10}},{"id":"7f1a9f8d-2a21-4aa7-a1c0-304cd6865b6f","block_type":"box","text":"Benefit Trust Company","page_number":17,"box":{"x":520,"y":568,"width":163,"height":12}},{"id":"7f192bad-eedf-439c-8ade-0a0c5302776e","block_type":"box","text":"Beta Capital Securities LLC","page_number":17,"box":{"x":520,"y":584,"width":195,"height":11}},{"id":"068c2e63-27b2-46f6-adbc-9a83b9b5c487","block_type":"box","text":"bfinance US Ltd.","page_number":17,"box":{"x":520,"y":599,"width":119,"height":9}},{"id":"c61ce5b0-bf70-4513-a15e-7328b95ca748","block_type":"box","text":"BlackRock Advisors, LLC","page_number":17,"box":{"x":520,"y":615,"width":184,"height":10}},{"id":"5b6c680f-af77-4fcc-935d-19fc213ef393","block_type":"box","text":"BMO Capital Markets Corp.","page_number":17,"box":{"x":520,"y":630,"width":197,"height":12}},{"id":"2f71fab6-031f-48a1-93e4-07b3e25ac797","block_type":"box","text":"BNP Paribas","page_number":17,"box":{"x":520,"y":646,"width":90,"height":9}},{"id":"e00185b3-5c51-4d6c-b3fa-49bde9a0a331","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":17,"box":{"x":520,"y":661,"width":311,"height":9}},{"id":"76ab6311-2514-4b7a-a2ee-667b899ac394","block_type":"box","text":"BNY Mellon, N.A.","page_number":17,"box":{"x":520,"y":677,"width":128,"height":10}},{"id":"83d8833d-dbbc-4afe-b6f9-c193689c3cf3","block_type":"box","text":"BofA Securities, Inc.","page_number":17,"box":{"x":520,"y":692,"width":141,"height":11}},{"id":"c64c957d-59b2-4a4c-9c86-b387aa7d4350","block_type":"box","text":"BOKF, N.A.","page_number":17,"box":{"x":520,"y":708,"width":84,"height":10}},{"id":"e9d3d6fc-2654-4b44-8082-60d36e1e8455","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":17,"box":{"x":520,"y":723,"width":253,"height":12}},{"id":"6e9d9ef3-127c-46cb-8d81-c1beb7fc0fa3","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":17,"box":{"x":520,"y":739,"width":300,"height":11}},{"id":"f64f0d93-8775-42e3-a76a-d73edbbce40e","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":17,"box":{"x":520,"y":754,"width":323,"height":12}},{"id":"0a349298-e52b-45b6-8a1d-ed077b628781","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":17,"box":{"x":520,"y":770,"width":221,"height":9}},{"id":"d382516c-69de-4f76-ab6a-35e83695b259","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":17,"box":{"x":520,"y":785,"width":205,"height":12}},{"id":"a8b44d35-7958-414f-976b-1f5bf9b20134","block_type":"box","text":"Capital One, N.A.","page_number":17,"box":{"x":520,"y":801,"width":121,"height":11}},{"id":"1bedc2aa-bd9f-4ff1-9427-2bc38f0ccffa","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":17,"box":{"x":520,"y":816,"width":207,"height":9}},{"id":"af564bb6-08bf-49b2-a09c-ba277a9c44ec","block_type":"box","text":"Cetera Advisors LLC","page_number":17,"box":{"x":520,"y":832,"width":149,"height":9}},{"id":"bc724856-6d17-4dfe-8569-51aa948676e1","block_type":"box","text":"Cetera Financial Group","page_number":17,"box":{"x":520,"y":847,"width":162,"height":12}},{"id":"5db2364d-6fb6-4fd2-94bd-55e442a01e41","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":17,"box":{"x":520,"y":863,"width":227,"height":11}},{"id":"cb24ebde-5913-47d6-a32a-ed21f5bed333","block_type":"box","text":"Cetera Investment Services LLC","page_number":17,"box":{"x":520,"y":878,"width":225,"height":9}},{"id":"cfbb716e-6285-4741-98d0-f71004801216","block_type":"box","text":"3","page_number":17,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"c6c24a33-2b50-4696-96e9-a67230064664","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":17,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"33f7c093-101c-4d53-a880-82e856ce9061","block_type":"box","text":"CF Secured, LLC","page_number":18,"box":{"x":116,"y":88,"width":123,"height":10}},{"id":"3e6bd880-08c4-4fee-aa7e-3aebeeff9a2c","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":18,"box":{"x":116,"y":103,"width":192,"height":11}},{"id":"e72921ec-45cf-46b8-8786-3c39795ce571","block_type":"box","text":"Charles Schwab Trust Bank","page_number":18,"box":{"x":116,"y":119,"width":192,"height":9}},{"id":"4f48ed72-caa1-46f2-add3-0345448f1542","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":18,"box":{"x":116,"y":134,"width":238,"height":12}},{"id":"9523aadf-f60c-4bee-8399-f3134323117f","block_type":"box","text":"CIM Investment Management, Inc.","page_number":18,"box":{"x":116,"y":150,"width":241,"height":11}},{"id":"b4199405-a994-41d3-9efc-5473fe5ace12","block_type":"box","text":"Citco Securities, LLC","page_number":18,"box":{"x":116,"y":165,"width":151,"height":11}},{"id":"80315faa-28f4-44b6-8025-ad039e5bdc9e","block_type":"box","text":"CitiBank, National Association","page_number":18,"box":{"x":116,"y":181,"width":215,"height":10}},{"id":"eeae89f8-664a-4231-85e1-1bbed7d36db8","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":18,"box":{"x":116,"y":196,"width":212,"height":12}},{"id":"608759f5-b918-4c62-82d5-22e4a4cc81f0","block_type":"box","text":"Citizens Bank","page_number":18,"box":{"x":116,"y":212,"width":99,"height":9}},{"id":"51ecdb53-e523-48bd-81fe-554360d4559b","block_type":"box","text":"Citizens Business Bank","page_number":18,"box":{"x":116,"y":227,"width":163,"height":9}},{"id":"8011ef0f-5e41-4475-8ba7-525da2b86197","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":18,"box":{"x":116,"y":243,"width":231,"height":11}},{"id":"2173a7b9-cf31-461e-a02d-89cf50392579","block_type":"box","text":"CMFG Life Insurance Company","page_number":18,"box":{"x":116,"y":258,"width":223,"height":12}},{"id":"6bd9134d-2aae-4254-beb5-a3a0b88a649b","block_type":"box","text":"Comerica Bank","page_number":18,"box":{"x":116,"y":274,"width":109,"height":9}},{"id":"ccc79e7d-4927-4398-8143-2c13ac71aba8","block_type":"box","text":"Commonwealth Financial Network","page_number":18,"box":{"x":116,"y":289,"width":242,"height":9}},{"id":"cd720df5-4911-4245-a152-3e75eaaa8b35","block_type":"box","text":"Computershare Trust Company","page_number":18,"box":{"x":116,"y":305,"width":216,"height":11}},{"id":"019349a2-0c6f-4dfd-8a0d-e0608f56fbbb","block_type":"box","text":"Conduent HR Services, LLC","page_number":18,"box":{"x":116,"y":320,"width":198,"height":11}},{"id":"87bd489f-b268-4d03-8823-1f09d3fdb730","block_type":"box","text":"Delaware Life Insurance Company","page_number":18,"box":{"x":116,"y":336,"width":240,"height":11}},{"id":"d6d0a154-324b-4ed7-9d01-243f40faca73","block_type":"box","text":"Delaware Trust Company","page_number":18,"box":{"x":116,"y":351,"width":178,"height":12}},{"id":"41a05634-eb20-4b63-ae25-43df8ce251f1","block_type":"box","text":"Deutsche Bank AG","page_number":18,"box":{"x":116,"y":367,"width":135,"height":9}},{"id":"43b60816-29c7-4386-af4a-f9cfd66030c3","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":18,"box":{"x":116,"y":382,"width":285,"height":12}},{"id":"c369ecd0-c13d-4ba1-8e1d-b43ae13ae31d","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":18,"box":{"x":116,"y":398,"width":232,"height":11}},{"id":"ca8f0d71-7628-4388-9b56-cd6cf200d152","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":18,"box":{"x":116,"y":413,"width":328,"height":11}},{"id":"df63a76b-e6fc-4baa-806f-f4c2221ca14a","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":18,"box":{"x":116,"y":429,"width":223,"height":11}},{"id":"590bec01-950b-4fce-8e15-0b3b10579ec4","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":18,"box":{"x":116,"y":444,"width":200,"height":11}},{"id":"78d1eefb-cbab-45f7-aa91-8ec241015395","block_type":"box","text":"Empire Fidelity Investments Life Insurance","page_number":18,"box":{"x":116,"y":460,"width":298,"height":11}},{"id":"922a9f04-cce2-4cb8-9b49-7ebe712524be","block_type":"box","text":"Company","page_number":18,"box":{"x":116,"y":475,"width":69,"height":12}},{"id":"47931f9c-6afe-4854-87fd-5194d20b86f0","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":18,"box":{"x":116,"y":491,"width":349,"height":11}},{"id":"2c155632-c8f1-4a26-bdbe-007c2d9340df","block_type":"box","text":"Empower Financial Services, Inc.","page_number":18,"box":{"x":116,"y":506,"width":232,"height":12}},{"id":"199f3f92-2bef-406a-a535-5a5893b18ee7","block_type":"box","text":"Empower Life & Annuity Insurance Company of","page_number":18,"box":{"x":116,"y":522,"width":336,"height":11}},{"id":"14414210-cb14-42d5-8f92-a83636638f81","block_type":"box","text":"New York","page_number":18,"box":{"x":116,"y":537,"width":74,"height":9}},{"id":"51cf125e-a3e9-42a5-8d14-2f26de1d6b01","block_type":"box","text":"Empower Plan Services, LLC","page_number":18,"box":{"x":116,"y":553,"width":205,"height":11}},{"id":"137604f8-a5ce-4a5e-9e4d-fa3ba971c8aa","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":18,"box":{"x":116,"y":568,"width":238,"height":12}},{"id":"45eab2f7-0e04-4cd4-a45e-64697f5ad565","block_type":"box","text":"Equitable Advisors, LLC","page_number":18,"box":{"x":116,"y":584,"width":174,"height":11}},{"id":"b2baf181-8c96-4914-b55f-87f4745a5013","block_type":"box","text":"Equitable Life Insurance Company","page_number":18,"box":{"x":116,"y":599,"width":240,"height":12}},{"id":"bd0229cf-2684-40e2-80a7-6376e46f61d8","block_type":"box","text":"E*trade Savings Bank","page_number":18,"box":{"x":116,"y":615,"width":154,"height":11}},{"id":"5a9e16a9-e190-47dd-84ba-87b5fcd63757","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":18,"box":{"x":116,"y":630,"width":266,"height":12}},{"id":"4ee25d11-f515-4313-930c-55b6d4708175","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":18,"box":{"x":116,"y":646,"width":228,"height":11}},{"id":"28799fa6-e951-4310-98f4-cfdd162bf6f1","block_type":"box","text":"Fidelity Investments Institutional Operations","page_number":18,"box":{"x":116,"y":661,"width":301,"height":12}},{"id":"95aae3d0-7bef-4acb-8aec-ee77adb21ae9","block_type":"box","text":"Company, Inc.","page_number":18,"box":{"x":116,"y":677,"width":98,"height":11}},{"id":"060fd249-c262-45df-aee6-0098d2d33c08","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":18,"box":{"x":116,"y":692,"width":309,"height":12}},{"id":"c9e633f4-3576-433a-be50-ea379e039328","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":18,"box":{"x":116,"y":708,"width":178,"height":10}},{"id":"1e45fc87-6e9e-4dc8-954b-a50bb7711d91","block_type":"box","text":"First Allied Securities, Inc.","page_number":18,"box":{"x":116,"y":723,"width":181,"height":11}},{"id":"0fec9c5f-3a1c-4dca-85b2-e11cbcaa6cc8","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":18,"box":{"x":116,"y":739,"width":269,"height":11}},{"id":"5778be56-9e37-46a1-8233-1ab832e35f0c","block_type":"box","text":"First Hawaiian Bank","page_number":18,"box":{"x":116,"y":754,"width":139,"height":9}},{"id":"27bd606b-4a32-49b7-9392-b055b30d7a63","block_type":"box","text":"First Republic Bank","page_number":18,"box":{"x":116,"y":770,"width":136,"height":11}},{"id":"8555c4ec-3eb8-41b7-b025-4534dbb5d3c5","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":18,"box":{"x":116,"y":785,"width":335,"height":12}},{"id":"99314ddb-4fa1-4eb6-82af-5a96452cbfb3","block_type":"box","text":"Company of New York","page_number":18,"box":{"x":116,"y":801,"width":158,"height":11}},{"id":"ac84f110-8d96-439c-82aa-c556bb478275","block_type":"box","text":"First Symetra National Life Insurance Company of","page_number":18,"box":{"x":116,"y":816,"width":344,"height":12}},{"id":"2a0aab88-40e2-4017-b448-0246e87487b8","block_type":"box","text":"New York","page_number":18,"box":{"x":116,"y":832,"width":74,"height":9}},{"id":"594edaf7-a340-478a-b611-891ea96bcf3d","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":18,"box":{"x":116,"y":847,"width":262,"height":12}},{"id":"a683575b-1280-4cd6-906f-48345c037c50","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":18,"box":{"x":116,"y":863,"width":288,"height":11}},{"id":"637d9cbb-94d3-4d45-91fb-529e30de8a8b","block_type":"box","text":"FNEX Capital, LLC","page_number":18,"box":{"x":116,"y":878,"width":141,"height":12}},{"id":"37ce6c8c-d849-47ed-8c6a-b8288971d138","block_type":"box","text":"Forethought Life Insurance Company","page_number":18,"box":{"x":520,"y":88,"width":258,"height":11}},{"id":"eec4120e-1219-491f-ad5d-cb9604df2a9e","block_type":"box","text":"FSC Securities Corporation","page_number":18,"box":{"x":520,"y":103,"width":190,"height":12}},{"id":"9beabc5c-baa9-47ee-a166-1e1cf9cf4da0","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":18,"box":{"x":520,"y":119,"width":331,"height":11}},{"id":"cb9bee1f-7ea7-48f7-93fd-1f4721702af2","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":18,"box":{"x":520,"y":134,"width":336,"height":12}},{"id":"24f31de8-18bb-442e-8081-0c6756d1907b","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":18,"box":{"x":520,"y":150,"width":233,"height":10}},{"id":"310f4c2b-be83-4d11-b48f-effbf0ffc589","block_type":"box","text":"Goldman Sachs & Co.","page_number":18,"box":{"x":520,"y":165,"width":156,"height":9}},{"id":"d0567030-80a9-4e04-8abc-46f054c6269e","block_type":"box","text":"Great Pacific Securities, LLC","page_number":18,"box":{"x":520,"y":181,"width":203,"height":10}},{"id":"4635e086-3142-4b33-a8c4-7b0587e1ce78","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":18,"box":{"x":520,"y":196,"width":275,"height":12}},{"id":"a4e6d647-8c6a-41e7-97bd-a9a8ab5f3068","block_type":"box","text":"Hancock Whitney Bank","page_number":18,"box":{"x":520,"y":212,"width":166,"height":11}},{"id":"ce35bea5-6fc5-459f-950b-516ddc0f6b92","block_type":"box","text":"Hartford Funds Management Company","page_number":18,"box":{"x":520,"y":227,"width":269,"height":12}},{"id":"3bf4d22c-9dd8-48e4-b6b1-d6c98ed9c6e1","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":18,"box":{"x":520,"y":243,"width":322,"height":11}},{"id":"db533452-9a92-4a16-8a63-8c5ed3b7d730","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":18,"box":{"x":520,"y":258,"width":203,"height":11}},{"id":"95b22b2d-131b-4c22-bbda-c0441354caaa","block_type":"box","text":"Hightower Securities, Inc.","page_number":18,"box":{"x":520,"y":274,"width":181,"height":11}},{"id":"f56b4806-3322-4bbe-9480-2d8a0ccb4c7c","block_type":"box","text":"Hilltop Securities Inc.","page_number":18,"box":{"x":520,"y":289,"width":152,"height":12}},{"id":"55c44cea-8710-4f2e-bf89-afe07cb038d7","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":18,"box":{"x":520,"y":305,"width":166,"height":10}},{"id":"b8ab2f66-6729-43a0-8054-cffc607f75de","block_type":"box","text":"Huntington Securities, Inc.","page_number":18,"box":{"x":520,"y":320,"width":186,"height":12}},{"id":"02c22078-3580-4386-8aa0-7958455f769b","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":18,"box":{"x":520,"y":336,"width":249,"height":10}},{"id":"59c59089-0985-4bdc-84fa-572bbde5ad0e","block_type":"box","text":"Integrity Life Insurance Company","page_number":18,"box":{"x":520,"y":351,"width":234,"height":12}},{"id":"774023eb-cc79-4ebd-ab64-be14270c19ee","block_type":"box","text":"Interactive Brokers, LLC","page_number":18,"box":{"x":520,"y":367,"width":174,"height":10}},{"id":"fe1b9dec-82b7-413d-882d-4840d5c53692","block_type":"box","text":"Investment Trust of California","page_number":18,"box":{"x":520,"y":382,"width":209,"height":9}},{"id":"dfd9f107-be36-46e2-ac9f-b2f6aa71c2b2","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":18,"box":{"x":520,"y":398,"width":287,"height":11}},{"id":"9d9bdc98-0b2c-418b-8b1f-27a094b431fc","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":18,"box":{"x":520,"y":413,"width":193,"height":12}},{"id":"38a7206c-2632-426f-8b85-38fba2cfbdee","block_type":"box","text":"Jefferies LLC","page_number":18,"box":{"x":520,"y":429,"width":97,"height":9}},{"id":"dd962e03-85a8-4a5f-ad48-70b2699b7781","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":18,"box":{"x":520,"y":444,"width":300,"height":12}},{"id":"43f633f8-f0ad-4d22-ac61-c54c6e2d0281","block_type":"box","text":"Jefferson National Life Insurance Company of","page_number":18,"box":{"x":520,"y":460,"width":318,"height":11}},{"id":"560fa0a8-296c-4019-8d84-9e409496e10e","block_type":"box","text":"New York","page_number":18,"box":{"x":520,"y":475,"width":74,"height":9}},{"id":"a9ed2bd2-1dfc-42a1-b642-74898d85c12d","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":18,"box":{"x":520,"y":491,"width":333,"height":11}},{"id":"1e7be2c1-554a-4f94-b1af-752f43355c42","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":18,"box":{"x":520,"y":506,"width":365,"height":12}},{"id":"af70864e-26a0-4fc0-b74b-7cd238067930","block_type":"box","text":"John Hancock Trust Company","page_number":18,"box":{"x":520,"y":522,"width":209,"height":11}},{"id":"ffbcc80c-3b82-4664-9ff4-0c7cf9af4cf6","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":18,"box":{"x":520,"y":537,"width":199,"height":12}},{"id":"92912442-192f-4929-8b01-ed05c3acf49a","block_type":"box","text":"Kestra Investment Services, LLC","page_number":18,"box":{"x":520,"y":553,"width":229,"height":10}},{"id":"f85226d1-6306-4c32-97ec-39656adf8221","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":18,"box":{"x":520,"y":568,"width":274,"height":12}},{"id":"57545c89-b68e-4d16-93b1-e04c0b48321d","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":18,"box":{"x":520,"y":584,"width":280,"height":11}},{"id":"325bae56-34aa-4232-a744-71cb21567771","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":18,"box":{"x":520,"y":599,"width":328,"height":12}},{"id":"8208ecd9-10a3-4d7b-b5a7-decad0e9a1ec","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":18,"box":{"x":520,"y":615,"width":290,"height":11}},{"id":"15b84b6e-3578-4bfb-8bcb-e495b4620db8","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":18,"box":{"x":520,"y":630,"width":233,"height":9}},{"id":"61680af0-e2f3-4e95-8627-cf606f646022","block_type":"box","text":"Lombard International Life Assurance Company","page_number":18,"box":{"x":520,"y":646,"width":333,"height":11}},{"id":"cd375ea5-503d-4c04-90aa-61e759a5a8d9","block_type":"box","text":"LPL Financial LLC","page_number":18,"box":{"x":520,"y":661,"width":132,"height":9}},{"id":"0b0cb147-fa2e-47ec-a69b-b0fb64ab3690","block_type":"box","text":"M&T Securities Inc.","page_number":18,"box":{"x":520,"y":677,"width":138,"height":9}},{"id":"ef763f08-d01d-4fbd-b16c-d3cb68f9d335","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":18,"box":{"x":520,"y":692,"width":291,"height":12}},{"id":"82c02e6a-619d-45b1-850d-2005f24feaf0","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":18,"box":{"x":520,"y":708,"width":321,"height":11}},{"id":"bcbb2afb-98fe-43d7-a150-055253ec02d0","block_type":"box","text":"Members Life Insurance Company","page_number":18,"box":{"x":520,"y":723,"width":235,"height":12}},{"id":"cf12b3fe-b6d3-4110-8e92-f6bc9551dd08","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":18,"box":{"x":520,"y":739,"width":353,"height":11}},{"id":"1dedbdcc-82a4-4be8-8dfd-232225c9590c","block_type":"box","text":"Metavante Corporation","page_number":18,"box":{"x":520,"y":754,"width":156,"height":12}},{"id":"df9ea49a-3dbd-4d5a-9661-b7dd28307910","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":18,"box":{"x":520,"y":770,"width":259,"height":11}},{"id":"b213e1e7-54c1-4db5-aba2-b659c956d401","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":18,"box":{"x":520,"y":785,"width":328,"height":12}},{"id":"65f4c84e-ec7d-4c57-ac45-33038dc3f866","block_type":"box","text":"Midland Life Insurance Company","page_number":18,"box":{"x":520,"y":801,"width":228,"height":11}},{"id":"9a04a7b7-8d5a-46f7-bc3b-cc80059680ef","block_type":"box","text":"Minnesota Life Insurance Company","page_number":18,"box":{"x":520,"y":816,"width":242,"height":12}},{"id":"a415c21d-b605-499a-aeb2-ff16fdeeede6","block_type":"box","text":"Mischler Financial Group","page_number":18,"box":{"x":520,"y":832,"width":178,"height":11}},{"id":"5f7674be-e6e4-4598-b94e-a87d5d6b351a","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":18,"box":{"x":520,"y":847,"width":195,"height":9}},{"id":"3e2f75d2-4dc9-4bd3-a112-a533161c4323","block_type":"box","text":"MML Distributors, LLC","page_number":18,"box":{"x":520,"y":863,"width":169,"height":10}},{"id":"319683b3-58c3-45dc-929e-233ab8871f4e","block_type":"box","text":"MML Investors Services, LLC","page_number":18,"box":{"x":520,"y":878,"width":212,"height":11}},{"id":"27f14875-6379-4750-8cf6-50dbfa659dc9","block_type":"box","text":"4","page_number":18,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"52682a80-ea94-4a0d-9779-1a32a0ef637c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":18,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4f6a3edb-61bb-4f9e-b1c5-7906636880a8","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":19,"box":{"x":116,"y":88,"width":193,"height":11}},{"id":"076f425a-6272-447f-9aa1-5d895d7cdfaa","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":19,"box":{"x":116,"y":103,"width":232,"height":12}},{"id":"207c879d-a865-47ae-8e68-2f66ac1b7c4c","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":19,"box":{"x":116,"y":119,"width":245,"height":11}},{"id":"cc09297c-3723-48da-9bdb-c0ab65869d1b","block_type":"box","text":"MUFG Union Bank, National Association","page_number":19,"box":{"x":116,"y":134,"width":289,"height":11}},{"id":"873505f8-3086-451b-a7cc-7164c57ef559","block_type":"box","text":"Nassau Life Insurance Company","page_number":19,"box":{"x":116,"y":150,"width":224,"height":11}},{"id":"b774b340-2778-4693-a1ea-583a05794568","block_type":"box","text":"National Financial Services LLC","page_number":19,"box":{"x":116,"y":165,"width":226,"height":9}},{"id":"d2ab3bb1-da7b-48d0-a91b-125475c8a180","block_type":"box","text":"National Integrity Life Insurance Company","page_number":19,"box":{"x":116,"y":181,"width":296,"height":11}},{"id":"5a9d4855-0a5d-40a7-8724-399c385121bb","block_type":"box","text":"National Life Insurance Company","page_number":19,"box":{"x":116,"y":196,"width":234,"height":12}},{"id":"5f8e320e-790b-4cbd-ae38-6281a9e5291e","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":19,"box":{"x":116,"y":212,"width":245,"height":10}},{"id":"e14ed0a5-6b83-4733-8c34-319847b9dbdd","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":19,"box":{"x":116,"y":227,"width":242,"height":9}},{"id":"c57d401b-851f-43c9-9d04-972ea5b65a63","block_type":"box","text":"Nationwide Retirement Solutions","page_number":19,"box":{"x":116,"y":243,"width":230,"height":9}},{"id":"d1e1a416-4062-4f06-8cf8-55cd2e6a9d0e","block_type":"box","text":"NCB Federal Savings Bank","page_number":19,"box":{"x":116,"y":258,"width":191,"height":12}},{"id":"8b2edbd3-9dc9-4090-bf57-8387a96f8825","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":19,"box":{"x":116,"y":274,"width":288,"height":11}},{"id":"7220eec3-f75e-4c3e-8b94-d8a3e5abf966","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":19,"box":{"x":116,"y":289,"width":350,"height":12}},{"id":"84bb30c2-a38c-4fc5-815d-0d7d69c3d69d","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":19,"box":{"x":116,"y":305,"width":237,"height":11}},{"id":"e11ed5f6-431c-4d95-99f0-5c49a8cb10df","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":19,"box":{"x":116,"y":320,"width":249,"height":12}},{"id":"79eb7a8a-7916-41f6-93a5-bed84c25afc4","block_type":"box","text":"Northern Trust Company","page_number":19,"box":{"x":116,"y":336,"width":174,"height":11}},{"id":"56a4655e-4a19-4a4e-b1cc-41915ced3fb3","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":19,"box":{"x":116,"y":351,"width":329,"height":11}},{"id":"a4bb2fa8-2862-4e9b-9c66-0307898aa3d1","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":19,"box":{"x":116,"y":367,"width":320,"height":11}},{"id":"4e1bf510-bc31-41b9-88f6-e5156735e161","block_type":"box","text":"NYLife Distributors LLC","page_number":19,"box":{"x":116,"y":382,"width":177,"height":9}},{"id":"eefc26ad-e8e4-4874-a135-aceee5e20ee4","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":19,"box":{"x":116,"y":398,"width":175,"height":11}},{"id":"0dad49ef-93b3-4025-a654-3ed70f5d3f51","block_type":"box","text":"Orion Advisor Services, LLC","page_number":19,"box":{"x":116,"y":413,"width":203,"height":11}},{"id":"b1117d13-5ea0-48df-87fa-057e0d7ec1df","block_type":"box","text":"Osaic Wealth, Inc.","page_number":19,"box":{"x":116,"y":429,"width":129,"height":10}},{"id":"19f5bbe3-6e0b-49c7-b7da-3cd4212b3023","block_type":"box","text":"Pacific Life & Annuity Company","page_number":19,"box":{"x":116,"y":444,"width":230,"height":12}},{"id":"f389d4a1-f07e-4952-aeb0-0db14d314b37","block_type":"box","text":"Pacific Life Insurance Company","page_number":19,"box":{"x":116,"y":460,"width":223,"height":11}},{"id":"768f2c6c-5414-4e85-9aa3-95416c892dc3","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":19,"box":{"x":116,"y":475,"width":221,"height":11}},{"id":"9194555c-a04b-4298-9b4a-13fe6977d650","block_type":"box","text":"Park Avenue Securities LLC","page_number":19,"box":{"x":116,"y":491,"width":198,"height":9}},{"id":"7eb4e5aa-eeb0-48b0-8064-9266a4d23018","block_type":"box","text":"Penserra Securities LLC","page_number":19,"box":{"x":116,"y":506,"width":169,"height":9}},{"id":"3f78a228-f45a-49af-8eac-a397be71dbde","block_type":"box","text":"Pershing LLC","page_number":19,"box":{"x":116,"y":522,"width":99,"height":11}},{"id":"c6b13c26-9bd3-4ffb-86c8-feb3dfebc7ed","block_type":"box","text":"PFPC Inc.","page_number":19,"box":{"x":116,"y":537,"width":73,"height":9}},{"id":"b071ed35-12b5-4838-b711-ec0566311c53","block_type":"box","text":"Piper Jaffray & Co.","page_number":19,"box":{"x":116,"y":553,"width":136,"height":11}},{"id":"e8612b36-acd5-4a46-9a76-6815db75ecf1","block_type":"box","text":"PNC Bank, National Association","page_number":19,"box":{"x":116,"y":568,"width":226,"height":11}},{"id":"3ce9499b-0728-4e8e-a6ec-e58adb1377b0","block_type":"box","text":"PNC Capital Markets LLC","page_number":19,"box":{"x":116,"y":584,"width":185,"height":11}},{"id":"7b60b1aa-0487-4649-aaf6-6ba8123e7530","block_type":"box","text":"PNC Investments LLC","page_number":19,"box":{"x":116,"y":599,"width":158,"height":9}},{"id":"0f3d398f-8b06-4a7e-8155-79e2edb8d9e4","block_type":"box","text":"Principal Bank","page_number":19,"box":{"x":116,"y":615,"width":105,"height":11}},{"id":"3c8ee18c-0075-4e35-9a2a-0e48cde67432","block_type":"box","text":"Principal Life Insurance Company","page_number":19,"box":{"x":116,"y":630,"width":237,"height":12}},{"id":"18f7f979-ea84-41a0-b582-b444cee4e3bc","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":19,"box":{"x":116,"y":646,"width":332,"height":11}},{"id":"852f5d5b-5e13-4fe6-949c-a7d41f76414f","block_type":"box","text":"Protective Life Insurance Company","page_number":19,"box":{"x":116,"y":661,"width":239,"height":12}},{"id":"fed7e58f-0bb9-4cca-bb32-e22715408586","block_type":"box","text":"Pruco Life Insurance Company","page_number":19,"box":{"x":116,"y":677,"width":210,"height":11}},{"id":"bf3a304c-ae1e-487a-b035-b22dd336c9e8","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":19,"box":{"x":116,"y":692,"width":311,"height":12}},{"id":"89c854ed-d516-4142-8fb1-8ae274c8100f","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":19,"box":{"x":116,"y":708,"width":257,"height":10}},{"id":"7ec57d35-cca2-421f-abcd-222171369557","block_type":"box","text":"Prudential Insurance Company of America","page_number":19,"box":{"x":116,"y":723,"width":289,"height":12}},{"id":"dd277753-50c9-45e1-93d6-2f07df598506","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":19,"box":{"x":116,"y":739,"width":237,"height":11}},{"id":"c51ef703-fce5-47a5-821d-f91c42f2bd5f","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":19,"box":{"x":116,"y":754,"width":272,"height":12}},{"id":"1f83fb62-4c91-4423-8e7c-e9f81cbd47d7","block_type":"box","text":"RBC Capital Markets, LLC","page_number":19,"box":{"x":116,"y":770,"width":185,"height":11}},{"id":"eee5d4e3-2bb0-4e03-89d9-5b52e97e5859","block_type":"box","text":"Regions Bank","page_number":19,"box":{"x":116,"y":785,"width":95,"height":12}},{"id":"918d120b-52e2-46b3-905e-dfa9cb5ccb5a","block_type":"box","text":"Reliance Trust Company","page_number":19,"box":{"x":116,"y":801,"width":168,"height":11}},{"id":"62074e1d-9ba1-4966-83fd-cf244d427b5b","block_type":"box","text":"Reliastar Life Insurance Company","page_number":19,"box":{"x":116,"y":816,"width":231,"height":12}},{"id":"4722edd5-a1e2-4045-83a8-d8ba888aacac","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":19,"box":{"x":116,"y":832,"width":329,"height":11}},{"id":"ac55f378-8c1b-4e4f-bafd-34fe628c360a","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":19,"box":{"x":116,"y":847,"width":207,"height":11}},{"id":"3deb24ee-5f37-46a6-8907-d9c56efb2f08","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":19,"box":{"x":116,"y":863,"width":311,"height":9}},{"id":"9c0763af-b1b9-4d3c-aac0-508623e08e30","block_type":"box","text":"RiverSource Life Insurance Company","page_number":19,"box":{"x":116,"y":878,"width":260,"height":12}},{"id":"f8bc30e1-986c-4d2d-acff-5c9b27713668","block_type":"box","text":"SagePoint Financial, Inc.","page_number":19,"box":{"x":520,"y":88,"width":173,"height":11}},{"id":"d5c9bb5e-3dfb-4078-be14-77fdbb817f2e","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":19,"box":{"x":520,"y":103,"width":252,"height":11}},{"id":"9f391f04-12a1-437e-a206-9070501ee739","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":19,"box":{"x":520,"y":119,"width":212,"height":11}},{"id":"6647dbb5-a525-4ae2-ad77-a47dadf980a7","block_type":"box","text":"Santander Bank, N.A.","page_number":19,"box":{"x":520,"y":134,"width":152,"height":11}},{"id":"7f242382-1777-40d6-950d-401e9455ba1a","block_type":"box","text":"Saturna Trust Company","page_number":19,"box":{"x":520,"y":150,"width":165,"height":11}},{"id":"0536fa99-a944-46f2-abce-5f0f8e6c0977","block_type":"box","text":"Securities America, Inc.","page_number":19,"box":{"x":520,"y":165,"width":167,"height":11}},{"id":"2d12092f-e32f-4749-987f-06e5696770ce","block_type":"box","text":"Securities Finance Trust Company","page_number":19,"box":{"x":520,"y":181,"width":238,"height":11}},{"id":"4cf8b6fa-04e5-40e1-95b3-a3fbb690c9ac","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":19,"box":{"x":520,"y":196,"width":286,"height":12}},{"id":"467fdbd4-2e9e-4686-baf3-e6b5e23840c9","block_type":"box","text":"Security Financial Resources, Inc.","page_number":19,"box":{"x":520,"y":212,"width":235,"height":11}},{"id":"cb14f398-0161-436c-a01c-9ac1d7455842","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":19,"box":{"x":520,"y":227,"width":304,"height":12}},{"id":"e2cacb5c-0c8f-43a3-8462-8d1f425bffd4","block_type":"box","text":"SEI Private Trust Company","page_number":19,"box":{"x":520,"y":243,"width":191,"height":11}},{"id":"9a8d8476-d48e-4894-8db1-bccbdbf152e4","block_type":"box","text":"SG Americas Securities, LLC","page_number":19,"box":{"x":520,"y":258,"width":205,"height":11}},{"id":"ead7585e-8bc2-4787-86d5-929e22130ddb","block_type":"box","text":"Silicon Valley Bank","page_number":19,"box":{"x":520,"y":274,"width":141,"height":11}},{"id":"f3c824a5-86b2-448d-b86a-bbc44c46652c","block_type":"box","text":"Standard Insurance Company","page_number":19,"box":{"x":520,"y":289,"width":203,"height":12}},{"id":"906ecfc6-1b84-4672-92a1-6c94b8007524","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":19,"box":{"x":520,"y":305,"width":347,"height":11}},{"id":"b8edea2c-bc1a-4ba5-886a-afd206991513","block_type":"box","text":"State Farm Life Insurance Company","page_number":19,"box":{"x":520,"y":320,"width":249,"height":12}},{"id":"20a882f5-827e-4a11-a231-56191a418d80","block_type":"box","text":"State Farm VP Management Corp.","page_number":19,"box":{"x":520,"y":336,"width":237,"height":11}},{"id":"d46813a8-4c12-4752-a7ed-c2dcec40c19a","block_type":"box","text":"State Street Bank and Trust Company","page_number":19,"box":{"x":520,"y":351,"width":259,"height":12}},{"id":"4df66572-a0f9-45c5-b3b1-a3c6cab7ef14","block_type":"box","text":"State Street Global Markets, LLC","page_number":19,"box":{"x":520,"y":367,"width":231,"height":10}},{"id":"060bd67a-4d61-49bd-8a60-91b02b60a328","block_type":"box","text":"Stern Brothers & Co.","page_number":19,"box":{"x":520,"y":382,"width":147,"height":9}},{"id":"1d38e579-a450-4ba4-ae12-6ad98e75115c","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":19,"box":{"x":520,"y":398,"width":290,"height":11}},{"id":"abff9588-e173-4187-a597-649c9aa7e905","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":19,"box":{"x":520,"y":413,"width":227,"height":12}},{"id":"b55cb70f-daa6-40e5-a164-0961e828ffa9","block_type":"box","text":"SVB Asset Management","page_number":19,"box":{"x":520,"y":429,"width":170,"height":11}},{"id":"078bad8d-128b-4c88-8a10-9d2e4358c527","block_type":"box","text":"Symetra Life Insurance Company","page_number":19,"box":{"x":520,"y":444,"width":232,"height":12}},{"id":"9835622b-dbe4-48a2-9e7c-601c444bed11","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":19,"box":{"x":520,"y":460,"width":200,"height":11}},{"id":"5253a56d-00ff-4191-b4e0-53b559c85930","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":19,"box":{"x":520,"y":475,"width":310,"height":11}},{"id":"a07727e4-5bcd-40ac-888d-6c26e7511aae","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance","page_number":19,"box":{"x":520,"y":491,"width":319,"height":11}},{"id":"d0e04aad-c1e1-481c-8368-729bab88be21","block_type":"box","text":"Company","page_number":19,"box":{"x":520,"y":506,"width":69,"height":12}},{"id":"61a7dd4d-e83b-41ea-8a04-5c18dbdb487f","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":19,"box":{"x":520,"y":522,"width":301,"height":11}},{"id":"0c446643-c756-4732-a8ee-79d9a3b259d4","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":19,"box":{"x":520,"y":537,"width":204,"height":12}},{"id":"15de5b01-2223-42a9-aad2-fee6667b19c5","block_type":"box","text":"TD Ameritrade, Inc.","page_number":19,"box":{"x":520,"y":553,"width":141,"height":10}},{"id":"2e8ebfb9-65fe-4639-886f-73457e797b11","block_type":"box","text":"TD Prime Services (US) LLC","page_number":19,"box":{"x":520,"y":568,"width":205,"height":11}},{"id":"0ea92115-21d2-4b51-aa60-520ab1a63907","block_type":"box","text":"Teachers Insurance and Annuity Association of","page_number":19,"box":{"x":520,"y":584,"width":325,"height":11}},{"id":"f3727ae1-2aab-48b7-a0a3-b25a3cb70124","block_type":"box","text":"America","page_number":19,"box":{"x":520,"y":599,"width":62,"height":9}},{"id":"84b24721-d933-4ee2-aace-6bfc2f30efae","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":19,"box":{"x":520,"y":615,"width":220,"height":11}},{"id":"86548213-f4d1-463f-99ab-9309588e9a6c","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":19,"box":{"x":520,"y":630,"width":335,"height":12}},{"id":"ab8d695b-fce4-4198-97bd-4421c29716aa","block_type":"box","text":"Transamerica Life Insurance Company","page_number":19,"box":{"x":520,"y":646,"width":268,"height":11}},{"id":"f15f954e-7016-42c4-a2a5-d7eae8e7c7f7","block_type":"box","text":"Treasury Brokerage","page_number":19,"box":{"x":520,"y":661,"width":134,"height":12}},{"id":"cdd10b90-6140-4f97-b833-a45703c00f7f","block_type":"box","text":"Triad Advisors, LLC","page_number":19,"box":{"x":520,"y":677,"width":141,"height":10}},{"id":"6233bda9-5f92-4176-a6b3-8de624cf9351","block_type":"box","text":"Truist Bank","page_number":19,"box":{"x":520,"y":692,"width":80,"height":9}},{"id":"bac92b87-abf5-4451-9b13-5c5f7119165c","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":19,"box":{"x":520,"y":708,"width":210,"height":11}},{"id":"3351aad7-06a3-4860-a0b3-36d962a2859f","block_type":"box","text":"U.S. Bank, National Association","page_number":19,"box":{"x":520,"y":723,"width":219,"height":11}},{"id":"9299e94d-01db-4b85-b07d-82bd0569e704","block_type":"box","text":"UBATCO & Co.","page_number":19,"box":{"x":520,"y":739,"width":113,"height":9}},{"id":"c2c2822c-5cf7-4ee6-83dc-b21d726eaceb","block_type":"box","text":"UBS Financial Services, Inc.","page_number":19,"box":{"x":520,"y":754,"width":194,"height":11}},{"id":"22a682c6-5e5c-477b-b13a-8abcf0e881e6","block_type":"box","text":"UBS Securities LLC","page_number":19,"box":{"x":520,"y":770,"width":139,"height":9}},{"id":"ade23366-ebd1-4f85-9b2c-598ef99364e4","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":19,"box":{"x":520,"y":785,"width":200,"height":11}},{"id":"c557499c-90ed-4a5d-bbe5-8fead4787359","block_type":"box","text":"UMB Bank, National Association","page_number":19,"box":{"x":520,"y":801,"width":228,"height":10}},{"id":"86384ca6-9c0b-4cdf-99a3-9715db7e7e85","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":19,"box":{"x":520,"y":816,"width":356,"height":12}},{"id":"a3e8e55e-3fcc-4e97-b368-4e71f6177c3c","block_type":"box","text":"New York","page_number":19,"box":{"x":520,"y":832,"width":74,"height":9}},{"id":"b5ef2c3c-1ddf-4d59-9545-7e80c46e16fb","block_type":"box","text":"VALIC Retirement Services Company","page_number":19,"box":{"x":520,"y":847,"width":266,"height":12}},{"id":"61a3fa4a-98e3-42e0-a22f-d41832ab8324","block_type":"box","text":"Vanguard Group, Inc.","page_number":19,"box":{"x":520,"y":863,"width":152,"height":11}},{"id":"a0e78cde-95ee-4aed-bc1c-9158c6f72ed6","block_type":"box","text":"Vanguard Marketing Corporation","page_number":19,"box":{"x":520,"y":878,"width":230,"height":12}},{"id":"675aa43f-59af-48be-b361-d5d39a7f12c8","block_type":"box","text":"5","page_number":19,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"a0a0280b-8050-4a43-a6f7-f4dccecd09de","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":19,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ec0598f0-3713-40cf-ac4b-5b28821fd684","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":20,"box":{"x":116,"y":88,"width":207,"height":11}},{"id":"a8afd7d9-c333-441d-9e32-98f3d1b36b7c","block_type":"box","text":"Voya Financial Partners, LLC","page_number":20,"box":{"x":116,"y":103,"width":207,"height":12}},{"id":"8a07ca26-2349-4b6f-bf37-1bc967f2c4cd","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":20,"box":{"x":116,"y":119,"width":262,"height":11}},{"id":"f7286d42-d1d4-43e1-b374-7da8675c16f0","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":20,"box":{"x":116,"y":134,"width":268,"height":12}},{"id":"5fc95303-6636-4bdb-9e04-2c710bf299e2","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":20,"box":{"x":116,"y":150,"width":245,"height":11}},{"id":"4a2c4e6a-b6d0-497d-bdb2-d7ff6a8e5b83","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":20,"box":{"x":116,"y":165,"width":347,"height":12}},{"id":"09f97f0f-31ed-4938-82b9-f9137d4d18ec","block_type":"box","text":"Waddell & Reed, Inc.","page_number":20,"box":{"x":116,"y":181,"width":151,"height":10}},{"id":"cabcff64-11ba-411c-87a4-72f4ed77627a","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":20,"box":{"x":116,"y":196,"width":192,"height":12}},{"id":"e6057bd7-ccd5-4e10-a653-089466a9f79f","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":20,"box":{"x":520,"y":88,"width":322,"height":11}},{"id":"5e6d1ef2-eff3-4f60-806b-6d05dfcda92f","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":20,"box":{"x":520,"y":103,"width":168,"height":12}},{"id":"4f685bdf-50c4-47f2-8250-700ccc586dca","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":20,"box":{"x":520,"y":119,"width":251,"height":11}},{"id":"1c8bace5-c96d-4479-a53d-aff0512ea291","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":20,"box":{"x":520,"y":134,"width":213,"height":12}},{"id":"3ea298ce-31b6-4689-880b-6b8cb1499774","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":20,"box":{"x":520,"y":150,"width":198,"height":11}},{"id":"f6e98f45-139d-4d26-9692-c706d5ac9f70","block_type":"box","text":"Wilmington Trust, National Association","page_number":20,"box":{"x":520,"y":165,"width":275,"height":12}},{"id":"ec218a0a-a3be-468a-9a43-d5830d98bf65","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":20,"box":{"x":520,"y":181,"width":238,"height":11}},{"id":"fe46ef25-d5a3-4317-b4ad-f717c45e4dd2","block_type":"box","text":"ZB, National Association","page_number":20,"box":{"x":520,"y":196,"width":176,"height":11}},{"id":"43f39428-eb7b-44df-ab1a-5e8c143fe0e4","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":20,"box":{"x":267,"y":227,"width":470,"height":12}},{"id":"b420e53a-781c-4f2b-a6a9-f98b222043a0","block_type":"box","text":"SAI-GLOBAL-0326SUP","page_number":20,"box":{"x":116,"y":258,"width":175,"height":9}},{"id":"c4d09a68-97e4-45e3-8b82-d1352b5d46c3","block_type":"box","text":"6","page_number":20,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"85617e8d-0b66-4882-9721-ee2726b95c44","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":20,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"75fa2ef9-5dfa-4388-b97d-1ac6d07d1462","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":21,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"d76ef60d-29cd-49de-83f3-3bdb1500b3a4","block_type":"box","text":"BLACKROCK FUNDS II","page_number":21,"box":{"x":345,"y":120,"width":288,"height":14}},{"id":"f9311fe8-c47b-46ca-a04c-ee7502950362","block_type":"box","text":"BlackRock 20/80 Target Allocation Fund","page_number":21,"box":{"x":339,"y":149,"width":301,"height":11}},{"id":"50e9d862-c24d-41fa-bba7-4e71a34532a1","block_type":"box","text":"BlackRock 40/60 Target Allocation Fund","page_number":21,"box":{"x":339,"y":164,"width":301,"height":11}},{"id":"e9286b51-41ba-4087-a288-dbb6c6821dc7","block_type":"box","text":"BlackRock 60/40 Target Allocation Fund","page_number":21,"box":{"x":339,"y":180,"width":301,"height":11}},{"id":"dd1eae42-c012-41c0-9237-2c86aa0d361a","block_type":"box","text":"BlackRock 80/20 Target Allocation Fund","page_number":21,"box":{"x":339,"y":195,"width":301,"height":11}},{"id":"1e958486-5f33-43ea-b898-af5aee16e0fc","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":21,"box":{"x":118,"y":221,"width":742,"height":15}},{"id":"14099aac-ce86-4976-a526-0df16c2fa870","block_type":"box","text":"This Statement of Additional Information of BlackRock 20/80 Target Allocation Fund, BlackRock 40/60","page_number":21,"box":{"x":101,"y":279,"width":787,"height":12}},{"id":"57200d02-e66d-49e1-9b19-d6e29f3c174b","block_type":"box","text":"Target Allocation Fund, BlackRock 60/40 Target Allocation Fund and BlackRock 80/20 Target Allocation Fund","page_number":21,"box":{"x":68,"y":294,"width":837,"height":12}},{"id":"26519cb7-85a9-4723-927b-7732a5df1152","block_type":"box","text":"(collectively, the “Funds” and each, a “Fund”), each a series of BlackRock Funds II (the “Trust”), is not a","page_number":21,"box":{"x":69,"y":309,"width":774,"height":12}},{"id":"3f6a201e-a411-4ab7-b5a7-b35c0a5e7bb5","block_type":"box","text":"prospectus and should be read in conjunction with the Prospectuses of the Funds, dated January 28, 2026, as","page_number":21,"box":{"x":70,"y":324,"width":838,"height":12}},{"id":"f644a806-baf8-4a2b-974a-ee28ea2ea0e8","block_type":"box","text":"they may be amended or supplemented from time to time (each, a “Prospectus” and collectively, the","page_number":21,"box":{"x":69,"y":339,"width":759,"height":12}},{"id":"8f34dab8-cd9a-4846-9693-85d99766c9f0","block_type":"box","text":"“Prospectuses”), which have been filed with the Securities and Exchange Commission (the “Commission” or","page_number":21,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"0b5f55b8-db68-4960-9038-47f69b91cdc7","block_type":"box","text":"the “SEC”) and can be obtained, without charge, by calling (800) 441-7762 or by writing to the Funds at the","page_number":21,"box":{"x":69,"y":369,"width":818,"height":12}},{"id":"97db8ca4-5e37-4a82-96ef-f5cbac14b5e6","block_type":"box","text":"above address. The Funds’ Prospectuses are incorporated by reference into this Statement of Additional","page_number":21,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"bb917571-4f5f-45db-b399-b6feeed5d8f9","block_type":"box","text":"Information, and Part I of this Statement of Additional Information and the portions of Part II of this","page_number":21,"box":{"x":70,"y":400,"width":756,"height":11}},{"id":"39355420-748b-41c9-b40d-f5c304818c9e","block_type":"box","text":"Statement of Additional Information that relate to the Funds have been incorporated by reference into the","page_number":21,"box":{"x":69,"y":415,"width":806,"height":12}},{"id":"b37bcca7-b8a1-4b14-b9af-a688cd465697","block_type":"box","text":"Funds’ Prospectuses. The portions of Part II of this Statement of Additional Information that do not relate to","page_number":21,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"27cdaac6-2b52-4d54-9b61-a5b54a192998","block_type":"box","text":"the Funds do not form a part of the Funds’ Statement of Additional Information, have not been incorporated","page_number":21,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"578ee095-f423-47c0-8cd9-85c666268b31","block_type":"box","text":"by reference into the Funds’ Prospectuses and should not be relied upon by investors in the Funds. The","page_number":21,"box":{"x":70,"y":460,"width":784,"height":12}},{"id":"65722516-b417-450d-86de-bde62fc93e49","block_type":"box","text":"audited financial statements of the Funds are incorporated into this Statement of Additional Information by","page_number":21,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"4f40222c-a48b-4595-9d58-39025d2f4d7e","block_type":"box","text":"reference to the Funds’ Annual Financial Statements and Additional Information (the “Annual Financial","page_number":21,"box":{"x":70,"y":490,"width":785,"height":11}},{"id":"3896660a-cbb8-49ce-afd3-a683a8aa149d","block_type":"box","text":"Statements”) for the fiscal year ended September 30, 2025, as filed with the SEC on Form N-CSR (the “2025","page_number":21,"box":{"x":69,"y":505,"width":821,"height":12}},{"id":"c465fd89-d4d0-4702-bdfd-32a23980a4b7","block_type":"box","text":"Annual Financial Statements”). You may request a copy of the Annual Report at no charge by calling","page_number":21,"box":{"x":68,"y":521,"width":761,"height":11}},{"id":"ebfbce06-c25d-454e-9c2e-44c9143addb6","block_type":"box","text":"(800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":21,"box":{"x":69,"y":536,"width":637,"height":12}},{"id":"4f6f242e-855a-490d-8d97-b0b3335733f1","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":558,"width":767,"height":12}},{"id":"b590e039-88c6-43e7-bff0-a11dbb142a92","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"549a539b-821a-43fd-91d1-52f94e27ea98","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":589,"width":837,"height":11}},{"id":"ceeaf9dc-b102-4691-ac87-13d768eb6bbd","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":604,"width":749,"height":11}},{"id":"cf42a417-a999-4264-824b-3e9b6ba8402a","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":619,"width":274,"height":12}},{"id":"b1959512-3938-47c2-9a7c-be1ec720b663","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":698,"y":647,"width":81,"height":9}},{"id":"79e09506-9844-4c50-860e-a8e33858a190","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":706,"width":31,"height":7}},{"id":"ed6626dc-3446-4006-b0d3-c778010fa84e","block_type":"box","text":"BlackRock","page_number":21,"box":{"x":569,"y":666,"width":62,"height":7}},{"id":"61de78d5-e41c-4f7b-aff3-0f1f671858c3","block_type":"box","text":"20/80","page_number":21,"box":{"x":581,"y":676,"width":38,"height":9}},{"id":"bbfebd6b-7668-4396-aa8e-e8e4fb9802d6","block_type":"box","text":"Target","page_number":21,"box":{"x":581,"y":686,"width":37,"height":9}},{"id":"270e9795-44dd-4844-acc9-fecdd370545f","block_type":"box","text":"Allocation","page_number":21,"box":{"x":570,"y":696,"width":58,"height":7}},{"id":"423aa2bc-85de-4922-85ad-6e1d28612b52","block_type":"box","text":"Fund","page_number":21,"box":{"x":586,"y":706,"width":27,"height":7}},{"id":"06306c3b-f7eb-4221-8747-9f938f18ae2c","block_type":"box","text":"BlackRock","page_number":21,"box":{"x":662,"y":666,"width":62,"height":7}},{"id":"b16f5528-ddf9-4e98-b67f-6168d3e08c4d","block_type":"box","text":"40/60","page_number":21,"box":{"x":673,"y":676,"width":39,"height":9}},{"id":"a5c0c0c1-5131-4f30-8b59-9acfb28177aa","block_type":"box","text":"Target","page_number":21,"box":{"x":674,"y":686,"width":37,"height":9}},{"id":"c47c63ad-6a9f-47f0-a25f-cd85802a4d80","block_type":"box","text":"Allocation","page_number":21,"box":{"x":663,"y":696,"width":58,"height":7}},{"id":"91446bf0-17f2-430e-9011-8de741debdf1","block_type":"box","text":"Fund","page_number":21,"box":{"x":679,"y":706,"width":27,"height":7}},{"id":"8f828eaa-9e83-4ffc-96da-344252bd83a8","block_type":"box","text":"BlackRock","page_number":21,"box":{"x":754,"y":666,"width":63,"height":7}},{"id":"0161a85b-835f-4243-aeb8-5f07feb9da06","block_type":"box","text":"60/40","page_number":21,"box":{"x":766,"y":676,"width":38,"height":9}},{"id":"afc4c574-202e-4fe7-b481-cfde9190729c","block_type":"box","text":"Target","page_number":21,"box":{"x":767,"y":686,"width":36,"height":9}},{"id":"d0077ff7-2844-483e-b2ef-7aea0580e142","block_type":"box","text":"Allocation","page_number":21,"box":{"x":756,"y":696,"width":58,"height":7}},{"id":"4b366596-d2de-4ded-9d86-0affe86d64e6","block_type":"box","text":"Fund","page_number":21,"box":{"x":772,"y":706,"width":27,"height":7}},{"id":"e51fa0e7-2dba-46fd-a1fb-50add19f5755","block_type":"box","text":"BlackRock","page_number":21,"box":{"x":847,"y":666,"width":63,"height":7}},{"id":"33ccd861-9657-48fd-bdd8-a1114d8fd368","block_type":"box","text":"80/20","page_number":21,"box":{"x":859,"y":676,"width":38,"height":9}},{"id":"82df0cf2-5610-48f1-b1cd-5b24b83a5419","block_type":"box","text":"Target","page_number":21,"box":{"x":859,"y":686,"width":37,"height":9}},{"id":"00ab32f0-d570-4255-942a-b147451cd158","block_type":"box","text":"Allocation","page_number":21,"box":{"x":849,"y":696,"width":58,"height":7}},{"id":"c58ea350-0136-4da2-bad3-ef61ed95ff4f","block_type":"box","text":"Fund","page_number":21,"box":{"x":865,"y":706,"width":26,"height":7}},{"id":"30f0e456-74a7-4fc8-b115-a4acbafade3a","block_type":"box","text":"Investor A Shares . . .","page_number":21,"box":{"x":70,"y":724,"width":149,"height":9}},{"id":"32fe9e39-7a90-4c8e-b4d7-dccd67cce339","block_type":"box","text":".......................................","page_number":21,"box":{"x":226,"y":731,"width":311,"height":2}},{"id":"cae3fc58-8c29-4c53-aa2a-bffa4a66dbcf","block_type":"box","text":"BACPX BAMPX BAGPX BAAPX","page_number":21,"box":{"x":577,"y":724,"width":324,"height":9}},{"id":"b0de743b-36d8-4d9a-858c-a0a58baaab23","block_type":"box","text":"Investor C Shares","page_number":21,"box":{"x":70,"y":739,"width":125,"height":9}},{"id":"e4d861ba-8cd4-4709-b1fd-f57ba333a5d7","block_type":"box","text":"..........................................","page_number":21,"box":{"x":201,"y":746,"width":336,"height":2}},{"id":"1ae21306-4feb-4148-9b85-0abf8ef70f34","block_type":"box","text":"BCCPX BCMPX BCGPX BCAPX","page_number":21,"box":{"x":577,"y":739,"width":324,"height":9}},{"id":"0c05d743-0314-4d67-b562-6b3591e6039c","block_type":"box","text":"Institutional Shares. .","page_number":21,"box":{"x":70,"y":754,"width":149,"height":9}},{"id":"ef2d4643-544d-45b6-b071-8e62b8bbacd5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BICPX BIMPX BIGPX BIAPX","page_number":21,"box":{"x":226,"y":754,"width":673,"height":9}},{"id":"f47d936d-f195-460c-b625-2ed0910aa96f","block_type":"box","text":"Class R Shares .","page_number":21,"box":{"x":69,"y":769,"width":118,"height":9}},{"id":"21e9f8af-d306-4fff-881d-02a0dd507dd4","block_type":"box","text":"...........................................","page_number":21,"box":{"x":193,"y":777,"width":344,"height":1}},{"id":"4a954190-666f-47a1-8204-da6cc332c75d","block_type":"box","text":"BRCPX BRMPX BRGPX BRAPX","page_number":21,"box":{"x":577,"y":769,"width":324,"height":9}},{"id":"0cc54df7-aebc-48e1-96fa-6938da587422","block_type":"box","text":"Class K Shares .","page_number":21,"box":{"x":69,"y":784,"width":118,"height":9}},{"id":"4e6dc186-ce33-4326-8c65-f7bf1516af92","block_type":"box","text":"...........................................","page_number":21,"box":{"x":193,"y":792,"width":344,"height":1}},{"id":"7e266aa6-93d8-4bed-ac5a-6b5ea5bcb4ac","block_type":"box","text":"BKCPX BKMPX BKGPX BKAPX","page_number":21,"box":{"x":577,"y":784,"width":324,"height":9}},{"id":"c303f752-3ca7-492c-a1ad-44f68f9ec624","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":21,"box":{"x":260,"y":839,"width":460,"height":19}},{"id":"04b5732c-281c-45ef-8614-374a6ae88480","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":21,"box":{"x":222,"y":862,"width":536,"height":17}},{"id":"ecd907b8-0907-47c7-873e-f8517dd59010","block_type":"box","text":"The date of this Statement of Additional Information is January 28, 2026.","page_number":21,"box":{"x":210,"y":921,"width":557,"height":12}},{"id":"abd2a748-a44e-4123-ae00-98f3f6d35b5d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36928629-6f04-41a7-96be-7e37eb8872c8","block_type":"box","text":"TABLE OF CONTENTS","page_number":22,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"db83bc9d-54c1-4abb-93d8-e8444c3d1cfa","block_type":"box","text":"Page","page_number":22,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"2499fc6d-1036-4b0b-b3fe-8a8c350d7c32","block_type":"box","text":"PART I","page_number":22,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"daf0d412-51b4-4a19-8aae-6f12fb8d2fe7","block_type":"box","text":"Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":22,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"86df7a6a-1a3f-4864-9987-a8d38958f81f","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":22,"box":{"x":70,"y":125,"width":838,"height":9}},{"id":"0aaed9c3-a133-428e-976d-d1ec42b85bd8","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-9","page_number":22,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"655c7d3b-8c41-4f0d-ae9f-8b0ea3da29e9","block_type":"box","text":"Management, Advisory and Other Service Arrangements. . . . . . . . .","page_number":22,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"015d982b-31f3-4694-b1d2-42e16fbdf6f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":22,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"d9a7fc03-bdf0-447a-b89c-c8b091c63018","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":22,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"ce1df328-d3a6-4788-b98b-c084558079f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":22,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"0af4388f-9fb0-4a6f-afc3-4d99acd9b67b","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"d9e8a644-6b30-47b9-abf3-bf4f6c494227","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":22,"box":{"x":521,"y":190,"width":387,"height":9}},{"id":"38f75bc6-5bc2-455f-acb0-383d02d84298","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":22,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"f7ce7da6-ac58-4c99-9cd3-ecb4a057f5f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":22,"box":{"x":358,"y":207,"width":550,"height":8}},{"id":"fa1bbdcc-8995-4aca-aeb4-7546e583f825","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"21ae3cc7-1569-4b42-9107-a4e4bf12388f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-29","page_number":22,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"0da0315b-1a13-46b6-bdf4-fe5c136cfde7","block_type":"box","text":"Financial Statements","page_number":22,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"11a493f2-22f0-4d6f-96a1-d52ff2a3a9f2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-35","page_number":22,"box":{"x":227,"y":239,"width":682,"height":9}},{"id":"4bef132e-582b-4e6c-a53f-35f7d53446ad","block_type":"box","text":"PART II","page_number":22,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"df5a09d3-7e8a-4ec8-b46a-f9d1b51d460c","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":22,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"fafdf4b7-f3f3-4445-86e9-1e3c916abeaf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":22,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"99f824de-64d7-47b2-b4bb-cdb777cb1015","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"1a60cfa6-c208-4d44-aca4-52d002cf47e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":22,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"042b8ad5-ac92-47f5-ae20-031dd2552c1e","block_type":"box","text":"Selective Disclosure of Portfolio Holdings. . . . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"237982ce-0b0f-42e8-88b2-28d1acd5ee9c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-84","page_number":22,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"4d01931a-cc43-4b2d-a34b-db3248bbb600","block_type":"box","text":"Purchase of Shares","page_number":22,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"d6a83e75-1fd2-484c-a5ae-fb27d1ebc5e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-98","page_number":22,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"9c333e5d-7654-45ae-a1a1-2d79ffd64834","block_type":"box","text":"Redemption of Shares . .","page_number":22,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"3734d9a1-a699-4c53-a074-58fe74aa8bdb","block_type":"box","text":"........................................................................... I","page_number":22,"box":{"x":252,"y":353,"width":619,"height":9}},{"id":"076b41ce-c234-44c6-8de9-3371fc860587","block_type":"box","text":"I-115","page_number":22,"box":{"x":874,"y":353,"width":35,"height":9}},{"id":"d04a9f37-8b21-4674-9106-a4b56e45f409","block_type":"box","text":"Shareholder Services . .","page_number":22,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"dbd7391b-8948-4436-975e-48750d52bff6","block_type":"box","text":"............................................................................ I","page_number":22,"box":{"x":244,"y":369,"width":627,"height":9}},{"id":"24a8c4d9-9190-4c3c-b745-30af12f81276","block_type":"box","text":"I-117","page_number":22,"box":{"x":874,"y":369,"width":34,"height":9}},{"id":"d964ce97-46ba-484c-906c-4d388cce942f","block_type":"box","text":"Pricing of Shares","page_number":22,"box":{"x":69,"y":385,"width":119,"height":12}},{"id":"d9d8f04f-0031-435b-aaab-2ef4cf7fc9df","block_type":"box","text":".................................................................................. I","page_number":22,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"29fbd6f1-dd05-4db4-9663-699995fbf20b","block_type":"box","text":"I-121","page_number":22,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"f33e55ab-8182-48e0-9fe8-79a4a9ae2d5e","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":22,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"f34bbfb2-2a4e-4729-b87e-99b100ea40bb","block_type":"box","text":".............................................................. I","page_number":22,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"d88ff612-5ac3-43d6-bef9-2ea324d253a0","block_type":"box","text":"I-124","page_number":22,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"f980c90b-f8d9-414f-9eb1-896870a94b8e","block_type":"box","text":"Dividends and Taxes . .","page_number":22,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"5e60bfeb-3e1d-4168-a7fc-1a1c6e2b38b8","block_type":"box","text":"............................................................................. I","page_number":22,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"61c43d51-102b-48ea-aa42-8386e1c82d3b","block_type":"box","text":"I-128","page_number":22,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"9fc394bc-551f-42bb-bd4f-147afb720d1a","block_type":"box","text":"Performance Data","page_number":22,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"ef3fcad9-143e-494d-a1ac-9e147f1b8f4d","block_type":"box","text":"................................................................................. I","page_number":22,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"713f1ccd-32f9-43de-9457-b20eb3bd104f","block_type":"box","text":"I-136","page_number":22,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"8153653e-27fd-4fe9-992a-419cf1914c65","block_type":"box","text":"Proxy Voting Policies and Procedures. . . . . . . . . . . . . . . . . . . . . .","page_number":22,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"42896234-5cc2-4f87-8829-c8db6169b185","block_type":"box","text":"........................................... I","page_number":22,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"5a832df0-3500-4ae4-a688-c8b581596e4a","block_type":"box","text":"I-137","page_number":22,"box":{"x":874,"y":451,"width":34,"height":9}},{"id":"6355832d-b84c-4cc5-8ec5-13bcc9309428","block_type":"box","text":"General Information","page_number":22,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"091478ec-5164-4c79-8587-256e943c4789","block_type":"box","text":"............................................................................... I","page_number":22,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"e35da0e2-f007-4028-972f-690a0bc8c849","block_type":"box","text":"I-138","page_number":22,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"d6a2668b-730a-4c26-b669-6333e655e355","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":22,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"a7b6b610-4374-4623-b34c-aecc3a0d92c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":22,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"01b34414-9cc0-45bf-a37b-791cf1034fdd","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":22,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"1f93cfb4-ea8a-4780-80f7-fd144c034d84","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":22,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"7dfaa70d-5c85-4913-9019-eeafe7547c53","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25515adc-ac0e-497d-ba7e-294db9c829ed","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUNDS","page_number":23,"box":{"x":335,"y":45,"width":308,"height":9}},{"id":"1b13b9a9-42fb-407b-b39a-c6e20193b6cb","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about BlackRock 20/80 Target","page_number":23,"box":{"x":102,"y":67,"width":786,"height":12}},{"id":"7992d00c-77db-4fa9-83c7-213121f0df9e","block_type":"box","text":"Allocation Fund (the “20/80 Fund”), BlackRock 40/60 Target Allocation Fund (the “40/60 Fund”), BlackRock 60/40","page_number":23,"box":{"x":68,"y":83,"width":830,"height":11}},{"id":"e93cc772-b042-4d5f-ab6b-a642d469a57f","block_type":"box","text":"Target Allocation Fund (the “60/40 Fund”) and BlackRock 80/20 Target Allocation Fund (the “80/20 Fund”)","page_number":23,"box":{"x":68,"y":98,"width":768,"height":11}},{"id":"c4edacc6-3385-490a-9027-953eae562589","block_type":"box","text":"(collectively, the “Funds” and each, a “Fund”), each a series of BlackRock Funds II (the “Trust”). It includes","page_number":23,"box":{"x":69,"y":113,"width":764,"height":11}},{"id":"b60c8140-b941-4e4a-849f-fce94337c253","block_type":"box","text":"information about the Trust’s Board of Trustees (the “Board” or the “Board of Trustees”), the management services","page_number":23,"box":{"x":70,"y":128,"width":827,"height":11}},{"id":"3a978fc6-3828-4d6e-a22f-5dcb54a1a5a6","block_type":"box","text":"provided to and the management fees paid by each Fund and information about other fees applicable to and services","page_number":23,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"6c296b0d-2dd7-46ed-a5dc-8a8abfe01d44","block_type":"box","text":"provided to each Fund. This Part I of this SAI should be read in conjunction with the Funds’ Prospectuses and those","page_number":23,"box":{"x":70,"y":158,"width":824,"height":11}},{"id":"1effca6e-2376-4e5d-84da-5f4ba7b3c11f","block_type":"box","text":"portions of Part II of this SAI that pertain to each Fund.","page_number":23,"box":{"x":70,"y":173,"width":392,"height":11}},{"id":"d31c9d71-32d4-4917-a511-de09caf438aa","block_type":"box","text":"I. Investment Objectives and Policies","page_number":23,"box":{"x":69,"y":203,"width":270,"height":11}},{"id":"d613b609-5dfa-4c8c-96ea-7eeede0c5be0","block_type":"box","text":"In implementing each Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or","page_number":23,"box":{"x":102,"y":226,"width":784,"height":11}},{"id":"b280e58e-7078-4cfe-8b47-e01b989bf30a","block_type":"box","text":"the “Manager”), each Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":23,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"7b78dcf6-9216-4a74-95a1-1631fe0e8e45","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with their","page_number":23,"box":{"x":69,"y":256,"width":805,"height":11}},{"id":"885a1740-8cb7-431b-a9d5-9155e6e15e72","block_type":"box","text":"investment in such Fund.","page_number":23,"box":{"x":70,"y":272,"width":176,"height":8}},{"id":"95588015-de32-4cac-88f5-6868fa9d8384","block_type":"box","text":"Set forth below is a listing of some of the types of investments and investment strategies that a Fund and its","page_number":23,"box":{"x":102,"y":294,"width":779,"height":11}},{"id":"d6be4083-f7c2-429b-8434-1bf9df3b808e","block_type":"box","text":"underlying funds may use, and the risks and considerations associated with those investments and investment","page_number":23,"box":{"x":69,"y":309,"width":793,"height":11}},{"id":"b3a1e621-dcb0-41ed-a379-26946790e776","block_type":"box","text":"strategies. Please see Part II of this SAI for further information on these investments and investment strategies.","page_number":23,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"7069a1aa-306c-48a6-8781-283f977f3488","block_type":"box","text":"Information contained in Part II about the risks and considerations associated with investments and/or investment","page_number":23,"box":{"x":70,"y":339,"width":819,"height":11}},{"id":"b66fcbe7-57e1-47ae-bb9e-1b05a75c5137","block_type":"box","text":"strategies applies only to the extent a Fund makes each type of investment or uses each investment strategy.","page_number":23,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"c4e7f166-3470-485b-8e10-0d96682d86e1","block_type":"box","text":"Also set forth below is a listing of the proxy voting policy and related guidelines applicable to each Fund. Please","page_number":23,"box":{"x":101,"y":377,"width":796,"height":12}},{"id":"1c5010a6-a3f2-43c7-8c19-29c020458b59","block_type":"box","text":"see “Proxy Voting Policies and Procedures” in Part II of this SAI for further information about these policies. A copy of","page_number":23,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"0246c595-9c9b-4596-8475-21211701bdaa","block_type":"box","text":"each policy is included in Appendix B. Information that does not apply to a Fund does not form a part of that Fund’s","page_number":23,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"c5e9295c-e567-4479-ad4d-985de1177cce","block_type":"box","text":"SAI and should not be relied on by investors in that Fund.","page_number":23,"box":{"x":69,"y":423,"width":407,"height":11}},{"id":"5eee1d3b-d900-4b45-a41f-0f67e6cdc2bb","block_type":"box","text":"Only information that is clearly identified as applicable to a Fund is considered to form a part of that Fund’s SAI.","page_number":23,"box":{"x":102,"y":445,"width":799,"height":11}},{"id":"1ff33e16-3993-4e56-a020-938175d74ab0","block_type":"box","text":"20/80","page_number":23,"box":{"x":347,"y":474,"width":39,"height":9}},{"id":"4cde1b20-8905-4c71-b887-134ade7bbdca","block_type":"box","text":"Fund","page_number":23,"box":{"x":353,"y":484,"width":27,"height":7}},{"id":"0094497a-84eb-44f1-9994-41276543314c","block_type":"box","text":"40/60","page_number":23,"box":{"x":502,"y":474,"width":39,"height":9}},{"id":"07b3df2e-e18f-43a1-bb60-d0cb2ec865ae","block_type":"box","text":"Fund","page_number":23,"box":{"x":508,"y":484,"width":27,"height":7}},{"id":"451b1130-04f5-4a08-9b11-d6c326a64305","block_type":"box","text":"60/40","page_number":23,"box":{"x":657,"y":474,"width":38,"height":9}},{"id":"22eea7f8-4c24-45bc-b10e-0e7da37664a6","block_type":"box","text":"Fund","page_number":23,"box":{"x":663,"y":484,"width":27,"height":7}},{"id":"6224bbff-eb1d-4143-87ab-32f515f6b1ff","block_type":"box","text":"80/20","page_number":23,"box":{"x":812,"y":474,"width":38,"height":9}},{"id":"89e72fa1-dcb7-457d-b933-e780a13c6e66","block_type":"box","text":"Fund","page_number":23,"box":{"x":818,"y":484,"width":27,"height":7}},{"id":"605f7d6e-81ab-4bf2-a490-411e3d754b12","block_type":"box","text":"Asset-Backed Securities","page_number":23,"box":{"x":72,"y":504,"width":161,"height":8}},{"id":"bdb7215e-b026-4a8d-be77-70ea099594e4","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":504,"width":472,"height":7}},{"id":"4c37040d-8fcb-45c4-8223-67d5e07489e3","block_type":"box","text":"Asset-Based Securities","page_number":23,"box":{"x":72,"y":524,"width":152,"height":8}},{"id":"df303637-905d-4a84-a50d-a5b03bb3f960","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":524,"width":472,"height":8}},{"id":"41e92da5-9972-41ad-9521-818362ce6c03","block_type":"box","text":"Precious Metal-Related","page_number":23,"box":{"x":83,"y":544,"width":146,"height":8}},{"id":"1c35c45b-9603-48df-98c8-7e7d0386f62e","block_type":"box","text":"Securities","page_number":23,"box":{"x":93,"y":555,"width":62,"height":8}},{"id":"ae9bb7fb-c820-4b59-9891-6267df0b8b29","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":555,"width":472,"height":8}},{"id":"a65e7931-4ab7-475a-a7f8-39617bd52592","block_type":"box","text":"Borrowing and Leverage","page_number":23,"box":{"x":73,"y":575,"width":157,"height":10}},{"id":"9752451c-42c8-4385-9537-008e1920c511","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":576,"width":472,"height":7}},{"id":"6abbf8b9-9cc2-4ad2-a2e5-e7f9f0e98617","block_type":"box","text":"Cash Management","page_number":23,"box":{"x":73,"y":596,"width":122,"height":9}},{"id":"b12af1ab-ce0a-47cc-9447-5287141dfd47","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":596,"width":472,"height":7}},{"id":"2e9f8559-718f-4a06-82e4-0d962da3ba32","block_type":"box","text":"Collateralized Debt","page_number":23,"box":{"x":73,"y":616,"width":124,"height":8}},{"id":"f523a39a-2250-4b78-aca0-b66e76a766b5","block_type":"box","text":"Obligations","page_number":23,"box":{"x":87,"y":630,"width":73,"height":9}},{"id":"5b55f9a3-3c69-42b1-8c72-730892ffceae","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":630,"width":472,"height":7}},{"id":"f30fb096-4977-49c4-bb88-056ad11d3df9","block_type":"box","text":"Collateralized Bond","page_number":23,"box":{"x":83,"y":650,"width":122,"height":8}},{"id":"ffd757f6-afcc-432f-a231-d8f29cdb1dec","block_type":"box","text":"Obligations X X X X","page_number":23,"box":{"x":93,"y":661,"width":742,"height":10}},{"id":"d19ced2a-27fb-44f7-b452-88913b250550","block_type":"box","text":"Collateralized Loan","page_number":23,"box":{"x":83,"y":681,"width":120,"height":8}},{"id":"2c3e945a-57a6-43c4-b1a9-8568a82f6fe2","block_type":"box","text":"Obligations X X X X","page_number":23,"box":{"x":93,"y":693,"width":742,"height":10}},{"id":"9a226ed4-327a-4f7b-8c66-0291f997ae23","block_type":"box","text":"Commercial Paper","page_number":23,"box":{"x":73,"y":713,"width":120,"height":10}},{"id":"a044010e-f2e4-443c-876a-ffd6ab468232","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":713,"width":472,"height":8}},{"id":"a32d7eb1-bbf4-44ba-bc79-7adc574c07d9","block_type":"box","text":"Commodity-Linked Derivative","page_number":23,"box":{"x":73,"y":733,"width":190,"height":10}},{"id":"723caa17-01c0-4f1f-bd62-a8708edbe092","block_type":"box","text":"Instruments and Hybrid","page_number":23,"box":{"x":88,"y":747,"width":151,"height":10}},{"id":"22f6dcc4-692c-4f09-89b6-d53ecebb3121","block_type":"box","text":"Instruments","page_number":23,"box":{"x":88,"y":761,"width":78,"height":8}},{"id":"ec1e2344-5314-4c68-b9c5-e510f509f842","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":761,"width":472,"height":7}},{"id":"544d5073-2987-4708-9033-b965b6a82470","block_type":"box","text":"Qualifying Hybrid","page_number":23,"box":{"x":83,"y":781,"width":104,"height":10}},{"id":"6888c694-136b-4ec1-847d-bf6230e88f77","block_type":"box","text":"Instruments X X X X","page_number":23,"box":{"x":93,"y":792,"width":742,"height":8}},{"id":"d0a7200e-cab8-48b6-aa7a-cf1408e1a94d","block_type":"box","text":"Hybrid Instruments Without","page_number":23,"box":{"x":83,"y":812,"width":174,"height":10}},{"id":"50803d62-b981-45a2-9279-12c2e92788cb","block_type":"box","text":"Principal Protection X X X X","page_number":23,"box":{"x":93,"y":824,"width":742,"height":9}},{"id":"72e762df-a13a-442c-bdc5-5dabde8054e5","block_type":"box","text":"Limitations on Leverage X X X X","page_number":23,"box":{"x":83,"y":844,"width":752,"height":10}},{"id":"31b428df-3961-45ea-8619-723a4f784d3b","block_type":"box","text":"Counterparty Risk","page_number":23,"box":{"x":83,"y":864,"width":114,"height":10}},{"id":"93e3db46-99c6-4802-90d5-8d3e20029005","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":864,"width":472,"height":8}},{"id":"530c0468-a735-4e6f-993c-75c36068f500","block_type":"box","text":"Convertible Securities","page_number":23,"box":{"x":73,"y":884,"width":145,"height":8}},{"id":"5c98666c-5ec1-4336-bc89-d5c5e2191520","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":884,"width":472,"height":8}},{"id":"61246a55-35a6-483d-a75e-d798fd37a9b2","block_type":"box","text":"Corporate Loans","page_number":23,"box":{"x":73,"y":904,"width":107,"height":10}},{"id":"b30c8735-7318-416e-8fff-7dc501f3acd2","block_type":"box","text":"XXXX","page_number":23,"box":{"x":363,"y":904,"width":472,"height":8}},{"id":"894a4328-c9b1-4a5f-b92f-5fbab7b09fc4","block_type":"box","text":"I-1","page_number":23,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8c3fb99d-699a-448d-a3bc-114b26ccd137","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b4904cb-0610-49c6-b484-71f5479f759f","block_type":"box","text":"20/80","page_number":24,"box":{"x":347,"y":50,"width":39,"height":8}},{"id":"b24c47d1-4d23-4309-969a-ee0c0f4c22cc","block_type":"box","text":"Fund","page_number":24,"box":{"x":353,"y":60,"width":27,"height":7}},{"id":"468ab0e8-3c0d-4714-b8db-c223f96edda5","block_type":"box","text":"40/60","page_number":24,"box":{"x":502,"y":50,"width":39,"height":8}},{"id":"5b76ff7b-569a-4ab5-80b4-de4aa3142f49","block_type":"box","text":"Fund","page_number":24,"box":{"x":508,"y":60,"width":27,"height":7}},{"id":"38f778d0-9a54-45f7-946d-f4c7b60f342a","block_type":"box","text":"60/40","page_number":24,"box":{"x":657,"y":50,"width":38,"height":8}},{"id":"c79df179-9936-475e-ae87-23c89a5ec787","block_type":"box","text":"Fund","page_number":24,"box":{"x":663,"y":60,"width":27,"height":7}},{"id":"b40e69bb-a8ba-4af8-b06d-23fc73fa0425","block_type":"box","text":"80/20","page_number":24,"box":{"x":812,"y":50,"width":38,"height":8}},{"id":"95f54c37-8f78-48ec-9e99-f80fe125968f","block_type":"box","text":"Fund","page_number":24,"box":{"x":818,"y":60,"width":27,"height":7}},{"id":"09c629c0-1f7a-4d56-b46f-36e2fdd07016","block_type":"box","text":"Direct Lending","page_number":24,"box":{"x":83,"y":79,"width":91,"height":10}},{"id":"aa6afd61-2ac9-4fd0-bea5-d4be7b6b7470","block_type":"box","text":"Credit Linked Securities","page_number":24,"box":{"x":73,"y":99,"width":157,"height":8}},{"id":"209ce3b8-30a8-487c-8463-2539fedcddc7","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":99,"width":472,"height":8}},{"id":"a47a6413-aee8-4ef4-9d3e-8c0f31a32fb0","block_type":"box","text":"Debt Securities","page_number":24,"box":{"x":73,"y":119,"width":100,"height":8}},{"id":"8f85e3d6-1860-4f0a-b670-c5730927bf74","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":119,"width":472,"height":8}},{"id":"1c1bbaad-9fa9-4ec9-b2d4-ed61c390a876","block_type":"box","text":"Floating and Variable Rate","page_number":24,"box":{"x":83,"y":140,"width":165,"height":10}},{"id":"eb169ff2-bc33-4188-95c9-821c52eb0877","block_type":"box","text":"Securities","page_number":24,"box":{"x":93,"y":151,"width":62,"height":8}},{"id":"e3360f9a-9950-4a8c-9b59-98d4e8a0ec74","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":151,"width":472,"height":8}},{"id":"fbc8a6d5-1aa8-43fb-834b-925a3eb345cc","block_type":"box","text":"Inflation-Indexed Bonds","page_number":24,"box":{"x":83,"y":171,"width":148,"height":8}},{"id":"ae359e9e-fc72-4a64-8432-ae1a2432089a","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":171,"width":472,"height":8}},{"id":"2092be6e-68a4-4898-8708-3b7ae7a731bb","block_type":"box","text":"Investment Grade Debt","page_number":24,"box":{"x":83,"y":191,"width":147,"height":8}},{"id":"63a94a33-6fae-41ce-b897-fed674565564","block_type":"box","text":"Obligations X X X X","page_number":24,"box":{"x":93,"y":202,"width":742,"height":11}},{"id":"841ff372-7ac8-4fa5-9fb4-c80997699f79","block_type":"box","text":"High Yield Investments","page_number":24,"box":{"x":83,"y":223,"width":145,"height":10}},{"id":"b6c14b02-854b-425d-92bb-bf89ba983a8c","block_type":"box","text":"(“Junk Bonds”)","page_number":24,"box":{"x":93,"y":234,"width":94,"height":10}},{"id":"d1c693e2-a677-48c7-a3be-2f73adfeb634","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":234,"width":472,"height":8}},{"id":"5912ee22-76b6-40f7-9d82-ee375a7a6c7d","block_type":"box","text":"Mezzanine Investments X X X X","page_number":24,"box":{"x":93,"y":254,"width":742,"height":8}},{"id":"84e282f0-e59e-477c-a13c-4b6d95eaac95","block_type":"box","text":"Pay-in-kind Bonds","page_number":24,"box":{"x":83,"y":274,"width":110,"height":10}},{"id":"bb49b569-3618-47cd-bebd-ed6efff82f4a","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":274,"width":472,"height":8}},{"id":"3697a658-608a-4d53-ae1c-69572e2742b1","block_type":"box","text":"Supranational Entities","page_number":24,"box":{"x":83,"y":294,"width":140,"height":10}},{"id":"8920ac21-1ccd-4783-ac58-af15d65b6d75","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":295,"width":472,"height":7}},{"id":"3cd241bd-5a3d-4a30-bf18-1914316f5bf3","block_type":"box","text":"Depositary Receipts (ADRs,","page_number":24,"box":{"x":73,"y":315,"width":182,"height":9}},{"id":"4cbbee7f-40a0-4c06-b3dc-88bb460bccbc","block_type":"box","text":"EDRs and GDRs)","page_number":24,"box":{"x":88,"y":328,"width":108,"height":10}},{"id":"6eb2d0a3-958a-495a-ab7b-03304a54e230","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":329,"width":472,"height":7}},{"id":"b26c051f-a200-4c7e-a093-edc2262083c1","block_type":"box","text":"Derivatives","page_number":24,"box":{"x":73,"y":349,"width":72,"height":8}},{"id":"917ca0be-665a-4b46-869d-b4868abe7f47","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":349,"width":472,"height":8}},{"id":"6185f474-d857-48a2-b8d6-0287a3206d81","block_type":"box","text":"Hedging","page_number":24,"box":{"x":83,"y":369,"width":51,"height":10}},{"id":"73a838d8-d372-4643-a63e-3f664545259a","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":369,"width":472,"height":8}},{"id":"4fba494f-3bdb-4c0a-8f38-b56c580fba6d","block_type":"box","text":"Speculation","page_number":24,"box":{"x":83,"y":389,"width":74,"height":10}},{"id":"d4c23392-1d0f-4304-9566-d164be540b99","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":389,"width":472,"height":8}},{"id":"b8c63b44-25f3-4b41-b606-527884d671ef","block_type":"box","text":"Risk Factors in Derivatives","page_number":24,"box":{"x":83,"y":409,"width":168,"height":8}},{"id":"d5760209-adbd-4148-82ee-849e48a5d5aa","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":409,"width":472,"height":8}},{"id":"2bc6d816-c506-4af9-b6c6-1989b5d0c2d8","block_type":"box","text":"Correlation Risk X X X X","page_number":24,"box":{"x":93,"y":429,"width":742,"height":8}},{"id":"29564f80-dde6-4400-aa7c-77dabad27dca","block_type":"box","text":"Counterparty Risk","page_number":24,"box":{"x":93,"y":449,"width":114,"height":10}},{"id":"ef338251-fad2-4307-b1c4-5805a08f4cfc","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":450,"width":472,"height":7}},{"id":"8d2b59b7-98a6-4d6b-9ca7-357f275e63a0","block_type":"box","text":"Credit Risk X X X X","page_number":24,"box":{"x":93,"y":470,"width":742,"height":8}},{"id":"e7b4e556-014e-40a9-b88c-9ed903d04c79","block_type":"box","text":"Currency Risk","page_number":24,"box":{"x":93,"y":490,"width":87,"height":10}},{"id":"29b3014f-3adf-4188-a332-d3c6b07d3528","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":490,"width":472,"height":8}},{"id":"dca4e074-d23d-47d0-8733-7d135f2afadb","block_type":"box","text":"Illiquidity Risk","page_number":24,"box":{"x":93,"y":510,"width":87,"height":10}},{"id":"1b598a36-0545-4236-9a82-e6c20d2ca9a2","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":510,"width":472,"height":8}},{"id":"9ac533e5-7973-48d9-8e1c-8d6b852678a3","block_type":"box","text":"Index Risk","page_number":24,"box":{"x":93,"y":530,"width":65,"height":8}},{"id":"e3c047db-f307-4644-8cf0-100a1b6304b3","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":530,"width":472,"height":8}},{"id":"2819a611-cb02-4c5b-bdc6-abad2ba45404","block_type":"box","text":"Legal Risk","page_number":24,"box":{"x":93,"y":550,"width":65,"height":10}},{"id":"c42035b3-0770-4273-9945-1ab2109d2a0f","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":550,"width":472,"height":8}},{"id":"81d1a591-5bce-4667-969a-e6957e795a89","block_type":"box","text":"Leverage Risk X X X X","page_number":24,"box":{"x":93,"y":570,"width":742,"height":10}},{"id":"c95602df-8ebc-4416-acdc-7b0fa796ba82","block_type":"box","text":"Market Risk X X X X","page_number":24,"box":{"x":93,"y":591,"width":742,"height":8}},{"id":"3c8d245a-289d-48bb-aa86-67a2598666e1","block_type":"box","text":"Operational Risk","page_number":24,"box":{"x":93,"y":611,"width":104,"height":9}},{"id":"cdac650c-2de1-481f-8d84-9a34f79bff2e","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":611,"width":472,"height":8}},{"id":"1497b1e4-0eb3-4918-9a04-525eb20194a2","block_type":"box","text":"Valuation Risk X X X X","page_number":24,"box":{"x":92,"y":631,"width":743,"height":8}},{"id":"5bf838cb-82bd-4119-bf3f-cad6a8366fd7","block_type":"box","text":"Volatility Risk","page_number":24,"box":{"x":92,"y":651,"width":85,"height":10}},{"id":"54ba80e9-e93e-49ca-9e5c-20cf260749e4","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":651,"width":472,"height":8}},{"id":"91eaec16-4dd1-47d2-b134-f52be05d0c60","block_type":"box","text":"Futures X X X X","page_number":24,"box":{"x":93,"y":671,"width":742,"height":8}},{"id":"56842bd1-8f8c-42d2-bb01-52f48e5fd242","block_type":"box","text":"Swap Agreements","page_number":24,"box":{"x":83,"y":691,"width":114,"height":10}},{"id":"a0ba1add-5d4d-4ea3-b2b3-a0b1f02a668b","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":691,"width":472,"height":8}},{"id":"e1b1463d-864c-4b28-a663-8f3aa94e1d78","block_type":"box","text":"Credit Default Swaps and","page_number":24,"box":{"x":93,"y":711,"width":161,"height":10}},{"id":"38bb2983-e9ed-4a02-b575-b817052806e6","block_type":"box","text":"Similar Instruments X X X X","page_number":24,"box":{"x":102,"y":723,"width":733,"height":8}},{"id":"42758aee-cbd5-4f9b-a160-4a3436bb474f","block_type":"box","text":"Interest Rate Swaps,","page_number":24,"box":{"x":93,"y":743,"width":132,"height":10}},{"id":"157c06f4-c21b-49f0-b7a2-25153a8c33a0","block_type":"box","text":"Floors and Caps","page_number":24,"box":{"x":103,"y":754,"width":102,"height":10}},{"id":"df09c291-2f3c-4aaf-90e3-e4acc43d22f1","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":754,"width":472,"height":8}},{"id":"f4f5aaab-508d-4ac6-bc86-144e75d527b4","block_type":"box","text":"Total Return Swaps X X X X","page_number":24,"box":{"x":92,"y":774,"width":743,"height":10}},{"id":"94e89e46-8f86-4c8e-ab0f-5782385bbb81","block_type":"box","text":"Options","page_number":24,"box":{"x":83,"y":795,"width":48,"height":9}},{"id":"6969bcba-cb53-408f-b9bd-e68945dfcc18","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":795,"width":472,"height":7}},{"id":"e27dc4d4-cda3-41be-971f-4ad608071827","block_type":"box","text":"Options on Securities and","page_number":24,"box":{"x":93,"y":815,"width":164,"height":10}},{"id":"9af0bc54-30e4-4f06-b255-29e0ccbfca7a","block_type":"box","text":"Securities Indices","page_number":24,"box":{"x":102,"y":826,"width":113,"height":8}},{"id":"8a43f7b9-9459-48ff-b619-9825d1f64d2a","block_type":"box","text":"XXXX","page_number":24,"box":{"x":363,"y":826,"width":472,"height":8}},{"id":"c773bdaa-852d-49fe-8928-14834b4afa66","block_type":"box","text":"Call Options X X X X","page_number":24,"box":{"x":93,"y":846,"width":742,"height":10}},{"id":"0d255f59-4db7-46b2-8fbd-ada137b0579a","block_type":"box","text":"Put Options X X X X","page_number":24,"box":{"x":93,"y":866,"width":742,"height":10}},{"id":"0b955c29-9bdb-47c6-a116-fc795cc94b74","block_type":"box","text":"I-2","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c7757913-aca5-4325-8d06-5a57088a4d84","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f1e79af-57a1-47df-b0f5-0d68df5d1ab1","block_type":"box","text":"20/80","page_number":25,"box":{"x":347,"y":50,"width":39,"height":8}},{"id":"cb4a04de-ef99-4925-8411-7240736a8b1f","block_type":"box","text":"Fund","page_number":25,"box":{"x":353,"y":60,"width":27,"height":7}},{"id":"70e6dc59-9172-442c-8cc1-46e5cd5019bd","block_type":"box","text":"40/60","page_number":25,"box":{"x":502,"y":50,"width":39,"height":8}},{"id":"1d900cc3-239e-48ed-bfd1-9e662a04e723","block_type":"box","text":"Fund","page_number":25,"box":{"x":508,"y":60,"width":27,"height":7}},{"id":"b9a53a71-6901-4d58-ac20-1b751df9f6f2","block_type":"box","text":"60/40","page_number":25,"box":{"x":657,"y":50,"width":38,"height":8}},{"id":"e48f7940-4bca-4b75-854b-44d6030ca0b2","block_type":"box","text":"Fund","page_number":25,"box":{"x":663,"y":60,"width":27,"height":7}},{"id":"b3aa608c-6b56-4ccc-91e2-5b5af5bd8309","block_type":"box","text":"80/20","page_number":25,"box":{"x":812,"y":50,"width":38,"height":8}},{"id":"5a1c0bd5-8cc4-4044-9773-05479db71343","block_type":"box","text":"Fund","page_number":25,"box":{"x":818,"y":60,"width":27,"height":7}},{"id":"b42505e4-8cd1-4c20-850f-e55d5ddc9379","block_type":"box","text":"Options on Government","page_number":25,"box":{"x":93,"y":79,"width":150,"height":10}},{"id":"56a0f9f3-9db5-4a15-95e2-0a1504735eee","block_type":"box","text":"National Mortgage","page_number":25,"box":{"x":103,"y":90,"width":117,"height":10}},{"id":"fbc50506-832d-49d2-befe-c160dff61b79","block_type":"box","text":"Association (“GNMA”)","page_number":25,"box":{"x":102,"y":102,"width":139,"height":10}},{"id":"e67f912b-c952-4722-bd94-997ce2eff59d","block_type":"box","text":"Certificates","page_number":25,"box":{"x":102,"y":113,"width":73,"height":8}},{"id":"453202af-a139-48d9-9536-f59b6d88d79b","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":113,"width":472,"height":8}},{"id":"b046bdc3-7e16-45ff-bec5-3471de2e24ef","block_type":"box","text":"Options on Swaps","page_number":25,"box":{"x":93,"y":133,"width":114,"height":10}},{"id":"3306f7b6-801e-48c7-bbdc-bcf475735d9e","block_type":"box","text":"(“Swaptions”)","page_number":25,"box":{"x":102,"y":145,"width":88,"height":9}},{"id":"c458552c-f32f-414d-a792-b45d5df1c241","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":145,"width":472,"height":7}},{"id":"93de0830-0cb8-45d9-a9a2-f20b77e939d4","block_type":"box","text":"FLEX Options","page_number":25,"box":{"x":93,"y":165,"width":82,"height":9}},{"id":"0406bcff-2acf-4736-a65a-395a007b5546","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":165,"width":472,"height":8}},{"id":"acecf7f7-70ba-410f-8b60-7c4e2969a76a","block_type":"box","text":"Foreign Exchange","page_number":25,"box":{"x":83,"y":185,"width":110,"height":10}},{"id":"75196c05-baa9-4298-a6bf-bbcaa9db60dd","block_type":"box","text":"Transactions","page_number":25,"box":{"x":92,"y":196,"width":81,"height":8}},{"id":"87df17f1-26ed-4d6f-882b-7dd60940ba61","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":196,"width":472,"height":8}},{"id":"68691512-b0b7-4928-8290-b637191bd984","block_type":"box","text":"Spot Transactions and FX","page_number":25,"box":{"x":93,"y":216,"width":162,"height":10}},{"id":"e5c7bd51-3899-46fe-8393-007f11325b17","block_type":"box","text":"Forwards X X X X","page_number":25,"box":{"x":103,"y":228,"width":732,"height":8}},{"id":"88ef0d82-7606-4d24-9135-1938c3a4510f","block_type":"box","text":"Currency Futures","page_number":25,"box":{"x":93,"y":248,"width":107,"height":10}},{"id":"9acf6bf1-b77f-43b8-8408-6814e84f500b","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":248,"width":472,"height":8}},{"id":"debd0ace-b3da-4f3c-bf0e-34da536bfbea","block_type":"box","text":"Currency Options","page_number":25,"box":{"x":93,"y":268,"width":108,"height":10}},{"id":"a8217c54-e72a-42cd-bc05-557e4003d8e0","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":268,"width":472,"height":8}},{"id":"6877e043-5230-4587-a1cd-c90d251fc224","block_type":"box","text":"Currency Swaps","page_number":25,"box":{"x":93,"y":288,"width":101,"height":10}},{"id":"590fef71-92ee-4c17-acfa-496f50cbdc87","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":288,"width":472,"height":8}},{"id":"73b11097-9990-4b6c-93a1-4fabea3b30d3","block_type":"box","text":"Distressed Securities","page_number":25,"box":{"x":73,"y":308,"width":139,"height":8}},{"id":"46556ffc-85b7-4e9e-b4e9-e3db197bf815","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":308,"width":472,"height":8}},{"id":"0d43b891-bff4-4b6b-9ccb-c1b7157cf9e2","block_type":"box","text":"Environmental, Social and","page_number":25,"box":{"x":73,"y":328,"width":169,"height":10}},{"id":"0f8c50e4-8f9d-4d56-9457-bdfcb79d9b17","block_type":"box","text":"Governance (“ESG”)","page_number":25,"box":{"x":87,"y":342,"width":133,"height":10}},{"id":"e7dd4023-c752-44ef-8157-68f15e8aa75e","block_type":"box","text":"Integration","page_number":25,"box":{"x":88,"y":356,"width":70,"height":10}},{"id":"58e944a1-7406-4efa-8cc4-1d2de7f42c64","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":356,"width":472,"height":8}},{"id":"bbd4c5f1-f620-4479-b8d6-78904fe14196","block_type":"box","text":"Equity Securities","page_number":25,"box":{"x":73,"y":376,"width":110,"height":10}},{"id":"0169dd03-a80c-4929-bf8d-74cc2f83abde","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":376,"width":472,"height":8}},{"id":"3bbfec77-14a4-418e-b3f4-3316b6751176","block_type":"box","text":"Real Estate-Related","page_number":25,"box":{"x":83,"y":397,"width":124,"height":7}},{"id":"7034f156-ce6a-484c-9390-497ebd817423","block_type":"box","text":"Securities","page_number":25,"box":{"x":93,"y":408,"width":62,"height":8}},{"id":"c31ede35-26b5-4749-b40e-3204d477f917","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":408,"width":472,"height":8}},{"id":"079983c6-01d1-411d-a507-f11edd53fe7f","block_type":"box","text":"Securities of Smaller or","page_number":25,"box":{"x":83,"y":428,"width":150,"height":8}},{"id":"54e5bf2d-1bb4-4b91-aa78-8469a3166643","block_type":"box","text":"Emerging Growth","page_number":25,"box":{"x":93,"y":439,"width":107,"height":10}},{"id":"f562c93f-8261-4c8f-ba2e-dd110c5fb0e7","block_type":"box","text":"Companies","page_number":25,"box":{"x":93,"y":451,"width":70,"height":9}},{"id":"b4af7cef-6dd5-4cae-b2e7-63f8257ecd8c","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":451,"width":472,"height":8}},{"id":"a5cf49bb-baef-45c9-a717-63a4fe3a79e3","block_type":"box","text":"Tracking Stocks","page_number":25,"box":{"x":82,"y":471,"width":100,"height":10}},{"id":"96af6f97-b208-4c2a-9c4e-54cc547a0174","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":471,"width":472,"height":8}},{"id":"cd273fa1-289a-44f5-b8e9-268df024725f","block_type":"box","text":"Exchange-Traded Notes","page_number":25,"box":{"x":73,"y":491,"width":154,"height":10}},{"id":"bbaf611c-b200-4eb0-9487-f32e158e44a8","block_type":"box","text":"(“ETNs”)","page_number":25,"box":{"x":88,"y":505,"width":57,"height":10}},{"id":"5b816111-e730-4667-b26f-0d8d04faed7b","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":505,"width":472,"height":8}},{"id":"c0a1cbf9-c449-484b-9a98-8fb67d6569fc","block_type":"box","text":"Foreign Investments","page_number":25,"box":{"x":73,"y":525,"width":133,"height":10}},{"id":"a8a7c429-b953-40ed-846c-2cc4e580fe40","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":525,"width":472,"height":8}},{"id":"0bc6b856-9035-4486-88b9-c93d0522b745","block_type":"box","text":"Foreign Investment Risks X X X X","page_number":25,"box":{"x":83,"y":545,"width":752,"height":10}},{"id":"458492e9-efd0-468e-a07c-02a829148e86","block_type":"box","text":"Foreign Market Risk X X X X","page_number":25,"box":{"x":83,"y":565,"width":752,"height":10}},{"id":"08b61ef2-c0de-4b31-b65b-c0744391f62c","block_type":"box","text":"Foreign Economy Risk","page_number":25,"box":{"x":83,"y":586,"width":139,"height":10}},{"id":"3d0ef4a9-8042-4a31-9edd-2a997af0e533","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":586,"width":472,"height":7}},{"id":"f5545fd4-2e87-416b-a2e5-f66d007cb3a0","block_type":"box","text":"Currency Risk and Exchange","page_number":25,"box":{"x":83,"y":606,"width":180,"height":10}},{"id":"faf36317-b665-4927-928a-e441f94db3c8","block_type":"box","text":"Risk X X X X","page_number":25,"box":{"x":93,"y":617,"width":742,"height":8}},{"id":"3dfc5bf7-318b-4113-93d5-2dd9c4fd85ea","block_type":"box","text":"Governmental Supervision","page_number":25,"box":{"x":83,"y":637,"width":167,"height":10}},{"id":"877e09c3-b559-4c24-a585-4e3d60407de5","block_type":"box","text":"and Regulation/Accounting","page_number":25,"box":{"x":93,"y":649,"width":172,"height":10}},{"id":"3cd44a8f-632a-4784-90fd-8965a5555cbb","block_type":"box","text":"Standards","page_number":25,"box":{"x":93,"y":660,"width":64,"height":8}},{"id":"c0da8329-d11e-4975-aa37-995d42ec23b2","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":660,"width":472,"height":8}},{"id":"3d585553-a869-4260-afec-1dbbc91e6c1b","block_type":"box","text":"Certain Risks of Holding","page_number":25,"box":{"x":83,"y":680,"width":155,"height":10}},{"id":"3bfb9dfd-ccaf-483d-a5f9-e95ab4ed321d","block_type":"box","text":"Fund Assets Outside the","page_number":25,"box":{"x":93,"y":691,"width":156,"height":8}},{"id":"b330ae6e-b7a3-44e2-8092-54b741bdb745","block_type":"box","text":"United States X X X X","page_number":25,"box":{"x":93,"y":703,"width":742,"height":8}},{"id":"5c2eb06e-0d23-4555-b9a3-f292671a68f8","block_type":"box","text":"Publicly Available Information X X X X","page_number":25,"box":{"x":83,"y":723,"width":752,"height":10}},{"id":"63d6419e-4607-41d1-b27c-f3a7ef51a407","block_type":"box","text":"Settlement Risk","page_number":25,"box":{"x":83,"y":743,"width":101,"height":8}},{"id":"6b6e24bf-0305-4f43-800a-97288b2bec31","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":743,"width":472,"height":8}},{"id":"b4ffcfda-eced-4378-8821-f08736a7b528","block_type":"box","text":"Sovereign Debt X X X X","page_number":25,"box":{"x":83,"y":763,"width":752,"height":10}},{"id":"d406eae3-4f16-48a8-bca5-86aa5a9402f1","block_type":"box","text":"Withholding Tax Reclaims","page_number":25,"box":{"x":82,"y":783,"width":162,"height":10}},{"id":"aff3f1d5-9519-43fe-94f5-087297afecb9","block_type":"box","text":"Risk X X X X","page_number":25,"box":{"x":93,"y":795,"width":742,"height":8}},{"id":"11b8ad03-3b25-42f4-9d99-50d9cc2abeb5","block_type":"box","text":"U.S. Economic Trading","page_number":25,"box":{"x":83,"y":815,"width":143,"height":10}},{"id":"c802f5f3-8114-4f37-9b4a-81badec85653","block_type":"box","text":"Partners Risk X X X X","page_number":25,"box":{"x":93,"y":826,"width":742,"height":8}},{"id":"e494edf3-3889-46f0-a450-f50fe56c8ee3","block_type":"box","text":"Funding Agreements","page_number":25,"box":{"x":73,"y":846,"width":134,"height":10}},{"id":"1716ac87-f847-483c-adbc-19c432add18d","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":846,"width":472,"height":8}},{"id":"b9059549-3c26-4406-81df-bbc8fe06396c","block_type":"box","text":"Guarantees","page_number":25,"box":{"x":73,"y":866,"width":74,"height":8}},{"id":"8a7938e3-49fd-4ce8-a17b-a2e5c709771a","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":867,"width":472,"height":7}},{"id":"777f34ef-f5be-453c-8947-1686fd15fec3","block_type":"box","text":"Illiquid Investments","page_number":25,"box":{"x":73,"y":887,"width":128,"height":9}},{"id":"c965a043-84fa-4fb2-a49e-af0df046aeff","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":887,"width":472,"height":7}},{"id":"ab43daa2-9f62-4b4d-bd7c-1db9f355efea","block_type":"box","text":"Index Funds","page_number":25,"box":{"x":73,"y":907,"width":78,"height":8}},{"id":"a2dbfc0b-d7d2-478c-bafc-344711e055a7","block_type":"box","text":"XXXX","page_number":25,"box":{"x":363,"y":907,"width":472,"height":8}},{"id":"72c7cbd2-0d92-470b-a2a4-59ccb466c4b7","block_type":"box","text":"I-3","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c856f596-3b65-409b-b667-10cb3926e44b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cceecac-fca3-4039-bc1e-8c9649dac58d","block_type":"box","text":"20/80","page_number":26,"box":{"x":347,"y":50,"width":39,"height":8}},{"id":"487a8cb3-d091-419a-9148-f21854d449bb","block_type":"box","text":"Fund","page_number":26,"box":{"x":353,"y":60,"width":27,"height":7}},{"id":"6efbcfd9-76df-4184-893a-dfcd9c5f0d89","block_type":"box","text":"40/60","page_number":26,"box":{"x":502,"y":50,"width":39,"height":8}},{"id":"911a9066-5538-4cc6-9a4a-c2c3db80d916","block_type":"box","text":"Fund","page_number":26,"box":{"x":508,"y":60,"width":27,"height":7}},{"id":"572fadb6-cab0-4914-85c2-c4885baf6833","block_type":"box","text":"60/40","page_number":26,"box":{"x":657,"y":50,"width":38,"height":8}},{"id":"b35a118e-e036-4575-8aa1-93f0ea08c1fd","block_type":"box","text":"Fund","page_number":26,"box":{"x":663,"y":60,"width":27,"height":7}},{"id":"570aa995-3a3a-4405-b4c7-db76a27fa57b","block_type":"box","text":"80/20","page_number":26,"box":{"x":812,"y":50,"width":38,"height":8}},{"id":"3bb2c9af-594b-42b3-aee1-e51077691dda","block_type":"box","text":"Fund","page_number":26,"box":{"x":818,"y":60,"width":27,"height":7}},{"id":"5d496469-7618-4e97-9236-684cca5edb8e","block_type":"box","text":"Cash Flows; Expenses","page_number":26,"box":{"x":83,"y":79,"width":142,"height":10}},{"id":"3c6852f1-8ff6-429f-a8c0-3e155a833286","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":79,"width":472,"height":8}},{"id":"45c81551-e6b0-4657-82c3-98b2a317d097","block_type":"box","text":"Tracking Error Risk","page_number":26,"box":{"x":82,"y":99,"width":120,"height":10}},{"id":"08dc0e12-3b1a-4c60-949c-4dd9e5b3f927","block_type":"box","text":"S&P 500 Index","page_number":26,"box":{"x":83,"y":119,"width":96,"height":8}},{"id":"9e69ab47-41ac-47ea-930c-80397f47e21b","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":119,"width":472,"height":8}},{"id":"17ec07cc-8e75-4e1b-80e8-b69d17c2793f","block_type":"box","text":"Russell Indexes","page_number":26,"box":{"x":83,"y":140,"width":100,"height":7}},{"id":"d505418b-f692-4520-9ba5-e1bf68ecaa28","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":140,"width":472,"height":7}},{"id":"35c1f5e9-e058-45a2-b613-d1a4a9696e5b","block_type":"box","text":"MSCI Indexes","page_number":26,"box":{"x":83,"y":160,"width":86,"height":8}},{"id":"af3f5d74-db5e-4ba0-9f53-2a3cf1aecd51","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":160,"width":472,"height":8}},{"id":"29bec66a-738e-4acd-a5ab-7d6c1f2a6c31","block_type":"box","text":"FTSE Indexes","page_number":26,"box":{"x":83,"y":180,"width":84,"height":8}},{"id":"78c8b141-741e-4b66-85bf-141e3241c768","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":180,"width":472,"height":8}},{"id":"f6d3cddb-ce7c-4496-9284-73b9236c03f8","block_type":"box","text":"Bloomberg Indexes","page_number":26,"box":{"x":83,"y":200,"width":121,"height":10}},{"id":"6c58fe52-e8e6-40a5-9807-bc817f275070","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":200,"width":472,"height":8}},{"id":"cf2ee639-01a8-4841-8f11-c73b50bd1c71","block_type":"box","text":"ICE BofA Indexes","page_number":26,"box":{"x":83,"y":220,"width":108,"height":8}},{"id":"246c7cd3-e86f-4330-9c26-44822690f751","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":220,"width":472,"height":8}},{"id":"f7d96ed3-b286-4d78-84e1-e0211eb2c2d1","block_type":"box","text":"Indexed and Inverse","page_number":26,"box":{"x":73,"y":240,"width":131,"height":8}},{"id":"bb59f26e-2747-4a6c-8054-d06a54fb4a97","block_type":"box","text":"Securities","page_number":26,"box":{"x":87,"y":254,"width":66,"height":8}},{"id":"409e109b-0d63-4c98-9dcc-26ee213bbb22","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":254,"width":472,"height":8}},{"id":"93c8dcac-0a8b-4402-828b-4801cfa79375","block_type":"box","text":"Inflation Risk","page_number":26,"box":{"x":73,"y":274,"width":86,"height":8}},{"id":"7a3ff0a7-cdf9-4bf7-b4a2-885694036f08","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":274,"width":472,"height":8}},{"id":"89986ae9-8717-46f3-89da-e52faf1b7069","block_type":"box","text":"Initial Public Offering (“IPO”)","page_number":26,"box":{"x":73,"y":294,"width":190,"height":10}},{"id":"94d6efdd-6e57-4f6d-8357-5892e546a73d","block_type":"box","text":"Risk","page_number":26,"box":{"x":88,"y":308,"width":28,"height":8}},{"id":"eb2515e3-5c8a-42c5-974c-5a61156850e4","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":308,"width":472,"height":8}},{"id":"820c34c8-2e1d-4c4d-8b55-f0bd9b75f885","block_type":"box","text":"Investment in Emerging","page_number":26,"box":{"x":73,"y":328,"width":156,"height":10}},{"id":"4e3380d5-1bc2-476a-9d28-1aa2977e0e26","block_type":"box","text":"Markets","page_number":26,"box":{"x":88,"y":342,"width":53,"height":8}},{"id":"36cb3427-efec-41c9-84c2-a155f5354801","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":342,"width":472,"height":8}},{"id":"982ead8e-68f1-4bf1-a014-ddaa6bf723a1","block_type":"box","text":"Brady Bonds","page_number":26,"box":{"x":83,"y":363,"width":79,"height":9}},{"id":"99d43f61-4820-4836-9d87-372d9740b5dd","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":363,"width":472,"height":7}},{"id":"d4e9b0c8-42b0-4b1a-9f3b-ddcf70d43f21","block_type":"box","text":"China Investments Risk X X X X","page_number":26,"box":{"x":83,"y":383,"width":752,"height":8}},{"id":"349d9ee5-19ae-433b-8c95-8a031b9e6df1","block_type":"box","text":"Issuer Insolvency Risk","page_number":26,"box":{"x":73,"y":403,"width":146,"height":10}},{"id":"c4a61efb-c977-4989-9dbe-d09b1166e78c","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":403,"width":472,"height":8}},{"id":"1f8a2fb4-2218-4fcb-b5c8-5faa87b72e5c","block_type":"box","text":"Investment in Other","page_number":26,"box":{"x":73,"y":423,"width":130,"height":8}},{"id":"76ed9da3-f189-487f-9e32-1171d9b88a13","block_type":"box","text":"Investment Companies","page_number":26,"box":{"x":88,"y":437,"width":149,"height":10}},{"id":"c7ed92ad-d1a4-4a56-a61d-d3f7d42500e4","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":437,"width":472,"height":8}},{"id":"6bf49809-d4fc-4efc-b2db-0364a79f6c74","block_type":"box","text":"Exchange-Traded Funds","page_number":26,"box":{"x":83,"y":457,"width":148,"height":10}},{"id":"56535c92-083b-4601-b3df-6f3dd7ea6255","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":457,"width":472,"height":8}},{"id":"aed2e0db-0a78-433a-ab74-8a253e0d6eab","block_type":"box","text":"Lease Obligations","page_number":26,"box":{"x":73,"y":477,"width":116,"height":10}},{"id":"012a0ed4-bf0f-47f3-a3d4-9b287fb0cbc5","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":477,"width":472,"height":8}},{"id":"20e46a45-83a0-418f-b980-0edd1c8ea4ac","block_type":"box","text":"Life Settlement Investments","page_number":26,"box":{"x":73,"y":497,"width":185,"height":8}},{"id":"19813c69-5415-4fbd-ba10-f491fc661a18","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":497,"width":472,"height":8}},{"id":"bc576350-d013-4f58-9ba0-3555791349c7","block_type":"box","text":"Liquidity Risk Management","page_number":26,"box":{"x":73,"y":517,"width":178,"height":10}},{"id":"a0c0ec28-83e2-4f6a-9cd2-20c23f645a43","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":518,"width":472,"height":7}},{"id":"c8ccb0ea-410c-4f5a-acfc-85d95662cc3a","block_type":"box","text":"Market Risks/Recent Market","page_number":26,"box":{"x":73,"y":538,"width":195,"height":9}},{"id":"cc58ea9d-25d5-45d8-8c15-0a309e0b87db","block_type":"box","text":"Events","page_number":26,"box":{"x":88,"y":552,"width":43,"height":7}},{"id":"0e67c156-7827-43ea-86b6-93cc868a0a13","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":552,"width":472,"height":7}},{"id":"cf64ffe7-7d27-4c68-a6a4-2959eed06adc","block_type":"box","text":"Master Limited Partnerships","page_number":26,"box":{"x":73,"y":572,"width":186,"height":9}},{"id":"1aa87086-d860-4de7-85c0-0259def3f1d2","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":572,"width":472,"height":8}},{"id":"27800f17-9881-434e-8fed-9ae9a18cc8e5","block_type":"box","text":"Merger Transaction Risk","page_number":26,"box":{"x":73,"y":592,"width":161,"height":10}},{"id":"65ca5889-15ed-4ff6-b90f-ab526ea2efc5","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":592,"width":472,"height":8}},{"id":"d583449c-fc84-4443-94f0-f46a98ba5726","block_type":"box","text":"Money Market Obligations of","page_number":26,"box":{"x":73,"y":612,"width":190,"height":10}},{"id":"c40a82d9-7a79-4de0-b856-f9f498dc9e2e","block_type":"box","text":"Domestic Banks, Foreign","page_number":26,"box":{"x":88,"y":626,"width":164,"height":10}},{"id":"9bc01a4e-b987-4a36-91ef-dd9ca6ac9ec0","block_type":"box","text":"Banks and Foreign","page_number":26,"box":{"x":88,"y":640,"width":121,"height":10}},{"id":"1bde6cb4-ee16-44a7-a9ef-76cbb406f418","block_type":"box","text":"Branches of U.S. Banks","page_number":26,"box":{"x":88,"y":653,"width":154,"height":8}},{"id":"b68be7c2-4b01-4914-b7c4-36794ae5d36e","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":654,"width":472,"height":7}},{"id":"497df844-099c-43d9-a4a5-5625fc5bfe9f","block_type":"box","text":"Money Market Securities","page_number":26,"box":{"x":73,"y":674,"width":165,"height":10}},{"id":"a64797a4-25a4-487a-b9ea-a422e5ad6a49","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":674,"width":472,"height":8}},{"id":"a2c60688-9f4c-4747-9237-a698018cf945","block_type":"box","text":"Mortgage-Related Securities","page_number":26,"box":{"x":73,"y":694,"width":188,"height":10}},{"id":"eb8cbadf-ac1c-4e7b-99c8-ec4b9f5afda4","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":694,"width":472,"height":8}},{"id":"28b45c5e-04c2-4659-91ef-9bb2349c7e57","block_type":"box","text":"Mortgage-Backed Securities","page_number":26,"box":{"x":83,"y":714,"width":178,"height":10}},{"id":"f4e25bb3-56e3-485b-b7d6-d8fc9088612a","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":714,"width":472,"height":8}},{"id":"b3a87652-953f-4045-82b6-98121a9912b8","block_type":"box","text":"Collateralized Mortgage","page_number":26,"box":{"x":83,"y":734,"width":150,"height":10}},{"id":"3060a97c-6d49-4bd1-9efe-c4a631fd7e53","block_type":"box","text":"Obligations (“CMOs”) X X X X","page_number":26,"box":{"x":93,"y":745,"width":742,"height":11}},{"id":"3879328b-3871-477a-a301-4a9d2bd6639c","block_type":"box","text":"Adjustable Rate Mortgage","page_number":26,"box":{"x":82,"y":766,"width":166,"height":10}},{"id":"ba27759b-3fe5-4b78-9047-b8ea55a2df13","block_type":"box","text":"Securities","page_number":26,"box":{"x":93,"y":777,"width":62,"height":8}},{"id":"af38e4a4-de22-44c5-93f2-103a8b68c763","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":777,"width":472,"height":8}},{"id":"10aca696-e883-46fa-a55c-5c1ec5ba0f2a","block_type":"box","text":"CMO Residuals","page_number":26,"box":{"x":83,"y":797,"width":97,"height":8}},{"id":"0f49a2d2-3a33-46f0-9879-731cab8e287e","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":797,"width":472,"height":8}},{"id":"9e6ca9c3-7d95-4571-be7c-6d5402b10527","block_type":"box","text":"Stripped Mortgage-Backed","page_number":26,"box":{"x":83,"y":817,"width":168,"height":10}},{"id":"9c653170-f9b8-4659-bf37-e53fa9f6cd4b","block_type":"box","text":"Securities","page_number":26,"box":{"x":93,"y":829,"width":62,"height":8}},{"id":"d365b759-d33f-43e3-bb98-5dce8801a17c","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":829,"width":472,"height":8}},{"id":"0d68cef7-27a0-445f-99d3-97d37460d88a","block_type":"box","text":"Tiered Index Bonds","page_number":26,"box":{"x":82,"y":849,"width":122,"height":8}},{"id":"d2c7c957-7f01-4fe4-9150-0c8ebab1dc42","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":849,"width":472,"height":8}},{"id":"4f4f0212-7624-48ba-bf14-e7e2c66898ac","block_type":"box","text":"TBA Commitments X X X X","page_number":26,"box":{"x":82,"y":869,"width":753,"height":8}},{"id":"d329c397-198b-49f5-813a-e685705a3c98","block_type":"box","text":"Mortgage Dollar Rolls","page_number":26,"box":{"x":83,"y":889,"width":137,"height":10}},{"id":"451a3975-a4d4-431b-a5f7-c40cbf61286f","block_type":"box","text":"XXXX","page_number":26,"box":{"x":363,"y":889,"width":472,"height":8}},{"id":"47bab442-fd33-40f2-8c21-732327364701","block_type":"box","text":"I-4","page_number":26,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d97f8ad2-1e2b-47bc-9e72-5e394cbe6d03","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50734ba2-bd58-49b1-9090-31e068e7763a","block_type":"box","text":"20/80","page_number":27,"box":{"x":347,"y":50,"width":39,"height":8}},{"id":"c2b43c14-6e78-4865-b7e1-bcb7d8be1d8b","block_type":"box","text":"Fund","page_number":27,"box":{"x":353,"y":60,"width":27,"height":7}},{"id":"8b301749-ac38-41ca-a029-fc2c1bd977c6","block_type":"box","text":"40/60","page_number":27,"box":{"x":502,"y":50,"width":39,"height":8}},{"id":"d74539ac-9a7e-4191-95fe-70c72279f740","block_type":"box","text":"Fund","page_number":27,"box":{"x":508,"y":60,"width":27,"height":7}},{"id":"38d90608-5c9d-4568-9226-9a07968c2142","block_type":"box","text":"60/40","page_number":27,"box":{"x":657,"y":50,"width":38,"height":8}},{"id":"36a5cee9-91a3-4ff1-b55b-4ba61b52637b","block_type":"box","text":"Fund","page_number":27,"box":{"x":663,"y":60,"width":27,"height":7}},{"id":"267b5835-9d36-4ab4-8c06-88cee23705b0","block_type":"box","text":"80/20","page_number":27,"box":{"x":812,"y":50,"width":38,"height":8}},{"id":"33ff591c-fb45-4234-b306-c43a5f705c00","block_type":"box","text":"Fund","page_number":27,"box":{"x":818,"y":60,"width":27,"height":7}},{"id":"0456488c-cd31-457f-aef9-b89ceb1b3709","block_type":"box","text":"Net Interest Margin","page_number":27,"box":{"x":83,"y":79,"width":123,"height":10}},{"id":"a13f6177-29ae-4e86-82b5-f06724af19b2","block_type":"box","text":"(NIM) Securities","page_number":27,"box":{"x":93,"y":90,"width":101,"height":10}},{"id":"3b0a5540-2285-48d2-bdc9-3069c0519e50","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":90,"width":472,"height":8}},{"id":"d730b707-494b-4f10-b9f4-c2f94f381cd8","block_type":"box","text":"Municipal Investments","page_number":27,"box":{"x":73,"y":111,"width":148,"height":9}},{"id":"442b01e3-f4c3-4b6e-b3ab-ac07161b3b5e","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":111,"width":472,"height":7}},{"id":"7b522f16-a90c-461f-b9eb-d56a6a800e31","block_type":"box","text":"Risk Factors and Special","page_number":27,"box":{"x":83,"y":131,"width":156,"height":9}},{"id":"c0847b84-eebe-4cb7-8024-9e1568a35355","block_type":"box","text":"Considerations Relating to","page_number":27,"box":{"x":93,"y":142,"width":168,"height":10}},{"id":"bf2f8081-d67c-4705-bae9-7b6dbd7e1984","block_type":"box","text":"Municipal Bonds","page_number":27,"box":{"x":93,"y":153,"width":104,"height":10}},{"id":"2ac61b3d-2324-4dd2-b015-c6624a1e7ead","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":153,"width":472,"height":8}},{"id":"b9b81358-eee0-495b-b6c8-3857777ee467","block_type":"box","text":"Description of Municipal","page_number":27,"box":{"x":83,"y":173,"width":153,"height":10}},{"id":"77863e7c-7a51-4dae-813c-1a91af9a04c7","block_type":"box","text":"Bonds","page_number":27,"box":{"x":93,"y":185,"width":39,"height":8}},{"id":"d8b02804-91f8-4337-8529-dad002887629","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":185,"width":472,"height":8}},{"id":"9495b2c2-7bbf-43a4-80f3-34a408f9cb47","block_type":"box","text":"General Obligation Bonds","page_number":27,"box":{"x":93,"y":205,"width":161,"height":10}},{"id":"00017723-f77a-4092-87dd-3d3501b62121","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":205,"width":472,"height":8}},{"id":"c1cabb75-8e93-4c92-8087-ae73e2983e14","block_type":"box","text":"Revenue Bonds","page_number":27,"box":{"x":93,"y":225,"width":98,"height":8}},{"id":"97c365e5-4764-4732-bfef-e69f76419665","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":225,"width":472,"height":8}},{"id":"d0ac8b9f-b708-4903-b79f-3b9093008448","block_type":"box","text":"Private Activity Bonds","page_number":27,"box":{"x":93,"y":245,"width":135,"height":10}},{"id":"ffcba1e9-1b76-40b5-afa3-99bfabf61ade","block_type":"box","text":"(“PABs”)","page_number":27,"box":{"x":102,"y":257,"width":53,"height":9}},{"id":"d56c2fe8-7aef-4983-aa06-6716dd202279","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":257,"width":472,"height":8}},{"id":"ccf2ff3d-d99d-4578-bc35-bb24e765af77","block_type":"box","text":"Moral Obligation Bonds","page_number":27,"box":{"x":93,"y":277,"width":148,"height":10}},{"id":"6bf21d90-921d-4130-9846-e44a644afa7b","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":277,"width":472,"height":8}},{"id":"c96841b7-e822-4973-aa91-8b79b3be7aec","block_type":"box","text":"Municipal Notes X X X X","page_number":27,"box":{"x":93,"y":297,"width":742,"height":10}},{"id":"28b366e3-ac61-4c73-8339-ffea21e55a2a","block_type":"box","text":"Municipal Commercial","page_number":27,"box":{"x":93,"y":317,"width":139,"height":10}},{"id":"40e7abc6-a15a-4607-afd8-55a8996102e7","block_type":"box","text":"Paper","page_number":27,"box":{"x":103,"y":329,"width":35,"height":9}},{"id":"166ee175-c5e0-44c1-b45b-d51f1e8dc4ac","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":329,"width":472,"height":7}},{"id":"657884ba-86dc-4a27-89a4-e16c7be87d7e","block_type":"box","text":"Municipal Lease","page_number":27,"box":{"x":93,"y":349,"width":103,"height":9}},{"id":"04ccbc55-40be-428d-b59a-52d27fda543f","block_type":"box","text":"Obligations X X X X","page_number":27,"box":{"x":102,"y":360,"width":733,"height":10}},{"id":"c8935f15-d4fe-438a-ad7f-a6ace1718970","block_type":"box","text":"Tender Option Bonds","page_number":27,"box":{"x":92,"y":380,"width":133,"height":10}},{"id":"c3015118-605f-4cdd-be22-e20f0af56c2c","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":380,"width":472,"height":8}},{"id":"86fcfa77-adb5-42d2-9736-7e5c63e92d38","block_type":"box","text":"Yields X X X X","page_number":27,"box":{"x":92,"y":400,"width":743,"height":8}},{"id":"983509fc-aa1b-44e2-9a67-e3922ee8beb6","block_type":"box","text":"Variable Rate Demand","page_number":27,"box":{"x":92,"y":421,"width":141,"height":7}},{"id":"3d2295e5-7c92-46bb-8741-bc08c4cb2e5d","block_type":"box","text":"Obligations (“VRDOs”)","page_number":27,"box":{"x":102,"y":432,"width":142,"height":10}},{"id":"c95f2a59-a691-48d5-a132-ada7ccd3653d","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":432,"width":472,"height":8}},{"id":"424eb3c3-b1cc-41d2-a773-ebc7ec5822e6","block_type":"box","text":"Transactions in Financial","page_number":27,"box":{"x":92,"y":452,"width":157,"height":8}},{"id":"4894705d-68a8-4939-9638-b9f7c5b605ae","block_type":"box","text":"Futures Contracts on","page_number":27,"box":{"x":103,"y":463,"width":132,"height":8}},{"id":"a51beab8-fd4b-4d63-898f-c7843af7245a","block_type":"box","text":"Municipal Indexes","page_number":27,"box":{"x":103,"y":475,"width":113,"height":9}},{"id":"8be937fa-cffe-48eb-a584-fc6dcfb8f956","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":475,"width":472,"height":7}},{"id":"dcf492dd-af54-4ab0-82cd-5852fe9b08e1","block_type":"box","text":"Call Rights X X X X","page_number":27,"box":{"x":93,"y":495,"width":742,"height":10}},{"id":"baf8eb4f-a1aa-4d49-923a-820f5b984870","block_type":"box","text":"Municipal Interest Rate","page_number":27,"box":{"x":93,"y":515,"width":148,"height":10}},{"id":"027392fb-8045-423c-8f6a-4253a9acb999","block_type":"box","text":"Swap Transactions","page_number":27,"box":{"x":102,"y":526,"width":120,"height":10}},{"id":"802a016c-2903-4c50-a5a5-deb18fbe76bb","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":526,"width":472,"height":8}},{"id":"b831c31d-d860-48dc-8a69-6fb84f2da6b5","block_type":"box","text":"Insured Municipal Bonds","page_number":27,"box":{"x":93,"y":547,"width":157,"height":9}},{"id":"32c55645-52e7-426b-847e-c6cb7e776b82","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":547,"width":472,"height":7}},{"id":"9f299a3e-d7e6-4da4-ae87-4e70a0d098be","block_type":"box","text":"Build America Bonds","page_number":27,"box":{"x":93,"y":567,"width":131,"height":8}},{"id":"f6d71af5-3181-4b0f-831a-e7e17e2ce3ab","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":567,"width":472,"height":7}},{"id":"3a2f4563-a98c-4ed7-b972-9442d132f273","block_type":"box","text":"Tax-Exempt Municipal","page_number":27,"box":{"x":82,"y":587,"width":136,"height":9}},{"id":"227785a9-feff-485d-8d84-7e48a7df67a3","block_type":"box","text":"Investments X X X X","page_number":27,"box":{"x":93,"y":598,"width":742,"height":8}},{"id":"07f1f713-f153-459d-99f9-10f5f666fb8b","block_type":"box","text":"Operational and Technology","page_number":27,"box":{"x":73,"y":618,"width":181,"height":10}},{"id":"6f5d8d1e-69bf-44a9-9f00-4dc5a0984963","block_type":"box","text":"Risks","page_number":27,"box":{"x":88,"y":632,"width":35,"height":8}},{"id":"9ecb8dff-7168-4c2a-b7be-78dc7c1805cf","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":632,"width":472,"height":8}},{"id":"eb22d17f-654f-4a79-8ecc-fcf861b26e7c","block_type":"box","text":"Participation Notes","page_number":27,"box":{"x":73,"y":652,"width":127,"height":10}},{"id":"24e71b4a-482b-4606-8188-c75bd5189c50","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":652,"width":472,"height":8}},{"id":"654b333a-f5b1-41b7-98f3-ab85ab5d4cfc","block_type":"box","text":"Portfolio Turnover Rates","page_number":27,"box":{"x":73,"y":672,"width":159,"height":8}},{"id":"863fabb7-c040-4c4d-805b-a52b9ef8608c","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":673,"width":472,"height":7}},{"id":"bdf06aaa-67fe-4a10-8019-8a69ffe533af","block_type":"box","text":"Preferred Stock","page_number":27,"box":{"x":73,"y":693,"width":103,"height":8}},{"id":"0e788cad-6b8b-437f-9cc8-29cb6e49cad7","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":693,"width":472,"height":7}},{"id":"8058b575-cde6-4dfa-99a9-b65fe81f1b7f","block_type":"box","text":"Tax-Exempt Preferred Shares X X X X","page_number":27,"box":{"x":82,"y":713,"width":753,"height":9}},{"id":"0d1ee075-b027-443a-bb0b-45759f17f63f","block_type":"box","text":"Trust Preferred Securities","page_number":27,"box":{"x":82,"y":733,"width":164,"height":8}},{"id":"93499caf-0da2-41cc-ae44-0928c4ea250d","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":733,"width":472,"height":8}},{"id":"7af56ae4-7867-48be-8037-4eb33af686df","block_type":"box","text":"Proxy Voting Policies","page_number":27,"box":{"x":73,"y":753,"width":138,"height":10}},{"id":"2b6f99ed-8dcb-42a0-9ab4-8bb48525a75d","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":753,"width":472,"height":8}},{"id":"586591b3-eb9a-4b6d-9ce1-6f8207533471","block_type":"box","text":"Open-End Active and Fixed","page_number":27,"box":{"x":83,"y":773,"width":167,"height":10}},{"id":"7070b6b5-a3b2-46d9-bf2d-660ca42716fc","block_type":"box","text":"Income Index Fund Proxy","page_number":27,"box":{"x":93,"y":785,"width":157,"height":9}},{"id":"10c5cb4b-82a4-461b-90cc-d7cf902c05b6","block_type":"box","text":"Voting Policy","page_number":27,"box":{"x":92,"y":796,"width":79,"height":10}},{"id":"a6f3e49e-5404-4396-a4e1-a2869f7a0734","block_type":"box","text":"XXXX","page_number":27,"box":{"x":363,"y":796,"width":472,"height":8}},{"id":"70dd878a-2901-45d3-8fd2-6b3d255f253a","block_type":"box","text":"BlackRock Active","page_number":27,"box":{"x":93,"y":816,"width":107,"height":8}},{"id":"cbabad68-e6b7-46c4-89c7-7e4216f3c1bf","block_type":"box","text":"Investment Stewardship","page_number":27,"box":{"x":103,"y":827,"width":153,"height":10}},{"id":"a8db1bff-6381-4a0e-a4ea-4162b1744785","block_type":"box","text":"Climate and","page_number":27,"box":{"x":102,"y":839,"width":76,"height":8}},{"id":"c50daecc-140e-4c73-b4f2-c14cc958c538","block_type":"box","text":"Decarbonization","page_number":27,"box":{"x":103,"y":850,"width":100,"height":8}},{"id":"db590fe2-2059-4518-a7d5-8aa75748450b","block_type":"box","text":"Stewardship Guidelines","page_number":27,"box":{"x":102,"y":861,"width":150,"height":10}},{"id":"e5b102f1-593b-4cbb-a6a8-b4f18e0f5e71","block_type":"box","text":"Index Equity Fund Proxy","page_number":27,"box":{"x":83,"y":882,"width":149,"height":9}},{"id":"f4c86ae1-dfe6-4173-83bd-d7a1385db093","block_type":"box","text":"Voting Policy","page_number":27,"box":{"x":92,"y":893,"width":79,"height":10}},{"id":"83b44b58-b145-40a1-ab2b-984b01c3e1e3","block_type":"box","text":"I-5","page_number":27,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"b2de0dbb-85d9-415c-b463-f76563b3b22b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca1a253d-27e4-494b-8d2f-6c7f243ba0c8","block_type":"box","text":"20/80","page_number":28,"box":{"x":347,"y":50,"width":39,"height":8}},{"id":"c63821bd-b44a-432e-9882-e52d0859bea1","block_type":"box","text":"Fund","page_number":28,"box":{"x":353,"y":60,"width":27,"height":7}},{"id":"ea67815f-9060-4fde-a812-6ed053371aff","block_type":"box","text":"40/60","page_number":28,"box":{"x":502,"y":50,"width":39,"height":8}},{"id":"89046d74-d259-410b-b108-5291007fc37d","block_type":"box","text":"Fund","page_number":28,"box":{"x":508,"y":60,"width":27,"height":7}},{"id":"2150bc6f-f27e-48a9-910d-42941578f42c","block_type":"box","text":"60/40","page_number":28,"box":{"x":657,"y":50,"width":38,"height":8}},{"id":"a81c2fde-46ff-44f5-b506-05a2c5f2bf72","block_type":"box","text":"Fund","page_number":28,"box":{"x":663,"y":60,"width":27,"height":7}},{"id":"bc0e7ca7-dd15-4a80-a063-dc22daeae96e","block_type":"box","text":"80/20","page_number":28,"box":{"x":812,"y":50,"width":38,"height":8}},{"id":"a634b287-6862-47dc-872e-3448ff1c9ada","block_type":"box","text":"Fund","page_number":28,"box":{"x":818,"y":60,"width":27,"height":7}},{"id":"1191758b-7131-431e-bdd6-9164559a2ba1","block_type":"box","text":"BlackRock Investment","page_number":28,"box":{"x":93,"y":79,"width":141,"height":8}},{"id":"fe754c0d-138c-484f-8b14-e453e4dc4efc","block_type":"box","text":"Stewardship Climate and","page_number":28,"box":{"x":102,"y":90,"width":159,"height":10}},{"id":"465d6a10-8c05-4fb1-b4d0-7cb1220e36c2","block_type":"box","text":"Decarbonization","page_number":28,"box":{"x":103,"y":102,"width":100,"height":8}},{"id":"76cbcde0-3bfb-467c-8fed-bf83a14f3d0f","block_type":"box","text":"Stewardship Guidelines","page_number":28,"box":{"x":102,"y":113,"width":150,"height":10}},{"id":"dd9d5c9b-f8c4-4f1c-8d05-d4f7f9f2fe18","block_type":"box","text":"Real Estate Investment","page_number":28,"box":{"x":73,"y":133,"width":154,"height":8}},{"id":"b7cb9e64-d3b4-4ba3-a771-132d9686044e","block_type":"box","text":"Trusts (“REITs”)","page_number":28,"box":{"x":87,"y":147,"width":107,"height":10}},{"id":"21e9eebe-7cac-44dc-828e-af578571e1d2","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":147,"width":472,"height":8}},{"id":"5d0b746b-f099-49bb-a7ca-0065f7bbeb9b","block_type":"box","text":"Reference Rate Replacement","page_number":28,"box":{"x":73,"y":187,"width":192,"height":10}},{"id":"bdfe6332-be99-4e51-a936-d8dea4194ace","block_type":"box","text":"Risk","page_number":28,"box":{"x":88,"y":201,"width":28,"height":8}},{"id":"6b823f06-fdb8-4a9f-ae7a-c52683717d7c","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":201,"width":472,"height":8}},{"id":"e1efb6a9-1c85-41ea-b834-1957eae1960a","block_type":"box","text":"Repurchase Agreements and","page_number":28,"box":{"x":73,"y":221,"width":188,"height":10}},{"id":"6031c7f2-463f-4e80-9576-c70217ca8288","block_type":"box","text":"Purchase and Sale","page_number":28,"box":{"x":88,"y":235,"width":121,"height":8}},{"id":"36aab20f-c2e8-4958-878c-084a81bc4ad5","block_type":"box","text":"Contracts","page_number":28,"box":{"x":87,"y":249,"width":64,"height":8}},{"id":"f67be076-aa11-4c5e-bdc2-d9476c5e3e4a","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":249,"width":472,"height":8}},{"id":"70d8f8bc-a157-4259-9d97-4b98b2aca938","block_type":"box","text":"Restricted Securities","page_number":28,"box":{"x":73,"y":269,"width":138,"height":8}},{"id":"3e1a2b10-6227-4bdc-aced-4cc5d617f07c","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":269,"width":472,"height":8}},{"id":"969a4b07-af77-452b-809f-68b0be4533c7","block_type":"box","text":"Reverse Repurchase","page_number":28,"box":{"x":73,"y":290,"width":134,"height":9}},{"id":"76c023bb-9a22-4639-9471-18dd306ea499","block_type":"box","text":"Agreements","page_number":28,"box":{"x":87,"y":303,"width":79,"height":10}},{"id":"9698b7ec-8330-44d3-a50f-61fb127160cd","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":303,"width":472,"height":8}},{"id":"c5b12588-ed5d-4bb8-a950-02e60a75a879","block_type":"box","text":"Rights Offerings and","page_number":28,"box":{"x":73,"y":323,"width":133,"height":10}},{"id":"545bcf34-5fcc-404f-91bb-f47dbf412004","block_type":"box","text":"Warrants to Purchase","page_number":28,"box":{"x":87,"y":337,"width":143,"height":8}},{"id":"ceb06aec-cd7c-42b2-bb16-f5fb09102109","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":337,"width":472,"height":8}},{"id":"a0585521-f4c2-46d3-bbd5-5fbc2c0c3c3d","block_type":"box","text":"Rule 144A Securities","page_number":28,"box":{"x":73,"y":357,"width":139,"height":8}},{"id":"3c11184e-2681-465c-bbbd-46d61e690dab","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":358,"width":472,"height":7}},{"id":"2f6c8f17-db74-4151-b1ae-2cd535748faa","block_type":"box","text":"Securities Lending","page_number":28,"box":{"x":72,"y":378,"width":122,"height":10}},{"id":"eddbc451-938e-4554-85d5-c5f193e132b3","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":378,"width":472,"height":7}},{"id":"20a7c756-47e4-47af-b713-2f7ce3423b3a","block_type":"box","text":"Short Sales","page_number":28,"box":{"x":72,"y":398,"width":76,"height":8}},{"id":"9c59b3c4-4efa-4743-a745-e1559c4bddde","block_type":"box","text":"See note 1 below. See note 1 below. See note 1 below. See note 1 below.","page_number":28,"box":{"x":309,"y":398,"width":579,"height":8}},{"id":"92b42e76-726a-4fc2-afd6-b3ae8c61013c","block_type":"box","text":"Special Purpose Acquisition","page_number":28,"box":{"x":72,"y":418,"width":183,"height":10}},{"id":"dad3716b-6e4d-4354-b597-4d07910f9b4b","block_type":"box","text":"Companies","page_number":28,"box":{"x":87,"y":432,"width":72,"height":10}},{"id":"aca61aee-7bca-42e1-b8b3-76f5095eafd5","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":432,"width":472,"height":8}},{"id":"b90a882c-0252-4a58-a252-e57822819091","block_type":"box","text":"Standby Commitment","page_number":28,"box":{"x":72,"y":452,"width":142,"height":10}},{"id":"f56c4c23-b581-49ed-a228-c81c589518bb","block_type":"box","text":"Agreements","page_number":28,"box":{"x":87,"y":466,"width":79,"height":10}},{"id":"c6abf963-561d-4187-acf3-3d1e5c546bab","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":466,"width":472,"height":8}},{"id":"08d0ed13-bbae-45ea-80b5-0e881aa32872","block_type":"box","text":"Stripped Securities","page_number":28,"box":{"x":72,"y":486,"width":125,"height":10}},{"id":"85f45bc9-71ef-4f82-b8bc-c720ccc40eac","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":486,"width":472,"height":8}},{"id":"10058a5f-70cd-4e77-b6d9-5974f5f9fce1","block_type":"box","text":"Structured Notes","page_number":28,"box":{"x":72,"y":506,"width":113,"height":8}},{"id":"cf7d2010-0369-4af6-a698-c909ddecf1da","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":506,"width":472,"height":8}},{"id":"5d7b7e9e-4e0a-4c98-9fc4-03b5c19133de","block_type":"box","text":"Taxability Risk","page_number":28,"box":{"x":73,"y":526,"width":95,"height":10}},{"id":"b54bcaa0-1878-4da0-ab4b-24d12243de43","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":526,"width":472,"height":8}},{"id":"b821bfaa-f2a9-403a-a670-54a7256b74fd","block_type":"box","text":"Temporary Defensive","page_number":28,"box":{"x":73,"y":546,"width":135,"height":10}},{"id":"8877dcfe-8f45-4a6b-af7c-b19cebdae4a7","block_type":"box","text":"Measures","page_number":28,"box":{"x":88,"y":560,"width":63,"height":8}},{"id":"4273bb3c-681d-457d-bbc1-40c982383530","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":560,"width":472,"height":8}},{"id":"d28d5cab-f874-4a87-969f-0ad59b3136a0","block_type":"box","text":"U.S. Government Obligations","page_number":28,"box":{"x":73,"y":580,"width":188,"height":10}},{"id":"57a31b94-b6c5-4c4a-a115-88c3e11ce3bf","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":581,"width":472,"height":7}},{"id":"fd731bee-fbd4-4d26-ac21-52d085e355a0","block_type":"box","text":"U.S. Treasury Obligations","page_number":28,"box":{"x":83,"y":601,"width":161,"height":10}},{"id":"9df2763b-ac90-469a-89a5-fd17e0d51561","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":601,"width":472,"height":7}},{"id":"41b42f1f-748f-46ae-8640-d13ee76f48a2","block_type":"box","text":"U.S. Treasury Rolls","page_number":28,"box":{"x":73,"y":621,"width":124,"height":10}},{"id":"0149022a-f348-4ec8-9aaf-6817abf1cbc3","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":621,"width":472,"height":8}},{"id":"4aa8c35f-d656-47a7-b4f6-55900caa3ceb","block_type":"box","text":"Utility Industries","page_number":28,"box":{"x":73,"y":641,"width":108,"height":10}},{"id":"8530cdbf-da9a-448e-827a-44af57805138","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":641,"width":472,"height":8}},{"id":"a5b3e67e-d095-40ce-8dc7-ce27a44486ee","block_type":"box","text":"When-Issued Securities,","page_number":28,"box":{"x":72,"y":661,"width":157,"height":10}},{"id":"c57c614a-b26c-4730-ba51-22b7b8f59bff","block_type":"box","text":"Delayed Delivery Securities","page_number":28,"box":{"x":88,"y":675,"width":178,"height":10}},{"id":"4a7753f1-7ebc-4d86-b2e2-a087643d667d","block_type":"box","text":"and Forward Commitments","page_number":28,"box":{"x":87,"y":689,"width":177,"height":8}},{"id":"60a7e6e9-4a21-424e-9d81-ce0700fa7982","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":689,"width":472,"height":8}},{"id":"b11d2b25-620e-41b1-9a60-4ca560e45f24","block_type":"box","text":"Yields and Ratings","page_number":28,"box":{"x":72,"y":709,"width":123,"height":10}},{"id":"4b170e2a-c640-43b6-b4d5-3d83905a19b6","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":709,"width":472,"height":8}},{"id":"84b9c2b3-6ff7-4bf8-9e2e-8453c1b04824","block_type":"box","text":"Zero Coupon Securities","page_number":28,"box":{"x":73,"y":729,"width":154,"height":10}},{"id":"38ea2d0f-2f0e-4733-b516-5d8d6c47f96d","block_type":"box","text":"XXXX","page_number":28,"box":{"x":363,"y":729,"width":472,"height":8}},{"id":"c8f8c45b-e36c-448a-a50b-baf9e884437c","block_type":"box","text":"1","page_number":28,"box":{"x":69,"y":753,"width":3,"height":4}},{"id":"cabfa0db-2944-43a3-ac1b-418be5bbb889","block_type":"box","text":"The Fund may only make short-sales “against-the-box” and with respect to futures contracts and related options.","page_number":28,"box":{"x":76,"y":753,"width":643,"height":9}},{"id":"56e9c3b4-de94-41e0-8842-3c69d47ab580","block_type":"box","text":"Additional Information on Investment Strategies","page_number":28,"box":{"x":68,"y":782,"width":351,"height":11}},{"id":"aeb25b6a-2a09-4e1a-a9f4-f1cccd913a15","block_type":"box","text":"If the portfolio managers determine that no suitable BlackRock-advised Fund (as defined below) is available for a","page_number":28,"box":{"x":102,"y":804,"width":804,"height":12}},{"id":"002d4c19-86fc-45ed-9d73-719b066adc8f","block_type":"box","text":"particular allocation with respect to a Fund, the portfolio managers may select underlying funds from equity, fixed","page_number":28,"box":{"x":70,"y":819,"width":806,"height":12}},{"id":"b74947b9-17fb-4666-9763-5feb8c394cda","block_type":"box","text":"income or multi-asset mutual funds or exchange-traded funds (“ETFs”) managed by other investment advisers,","page_number":28,"box":{"x":70,"y":835,"width":783,"height":11}},{"id":"6f45871e-2339-49d6-ae5f-efaa2d98271a","block_type":"box","text":"including affiliates, subject to applicable law. Under normal circumstances, each Fund intends to invest primarily in","page_number":28,"box":{"x":70,"y":850,"width":817,"height":11}},{"id":"f32af9e0-5d32-4cc1-9a1f-555e47a31570","block_type":"box","text":"affiliated open-ended funds and affiliated ETFs.","page_number":28,"box":{"x":69,"y":865,"width":336,"height":11}},{"id":"f8d9c5f6-6585-4150-952c-5a04e65b215a","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":28,"box":{"x":102,"y":888,"width":246,"height":11}},{"id":"617c298f-1c9a-421a-ae9e-9ea0d65c047d","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":28,"box":{"x":355,"y":888,"width":530,"height":11}},{"id":"0455c2aa-8b9f-4cdb-b0d4-547d97fcf044","block_type":"box","text":"registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either","page_number":28,"box":{"x":69,"y":903,"width":828,"height":11}},{"id":"a46b1c40-dbf2-4b01-b453-ba3873057138","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c38426db-2aa9-4c2c-8dc7-1de9eb970730","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f73b512d-1394-4509-a2a2-ed425dcfbdb2","block_type":"box","text":"(i) has exposure to, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated","page_number":29,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"93d6c788-ec4d-446e-b4b8-4fbec8bd6de9","block_type":"box","text":"futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such","page_number":29,"box":{"x":68,"y":60,"width":794,"height":11}},{"id":"5e0246c3-e6db-45eb-8397-71bb81626337","block_type":"box","text":"instruments. The CFTC also subjects advisers to registered investment companies to regulation by the CFTC if the","page_number":29,"box":{"x":70,"y":75,"width":811,"height":11}},{"id":"ca0b1f7e-e6e2-45ed-9c1b-bb0f8bd6e61a","block_type":"box","text":"registered investment company invests in one or more commodity pools, unless an exemption from registration","page_number":29,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"d9b6a794-56c4-4c23-9b14-b15fa0e88799","block_type":"box","text":"applies. To the extent a Fund uses CFTC Derivatives, it intends to do so below such prescribed levels and will not","page_number":29,"box":{"x":69,"y":105,"width":806,"height":11}},{"id":"de91d1af-273d-4a8c-9e16-c2445352b610","block_type":"box","text":"market itself as a “commodity pool” or a vehicle for trading such instruments.","page_number":29,"box":{"x":69,"y":120,"width":554,"height":12}},{"id":"8e753c32-1fea-42a1-b350-5b53bdb8c679","block_type":"box","text":"BlackRock has claimed an exclusion from the definition of the term “commodity pool operator” under the","page_number":29,"box":{"x":102,"y":144,"width":747,"height":11}},{"id":"1b76522e-e080-40ad-a61c-1d7198a52fce","block_type":"box","text":"Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA with respect to the Fund. BlackRock is not,","page_number":29,"box":{"x":69,"y":159,"width":804,"height":12}},{"id":"4c233b35-38bc-4452-abb6-12083ad9bfa1","block_type":"box","text":"therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of such Fund.","page_number":29,"box":{"x":68,"y":174,"width":840,"height":12}},{"id":"9f1000b5-96af-4ca2-a89b-c6a3500e3dfc","block_type":"box","text":"The Funds may have investments in “underlying funds” (and such underlying funds themselves may invest in","page_number":29,"box":{"x":101,"y":197,"width":773,"height":11}},{"id":"1196a16a-d025-42fb-889c-f193f51734f0","block_type":"box","text":"underlying funds) not advised by BlackRock (which for purposes of the no-action letter referenced below may include","page_number":29,"box":{"x":69,"y":212,"width":826,"height":11}},{"id":"f58fa154-41fa-4c02-880e-977bd4b05a81","block_type":"box","text":"certain securitized vehicles, mortgage real estate investment trusts and/or investment companies that may invest in","page_number":29,"box":{"x":69,"y":228,"width":834,"height":11}},{"id":"8d14fe35-53d7-43b9-8131-27b93f98076e","block_type":"box","text":"CFTC Derivatives), and therefore may be viewed by the CFTC as a commodity pool. BlackRock has no transparency","page_number":29,"box":{"x":69,"y":242,"width":815,"height":12}},{"id":"8c6284fb-4b01-4c42-be3e-b6714923f2de","block_type":"box","text":"into the holdings of these underlying funds because they are not advised by BlackRock. To address this issue of lack","page_number":29,"box":{"x":70,"y":258,"width":831,"height":11}},{"id":"f6c84123-b3bc-4680-b244-deb003ef9d90","block_type":"box","text":"of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":29,"box":{"x":69,"y":273,"width":832,"height":11}},{"id":"b6d0899f-beaa-4d80-838b-b9b919285be0","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to Rule 4.5 to","page_number":29,"box":{"x":70,"y":288,"width":803,"height":11}},{"id":"fa97bfa7-4ba0-438c-bc0e-0195fc63ec03","block_type":"box","text":"delay registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional","page_number":29,"box":{"x":69,"y":303,"width":836,"height":11}},{"id":"cadf3b72-2886-477b-add1-d4bbe8b7bc9f","block_type":"box","text":"guidance on the treatment of CFTC Derivatives held by underlying funds. BlackRock, the adviser of the Funds, has","page_number":29,"box":{"x":68,"y":318,"width":810,"height":11}},{"id":"a8088cf3-762c-4e53-8dd0-a5bb2c1b025a","block_type":"box","text":"filed a claim with the CFTC for the Funds to rely on this no-action relief. Accordingly, BlackRock is not subject to","page_number":29,"box":{"x":68,"y":333,"width":793,"height":11}},{"id":"d6c1b751-8fa6-48e0-bd4c-a34046c04edd","block_type":"box","text":"registration or regulation as a “commodity pool operator” under the Commodity Exchange Act in respect of the Funds.","page_number":29,"box":{"x":69,"y":348,"width":837,"height":12}},{"id":"d2390248-0bc6-4fe3-81ef-c6b206df200b","block_type":"box","text":"II. Investment Restrictions","page_number":29,"box":{"x":69,"y":379,"width":194,"height":8}},{"id":"dab6f0cd-8780-4a6e-b2f3-873fe99b78e6","block_type":"box","text":"Each Fund has adopted restrictions and policies relating to the investment of such Fund’s assets and activities.","page_number":29,"box":{"x":102,"y":401,"width":796,"height":11}},{"id":"dbb42de6-ba14-4c5f-9153-0763dc335f56","block_type":"box","text":"Certain of the restrictions are fundamental policies of the Funds and may not be changed without the approval of the","page_number":29,"box":{"x":69,"y":416,"width":833,"height":12}},{"id":"2a6c6d6b-9da5-41a8-9489-ba9dada1e9b1","block_type":"box","text":"holders of a majority of a Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":29,"box":{"x":69,"y":431,"width":795,"height":12}},{"id":"66773258-a873-40f1-917d-1106d41e101e","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":29,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"0e8ec5fe-651a-499b-88a0-7493ec673ab4","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares.","page_number":29,"box":{"x":69,"y":462,"width":603,"height":11}},{"id":"037d6b29-c234-4259-9d25-bd84284d3087","block_type":"box","text":"Each of the Funds may not:","page_number":29,"box":{"x":102,"y":484,"width":192,"height":11}},{"id":"6cf79098-1f72-42b0-b2b2-639ecd81b59f","block_type":"box","text":"1. Purchase any securities which would cause 25% or more of the value of the Fund’s total assets at the","page_number":29,"box":{"x":135,"y":507,"width":746,"height":11}},{"id":"10702b5b-5b64-4ae6-abab-d98c40dbfec4","block_type":"box","text":"time of purchase to be invested in the securities of one or more issuers conducting their principal business","page_number":29,"box":{"x":101,"y":522,"width":766,"height":11}},{"id":"eb1e133a-34cc-4804-80cd-26809f1a5fa1","block_type":"box","text":"activities in the same industry, provided that (a) each Fund may cause 25% or more of its total assets at the","page_number":29,"box":{"x":102,"y":537,"width":773,"height":11}},{"id":"25460bb9-e4af-4036-acc2-2af3d473413e","block_type":"box","text":"time of purchase to be invested in the securities of one or more investment companies; (b) there is no limitation","page_number":29,"box":{"x":101,"y":552,"width":802,"height":11}},{"id":"97e3be18-fb0d-4c07-8043-3c4a45bd83bc","block_type":"box","text":"with respect to (i) instruments issued or guaranteed by the United States and tax exempt instruments issued by","page_number":29,"box":{"x":101,"y":568,"width":800,"height":11}},{"id":"1faa2419-e14e-4acd-acb8-bb4bb682eb36","block_type":"box","text":"any state, territory or possession of the United States, the District of Columbia or any of their authorities,","page_number":29,"box":{"x":102,"y":583,"width":751,"height":11}},{"id":"2bb1d1b9-1826-49d1-9ad5-b683019f0ee5","block_type":"box","text":"agencies, instrumentalities or political subdivisions, and (ii) repurchase agreements secured by the instruments","page_number":29,"box":{"x":102,"y":598,"width":798,"height":11}},{"id":"27b372e1-a8bc-4dc7-8a99-8e0ec97fab08","block_type":"box","text":"described in clause (i); (c) wholly-owned finance companies will be considered to be in the industries of their","page_number":29,"box":{"x":101,"y":613,"width":772,"height":11}},{"id":"826899bf-b867-4fca-8a99-fdf690554abb","block_type":"box","text":"parents if their activities are primarily related to financing the activities of the parents; and (d) utilities will be","page_number":29,"box":{"x":102,"y":628,"width":774,"height":11}},{"id":"9ae3806e-311e-4c25-a480-87f6615a0d15","block_type":"box","text":"divided according to their services; for example, gas, gas transmission, electric and gas, electric and telephone","page_number":29,"box":{"x":101,"y":643,"width":796,"height":11}},{"id":"bb600a39-3368-4926-b601-225e2c3d0927","block_type":"box","text":"will each be considered a separate industry.","page_number":29,"box":{"x":101,"y":658,"width":314,"height":11}},{"id":"596c4710-af4a-4977-8b32-caccbbd1ed6f","block_type":"box","text":"For purposes of the concentration policy, the Funds will look through to the portfolio holdings of the","page_number":29,"box":{"x":135,"y":681,"width":706,"height":11}},{"id":"62ff8b56-3474-4584-b411-692c12883621","block_type":"box","text":"underlying funds in which they invest and will aggregate the holdings of the underlying funds (on a pro rata basis","page_number":29,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"dbbcd687-e449-4569-b954-7586a6b3f49d","block_type":"box","text":"based on each Fund’s investment in each underlying fund) to determine concentration in a particular industry in","page_number":29,"box":{"x":102,"y":711,"width":796,"height":11}},{"id":"c7256d5a-a840-4a8c-92b3-40155a15a145","block_type":"box","text":"accordance with the concentration policy provided above. For the purposes of this policy, only those underlying","page_number":29,"box":{"x":102,"y":726,"width":786,"height":12}},{"id":"51cbd55b-9f10-48f5-a736-429bf6796d68","block_type":"box","text":"funds that are part of the BlackRock family of funds will be aggregated; the Funds will not aggregate underlying","page_number":29,"box":{"x":101,"y":741,"width":791,"height":12}},{"id":"55357392-a69d-427d-b889-824e8e98051e","block_type":"box","text":"fund holdings, if any, in underlying funds outside of the BlackRock family of funds.","page_number":29,"box":{"x":101,"y":756,"width":583,"height":12}},{"id":"68926e77-f72d-467e-8162-f99fb125108d","block_type":"box","text":"2. Issue senior securities, borrow money or pledge its assets, except that a Fund may borrow from banks or","page_number":29,"box":{"x":134,"y":779,"width":771,"height":11}},{"id":"42f95048-ef4b-40a2-b180-8290abe87f4f","block_type":"box","text":"enter into reverse repurchase agreements or dollar rolls in amounts aggregating not more than 33","page_number":29,"box":{"x":101,"y":794,"width":701,"height":12}},{"id":"ea8e4c42-3180-485b-94b0-534d1d5f0e44","block_type":"box","text":"1⁄","page_number":29,"box":{"x":803,"y":795,"width":6,"height":5}},{"id":"d81a1ced-4747-4de1-b07e-98216550805b","block_type":"box","text":"1⁄3","page_number":29,"box":{"x":807,"y":794,"width":8,"height":9}},{"id":"dee37805-4f99-4292-b762-4d302de54953","block_type":"box","text":"⁄3","page_number":29,"box":{"x":812,"y":798,"width":6,"height":5}},{"id":"c439ea08-bae9-4c7e-b71b-219db043ba05","block_type":"box","text":"% of the","page_number":29,"box":{"x":819,"y":794,"width":57,"height":9}},{"id":"419ed49c-fa5c-44b4-943b-3a9b9aa371c3","block_type":"box","text":"value of its total assets (calculated when the loan is made) to take advantage of investment opportunities and","page_number":29,"box":{"x":101,"y":809,"width":788,"height":12}},{"id":"80a2b950-4c9a-4495-9fcd-e936963eeb02","block_type":"box","text":"may pledge up to 33","page_number":29,"box":{"x":102,"y":825,"width":145,"height":11}},{"id":"6b0d7e5f-bfa7-4d0a-8802-47ba1dd8e054","block_type":"box","text":"1⁄","page_number":29,"box":{"x":249,"y":825,"width":5,"height":5}},{"id":"a30903ad-8889-48a9-8031-528efd669a1d","block_type":"box","text":"1⁄3","page_number":29,"box":{"x":252,"y":825,"width":8,"height":8}},{"id":"a47fe262-43f0-4dc3-8184-e0e42893e179","block_type":"box","text":"⁄3","page_number":29,"box":{"x":258,"y":828,"width":6,"height":5}},{"id":"eb7ac846-9f76-488c-b114-8ae2c82ef280","block_type":"box","text":"% of the value of its total assets to secure such borrowings. Each Fund is also authorized","page_number":29,"box":{"x":265,"y":824,"width":637,"height":12}},{"id":"37dfdd0d-8fa1-4332-a854-9d6f286d6bc8","block_type":"box","text":"to borrow an additional 5% of its total assets without regard to the foregoing limitations for temporary purposes","page_number":29,"box":{"x":101,"y":840,"width":796,"height":11}},{"id":"039c5312-1051-43da-9817-23477f60eb03","block_type":"box","text":"such as clearance of portfolio transactions and share redemptions. For purposes of these restrictions, the","page_number":29,"box":{"x":102,"y":855,"width":759,"height":11}},{"id":"25349c57-2a44-48a5-b974-01c1cde544af","block_type":"box","text":"purchase or sale of securities on a “when-issued,” delayed delivery or forward commitment basis, the purchase","page_number":29,"box":{"x":102,"y":870,"width":798,"height":11}},{"id":"31000c93-3d90-4868-9d1f-fcba7b628b7a","block_type":"box","text":"and sale of options and futures contracts and collateral arrangements with respect thereto are not deemed to be","page_number":29,"box":{"x":102,"y":885,"width":806,"height":11}},{"id":"1b78ffd6-41a4-4e14-86cd-5ccfdd3986a4","block_type":"box","text":"the issuance of a senior security, a borrowing or a pledge of assets.","page_number":29,"box":{"x":101,"y":900,"width":484,"height":11}},{"id":"b99dfc0a-1492-4ab7-840f-f471fb40accf","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"e1f3bf1d-f2e0-41c3-8867-c22c3ad90bb3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed49593b-47e7-4c56-b0f0-3117bc0f367b","block_type":"box","text":"3. Purchase or sell real estate, except that each Fund may purchase securities of issuers which deal in real","page_number":30,"box":{"x":134,"y":45,"width":767,"height":11}},{"id":"107e270d-612a-4e3e-9d33-da7a935d5678","block_type":"box","text":"estate and may purchase securities which are secured by interests in real estate.","page_number":30,"box":{"x":101,"y":60,"width":582,"height":11}},{"id":"b1b5e540-67bd-42f4-bdfb-dc23099e12b9","block_type":"box","text":"4. Acquire any other investment company or investment company security except in connection with a","page_number":30,"box":{"x":134,"y":83,"width":723,"height":11}},{"id":"db4d91a8-d2a4-43d2-af1c-19fb9dbd5ce5","block_type":"box","text":"merger, consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment","page_number":30,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"de13b9bf-b005-4967-ba0e-dba210ccb071","block_type":"box","text":"Company Act.","page_number":30,"box":{"x":102,"y":113,"width":95,"height":11}},{"id":"c5b63b6e-a011-4b73-b5a9-de7886472c16","block_type":"box","text":"5. Act as an underwriter of securities within the meaning of the Securities Act of 1933 except to the extent","page_number":30,"box":{"x":134,"y":135,"width":763,"height":12}},{"id":"45b038c8-8658-4a94-ac43-4033141cdfc3","block_type":"box","text":"that the purchase of obligations directly from the issuer thereof, or the disposition of securities, in accordance","page_number":30,"box":{"x":101,"y":150,"width":788,"height":12}},{"id":"83a8dcd0-bfec-4715-9539-4629c305ab06","block_type":"box","text":"with the Fund’s investment objective, policies and limitations may be deemed to be underwriting.","page_number":30,"box":{"x":101,"y":166,"width":691,"height":11}},{"id":"84d8a384-f65f-4e87-8c8a-a551b085eb22","block_type":"box","text":"6. Write or sell put options, call options, straddles, spreads, or any combination thereof, except for","page_number":30,"box":{"x":134,"y":188,"width":706,"height":11}},{"id":"0b1c6f2c-7236-471c-9ed9-96dbfac61eda","block_type":"box","text":"transactions in options on securities and securities indices, futures contracts and options on futures contracts","page_number":30,"box":{"x":101,"y":203,"width":790,"height":11}},{"id":"128af772-14b6-484a-a076-543904a3393a","block_type":"box","text":"and currencies, to the extent permitted by applicable law.","page_number":30,"box":{"x":102,"y":219,"width":407,"height":11}},{"id":"ddf07dda-e5eb-4771-b69d-f89c40f1d2c4","block_type":"box","text":"7. Purchase securities of companies for the purpose of exercising control.","page_number":30,"box":{"x":135,"y":241,"width":526,"height":11}},{"id":"a04b6033-1f07-412b-80bc-4c45c32c0951","block_type":"box","text":"8. Purchase securities on margin, make short sales of securities or maintain a short position, except that","page_number":30,"box":{"x":134,"y":264,"width":757,"height":11}},{"id":"85b0bc07-d771-45bd-b645-99a2231a40f8","block_type":"box","text":"(a) this investment limitation shall not apply to a Fund’s transactions in futures contracts and related options or","page_number":30,"box":{"x":102,"y":279,"width":797,"height":11}},{"id":"324107bb-52f9-4293-9142-d78b783d7ef4","block_type":"box","text":"a Fund’s sale of securities short against the box, and (b) a Fund may obtain short-term credit as may be","page_number":30,"box":{"x":102,"y":294,"width":743,"height":11}},{"id":"fcfdf79b-dbdf-42a9-b1bf-ab9dd146bcd3","block_type":"box","text":"necessary for the clearance of purchases and sales of portfolio securities.","page_number":30,"box":{"x":102,"y":309,"width":531,"height":11}},{"id":"63e7193c-56ed-484f-a48d-fccd53641d1a","block_type":"box","text":"9. Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development","page_number":30,"box":{"x":134,"y":332,"width":707,"height":11}},{"id":"3f866059-b6f5-4bf6-903f-1fb49388f79e","block_type":"box","text":"programs, except that each Fund may, to the extent appropriate to its investment policies, purchase securities of","page_number":30,"box":{"x":102,"y":347,"width":806,"height":11}},{"id":"aed536b2-5816-4133-8990-a6e3a55ad6b6","block_type":"box","text":"companies engaging in whole or in part in such activities and may enter into futures contracts and related","page_number":30,"box":{"x":101,"y":362,"width":755,"height":11}},{"id":"720107a4-5cce-4d7b-a9bd-27627af92f55","block_type":"box","text":"options.","page_number":30,"box":{"x":102,"y":377,"width":55,"height":11}},{"id":"1f433f24-504c-4c74-99a1-a459bef34268","block_type":"box","text":"10. Make loans, except that each Fund may purchase and hold debt instruments and enter into repurchase","page_number":30,"box":{"x":135,"y":400,"width":766,"height":11}},{"id":"e43a01e7-cbf6-467d-819a-c7c70a2cfd5d","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend portfolio securities. See","page_number":30,"box":{"x":102,"y":415,"width":762,"height":11}},{"id":"b556d99e-32b0-4024-9a80-ad7bc592656a","block_type":"box","text":"“Securities Lending” in Part II of this SAI.","page_number":30,"box":{"x":102,"y":430,"width":293,"height":11}},{"id":"613b3352-3405-4381-8ce8-ba601d9c4476","block_type":"box","text":"11. Purchase or sell commodities except that each Fund may, to the extent appropriate to its investment","page_number":30,"box":{"x":135,"y":453,"width":746,"height":11}},{"id":"518bf5af-476f-49c4-99f2-c8b7792f8d68","block_type":"box","text":"policies, purchase securities of companies engaging in whole or in part in such activities, may engage in","page_number":30,"box":{"x":102,"y":468,"width":744,"height":11}},{"id":"b4fc9853-c76a-42d9-ab11-a90aead6f43c","block_type":"box","text":"currency transactions and may enter into futures contracts and related options, to the extent permitted by","page_number":30,"box":{"x":101,"y":483,"width":757,"height":11}},{"id":"2003e2f0-76bf-4df4-a6d2-b1ad63273010","block_type":"box","text":"applicable law.","page_number":30,"box":{"x":102,"y":498,"width":102,"height":11}},{"id":"c28fa80d-049c-444e-900b-36c049f2dace","block_type":"box","text":"Unless otherwise indicated, all limitations apply only at the time that a transaction is undertaken. Any change in","page_number":30,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"804e581e-4a1d-4f3e-8770-53c822a21605","block_type":"box","text":"the percentage of a Fund’s assets invested in certain securities or other instruments resulting from market","page_number":30,"box":{"x":68,"y":536,"width":767,"height":11}},{"id":"ef946aea-32c2-4e3f-a2af-ebdebd1b8957","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":30,"box":{"x":68,"y":551,"width":841,"height":11}},{"id":"b18b63e5-b32e-44eb-9d82-f0299f02ab5a","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":30,"box":{"x":69,"y":566,"width":816,"height":11}},{"id":"073bbad7-c73c-410f-bb75-c3bb9f7aabf3","block_type":"box","text":"tax consequences.","page_number":30,"box":{"x":68,"y":582,"width":133,"height":10}},{"id":"e026e6bd-76d5-4171-9cbc-a97d62af860d","block_type":"box","text":"Each Fund is currently classified as a diversified fund under the Investment Company Act. This means that each","page_number":30,"box":{"x":102,"y":604,"width":796,"height":11}},{"id":"13d34ce2-6dfa-4011-83a9-1c5250bd54c9","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":30,"box":{"x":70,"y":619,"width":751,"height":11}},{"id":"44f1e813-9b73-428f-a3bd-5483264a1924","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":30,"box":{"x":68,"y":634,"width":812,"height":12}},{"id":"c59987f8-1c37-47d4-8165-a24fbaa08c45","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":30,"box":{"x":69,"y":649,"width":827,"height":11}},{"id":"d35598d0-6882-484c-89c2-9c677bfbd9cd","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":30,"box":{"x":69,"y":664,"width":781,"height":12}},{"id":"ead1f4a0-a98a-4505-9c07-25a847959ca5","block_type":"box","text":"remaining 25% of its total assets, each Fund can invest more than 5% of its assets in one issuer. Under the","page_number":30,"box":{"x":69,"y":680,"width":771,"height":11}},{"id":"2bacb292-fae5-4a5f-bcc6-7f65317fbcf1","block_type":"box","text":"Investment Company Act, a Fund cannot change its classification from diversified to non-diversified without","page_number":30,"box":{"x":70,"y":695,"width":760,"height":11}},{"id":"4ca154b1-4638-4e2e-810a-7f588a997db8","block_type":"box","text":"shareholder approval.","page_number":30,"box":{"x":69,"y":710,"width":153,"height":11}},{"id":"bb79ee56-d453-4385-a981-37aafb88e1a0","block_type":"box","text":"Notations Regarding the Funds’ Fundamental Investment Restrictions","page_number":30,"box":{"x":102,"y":733,"width":494,"height":11}},{"id":"ab8a8c9c-d6f9-4b1b-9fed-78237a42328d","block_type":"box","text":"The following notations are not considered part of a Fund’s fundamental investment restrictions and are subject","page_number":30,"box":{"x":101,"y":755,"width":800,"height":11}},{"id":"206a23cf-d175-428d-9653-5fcb803fc585","block_type":"box","text":"to change without shareholder approval.","page_number":30,"box":{"x":68,"y":771,"width":285,"height":11}},{"id":"2de0cc52-a93c-40f9-ba03-b458e8a61be9","block_type":"box","text":"For purposes of investment restriction no. 1 above, with respect to each Fund’s industry classifications, each","page_number":30,"box":{"x":102,"y":793,"width":779,"height":11}},{"id":"9b693da8-7098-4d95-96f6-712a800a04a4","block_type":"box","text":"Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized","page_number":30,"box":{"x":70,"y":808,"width":800,"height":11}},{"id":"288f839b-aef4-4105-a14c-722b6b2b195d","block_type":"box","text":"market indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to","page_number":30,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"0ee572cf-aef9-4039-bcae-2250ba832bac","block_type":"box","text":"give broad authority to each Fund as to how to classify issuers within or among industries.","page_number":30,"box":{"x":68,"y":838,"width":643,"height":12}},{"id":"ec5ba942-194d-4d9a-b7fe-7b866993eb21","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities above, the Investment Company Act,","page_number":30,"box":{"x":101,"y":861,"width":795,"height":11}},{"id":"e4032055-5e82-4420-90c9-c1350406aa04","block_type":"box","text":"including the rules and regulations thereunder, generally prohibits each Fund from issuing senior securities (other","page_number":30,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"7b1318a2-7d1c-4b5d-ba1b-6c49bc7d1f50","block_type":"box","text":"than certain temporary borrowings) unless immediately after the issuance the Fund has satisfied an asset coverage","page_number":30,"box":{"x":68,"y":891,"width":828,"height":12}},{"id":"3954899a-1997-4020-b1ca-4d55ad6515ca","block_type":"box","text":"requirement with respect to senior securities representing indebtedness prescribed by the Investment Company Act.","page_number":30,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"b2056a46-dda8-4131-8e5c-75509eed1e6b","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"346f119f-19a6-455a-b661-51a891e07795","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54766c0e-33f7-4a12-a4d8-b07d8cdd84c5","block_type":"box","text":"Certain trading practices and investments, such as derivatives transactions, may be treated as senior securities.","page_number":31,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"b39b2683-8e40-4cc4-8fe4-16406e52308e","block_type":"box","text":"Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act, when a Fund engaged in a","page_number":31,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"c9f0eca5-69c2-42f9-9e1e-0122fc41da3e","block_type":"box","text":"derivatives transaction that creates future payment obligations, consistent with SEC staff guidance and","page_number":31,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"01f464c2-7fcf-497c-90b0-638a626e03d5","block_type":"box","text":"interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting position, in","page_number":31,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"83f5e4bb-d948-4637-90ea-9887a24de23e","block_type":"box","text":"an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of meeting","page_number":31,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"3c12aca3-4662-458f-bfe1-60c494dd83e8","block_type":"box","text":"the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The SEC","page_number":31,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"610dba8b-0800-407a-b413-eff01bfa525b","block_type":"box","text":"staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and a Fund now","page_number":31,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"d3b2289d-4e78-43b8-880d-4f8e89a1626e","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing","page_number":31,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"8b19d62b-6f27-4872-8d6a-68ecc5a8159d","block_type":"box","text":"senior securities above will not restrict a Fund from entering into derivatives transactions that are treated as senior","page_number":31,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"21b55ed2-69aa-4303-8856-7a333f327560","block_type":"box","text":"securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives transactions.","page_number":31,"box":{"x":69,"y":181,"width":724,"height":11}},{"id":"5880bd40-7010-4f3a-b595-118ebabc894f","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":31,"box":{"x":101,"y":203,"width":793,"height":12}},{"id":"0956e658-45d5-4b1b-ae9b-8363aa43d266","block_type":"box","text":"the rules thereunder, at the time of each Fund’s adoption of fundamental investment restrictions no. 6, 9 and 11","page_number":31,"box":{"x":68,"y":218,"width":808,"height":11}},{"id":"bc1bb67e-708b-447b-a08f-12d5bcf80f7c","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable law.","page_number":31,"box":{"x":69,"y":234,"width":752,"height":11}},{"id":"290fc237-04e2-4a83-a370-d6f361ce661b","block_type":"box","text":"Accordingly, fundamental investment restriction no. 6, which does not restrict transactions in options on securities","page_number":31,"box":{"x":68,"y":249,"width":817,"height":11}},{"id":"c7479ac5-1e46-4c0d-9457-74f6dbd2b1d1","block_type":"box","text":"and securities indices, and fundamental investment restrictions no. 9 and 11 are being interpreted to permit a Fund","page_number":31,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"f14e198d-9c27-484a-ad86-5c46fa971544","block_type":"box","text":"to engage in transactions in swaps and options on swaps, as applicable, related to financial instruments, such as","page_number":31,"box":{"x":68,"y":279,"width":814,"height":11}},{"id":"7cef8647-7286-405a-b7e0-cee725c6d7d1","block_type":"box","text":"securities, securities indices and currencies, but not to engage in transactions in swaps or options on swaps related","page_number":31,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"cb9dbd72-6045-4e18-b068-772d51e116cb","block_type":"box","text":"to physical commodities, such as oil or metals.","page_number":31,"box":{"x":68,"y":309,"width":336,"height":11}},{"id":"281cdef8-fa3e-44fb-9b3e-3038e3569f33","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":31,"box":{"x":102,"y":332,"width":768,"height":11}},{"id":"c80b9d85-348c-4003-b7d7-04e30498c86b","block_type":"box","text":"approval, each Fund may not purchase securities of other investment companies, except to the extent permitted by","page_number":31,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"9f1b4440-333c-4060-b183-502e38a28aed","block_type":"box","text":"the Investment Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered","page_number":31,"box":{"x":68,"y":362,"width":802,"height":11}},{"id":"6cbfe6b0-5dce-4c1b-9276-48d4661d67f7","block_type":"box","text":"open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund","page_number":31,"box":{"x":69,"y":377,"width":830,"height":12}},{"id":"54e7a90b-a2bf-4cea-be34-d6dfb9e63ad8","block_type":"box","text":"of funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":31,"box":{"x":69,"y":392,"width":779,"height":12}},{"id":"086f38fb-4634-4503-a36d-21e58ee49e73","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":31,"box":{"x":70,"y":407,"width":795,"height":12}},{"id":"0aee5015-89e8-4ddd-851b-a8b453889284","block_type":"box","text":"12(d)(1).","page_number":31,"box":{"x":70,"y":423,"width":59,"height":11}},{"id":"62567a0e-5905-440b-9cde-8f8187732116","block_type":"box","text":"III. Information on Trustees and Officers","page_number":31,"box":{"x":69,"y":445,"width":290,"height":9}},{"id":"7ebe5a97-c216-48d7-a09d-687f5605cbee","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":31,"box":{"x":101,"y":462,"width":789,"height":11}},{"id":"6e72a857-8476-4c75-a72a-e5df6cb17de4","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":31,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"255f450f-f7ab-41ab-87e3-a34cb4dfd9ec","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":31,"box":{"x":69,"y":488,"width":837,"height":11}},{"id":"3cef76bd-edff-4ee8-9632-d70b54eec34d","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":31,"box":{"x":70,"y":501,"width":793,"height":10}},{"id":"f0e89f50-77ad-4f27-ad94-210fbc5a6063","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":31,"box":{"x":69,"y":513,"width":822,"height":11}},{"id":"994e22dc-e052-40dc-8d39-c40602cde19b","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":31,"box":{"x":68,"y":526,"width":837,"height":11}},{"id":"cf2699f1-e89b-472a-a104-6ca7fb1b5665","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":31,"box":{"x":70,"y":539,"width":335,"height":11}},{"id":"bb990bf1-fd24-41ee-a2ee-8bebf692ff0b","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and each Fund. The Chair of the Board is an","page_number":31,"box":{"x":101,"y":556,"width":781,"height":11}},{"id":"52292317-1dd0-4a92-bd69-c974788d108c","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":31,"box":{"x":70,"y":568,"width":827,"height":11}},{"id":"52f3fdf2-4297-4c7c-a775-593d8f98e7f4","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":31,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"f92bacd1-878e-43a3-967b-8e620cd840d9","block_type":"box","text":"Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":31,"box":{"x":69,"y":594,"width":835,"height":11}},{"id":"55478e73-bbd6-4253-bc78-80a82bbec40c","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":31,"box":{"x":70,"y":607,"width":830,"height":11}},{"id":"4f6f0d1d-2c00-428e-aced-9b1c9c40089c","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":31,"box":{"x":68,"y":620,"width":789,"height":11}},{"id":"cb32a5a8-c0fb-424d-9c82-cf8c280cc078","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":31,"box":{"x":69,"y":633,"width":810,"height":11}},{"id":"0397e7a2-6009-46f2-992b-6ffbcd37370f","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":31,"box":{"x":69,"y":646,"width":809,"height":11}},{"id":"b46b766c-8632-455d-84ad-9761a79ad4d4","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to each Fund. The Board has","page_number":31,"box":{"x":70,"y":658,"width":805,"height":12}},{"id":"ede6be08-baf7-4290-8793-c78e274d5930","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":31,"box":{"x":69,"y":671,"width":816,"height":12}},{"id":"5be4a483-6c06-4040-927a-8794281e9acc","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":31,"box":{"x":69,"y":684,"width":831,"height":11}},{"id":"ca3e48d9-ad14-4973-a605-26f2506072ce","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":31,"box":{"x":70,"y":697,"width":811,"height":11}},{"id":"e327a36c-6915-4f20-bd30-356c2dbcd335","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":31,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"25aad786-1d5e-41ea-a235-3508b476fdcb","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":31,"box":{"x":69,"y":723,"width":825,"height":11}},{"id":"54d62d97-25e7-4b66-9e06-63cf34275cb6","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":31,"box":{"x":69,"y":735,"width":441,"height":12}},{"id":"cbbc1a51-f957-4999-a199-b16dd854550d","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":31,"box":{"x":101,"y":752,"width":788,"height":11}},{"id":"c3ef9a33-3373-49b9-b20a-b58de313c98b","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in accordance","page_number":31,"box":{"x":69,"y":765,"width":810,"height":11}},{"id":"80da1ed0-cd1a-4348-b1a7-217f2d7c9d8e","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s charter, and each","page_number":31,"box":{"x":68,"y":778,"width":813,"height":11}},{"id":"677d7633-ca1a-4fb2-9ef2-5077458b4d70","block_type":"box","text":"Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, each Fund’s performance,","page_number":31,"box":{"x":70,"y":791,"width":795,"height":11}},{"id":"f59fdf1e-106b-487d-b072-5e46e17e67d0","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":31,"box":{"x":69,"y":803,"width":823,"height":12}},{"id":"3d00eafa-377b-4023-be45-25d1574cb4b1","block_type":"box","text":"in running the operations of each Fund.","page_number":31,"box":{"x":70,"y":816,"width":277,"height":12}},{"id":"95cea8f4-bbb8-4dd0-819e-504c6ac323ef","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager or of sub-advisers or","page_number":31,"box":{"x":102,"y":833,"width":796,"height":11}},{"id":"246aa265-ce2d-483e-a56c-7a541587d9b5","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. Each Fund is","page_number":31,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"58fb7e7d-b1e6-4070-b750-6fbb5baaa7ee","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":31,"box":{"x":69,"y":859,"width":832,"height":11}},{"id":"0602990f-23c2-46d6-869e-2943151f369d","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":31,"box":{"x":68,"y":872,"width":820,"height":11}},{"id":"8f43b336-1e09-461d-9ea9-1b94e5568e54","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight forms","page_number":31,"box":{"x":70,"y":884,"width":820,"height":12}},{"id":"1b296b17-740e-450a-ae68-e10612e4769c","block_type":"box","text":"part of the Board’s general oversight of each Fund and is addressed as part of various Board and Committee","page_number":31,"box":{"x":70,"y":897,"width":778,"height":12}},{"id":"d0d3055b-af23-4297-a483-863743775fb6","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":31,"box":{"x":69,"y":910,"width":815,"height":11}},{"id":"bf350aee-d9a0-419a-85b7-67056800fd7c","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"bbd024ef-6d89-4bf8-b711-a6ef9ff3abd9","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"437a7d8d-22a4-40cb-ac87-40d64ed69463","block_type":"box","text":"independent registered public accounting firm for each Fund, sub-advisers and internal auditors for the investment","page_number":32,"box":{"x":70,"y":45,"width":814,"height":11}},{"id":"fbe23552-1462-4e34-8834-33d89d22329a","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by each Fund and management’s or the service","page_number":32,"box":{"x":69,"y":57,"width":776,"height":12}},{"id":"9ddc08c6-3b57-41e2-9746-95a3f68a980e","block_type":"box","text":"provider’s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the","page_number":32,"box":{"x":70,"y":70,"width":815,"height":11}},{"id":"7035adac-4c28-4aeb-8f0d-a969c0f10184","block_type":"box","text":"Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund’s","page_number":32,"box":{"x":68,"y":83,"width":833,"height":11}},{"id":"2528f9dd-babf-4231-8b07-b964d57f7fae","block_type":"box","text":"activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the","page_number":32,"box":{"x":69,"y":96,"width":734,"height":11}},{"id":"4dc20e29-2287-4e0b-923c-a9a90e75568f","block_type":"box","text":"implementation and testing of the Trust’s compliance program and reports to the Board regarding compliance","page_number":32,"box":{"x":70,"y":109,"width":781,"height":11}},{"id":"701954b1-579f-4e76-b16b-b4a1cba80209","block_type":"box","text":"matters for the Funds and their service providers. The Independent Trustees have engaged independent legal counsel","page_number":32,"box":{"x":69,"y":122,"width":839,"height":11}},{"id":"d24ef6f6-edaa-4bc5-9d53-f6ee37592eb2","block_type":"box","text":"to assist them in performing their oversight responsibilities.","page_number":32,"box":{"x":68,"y":135,"width":427,"height":11}},{"id":"aa26d20a-7efb-4652-a75c-6a2fe9a8a61a","block_type":"box","text":"Audit Committee.","page_number":32,"box":{"x":101,"y":151,"width":122,"height":9}},{"id":"5e606809-eb2f-467f-8d41-6a489fd7f559","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":32,"box":{"x":229,"y":151,"width":673,"height":11}},{"id":"2835f8b9-095a-4a5d-a4cc-333a6529286a","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":32,"box":{"x":68,"y":164,"width":814,"height":11}},{"id":"9db05203-609d-4355-906a-f3a7ef646fd1","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":32,"box":{"x":69,"y":177,"width":826,"height":11}},{"id":"560749a2-e76f-4da2-8874-a6715be86915","block_type":"box","text":"retention, termination and compensation of each Fund’s independent registered public accounting firm (the","page_number":32,"box":{"x":69,"y":190,"width":765,"height":11}},{"id":"d6d426e1-c186-4405-8c3b-a6c2f3d06911","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":32,"box":{"x":70,"y":203,"width":797,"height":11}},{"id":"dfcf64b1-d42b-4284-aca2-b8727cfba11a","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":32,"box":{"x":70,"y":215,"width":825,"height":11}},{"id":"49d5728e-59ff-4786-96d4-c9bef50d4003","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":32,"box":{"x":70,"y":228,"width":807,"height":12}},{"id":"08e34d6b-0cb5-45d9-b6c3-dec726531120","block_type":"box","text":"fees for each Fund; (3) review the conduct and results of each independent audit of each Fund’s annual financial","page_number":32,"box":{"x":68,"y":241,"width":804,"height":11}},{"id":"81ca730f-13e7-45a0-8ca3-035f130d0511","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":32,"box":{"x":69,"y":254,"width":834,"height":11}},{"id":"94dbd13b-5f82-4317-8f48-55808cba1316","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of each Fund and the internal controls of each","page_number":32,"box":{"x":69,"y":267,"width":822,"height":11}},{"id":"45603360-6832-4ee4-b7ee-36aa053c0e07","block_type":"box","text":"Fund and certain service providers; (5) oversee the performance of each Fund’s Independent Registered Public","page_number":32,"box":{"x":70,"y":280,"width":792,"height":11}},{"id":"a3a5c770-3081-484b-a09c-7308b764537a","block_type":"box","text":"Accounting Firm; (6) review and discuss with management and each Fund’s Independent Registered Public","page_number":32,"box":{"x":68,"y":293,"width":759,"height":11}},{"id":"645c8cd9-fc05-464a-bb8f-1166af1ed72c","block_type":"box","text":"Accounting Firm the performance and findings of each Fund’s internal auditors; (7) discuss with Fund management","page_number":32,"box":{"x":68,"y":305,"width":821,"height":12}},{"id":"c62f95ba-59e9-48f5-b145-748f607a34a4","block_type":"box","text":"its policies regarding risk assessment and risk management as such matters relate to each Fund’s financial","page_number":32,"box":{"x":70,"y":318,"width":770,"height":12}},{"id":"e8b00c2d-448a-4b38-b16a-23b0407b5ddd","block_type":"box","text":"reporting and controls; (8) resolve any disagreements between Fund management and the Independent Registered","page_number":32,"box":{"x":69,"y":331,"width":818,"height":11}},{"id":"4ea93f75-086d-40e9-ba9a-2a477a1fb8d2","block_type":"box","text":"Public Accounting Firm regarding financial reporting; and (9) undertake such other duties and responsibilities as may","page_number":32,"box":{"x":69,"y":344,"width":834,"height":11}},{"id":"d05bc999-e517-4199-9f2c-e15bf56b9c73","block_type":"box","text":"from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written charter for the","page_number":32,"box":{"x":68,"y":357,"width":837,"height":11}},{"id":"06f4c724-7395-4f25-8909-9d687c4ad15d","block_type":"box","text":"Audit Committee. During the fiscal year ended September 30, 2025, the Audit Committee met four times.","page_number":32,"box":{"x":68,"y":370,"width":753,"height":11}},{"id":"32c1501e-721d-4357-9e33-1268f43b914b","block_type":"box","text":"Governance and Nominating Committee.","page_number":32,"box":{"x":102,"y":386,"width":286,"height":12}},{"id":"187d0405-bbb7-4b5b-ab49-60509eac8daf","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":32,"box":{"x":394,"y":386,"width":464,"height":12}},{"id":"075a23b1-78f9-4a67-8bd9-22e6c2695865","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":32,"box":{"x":70,"y":399,"width":833,"height":11}},{"id":"bd77752b-444b-42a2-937b-b9ae610db6dd","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":32,"box":{"x":69,"y":412,"width":769,"height":11}},{"id":"f0f5b559-2b9f-4de3-b8d8-9d68f7180be8","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":32,"box":{"x":69,"y":425,"width":802,"height":11}},{"id":"d9f84627-f285-4cfc-96b2-ce41a20d70f9","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":32,"box":{"x":70,"y":438,"width":819,"height":11}},{"id":"f2974ea5-eb89-4627-9e22-c2dfe80b92ac","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":32,"box":{"x":69,"y":451,"width":810,"height":11}},{"id":"ab3937e2-a966-47ec-9054-6445bd47d22e","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":32,"box":{"x":69,"y":463,"width":824,"height":11}},{"id":"56b218b1-3cf5-4808-b44e-0138cd408055","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":32,"box":{"x":69,"y":476,"width":793,"height":12}},{"id":"0f3cc09b-6d70-4d28-a938-136685f8d3b3","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":32,"box":{"x":69,"y":489,"width":815,"height":11}},{"id":"dfb9c6e0-b579-4d22-94f0-dd2834d520e1","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":32,"box":{"x":70,"y":502,"width":835,"height":11}},{"id":"8f80c010-2ec7-44f6-a27d-0ef01b96f1b8","block_type":"box","text":"they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to","page_number":32,"box":{"x":68,"y":515,"width":815,"height":11}},{"id":"e899f072-4ce4-45f6-99ab-d7b08feedb52","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":32,"box":{"x":68,"y":528,"width":841,"height":11}},{"id":"1428690c-61b3-4577-929d-727ebac48b8c","block_type":"box","text":"for Trustees made by each Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":32,"box":{"x":68,"y":540,"width":821,"height":12}},{"id":"4e334153-0519-498d-b9f8-500833abc5ed","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow certain procedures to nominate a person for election as a","page_number":32,"box":{"x":69,"y":553,"width":829,"height":12}},{"id":"c99778b9-65a0-40fe-bd6d-5743159726b0","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":32,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"4268f5c3-840d-4d89-a1e6-7231242e0400","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":32,"box":{"x":69,"y":579,"width":798,"height":11}},{"id":"8d81d883-f338-4939-94ce-fe5e94907f6b","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":32,"box":{"x":70,"y":592,"width":832,"height":11}},{"id":"1a8d26d6-8aee-4a18-a662-09a316f36256","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":32,"box":{"x":69,"y":605,"width":812,"height":11}},{"id":"b8a757d4-0fdd-4d61-9c5e-6d882e1437b6","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about","page_number":32,"box":{"x":68,"y":618,"width":832,"height":11}},{"id":"9bbc43ea-64ff-4e81-a013-7bab95af93e2","block_type":"box","text":"the shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":32,"box":{"x":68,"y":630,"width":820,"height":12}},{"id":"78f99054-fb21-4005-858b-a29f95d3ed29","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":32,"box":{"x":69,"y":643,"width":801,"height":11}},{"id":"3e91eac9-9c56-420b-b1ab-c1e9c9888e37","block_type":"box","text":"written charter for the Governance Committee. During the fiscal year ended September 30, 2025, the Governance","page_number":32,"box":{"x":68,"y":656,"width":814,"height":11}},{"id":"3ca0b0c9-1649-41a4-90bb-14c3a9314c98","block_type":"box","text":"Committee met ten times.","page_number":32,"box":{"x":69,"y":669,"width":185,"height":9}},{"id":"689b5678-b2ad-4c35-9e69-1b7a61ee350c","block_type":"box","text":"Compliance Committee.","page_number":32,"box":{"x":102,"y":686,"width":168,"height":11}},{"id":"db5d0a70-b732-479b-8958-c5f0c5840f24","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":32,"box":{"x":276,"y":686,"width":629,"height":11}},{"id":"daebc6a8-c49f-4e62-a47f-bf6516fb8828","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":32,"box":{"x":68,"y":698,"width":789,"height":12}},{"id":"3cee797b-74d8-4376-b7c1-233b9c514241","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":32,"box":{"x":70,"y":711,"width":812,"height":12}},{"id":"2bfbb6b0-e89e-4008-9019-6529080fa0d9","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":32,"box":{"x":69,"y":724,"width":826,"height":11}},{"id":"56d7390d-b920-41b9-b855-d4d9ad1e155a","block_type":"box","text":"any sub-adviser and the Trust’s third-party service providers. The Compliance Committee’s responsibilities include,","page_number":32,"box":{"x":69,"y":737,"width":819,"height":11}},{"id":"8635ad3e-7bf1-4828-b27c-c99d9dd2f82d","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":32,"box":{"x":68,"y":750,"width":819,"height":11}},{"id":"87cfd813-145f-4415-9b2a-62fb45f8e69f","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":32,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"ca1afce0-3319-48c8-8021-8ec28678eea6","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review reports from, oversee the","page_number":32,"box":{"x":69,"y":775,"width":798,"height":12}},{"id":"f330594c-9827-4e67-a68d-9e52023ec83f","block_type":"box","text":"annual performance review of, and make certain recommendations and determinations regarding the Trust’s Chief","page_number":32,"box":{"x":69,"y":788,"width":818,"height":12}},{"id":"e01a9607-c398-4bbf-b0e5-79513ade7afc","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":32,"box":{"x":69,"y":801,"width":803,"height":12}},{"id":"ec01c85f-2458-4794-9bda-165667626050","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such","page_number":32,"box":{"x":69,"y":814,"width":799,"height":11}},{"id":"0ca056fc-4feb-4536-a87d-7f6c017de3f9","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":32,"box":{"x":69,"y":827,"width":828,"height":11}},{"id":"da44a9cc-9147-4545-abac-c0092dc0dfca","block_type":"box","text":"The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended","page_number":32,"box":{"x":68,"y":840,"width":720,"height":11}},{"id":"d2051aea-aaed-46c6-ba47-f0854c5da4ff","block_type":"box","text":"September 30, 2025, the Compliance Committee met four times.","page_number":32,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"39ed7b6c-2df3-49b2-86b7-1989dd84135e","block_type":"box","text":"Per formance Oversight Committee.","page_number":32,"box":{"x":102,"y":869,"width":248,"height":12}},{"id":"4e48fb77-8345-46b5-a7d2-d7848098201c","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":32,"box":{"x":356,"y":869,"width":531,"height":12}},{"id":"c516a729-87df-4785-bac1-4f011f97e395","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":32,"box":{"x":69,"y":882,"width":837,"height":11}},{"id":"720550df-536b-4a3a-ab62-37d1f155034b","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is to assist the","page_number":32,"box":{"x":68,"y":895,"width":808,"height":11}},{"id":"5b5e9053-1ffa-4cce-95b3-3ee356330878","block_type":"box","text":"Board in fulfilling its responsibility to oversee each Fund’s investment performance relative to its agreed-upon","page_number":32,"box":{"x":70,"y":908,"width":780,"height":11}},{"id":"b257bee9-2baf-4e8b-85e2-f3e9cd6332ef","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a0506f25-c47a-4b15-bd05-47872648eb3d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a14010df-b63b-43b9-be36-58cd828e94fc","block_type":"box","text":"performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":33,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"f56c1120-8feb-4ea4-a7af-b97240382a5e","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":33,"box":{"x":69,"y":57,"width":782,"height":12}},{"id":"c2d6ade9-5a9d-4ff3-83f8-30370b0f3b82","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, each Fund’s investment objective,","page_number":33,"box":{"x":70,"y":70,"width":781,"height":11}},{"id":"fa6d8d07-6a67-41e3-aa58-d0cd40f17b26","block_type":"box","text":"policies and practices; (2) review information on each Fund’s investment performance; (3) review information on","page_number":33,"box":{"x":70,"y":83,"width":799,"height":11}},{"id":"c10cbc6d-c36b-4009-a5aa-7a196f240dc6","block_type":"box","text":"appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review","page_number":33,"box":{"x":69,"y":96,"width":784,"height":11}},{"id":"a93614da-fd20-45fc-a9b1-d103802f255b","block_type":"box","text":"personnel and other resources devoted to management of each Fund and evaluate the nature and quality of","page_number":33,"box":{"x":70,"y":109,"width":769,"height":11}},{"id":"909c81e3-be2f-4d04-b28e-21f99b4b9f80","block_type":"box","text":"information furnished to the Performance Oversight Committee; (5) recommend any required action regarding","page_number":33,"box":{"x":70,"y":122,"width":779,"height":11}},{"id":"eea4f66b-81ad-43d4-80a5-aaea2b4abb19","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":33,"box":{"x":69,"y":135,"width":799,"height":11}},{"id":"fb24c274-0269-4b3f-b314-f7bfaa95a704","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":33,"box":{"x":69,"y":147,"width":780,"height":12}},{"id":"f4462697-c51e-469e-ad3e-758b2d85c028","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":33,"box":{"x":69,"y":160,"width":835,"height":12}},{"id":"a78ffd4a-20e9-4214-81dc-95a033607cbe","block_type":"box","text":"(8) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":33,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"ce1ac569-21c8-455a-bdbd-7b76f18e9232","block_type":"box","text":"Performance Oversight Committee. The Board has adopted a written charter for the Performance Oversight","page_number":33,"box":{"x":69,"y":186,"width":763,"height":11}},{"id":"2e7c1e1d-323c-4790-988d-be70d2b55184","block_type":"box","text":"Committee. During the fiscal year ended September 30, 2025, the Performance Oversight Committee met five times.","page_number":33,"box":{"x":69,"y":199,"width":836,"height":11}},{"id":"bccd8c1c-d290-44e9-969d-5fe6e2a833c5","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":33,"box":{"x":101,"y":216,"width":186,"height":10}},{"id":"9791a7e1-f193-49e8-82fc-9f26b2abbcc4","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":33,"box":{"x":293,"y":215,"width":598,"height":11}},{"id":"561cec20-42a9-42e5-b5dd-a7904f5b4587","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":33,"box":{"x":70,"y":228,"width":817,"height":11}},{"id":"c5868a16-f207-4818-9b35-13e2deaa8190","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":33,"box":{"x":69,"y":241,"width":795,"height":11}},{"id":"13d08b74-ddfe-424b-8838-956a776aaa3d","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":33,"box":{"x":69,"y":254,"width":788,"height":11}},{"id":"19944a6c-5a1f-4667-ac91-cb2cbeedfd36","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":33,"box":{"x":69,"y":267,"width":813,"height":11}},{"id":"e6756476-526a-46cc-8ab4-4d16a3ed1bf9","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":33,"box":{"x":68,"y":280,"width":816,"height":11}},{"id":"24321a52-966d-4b8e-8ecf-4b6894e6dcab","block_type":"box","text":"the fiscal year ended September 30, 2025, the Ad Hoc Topics Committee did not meet.","page_number":33,"box":{"x":68,"y":293,"width":624,"height":11}},{"id":"c5ab4d31-9387-4815-84ff-ad5de6d54af4","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":33,"box":{"x":101,"y":309,"width":771,"height":11}},{"id":"14322923-1ebc-46ac-a9c5-aa81e4eb2e9b","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":33,"box":{"x":69,"y":322,"width":827,"height":11}},{"id":"b77618ea-f73c-4a8c-bf1b-5cb78017b27c","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":33,"box":{"x":69,"y":335,"width":830,"height":11}},{"id":"083e306d-e814-43e3-bc43-f800b2cba802","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":33,"box":{"x":69,"y":348,"width":825,"height":11}},{"id":"28d43a70-52b4-410e-95a4-c6757f553e7f","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":33,"box":{"x":70,"y":361,"width":807,"height":11}},{"id":"89aa9b91-da23-425b-8ed9-71b74bd6529c","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":33,"box":{"x":70,"y":373,"width":787,"height":12}},{"id":"1538b8dc-bf0e-47d5-9585-55c1a63d944e","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":33,"box":{"x":69,"y":386,"width":805,"height":11}},{"id":"eef81869-309e-4936-9bb6-7aa207cf3969","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":33,"box":{"x":68,"y":399,"width":794,"height":11}},{"id":"0223d481-97b6-4bf0-b622-a1c4a1e63872","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":33,"box":{"x":68,"y":412,"width":829,"height":11}},{"id":"817c5917-4885-454f-aea2-496f75f2be8c","block_type":"box","text":"discuss information provided to them, to interact effectively with each Fund’s investment adviser, sub-advisers, other","page_number":33,"box":{"x":69,"y":425,"width":835,"height":11}},{"id":"2770c837-c399-4abc-b54d-a277385a4b52","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":33,"box":{"x":69,"y":438,"width":771,"height":11}},{"id":"ec83d018-ea35-49e6-92c0-10430034230e","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":33,"box":{"x":69,"y":450,"width":473,"height":12}},{"id":"b40c1dbf-ca3f-4db6-9002-bbbc3d511a05","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":33,"box":{"x":102,"y":467,"width":792,"height":11}},{"id":"f5a76b12-7b10-4ae3-a2ca-3913ac12660c","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":33,"box":{"x":69,"y":480,"width":807,"height":11}},{"id":"a606c64a-e629-4624-8b92-92a944d509cf","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":33,"box":{"x":69,"y":493,"width":837,"height":11}},{"id":"0efbc33b-5952-4718-811c-7a9b799a711e","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":33,"box":{"x":70,"y":506,"width":759,"height":11}},{"id":"6ddea524-24b0-4c8a-8533-e109082d6531","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":33,"box":{"x":70,"y":519,"width":685,"height":11}},{"id":"d9e89f62-e57b-48a1-a3f8-caa398470487","block_type":"box","text":"ad hoc","page_number":33,"box":{"x":762,"y":519,"width":47,"height":9}},{"id":"03d27463-cddb-4713-9aee-fb71ad4fe09a","block_type":"box","text":"committees","page_number":33,"box":{"x":814,"y":519,"width":82,"height":9}},{"id":"ffdfb048-d16a-4829-a20c-03eedda6c064","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":33,"box":{"x":68,"y":531,"width":395,"height":12}},{"id":"662181d2-63c8-4fb3-abd9-f4bb072533ee","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":33,"box":{"x":101,"y":548,"width":751,"height":11}},{"id":"12fa2a15-7bdd-424e-a06e-667423efc836","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":33,"box":{"x":69,"y":561,"width":492,"height":11}},{"id":"aaaec67f-f804-4214-b026-67aa8861a086","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":587,"width":409,"height":9}},{"id":"bdc9baed-676c-4dda-b195-bdb2112bf8c0","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":70,"y":604,"width":154,"height":10}},{"id":"9c873939-3cc6-4be0-8af4-914ce506bfd5","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":33,"box":{"x":69,"y":618,"width":781,"height":12}},{"id":"eb72900f-2933-4c2b-805b-9de7dd16bdde","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":33,"box":{"x":265,"y":634,"width":604,"height":11}},{"id":"099eb448-4c03-4902-b4ab-b9075013e8fe","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":33,"box":{"x":265,"y":649,"width":623,"height":11}},{"id":"7e1c07b0-9701-475a-be9c-b1d0d5d23ee6","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":33,"box":{"x":265,"y":664,"width":637,"height":11}},{"id":"7cfe3569-070a-40d1-aca2-7364f94c2f4c","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":33,"box":{"x":265,"y":679,"width":631,"height":11}},{"id":"59abcfb5-7d78-4859-aafb-554d93808216","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":33,"box":{"x":264,"y":694,"width":626,"height":11}},{"id":"3f21ad31-66e6-409b-b0bb-1217f1e4335f","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":33,"box":{"x":265,"y":709,"width":639,"height":11}},{"id":"2450b541-849e-4a91-8415-96af890f7604","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":33,"box":{"x":264,"y":724,"width":637,"height":11}},{"id":"1f89ec70-a12d-4549-8a9f-facc2cecec87","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":33,"box":{"x":265,"y":740,"width":586,"height":11}},{"id":"3bd3852f-bab7-4655-b325-f046b0f8e361","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":33,"box":{"x":265,"y":754,"width":640,"height":12}},{"id":"9ce6b339-f1a0-45e9-9951-dcd8db6f5caf","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":33,"box":{"x":265,"y":770,"width":389,"height":11}},{"id":"88abe885-f890-4e27-ba50-008435c6b319","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4a7f5c5a-f1c8-463f-89be-1a62c70d7fb6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac4aac19-2076-4811-9b18-a8533fa218bc","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"705b5758-7a2c-4366-ba5f-9732bc145fef","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":34,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"7b6aea4b-7117-4053-a2a0-c1a193065bbf","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":34,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"3dac4f5a-8eaa-4055-9590-16c9eae36033","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":34,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"23457352-d9ee-4867-a825-f8cd6247f031","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":34,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"e3dcfc86-17fb-4fc3-98ff-c0ed0b6c7e85","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":34,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"3a6b3eb4-b98a-4fd6-b119-1ab710aa0ae6","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":34,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"7ee1a2f3-4c95-40b2-b2be-871370560920","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":34,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"8dfdd324-5499-4e98-ad9a-2c73ac9223b6","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":34,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"5ced0673-612e-48b0-966c-8fc45363fe74","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":34,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"f0d4cde3-fbff-421e-9f5e-3ca6b89d5b4c","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":34,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"41d635f8-f5e2-4aeb-8a9e-774fa505aa26","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":34,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"fbaa7947-2d27-42f7-aec8-5f276bbad1aa","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":34,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"7a408e00-4560-4cf8-a50e-83624064e747","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":34,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"9d398461-02d5-4c67-9b73-c67a1e95294a","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":34,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"fbb39307-d27f-4aa0-bcf1-cf9a0add9158","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":34,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"01a821bb-bcdb-4c08-b977-27c75efba1c0","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":34,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"8ca3e0e9-fe80-4b70-976b-8c61095cd0e0","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":34,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"20f9d81e-be68-462d-85d8-3e4c39725076","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":34,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"9250ac5e-d5ac-41e3-8119-196c4e85c9ba","block_type":"box","text":"perspective on the markets and the economy.","page_number":34,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"10b1ab1e-8624-4b7a-8857-6b95a99311cb","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":34,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"fccb6f05-98fc-44cf-8df0-339b40a1363a","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":34,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"7891786d-e093-4dd4-bf18-16dfd99b41dc","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":34,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"03068739-48ce-4d9b-803e-bd653864dec8","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":34,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"4de74aad-5920-47f6-a0af-e499b6aea214","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":34,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"f977aaab-0cd6-4701-850d-dfef0fb68205","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":34,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"f33672cd-dd38-4aa7-b03a-cf5e789ee3e4","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":34,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"277fd606-9215-4046-8d49-48238b07b14f","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":34,"box":{"x":70,"y":481,"width":806,"height":11}},{"id":"f41128ee-ab99-410f-8b7f-4eafc2ea0e51","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":34,"box":{"x":264,"y":496,"width":584,"height":12}},{"id":"c113191d-de04-4ffd-94b0-80a1a943776c","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":34,"box":{"x":265,"y":512,"width":622,"height":11}},{"id":"13c326fc-d069-4c31-908b-1dcad7a49817","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":34,"box":{"x":265,"y":526,"width":638,"height":12}},{"id":"1ca55571-81bc-4edc-9e7d-abf96188e040","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":34,"box":{"x":265,"y":542,"width":570,"height":11}},{"id":"5cca3159-cce8-4646-b857-6d3b7137d9bc","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":34,"box":{"x":265,"y":557,"width":642,"height":11}},{"id":"c92f3c88-7cd2-40f2-b575-8694751b2a4a","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":34,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"46b1699f-c52a-4b8b-ad7a-a72523c181e8","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":34,"box":{"x":265,"y":587,"width":630,"height":11}},{"id":"da3b7f8c-c5f2-4cf0-a50e-bcfe00624703","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":34,"box":{"x":265,"y":602,"width":602,"height":11}},{"id":"0be4c623-71ce-4326-8780-45f997c1b7f5","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":34,"box":{"x":264,"y":617,"width":643,"height":12}},{"id":"03936908-f8cf-4c72-a317-bbe252dd703d","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":34,"box":{"x":264,"y":632,"width":639,"height":12}},{"id":"34d744ad-be68-4665-8bcb-a6d61390b613","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":34,"box":{"x":264,"y":647,"width":641,"height":11}},{"id":"1b42e439-3859-4b0b-a44e-cb5c2b1faa1d","block_type":"box","text":"applicable Commission rules.","page_number":34,"box":{"x":265,"y":663,"width":208,"height":11}},{"id":"da5af318-bee8-4461-8182-d170508ae9f1","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":34,"box":{"x":69,"y":685,"width":769,"height":12}},{"id":"f7b87235-e87e-4649-b635-38e214099181","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":34,"box":{"x":265,"y":700,"width":621,"height":12}},{"id":"d8c1ad97-9ca0-441a-abfa-6bf2ec49a5b0","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":34,"box":{"x":265,"y":715,"width":599,"height":12}},{"id":"e24151b4-3680-4e76-b47f-c65827464e93","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":34,"box":{"x":265,"y":731,"width":641,"height":11}},{"id":"75c3df40-e8b2-471f-b001-792e05b70808","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":34,"box":{"x":264,"y":746,"width":602,"height":11}},{"id":"8fdbc568-8abc-4998-a15b-1596389af203","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":34,"box":{"x":264,"y":761,"width":617,"height":11}},{"id":"cea5865e-4b37-404a-a010-1e6025f9f183","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":34,"box":{"x":265,"y":776,"width":629,"height":11}},{"id":"7721091c-5da8-4df1-9492-45a0992c3e0d","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":34,"box":{"x":264,"y":791,"width":628,"height":11}},{"id":"c0a87162-e116-43be-8ffc-09f0a8a29d5b","block_type":"box","text":"articles and books on these topics.","page_number":34,"box":{"x":265,"y":806,"width":251,"height":11}},{"id":"f483c8c1-e7ee-42b8-9f24-0258e9d53afa","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":34,"box":{"x":70,"y":829,"width":764,"height":11}},{"id":"6ec47d3b-bfcd-4e45-9b21-f010fb9652e6","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":34,"box":{"x":265,"y":844,"width":642,"height":11}},{"id":"86bab11e-134e-4141-8e0e-5364ff768f7f","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":34,"box":{"x":264,"y":859,"width":593,"height":11}},{"id":"d760ea39-a7fe-4318-a154-eac1e216d0ce","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":34,"box":{"x":265,"y":874,"width":603,"height":12}},{"id":"3e820784-b9a8-460e-82bc-8492afdd642b","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":34,"box":{"x":265,"y":889,"width":629,"height":12}},{"id":"a3b09582-d189-4b20-b943-2f90fd9e59a7","block_type":"box","text":"I-12","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1366eb04-903f-4644-8399-171179c342c8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45cccc58-5fb6-488d-ba42-fc0c5c012bab","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"ce102f59-cf5a-419d-a6bf-4111326465e4","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":35,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"aab5d2ac-c9c7-49f8-9c7a-e66b621a1533","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":35,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"ec983c3a-2336-410d-8058-2094082c3e14","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":35,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"e62fceab-8033-43ff-baa7-5197f8f882af","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":35,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"42e2d81c-b4b5-42b4-9458-67595e048ec9","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":35,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"ff27bfae-f06e-4c85-be3d-196b6ba5ba95","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":35,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"3a3d8971-93a1-400a-b862-9549ae45ce83","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":35,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"cceac520-b96f-4d6d-959e-1da6a1077f9e","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Arthur","page_number":35,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"44529898-e94b-497d-bbf7-11298490802e","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":35,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"bde25c55-23bf-4485-9153-73554e5b822d","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":35,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"bf5ff5ac-ac11-42f1-8324-7fd69e020e8d","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":35,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"401b913e-94fe-427f-bdf1-28da117942b7","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":35,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"03b797ef-b2b9-4bee-bfdb-c33ed774d9d0","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":35,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"72a3e5fb-3090-4deb-8425-7b6570344d8d","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":35,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"b2c388b9-5f14-4822-8f4b-5cc17aba3488","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":35,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"204eee77-0383-4893-8609-3a4385b601b5","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":35,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"9ef9694a-897a-4346-a69a-ebe11f38544d","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":35,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"bef24f6b-ed0f-4809-b578-069e56382121","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":35,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"cdcfd3ca-d90f-4095-bd9a-3c1ae82d0208","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":35,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"d462272e-474a-4806-81da-3f6de367d782","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":35,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"c9bbbb53-e5c3-47d8-946e-639fe95be567","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":35,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"9c779f90-d013-4bca-b97e-2049bc080ca7","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":35,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"72f77f47-56de-4715-9ac5-c393c44fc0c7","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":35,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"8c465ea5-3b39-422f-891d-bf7afd047013","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":35,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"cf45fd6a-f42a-4aa3-8032-9cf687798656","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":35,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"9e0e957e-dc74-470a-bc68-767b6188747c","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":35,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"217df412-cd39-41e7-b419-481773d9e255","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":35,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"e8801168-f221-4680-b16b-921ee25698c1","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":35,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"276b99da-fa12-4ecd-a41f-6172e0f5d9ea","block_type":"box","text":"various private and non-profit boards.","page_number":35,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"b8cbabdb-1ecc-49e2-a45a-0327918d4414","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":35,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"7be59fdc-e035-40ea-8bcd-06553d65728a","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":35,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"6ec7a308-6702-4561-a34a-eb83a5fc0de7","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":35,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"bde2358c-31f1-43b2-a428-98c8ed9909fc","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":35,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"97a6ae1c-b92c-446f-aa00-6dc1cf5e8934","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":35,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"8d89bd4d-18cf-4429-a2e5-a8611426b360","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":35,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"de68a12b-1251-4195-8d87-dc843b2304ff","block_type":"box","text":"Commission rules.","page_number":35,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"d3478b8c-e976-4b13-97f3-c6e9d4a067b4","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":35,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"cb6908bc-8280-4b11-9d08-e772aa19ead5","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":35,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"b891a75e-474f-4565-b17f-c66cf4d6229b","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":35,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"d275e889-e02b-42d5-b6d1-eeb19641a322","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":35,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"7b59adc2-1fe6-4ef5-a1d0-8f69d507a84b","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":35,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"ed72b574-82dd-44a9-91d0-581ba84e4796","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":35,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"aec4bc5e-05af-4de8-8b22-34060de6a517","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":35,"box":{"x":265,"y":723,"width":614,"height":11}},{"id":"5958f527-20a4-4f9d-8e75-1ad76bb0e0b1","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":35,"box":{"x":264,"y":738,"width":641,"height":11}},{"id":"4679c6f7-b30b-48c1-b368-2ed07c5cf1cf","block_type":"box","text":"applicable Commission rules.","page_number":35,"box":{"x":265,"y":753,"width":208,"height":11}},{"id":"d61f130d-af64-4878-9943-c5f0bfa7ab69","block_type":"box","text":"I-13","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3d01deef-3df1-49c4-b811-6d6d3c5c7a06","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6f03a0b-badd-4bd5-b88a-6513775ef575","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":36,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"a693c55b-77da-44de-8e25-0a1544d8dd55","block_type":"box","text":"Interested Trustees","page_number":36,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"86504db5-34c2-44dc-9c93-3ce5eb332f44","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":36,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"a8d9666f-d1d2-4a84-b608-28f60050653d","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":36,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"417dbd62-82ac-49be-9a39-29e12fc49e9b","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":36,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"ccdc92f5-5ad3-44c6-a56f-3ede4f40edcb","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":36,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"53004d79-73b4-4113-9ca6-ddb8278c635d","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":36,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"0b7f6267-9edc-405a-890e-90c1be54759f","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":36,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"d3afa1ad-1788-4d8b-a029-3439aaccc87a","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":36,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"7afcda2f-a846-4d14-be40-3043d6d1669f","block_type":"box","text":"and iShares","page_number":36,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"00bc25f7-90ac-4df5-a31f-6b3f7bffb815","block_type":"box","text":"®","page_number":36,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"88117d21-9614-4739-a9cb-0205d940345b","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":36,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"b03ce97a-5d09-4904-aaa9-cd45900892a7","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":36,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"567f6a05-0cba-4179-8ee8-6ea876532c31","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":36,"box":{"x":265,"y":217,"width":620,"height":11}},{"id":"339901f0-4766-4c74-80db-3310d8dc70b9","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":36,"box":{"x":265,"y":232,"width":578,"height":11}},{"id":"51b687ad-860c-4c51-8654-2172e19b9e81","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":36,"box":{"x":69,"y":254,"width":821,"height":12}},{"id":"a1d39967-c780-4c47-968f-820e41e02a67","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":36,"box":{"x":264,"y":269,"width":595,"height":12}},{"id":"cb9d4fdb-6aa0-48f5-9e06-fb9c81dfc48f","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":36,"box":{"x":265,"y":285,"width":637,"height":11}},{"id":"bde9367f-a5d1-41f6-8df0-1ae024d432a1","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":36,"box":{"x":265,"y":300,"width":636,"height":11}},{"id":"12430377-9fd1-4dd9-be36-30cce2597029","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":36,"box":{"x":265,"y":315,"width":628,"height":11}},{"id":"3ccc8b8d-305e-4eb4-a444-f6b2340281c4","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":36,"box":{"x":265,"y":330,"width":638,"height":11}},{"id":"9a963560-15a6-467b-912e-a81425e37bd5","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":36,"box":{"x":265,"y":345,"width":639,"height":11}},{"id":"5f7c01c3-81f1-4ce8-a192-1b6e2af9eb39","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":36,"box":{"x":265,"y":360,"width":603,"height":9}},{"id":"35d83efb-ed2d-4b93-9611-40925a7370ba","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":36,"box":{"x":265,"y":375,"width":582,"height":12}},{"id":"8a1d8462-02de-45e7-8c3a-079e6c8cfebf","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":36,"box":{"x":265,"y":390,"width":632,"height":11}},{"id":"0b4eb313-09e2-4bf4-a359-b64fd83bdb1f","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":36,"box":{"x":264,"y":406,"width":572,"height":11}},{"id":"327decb6-e92e-4524-a9a2-60021e238eb9","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":36,"box":{"x":265,"y":421,"width":294,"height":9}},{"id":"6d671982-8ae9-4456-b0e4-fda42ccf5656","block_type":"box","text":"Biographical Information","page_number":36,"box":{"x":69,"y":445,"width":178,"height":11}},{"id":"a8f725e3-5bcf-4875-92f6-c5c2aba00492","block_type":"box","text":"Certain biographical and other information relating to the Trustees of the Trust is set forth below, including their","page_number":36,"box":{"x":102,"y":461,"width":798,"height":12}},{"id":"b422eb13-08ff-4694-8224-8d9d610bcfd7","block_type":"box","text":"address and year of birth, principal occupations for at least the last five years, length of time served, total number of","page_number":36,"box":{"x":69,"y":474,"width":836,"height":11}},{"id":"f1a79d52-3797-4b31-9ee4-8ffd20314a16","block_type":"box","text":"registered investment companies and investment portfolios overseen in the BlackRock-advised Funds and any","page_number":36,"box":{"x":69,"y":487,"width":785,"height":11}},{"id":"ba0e76f8-02d5-4708-b276-f889a91f005c","block_type":"box","text":"currently held public company and other investment company directorships.","page_number":36,"box":{"x":69,"y":500,"width":536,"height":11}},{"id":"efa35308-6b9b-4f2f-96e2-6d19765847fa","block_type":"box","text":"Name","page_number":36,"box":{"x":131,"y":625,"width":32,"height":7}},{"id":"f93fd60b-9fb2-45f6-9453-0355936b6a31","block_type":"box","text":"and Year of Birth","page_number":36,"box":{"x":93,"y":635,"width":97,"height":8}},{"id":"bd9b652e-674c-4ad2-920c-3ae58a37181b","block_type":"box","text":"1,2","page_number":36,"box":{"x":191,"y":636,"width":9,"height":4}},{"id":"dfb947d9-f3ed-4bfc-b025-a3c42181fc80","block_type":"box","text":"Position(s)","page_number":36,"box":{"x":252,"y":605,"width":62,"height":9}},{"id":"9fd9366b-bbac-4e54-9637-9e494578eb72","block_type":"box","text":"Held","page_number":36,"box":{"x":271,"y":615,"width":25,"height":7}},{"id":"2e8ed71d-0209-45b7-bc75-b7c11f3a7e3a","block_type":"box","text":"(Length of","page_number":36,"box":{"x":254,"y":625,"width":60,"height":9}},{"id":"9435ce8a-827a-4d23-bb6f-29ea25e9b6bb","block_type":"box","text":"Service)","page_number":36,"box":{"x":257,"y":635,"width":48,"height":9}},{"id":"3c64106b-bf2c-4496-91ad-11cb3cebb38b","block_type":"box","text":"3","page_number":36,"box":{"x":306,"y":636,"width":3,"height":3}},{"id":"dc1934b3-44d8-4172-ab22-212e07b8f763","block_type":"box","text":"Principal Occupation(s)","page_number":36,"box":{"x":411,"y":625,"width":136,"height":9}},{"id":"4d3506bd-af7a-477e-a319-059b184f12c4","block_type":"box","text":"During Past Five Years","page_number":36,"box":{"x":414,"y":635,"width":130,"height":9}},{"id":"47b25fd9-427f-4e66-bfe0-a222db0d930d","block_type":"box","text":"Number of","page_number":36,"box":{"x":665,"y":525,"width":59,"height":7}},{"id":"04e559ae-e993-45d6-98c3-3a8503daa58d","block_type":"box","text":"BlackRock","page_number":36,"box":{"x":662,"y":535,"width":66,"height":7}},{"id":"43165f9b-f926-4da4-a12c-515c0006cdbb","block_type":"box","text":"Advised","page_number":36,"box":{"x":672,"y":545,"width":45,"height":7}},{"id":"ff043633-6b9a-4a9d-b5d0-0471df49baff","block_type":"box","text":"Registered","page_number":36,"box":{"x":663,"y":555,"width":62,"height":9}},{"id":"594fe275-92f1-4a9f-aa7b-7d8144e78bee","block_type":"box","text":"Investment","page_number":36,"box":{"x":662,"y":565,"width":65,"height":7}},{"id":"271afb56-4f19-4be8-89bf-e49c9e0b4ff8","block_type":"box","text":"Companies","page_number":36,"box":{"x":663,"y":575,"width":63,"height":9}},{"id":"1f733781-28ca-41b7-b606-1413e9255721","block_type":"box","text":"(“RICs”)","page_number":36,"box":{"x":670,"y":585,"width":48,"height":9}},{"id":"230e4566-163c-4e84-86bf-4f2811596568","block_type":"box","text":"Consisting of","page_number":36,"box":{"x":656,"y":595,"width":77,"height":9}},{"id":"450ffaed-b3e1-4815-98ff-4456ff3a9ba1","block_type":"box","text":"Investment","page_number":36,"box":{"x":662,"y":605,"width":65,"height":7}},{"id":"d76628ee-a271-4062-a431-8ae32c1d77bd","block_type":"box","text":"Portfolios","page_number":36,"box":{"x":667,"y":615,"width":55,"height":7}},{"id":"205121bd-ec31-4974-8a1f-3dcbd8c791ee","block_type":"box","text":"(“Portfolios”)","page_number":36,"box":{"x":655,"y":625,"width":78,"height":9}},{"id":"c5e984ec-8224-4579-896c-a71ae99c66e2","block_type":"box","text":"Overseen","page_number":36,"box":{"x":668,"y":635,"width":53,"height":8}},{"id":"afbfac6a-86a7-4dab-b56f-d73cd1fcddb5","block_type":"box","text":"Public","page_number":36,"box":{"x":824,"y":565,"width":35,"height":7}},{"id":"dc2fda23-a2b9-4976-938c-1291a9de9f79","block_type":"box","text":"Company","page_number":36,"box":{"x":815,"y":575,"width":53,"height":9}},{"id":"c41b6897-c3e4-4e10-865c-42d65d809406","block_type":"box","text":"and Other","page_number":36,"box":{"x":813,"y":585,"width":57,"height":7}},{"id":"82b7fb95-91d4-4323-b40c-be30970dc9ce","block_type":"box","text":"Investment","page_number":36,"box":{"x":809,"y":595,"width":64,"height":7}},{"id":"bf9c1cc6-1e43-4c4a-beac-e52f9a216e52","block_type":"box","text":"Company","page_number":36,"box":{"x":815,"y":605,"width":53,"height":9}},{"id":"54a4e8f0-6256-4f2f-8f45-251e37d1db66","block_type":"box","text":"Directorships","page_number":36,"box":{"x":803,"y":615,"width":77,"height":9}},{"id":"d7202889-0f61-406c-bbe4-b307b1e45e4c","block_type":"box","text":"Held During","page_number":36,"box":{"x":808,"y":625,"width":67,"height":9}},{"id":"6b59da9f-b192-464b-8851-d5c5f65475ae","block_type":"box","text":"Past Five Years","page_number":36,"box":{"x":797,"y":635,"width":88,"height":8}},{"id":"cfd4e0d1-7cd6-41d4-9426-326ca8bf01a7","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":70,"y":650,"width":138,"height":9}},{"id":"8757d53a-c2c1-4982-915a-d574f17e2e71","block_type":"box","text":"Mark Stalnecker","page_number":36,"box":{"x":69,"y":667,"width":98,"height":8}},{"id":"c2a9985f-5e3b-443d-a1e4-abfe2e3fa6b3","block_type":"box","text":"1951","page_number":36,"box":{"x":69,"y":683,"width":33,"height":8}},{"id":"224645ca-45d4-4f87-9ca8-185dde073dce","block_type":"box","text":"Chair of the","page_number":36,"box":{"x":235,"y":667,"width":69,"height":8}},{"id":"10386091-4e96-4f68-866b-c62c4ac0adf5","block_type":"box","text":"Board and","page_number":36,"box":{"x":236,"y":679,"width":60,"height":8}},{"id":"5eff4d88-d84e-4de7-aa01-7f497e891348","block_type":"box","text":"Trustee","page_number":36,"box":{"x":235,"y":691,"width":45,"height":8}},{"id":"48b7e335-f5ca-4d55-b5d1-c10290e0e4bd","block_type":"box","text":"(Since 2019)","page_number":36,"box":{"x":235,"y":703,"width":78,"height":10}},{"id":"2e7a3fc8-972f-4710-ac2f-02d3ca4330b9","block_type":"box","text":"Chief Investment Officer, University of","page_number":36,"box":{"x":343,"y":667,"width":226,"height":10}},{"id":"9a56028f-a6a1-4e60-b66c-2754361f96ae","block_type":"box","text":"Delaware from 1999 to 2013; Trustee and","page_number":36,"box":{"x":343,"y":679,"width":257,"height":10}},{"id":"000d6149-d4d0-4f17-8bc7-04252a3659c8","block_type":"box","text":"Chair of the Finance and Investment","page_number":36,"box":{"x":343,"y":691,"width":217,"height":8}},{"id":"ff5bc951-0c3f-44b6-b887-3ec1122cad1e","block_type":"box","text":"Committees, Winterthur Museum and","page_number":36,"box":{"x":343,"y":703,"width":227,"height":10}},{"id":"d8a059ee-3c8a-4448-a8be-55a89a07de93","block_type":"box","text":"Country Estate from 2005 to 2016; Member","page_number":36,"box":{"x":343,"y":715,"width":270,"height":10}},{"id":"9c184fc9-9b95-4da3-b2e1-c1adf759719f","block_type":"box","text":"of the Investment Committee, Delaware","page_number":36,"box":{"x":343,"y":727,"width":239,"height":10}},{"id":"b029c6ad-fc63-4746-a667-544459c2a177","block_type":"box","text":"Public Employees’ Retirement System from","page_number":36,"box":{"x":343,"y":739,"width":259,"height":10}},{"id":"1b3ee25b-b5aa-4bd5-8d64-2f98e8a6d51f","block_type":"box","text":"2002 to 2024; Member of the Investment","page_number":36,"box":{"x":343,"y":751,"width":254,"height":9}},{"id":"772043a2-42fd-4aec-bda0-a0ac53f1d6e5","block_type":"box","text":"Committee, Christiana Care Health System","page_number":36,"box":{"x":343,"y":763,"width":258,"height":10}},{"id":"6425b0da-49da-4c1a-836b-bb7ae9052552","block_type":"box","text":"from 2009 to 2017; Member of the","page_number":36,"box":{"x":342,"y":775,"width":215,"height":9}},{"id":"2da5ce9b-eb48-44b2-be08-2fc57e91742e","block_type":"box","text":"Investment Committee, Delaware Community","page_number":36,"box":{"x":343,"y":787,"width":273,"height":10}},{"id":"d8724a04-b11c-4f08-a8b6-3a7b7ac4a9c7","block_type":"box","text":"Foundation from 2013 to 2014; Director and","page_number":36,"box":{"x":343,"y":799,"width":269,"height":9}},{"id":"75b07daa-fc21-4e79-871f-bac78964e3d3","block_type":"box","text":"Chair of the Audit Committee, SEI Private","page_number":36,"box":{"x":343,"y":811,"width":246,"height":9}},{"id":"a747f33f-997d-47a7-93ea-b31bbc10ac44","block_type":"box","text":"Trust Co. from 2001 to 2014.","page_number":36,"box":{"x":342,"y":823,"width":180,"height":8}},{"id":"de7a44d0-ae2f-40af-960f-f13adabf3441","block_type":"box","text":"26 RICs consisting of","page_number":36,"box":{"x":627,"y":667,"width":129,"height":10}},{"id":"ff85934b-1ea7-4233-bc3b-93670bc3f06a","block_type":"box","text":"168 Portfolios","page_number":36,"box":{"x":627,"y":679,"width":85,"height":8}},{"id":"c0d318b3-f6f7-4d49-bdfa-b816d44c7423","block_type":"box","text":"None","page_number":36,"box":{"x":774,"y":667,"width":30,"height":8}},{"id":"90c8c78e-8ff7-4374-89fe-fba577b29a2d","block_type":"box","text":"Christopher J. Ailman","page_number":36,"box":{"x":69,"y":841,"width":126,"height":9}},{"id":"b115e9cf-a2f3-4c55-998c-79a18c4e74db","block_type":"box","text":"1958","page_number":36,"box":{"x":69,"y":856,"width":33,"height":8}},{"id":"8b4a8d9c-f76c-405a-ab1c-6efb98bb3a6b","block_type":"box","text":"Trustee","page_number":36,"box":{"x":235,"y":841,"width":45,"height":8}},{"id":"6a36e039-68e6-4396-ba6f-8962b9360aef","block_type":"box","text":"(Since 2024)","page_number":36,"box":{"x":235,"y":853,"width":78,"height":9}},{"id":"7c8490f8-1074-453b-8067-6ab25660d26e","block_type":"box","text":"Principal, Ailman Advisers, since 2024; Chief","page_number":36,"box":{"x":343,"y":840,"width":270,"height":10}},{"id":"f77afe14-a80d-44b2-9384-b89eabf7e194","block_type":"box","text":"Investment Officer, California State Teachers","page_number":36,"box":{"x":343,"y":852,"width":268,"height":10}},{"id":"6d2c7f0c-e081-43e6-9acc-5c66ddd13549","block_type":"box","text":"Retirement System (CalSTRS) from 2000 to","page_number":36,"box":{"x":343,"y":864,"width":264,"height":10}},{"id":"dbbde484-73c6-4398-811e-7e48f56a7a04","block_type":"box","text":"2024.","page_number":36,"box":{"x":343,"y":876,"width":36,"height":8}},{"id":"6b2e4174-4064-467c-8334-4da733a7eef7","block_type":"box","text":"26 RICs consisting of","page_number":36,"box":{"x":627,"y":840,"width":129,"height":11}},{"id":"99113fb4-4f81-47d5-9170-41ee87a51ddc","block_type":"box","text":"168 Portfolios","page_number":36,"box":{"x":627,"y":852,"width":85,"height":9}},{"id":"2bfcb923-344e-4461-b55f-a4cbff68151b","block_type":"box","text":"None","page_number":36,"box":{"x":774,"y":841,"width":30,"height":8}},{"id":"46d2f435-591a-4445-9c8b-ab7753f68ec8","block_type":"box","text":"I-14","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0061773f-0e21-4136-adc6-17780e589219","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9fc66772-c409-411c-b51d-f1f09dcf7c4a","block_type":"box","text":"Name","page_number":37,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"0a491137-2a32-4307-9259-b8a176a9983d","block_type":"box","text":"and Year of Birth","page_number":37,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"99e3d8a2-3fef-4626-b30e-8dbeb5a1214e","block_type":"box","text":"1,2","page_number":37,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"58ed5fde-47ae-4f65-8368-153e5353d360","block_type":"box","text":"Position(s)","page_number":37,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"0e188a81-2bd0-43d3-a343-20435cd278e3","block_type":"box","text":"Held","page_number":37,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"9cce38c3-b3c5-4a83-a960-3b34e1d4cf63","block_type":"box","text":"(Length of","page_number":37,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"902a7e12-f83c-46c7-bd25-710d24e5e84f","block_type":"box","text":"Service)","page_number":37,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"038b4a49-fa9a-46d8-8ebf-3fe0eaf58399","block_type":"box","text":"3","page_number":37,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"308d906d-b4a3-4b2d-810d-0f141d79169e","block_type":"box","text":"Principal Occupation(s)","page_number":37,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"2f348cc2-5875-4d4e-8f17-ef743dc918a0","block_type":"box","text":"During Past Five Years","page_number":37,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"f653528a-caa3-46c5-8696-e24791dc02d5","block_type":"box","text":"Number of","page_number":37,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"b441bf48-9e97-4d7d-af17-7b10b3804ca6","block_type":"box","text":"BlackRock","page_number":37,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"6a43bc2f-c242-4c9c-91c6-bcdcd5e90fc6","block_type":"box","text":"Advised","page_number":37,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"db58bff4-550a-4462-9b72-8609adbafec2","block_type":"box","text":"Registered","page_number":37,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"e06036aa-1110-4ca5-add2-b439a2381bc4","block_type":"box","text":"Investment","page_number":37,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"237b1812-8099-421d-952e-6b955115d5bb","block_type":"box","text":"Companies","page_number":37,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"6bf6506b-8027-42e5-a335-6a88294570c4","block_type":"box","text":"(“RICs”)","page_number":37,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"27e25b1d-2c35-43b7-a20a-28fc38d152a0","block_type":"box","text":"Consisting of","page_number":37,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"5080a3aa-637c-4432-8b9e-05375ac2befc","block_type":"box","text":"Investment","page_number":37,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"10bdbe6e-e77d-4a35-a886-c88d7e00fb22","block_type":"box","text":"Portfolios","page_number":37,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"fcb3d49c-d19c-4571-b596-3834840ff172","block_type":"box","text":"(“Portfolios”)","page_number":37,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"c216fbcf-ef6a-4d02-83ee-ae7d3f0cfa68","block_type":"box","text":"Overseen","page_number":37,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"4ea609e2-8a16-447e-acfe-c8b4203570b1","block_type":"box","text":"Public","page_number":37,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"0945bce2-98fd-4ea0-a177-a5a31b3d886c","block_type":"box","text":"Company","page_number":37,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"74ebdf98-f2bb-4721-ba70-a5bbcc3208fd","block_type":"box","text":"and Other","page_number":37,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"09758023-d1e0-400c-a5c4-486c647d9aa9","block_type":"box","text":"Investment","page_number":37,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"c658b1c4-6526-4759-9fb9-2bc5a3b648f6","block_type":"box","text":"Company","page_number":37,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"1c8e52fb-468d-4695-8de4-3067f680f338","block_type":"box","text":"Directorships","page_number":37,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"18c0e8a3-153b-4661-a390-f7c2395e24b5","block_type":"box","text":"Held During","page_number":37,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"1c74810c-7237-4ab6-9808-b746b1ca11b3","block_type":"box","text":"Past Five Years","page_number":37,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"a025863f-aadd-475c-a5ac-0451fa14b567","block_type":"box","text":"Susan J. Carter","page_number":37,"box":{"x":69,"y":174,"width":93,"height":8}},{"id":"d53e1ad3-cfe4-4867-bf3e-ef64864d8d91","block_type":"box","text":"1956","page_number":37,"box":{"x":69,"y":190,"width":33,"height":8}},{"id":"b53d150d-a528-4fdb-88ea-7475f6223dcb","block_type":"box","text":"Trustee","page_number":37,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"9ef5842a-678d-4f73-9bd7-5c539d4c6779","block_type":"box","text":"(Since 2019)","page_number":37,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"1d63c859-349a-4f1a-8ee5-d4a42b0d3134","block_type":"box","text":"Trustee, Financial Accounting Foundation","page_number":37,"box":{"x":342,"y":174,"width":246,"height":10}},{"id":"7f6cdedd-efd4-453f-af4c-bcbd668aaa98","block_type":"box","text":"from 2017 to 2021; Advisory Board","page_number":37,"box":{"x":342,"y":186,"width":217,"height":10}},{"id":"8119c94e-510f-4aa7-96fd-b3cea23e3507","block_type":"box","text":"Member, Center for Private Equity and","page_number":37,"box":{"x":343,"y":198,"width":227,"height":10}},{"id":"381107d1-f657-453f-b1fd-d291969b34c0","block_type":"box","text":"Entrepreneurship at Tuck School of Business","page_number":37,"box":{"x":343,"y":210,"width":270,"height":10}},{"id":"8404afe8-ac27-4212-a977-ba961813a1ee","block_type":"box","text":"from 1997 to 2021; Director, Pacific Pension","page_number":37,"box":{"x":342,"y":222,"width":272,"height":9}},{"id":"fadb29f7-24f9-4585-a0a4-1cc7ac75fd49","block_type":"box","text":"Institute from 2014 to 2018; Senior Advisor,","page_number":37,"box":{"x":343,"y":234,"width":267,"height":9}},{"id":"b95a05c6-7042-48e9-a18a-63d079578e75","block_type":"box","text":"CCI (investment adviser) in 2015; Chief","page_number":37,"box":{"x":343,"y":246,"width":238,"height":10}},{"id":"2df8b00a-f298-4a5f-a0cc-0c9df2ed56b1","block_type":"box","text":"Executive Officer, CCI from 2013 to 2014;","page_number":37,"box":{"x":343,"y":258,"width":253,"height":9}},{"id":"1cabe30e-6728-4f41-b799-1b11f4d49804","block_type":"box","text":"President & Chief Executive Officer, CCI from","page_number":37,"box":{"x":343,"y":270,"width":268,"height":9}},{"id":"9cc197fe-8d63-4aba-88eb-8894f0fc9d8d","block_type":"box","text":"1997 to 2013; Advisory Board Member,","page_number":37,"box":{"x":343,"y":282,"width":241,"height":10}},{"id":"3faffc54-f176-466e-b84e-8112c9084e2d","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and","page_number":37,"box":{"x":343,"y":294,"width":245,"height":8}},{"id":"3c559b48-dfb1-4443-9869-fac5fe8ac734","block_type":"box","text":"Board Member thereof from 2018 to 2022;","page_number":37,"box":{"x":343,"y":306,"width":262,"height":9}},{"id":"8195df19-adde-437c-a21f-ff6749848a9f","block_type":"box","text":"Advisory Board Member, Bridges Fund","page_number":37,"box":{"x":342,"y":318,"width":230,"height":10}},{"id":"8ebe4d16-a07a-4567-8ba7-d5fe5f4e9103","block_type":"box","text":"Management from 2016 to 2018;","page_number":37,"box":{"x":343,"y":330,"width":204,"height":10}},{"id":"cdb95c4d-0e07-4c44-b70a-7468cc569fa3","block_type":"box","text":"Practitioner Advisory Board Member, PCRI","page_number":37,"box":{"x":343,"y":342,"width":251,"height":10}},{"id":"108b4daa-79b2-4fc3-81c8-8b2318ebcafd","block_type":"box","text":"from 2017 to 2024; Lecturer in the Practice","page_number":37,"box":{"x":342,"y":354,"width":265,"height":9}},{"id":"b87f320f-8dfc-4974-aaa7-e7553740970c","block_type":"box","text":"of Management, Yale School of Management","page_number":37,"box":{"x":343,"y":365,"width":271,"height":11}},{"id":"5c5cbd0a-4647-4aa8-a7ea-ede1824692d3","block_type":"box","text":"since 2019; Advisor to Finance Committee,","page_number":37,"box":{"x":343,"y":378,"width":260,"height":9}},{"id":"5d48388a-5fe2-4227-a769-937896f7b323","block_type":"box","text":"Altman Foundation from 2020 to 2024;","page_number":37,"box":{"x":342,"y":389,"width":238,"height":10}},{"id":"a61b1477-1459-4c3d-a97e-994c29b2a735","block_type":"box","text":"Investment Committee Member, Tostan","page_number":37,"box":{"x":343,"y":402,"width":237,"height":9}},{"id":"050b1a52-b4b9-4b75-9ed7-9c8e892f71a6","block_type":"box","text":"since 2021; Member of the President’s","page_number":37,"box":{"x":343,"y":413,"width":238,"height":10}},{"id":"7727e627-68df-402f-9eca-1f59a2285e80","block_type":"box","text":"Counsel, Commonfund since 2023.","page_number":37,"box":{"x":343,"y":425,"width":214,"height":10}},{"id":"be0ec0b0-19b1-43dd-ae8a-dfb38af75b73","block_type":"box","text":"26 RICs consisting of","page_number":37,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"fe1ca5dc-6f57-4dec-ac67-31e89075451e","block_type":"box","text":"168 Portfolios","page_number":37,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"87df7580-ded0-4b16-af83-ba5dfe98d814","block_type":"box","text":"None","page_number":37,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"368919ca-1a4f-4056-a7c5-967d4a52b2d7","block_type":"box","text":"Collette Chilton","page_number":37,"box":{"x":69,"y":443,"width":90,"height":8}},{"id":"560cbfa4-16b6-43dc-9413-bce88ad409d6","block_type":"box","text":"1958","page_number":37,"box":{"x":69,"y":459,"width":33,"height":8}},{"id":"1145051c-9f2a-43d0-9301-1dfe29e9eaea","block_type":"box","text":"Trustee","page_number":37,"box":{"x":235,"y":443,"width":45,"height":8}},{"id":"3a139036-ddd3-4823-ad6e-55f4293303d4","block_type":"box","text":"(Since 2019)","page_number":37,"box":{"x":235,"y":455,"width":78,"height":10}},{"id":"cb88c56c-d9de-4b8f-b190-d17502693efa","block_type":"box","text":"Trustee, UC Berkeley Foundation Board since","page_number":37,"box":{"x":342,"y":443,"width":273,"height":10}},{"id":"e5b1dd70-2818-470a-b7dd-949b33ebf8ae","block_type":"box","text":"2024; Committee member, Oxford University","page_number":37,"box":{"x":343,"y":455,"width":269,"height":10}},{"id":"460407a8-cfd1-4eba-a75d-316de4fd35b1","block_type":"box","text":"Endowment Management since 2024;","page_number":37,"box":{"x":343,"y":467,"width":230,"height":10}},{"id":"ef2735a4-b11c-4e2a-912c-0855651e80a3","block_type":"box","text":"Senior advisor, Insignia since 2024; Chief","page_number":37,"box":{"x":343,"y":479,"width":252,"height":10}},{"id":"0fbb04f4-710f-4a91-acbb-4f833167e10e","block_type":"box","text":"Investment Officer, Williams College from","page_number":37,"box":{"x":343,"y":491,"width":247,"height":10}},{"id":"a4100380-acbb-4614-9cd7-aaef35a01234","block_type":"box","text":"2006 to 2023; Chief Investment Officer,","page_number":37,"box":{"x":343,"y":503,"width":242,"height":9}},{"id":"cea2ef0d-de60-4fca-b05d-5af362520ce4","block_type":"box","text":"Lucent Asset Management Corporation from","page_number":37,"box":{"x":343,"y":515,"width":266,"height":10}},{"id":"491cd19a-593e-41c5-8d78-4b6e11c8acb5","block_type":"box","text":"1998 to 2006; Director, Boys and Girls Club","page_number":37,"box":{"x":343,"y":527,"width":266,"height":10}},{"id":"3e63dab2-d937-4e4c-9d56-846d682f5b4f","block_type":"box","text":"of Boston since 2017; Director, B1 Capital","page_number":37,"box":{"x":343,"y":539,"width":255,"height":10}},{"id":"c6f150b2-ccbf-4728-be67-f71313e8d279","block_type":"box","text":"since 2018; Director, David and Lucile","page_number":37,"box":{"x":343,"y":551,"width":230,"height":9}},{"id":"2032be4c-030a-427c-a206-0d905d50a346","block_type":"box","text":"Packard Foundation since 2020.","page_number":37,"box":{"x":343,"y":563,"width":195,"height":8}},{"id":"b7e152b5-aedc-43da-a55f-c71a81bdba57","block_type":"box","text":"26 RICs consisting of","page_number":37,"box":{"x":627,"y":443,"width":129,"height":10}},{"id":"8a761c3d-b25d-4687-875b-53dda431484d","block_type":"box","text":"168 Portfolios","page_number":37,"box":{"x":627,"y":455,"width":85,"height":8}},{"id":"05eaa1b2-16e5-4571-a66f-42fc3fd37ba6","block_type":"box","text":"None","page_number":37,"box":{"x":774,"y":443,"width":30,"height":8}},{"id":"bfadaae2-ad3b-489c-a180-9ed9225ffc0e","block_type":"box","text":"Neil A. Cotty","page_number":37,"box":{"x":69,"y":580,"width":73,"height":10}},{"id":"f48953fc-3232-4558-b504-c6e5695c0b56","block_type":"box","text":"1954","page_number":37,"box":{"x":69,"y":596,"width":33,"height":8}},{"id":"5a959601-edc9-416e-bfd3-d587e59fcd04","block_type":"box","text":"Trustee","page_number":37,"box":{"x":235,"y":581,"width":45,"height":7}},{"id":"c20df419-7b0c-4b80-842b-ae24ce2b1687","block_type":"box","text":"(Since 2019)","page_number":37,"box":{"x":235,"y":592,"width":78,"height":10}},{"id":"a985266f-d7d5-49d9-9b7d-38d2b27f9176","block_type":"box","text":"Bank of America Corporation from 1996 to","page_number":37,"box":{"x":343,"y":580,"width":256,"height":10}},{"id":"cda65357-6cec-42ab-a7db-a73e23a741a8","block_type":"box","text":"2015, serving in various senior finance","page_number":37,"box":{"x":343,"y":592,"width":235,"height":10}},{"id":"4af859fc-e2b9-467d-8147-5abc1c028859","block_type":"box","text":"leadership roles, including Chief Accounting","page_number":37,"box":{"x":343,"y":604,"width":261,"height":10}},{"id":"e4f66492-be58-47b1-a50e-de3db3306652","block_type":"box","text":"Officer from 2009 to 2015, Chief Financial","page_number":37,"box":{"x":343,"y":616,"width":256,"height":10}},{"id":"49fc77ce-bd4f-4796-a063-b589aec3a62d","block_type":"box","text":"Officer of Global Banking, Markets and","page_number":37,"box":{"x":343,"y":628,"width":232,"height":10}},{"id":"25634b30-d847-4328-bf87-421811ecaf48","block_type":"box","text":"Wealth Management from 2008 to 2009,","page_number":37,"box":{"x":342,"y":640,"width":251,"height":10}},{"id":"daad6de8-a2b8-4dfb-ba2e-9953d35324f7","block_type":"box","text":"Chief Accounting Officer from 2004 to 2008,","page_number":37,"box":{"x":343,"y":652,"width":269,"height":10}},{"id":"911701ba-8945-415d-b366-855d3234821e","block_type":"box","text":"Chief Financial Officer of Consumer Bank","page_number":37,"box":{"x":343,"y":664,"width":247,"height":8}},{"id":"ad448b9f-1ccc-4a1d-ab45-a3ebd907f6e8","block_type":"box","text":"from 2003 to 2004, Chief Financial Officer of","page_number":37,"box":{"x":342,"y":676,"width":274,"height":10}},{"id":"17479369-0816-49d2-bca0-2fd8f106533f","block_type":"box","text":"Global Corporate Investment Bank from","page_number":37,"box":{"x":343,"y":688,"width":237,"height":10}},{"id":"c7618352-4361-405c-bae7-96a41a4f8aa5","block_type":"box","text":"1999 to 2002.","page_number":37,"box":{"x":343,"y":700,"width":89,"height":8}},{"id":"28ad9f77-a4aa-4f2d-998a-05c71607e53d","block_type":"box","text":"26 RICs consisting of","page_number":37,"box":{"x":627,"y":580,"width":129,"height":11}},{"id":"0f19eba1-207e-42f3-adb1-e9381ecf4e46","block_type":"box","text":"168 Portfolios","page_number":37,"box":{"x":627,"y":592,"width":85,"height":8}},{"id":"2262a9d2-59f4-4daf-a014-26f618b54ec3","block_type":"box","text":"None","page_number":37,"box":{"x":774,"y":581,"width":30,"height":7}},{"id":"0c4d32b8-2d0d-44b6-a88a-df18262e558c","block_type":"box","text":"Henry R. Keizer","page_number":37,"box":{"x":69,"y":718,"width":93,"height":10}},{"id":"3475f647-0b45-4763-bc12-af2de85e540b","block_type":"box","text":"1956","page_number":37,"box":{"x":69,"y":734,"width":33,"height":8}},{"id":"8236897d-7391-4e90-b990-037ff41be268","block_type":"box","text":"Trustee","page_number":37,"box":{"x":235,"y":718,"width":45,"height":8}},{"id":"2e64a3d4-2427-417b-abd4-cd7cf3254b45","block_type":"box","text":"(Since 2016)","page_number":37,"box":{"x":235,"y":730,"width":78,"height":10}},{"id":"c3bcef11-07b0-42de-8e39-c1123e5adea4","block_type":"box","text":"Director, Park Indemnity Ltd. (captive insurer)","page_number":37,"box":{"x":343,"y":718,"width":269,"height":10}},{"id":"0a1d4b6c-33e2-49ed-bb6d-5aec3aa8f6ff","block_type":"box","text":"from 2010 to 2022.","page_number":37,"box":{"x":342,"y":730,"width":122,"height":8}},{"id":"e01694b4-7ae2-4a6f-8654-e50ae4ae614f","block_type":"box","text":"26 RICs consisting of","page_number":37,"box":{"x":627,"y":718,"width":129,"height":10}},{"id":"29bfb478-d983-40cc-9620-0b2ffa410091","block_type":"box","text":"168 Portfolios","page_number":37,"box":{"x":627,"y":730,"width":85,"height":8}},{"id":"ecc7d7e0-53c8-4e8f-8112-d68bf4d29e98","block_type":"box","text":"GrafTech International","page_number":37,"box":{"x":773,"y":718,"width":131,"height":8}},{"id":"290039f3-955f-43b3-bc83-f912504fe74c","block_type":"box","text":"Ltd. (materials","page_number":37,"box":{"x":774,"y":730,"width":85,"height":10}},{"id":"db831841-e7c2-40ec-8630-2202f78d1d25","block_type":"box","text":"manufacturing);","page_number":37,"box":{"x":774,"y":742,"width":92,"height":10}},{"id":"8c0f9465-fae8-4891-8bb2-4cf443a5f8d4","block_type":"box","text":"WABCO (commercial","page_number":37,"box":{"x":773,"y":754,"width":122,"height":9}},{"id":"992bb5dd-078e-425a-bd9a-eb9a595aa41d","block_type":"box","text":"vehicle safety","page_number":37,"box":{"x":773,"y":766,"width":82,"height":10}},{"id":"5a3096da-06ef-46a9-b453-db05ea29c8a4","block_type":"box","text":"systems) from 2015","page_number":37,"box":{"x":773,"y":777,"width":123,"height":11}},{"id":"d540054c-59b7-4501-b080-6a5161b414ea","block_type":"box","text":"to 2020; Sealed Air","page_number":37,"box":{"x":773,"y":790,"width":118,"height":9}},{"id":"a96bb61c-7f31-414d-a2ee-762ca10c0a44","block_type":"box","text":"Corp. (packaging);","page_number":37,"box":{"x":773,"y":802,"width":107,"height":10}},{"id":"af3bb934-09e2-4c14-8b73-8d843d46ed43","block_type":"box","text":"Hertz Global Holdings","page_number":37,"box":{"x":774,"y":814,"width":129,"height":10}},{"id":"94db51a2-beec-41f4-8752-e35857158a87","block_type":"box","text":"(car rental) from 2015","page_number":37,"box":{"x":773,"y":825,"width":133,"height":10}},{"id":"fd5b2e9b-baad-403e-af16-28db628524c2","block_type":"box","text":"to 2021.","page_number":37,"box":{"x":773,"y":837,"width":52,"height":8}},{"id":"136b641b-4a6c-470b-977b-962f6a298e88","block_type":"box","text":"Cynthia A. Montgomery","page_number":37,"box":{"x":69,"y":855,"width":140,"height":10}},{"id":"8e42370a-e1bb-4d11-9126-0d9e4360f1c9","block_type":"box","text":"1952","page_number":37,"box":{"x":69,"y":871,"width":32,"height":8}},{"id":"6c91c021-bc38-409f-9d04-fe9f5f2f33f9","block_type":"box","text":"Trustee","page_number":37,"box":{"x":235,"y":855,"width":45,"height":8}},{"id":"53c444e2-2c23-48b5-b79a-ab0fd459c0d1","block_type":"box","text":"(Since 2019)","page_number":37,"box":{"x":235,"y":867,"width":78,"height":10}},{"id":"0d8baddd-307f-44cf-b5da-d56d8590643d","block_type":"box","text":"Professor, Harvard Business School since","page_number":37,"box":{"x":343,"y":855,"width":253,"height":9}},{"id":"c34db6a5-742a-4a5e-9047-e86e0df72ab8","block_type":"box","text":"1989.","page_number":37,"box":{"x":343,"y":867,"width":36,"height":8}},{"id":"e8abbb34-5b81-4d63-8988-ddc92edb830b","block_type":"box","text":"26 RICs consisting of","page_number":37,"box":{"x":627,"y":855,"width":129,"height":10}},{"id":"b0a3fd6e-1918-4b0a-b212-55da28f416c6","block_type":"box","text":"168 Portfolios","page_number":37,"box":{"x":627,"y":867,"width":85,"height":8}},{"id":"9f87a59f-6405-48b7-aade-f112f8388d0f","block_type":"box","text":"None","page_number":37,"box":{"x":774,"y":855,"width":30,"height":8}},{"id":"9ba77e88-0226-4e2f-9593-367cb37b8de5","block_type":"box","text":"I-15","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"24a25dbb-a26b-4a8a-8d03-176a140bb06e","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd60c320-b86a-4888-8704-8f4661657e08","block_type":"box","text":"Name","page_number":38,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"b13b9ae3-bf5a-47c1-b3b5-df9bd63de5c8","block_type":"box","text":"and Year of Birth","page_number":38,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"993abef6-8000-4617-95fb-a7f61c70e2d7","block_type":"box","text":"1,2","page_number":38,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"4d86b8f7-9f80-41fc-bc61-61a0b3ed2488","block_type":"box","text":"Position(s)","page_number":38,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"bf113d77-9240-4635-b2f9-cc4add460aaa","block_type":"box","text":"Held","page_number":38,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"7a13278d-fa73-44e6-a2b7-9a732a649302","block_type":"box","text":"(Length of","page_number":38,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"723994c6-8721-4ab1-91c4-7f39d472a411","block_type":"box","text":"Service)","page_number":38,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"40dea910-bdc0-4e76-b476-16d9b6bd195a","block_type":"box","text":"3","page_number":38,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"3d6d574a-b6d3-408f-9ef2-001f12a1003b","block_type":"box","text":"Principal Occupation(s)","page_number":38,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"731f787c-c3fe-4ac3-817c-5a7e718453cb","block_type":"box","text":"During Past Five Years","page_number":38,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"d3289134-73f5-4c6d-91ac-481a66d5888e","block_type":"box","text":"Number of","page_number":38,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"674648a9-c977-4c32-a96b-983f9a89ed21","block_type":"box","text":"BlackRock","page_number":38,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"7e332c98-1094-40e7-b274-ee61e6f32962","block_type":"box","text":"Advised","page_number":38,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"dbd9e778-bd68-4d0a-81ac-d8b0735bb412","block_type":"box","text":"Registered","page_number":38,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"a14f94ca-2548-46da-a621-573783676545","block_type":"box","text":"Investment","page_number":38,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"e8971fd6-e321-4e90-86c1-835d4b9ebcca","block_type":"box","text":"Companies","page_number":38,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"c9ff6127-2195-4004-b3f8-567cba4ae0fb","block_type":"box","text":"(“RICs”)","page_number":38,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"3414b270-f676-423c-9b52-b5ff7b03dce8","block_type":"box","text":"Consisting of","page_number":38,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"4f6fc6f5-5064-4231-81fc-a220803d8acd","block_type":"box","text":"Investment","page_number":38,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"b6fdf139-1c4f-4417-953a-17feb4e0b3f2","block_type":"box","text":"Portfolios","page_number":38,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"1aa938da-2e78-4722-84e3-3c77785f4d7c","block_type":"box","text":"(“Portfolios”)","page_number":38,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"c6d3bda4-f83a-41df-ba4a-8590c837c773","block_type":"box","text":"Overseen","page_number":38,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"d530b4bc-45b9-4138-8406-9c447a01f59f","block_type":"box","text":"Public","page_number":38,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"5427ff0d-9952-4ed6-813c-91aecb72f2cf","block_type":"box","text":"Company","page_number":38,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"7408c3c8-605f-435c-b568-5df8612936cd","block_type":"box","text":"and Other","page_number":38,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"cbecff27-5035-49d4-869a-4d61a737ee42","block_type":"box","text":"Investment","page_number":38,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"fce9971e-f0d2-4f54-8404-76925ec45f42","block_type":"box","text":"Company","page_number":38,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"21c6c3c3-36d6-4422-9c00-ab5bf252e2e7","block_type":"box","text":"Directorships","page_number":38,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"c4bb0346-7811-4cc7-b863-259e115ba3ce","block_type":"box","text":"Held During","page_number":38,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"5b4e06b9-8bad-402a-bb58-d2a496edbcbf","block_type":"box","text":"Past Five Years","page_number":38,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"7656130f-ccf6-45f0-8cdb-03f04b6454ff","block_type":"box","text":"Donald C. Opatrny","page_number":38,"box":{"x":70,"y":174,"width":108,"height":10}},{"id":"ed01670d-6a36-49fe-8a06-7c3e30ee2e17","block_type":"box","text":"1952","page_number":38,"box":{"x":69,"y":190,"width":32,"height":8}},{"id":"46cb9fd3-fa5d-4862-985c-60bbee1933e9","block_type":"box","text":"Trustee","page_number":38,"box":{"x":235,"y":174,"width":45,"height":8}},{"id":"50b56727-ad5c-4e16-9846-2e36d1df5cd5","block_type":"box","text":"(Since 2015)","page_number":38,"box":{"x":235,"y":186,"width":78,"height":10}},{"id":"70c89deb-7af6-4bcb-8353-299ae6e55ab2","block_type":"box","text":"Chair of the Board of Phoenix Art Museum","page_number":38,"box":{"x":343,"y":174,"width":254,"height":8}},{"id":"6238b934-7f8c-4d30-bcd7-94d465f50290","block_type":"box","text":"since 2022 and Trustee thereof since 2018;","page_number":38,"box":{"x":343,"y":186,"width":268,"height":9}},{"id":"9ffbc7c9-a64e-4225-8810-179428c22050","block_type":"box","text":"Chair of the Investment Committee of The","page_number":38,"box":{"x":343,"y":198,"width":251,"height":8}},{"id":"a7a3dd0e-bee9-4621-9560-2c3d2e33a7a7","block_type":"box","text":"Arizona Community Foundation since 2022","page_number":38,"box":{"x":342,"y":210,"width":259,"height":10}},{"id":"c074c351-0e88-4133-892e-d40c5609d458","block_type":"box","text":"and Trustee thereof since 2020; Director,","page_number":38,"box":{"x":343,"y":222,"width":249,"height":9}},{"id":"9b856a73-ca65-414f-bf60-c5a9d1abbc02","block_type":"box","text":"Athena Capital Advisors LLC (investment","page_number":38,"box":{"x":342,"y":234,"width":244,"height":10}},{"id":"aa9f9600-8995-4eb9-aea6-eca13b6d78bb","block_type":"box","text":"management firm) from 2013 to 2020;","page_number":38,"box":{"x":343,"y":246,"width":236,"height":10}},{"id":"65699ce1-bbd4-4aea-8e4d-2f7cf430f964","block_type":"box","text":"Trustee, Vice Chair, Member of the Executive","page_number":38,"box":{"x":342,"y":258,"width":270,"height":9}},{"id":"b276d1cc-d62b-468c-aab5-0afd583c9ef7","block_type":"box","text":"Committee and Chair of the Investment","page_number":38,"box":{"x":343,"y":270,"width":237,"height":8}},{"id":"af96f6ce-cb85-423e-922a-c59867285b3a","block_type":"box","text":"Committee, Cornell University from 2004 to","page_number":38,"box":{"x":343,"y":282,"width":262,"height":10}},{"id":"218b6633-4eea-4f91-963b-ca2a31656c0e","block_type":"box","text":"2019; Member of Affordable Housing Supply","page_number":38,"box":{"x":343,"y":294,"width":270,"height":10}},{"id":"1ea7dbd4-3378-4584-af7a-9b39bc7e7fbf","block_type":"box","text":"Board of Jackson, Wyoming from 2017 to","page_number":38,"box":{"x":343,"y":306,"width":251,"height":10}},{"id":"d2aa503f-5a4a-45f5-a250-f2f1bb16af31","block_type":"box","text":"2022; Member, Investment Funds","page_number":38,"box":{"x":343,"y":318,"width":205,"height":9}},{"id":"d32f6398-b59c-4c0f-b668-5320c2b65318","block_type":"box","text":"Committee, State of Wyoming from 2017 to","page_number":38,"box":{"x":343,"y":330,"width":264,"height":10}},{"id":"9f2dc50b-0a9a-462e-92e1-78181ff36b09","block_type":"box","text":"2023; Member of the Investment","page_number":38,"box":{"x":343,"y":342,"width":201,"height":9}},{"id":"eaea8800-eceb-483b-ac12-096202752f0b","block_type":"box","text":"Committee, Mellon Foundation from 2009 to","page_number":38,"box":{"x":343,"y":354,"width":269,"height":9}},{"id":"81887275-2c69-40d9-8ec6-731eafa4aadf","block_type":"box","text":"2015; President, Trustee and Member of the","page_number":38,"box":{"x":343,"y":365,"width":270,"height":10}},{"id":"012a09f5-bbf7-4f5c-971b-4741ff5e1913","block_type":"box","text":"Investment Committee, The Aldrich","page_number":38,"box":{"x":343,"y":378,"width":210,"height":9}},{"id":"f82fd0ba-7f41-4d9b-8a7a-421b3ff493d5","block_type":"box","text":"Contemporary Art Museum from 2007 to","page_number":38,"box":{"x":343,"y":389,"width":248,"height":11}},{"id":"96551e4d-4061-4a8a-9cae-825ad18105b4","block_type":"box","text":"2014; Trustee and Chair of the Investment","page_number":38,"box":{"x":343,"y":401,"width":258,"height":10}},{"id":"08ab38c6-3bcc-4954-b913-4ef4e246bf58","block_type":"box","text":"Committee, Community Foundation of","page_number":38,"box":{"x":343,"y":413,"width":228,"height":10}},{"id":"966b8f21-7041-4ba6-a5cc-025b466ee107","block_type":"box","text":"Jackson Hole since 2014.","page_number":38,"box":{"x":342,"y":425,"width":157,"height":8}},{"id":"d8123dab-750d-49d5-9ffe-f4135a5352d3","block_type":"box","text":"26 RICs consisting of","page_number":38,"box":{"x":627,"y":174,"width":129,"height":10}},{"id":"df491bf2-0999-41ee-bd39-7ba27cf4295d","block_type":"box","text":"168 Portfolios","page_number":38,"box":{"x":627,"y":186,"width":85,"height":8}},{"id":"bff2ce9a-5ee4-4c59-9997-12103a143525","block_type":"box","text":"None","page_number":38,"box":{"x":774,"y":174,"width":30,"height":8}},{"id":"0f92ce02-04fa-4d16-ae36-98ae79ce96ec","block_type":"box","text":"Lori Richards","page_number":38,"box":{"x":69,"y":443,"width":78,"height":8}},{"id":"fc95b024-2b98-48c6-85c6-ccdcc34e8d05","block_type":"box","text":"1960","page_number":38,"box":{"x":69,"y":459,"width":33,"height":8}},{"id":"66fe05b7-47f1-4bdf-be42-7a3a9c398765","block_type":"box","text":"Trustee","page_number":38,"box":{"x":235,"y":443,"width":45,"height":8}},{"id":"bd6f89d4-e48e-4a5a-b1a2-e0533fc18942","block_type":"box","text":"(Since 2024)","page_number":38,"box":{"x":235,"y":455,"width":78,"height":10}},{"id":"bbffbefb-ecec-402b-801e-13d1991d78b2","block_type":"box","text":"Trustee, SEC Historical Society since 2018;","page_number":38,"box":{"x":342,"y":443,"width":263,"height":10}},{"id":"ce8d0515-c9ed-4714-9119-94a7c80b704c","block_type":"box","text":"Trustee, Garrett College Foundation since","page_number":38,"box":{"x":342,"y":455,"width":250,"height":10}},{"id":"2725c819-205f-4d98-b958-972a7ed5b683","block_type":"box","text":"2019; Director, PharmaCann, Inc. from 2021","page_number":38,"box":{"x":343,"y":467,"width":272,"height":9}},{"id":"d3f1e647-97e3-4d49-b2cb-6547236e9fd5","block_type":"box","text":"to 2024; Director, Wahed Invest from 2022","page_number":38,"box":{"x":342,"y":479,"width":262,"height":9}},{"id":"58fc56bc-6d14-4afd-8414-438597251768","block_type":"box","text":"to 2024.","page_number":38,"box":{"x":342,"y":491,"width":53,"height":8}},{"id":"e6018db3-2a41-43a4-99f7-794cf37ac897","block_type":"box","text":"26 RICs consisting of","page_number":38,"box":{"x":627,"y":443,"width":129,"height":10}},{"id":"4e085888-d05c-4bf1-9bbb-9acd96fc2666","block_type":"box","text":"168 Portfolios","page_number":38,"box":{"x":627,"y":455,"width":85,"height":8}},{"id":"9090fea3-20a9-4606-9a33-58d45a236888","block_type":"box","text":"None","page_number":38,"box":{"x":774,"y":443,"width":30,"height":8}},{"id":"55c34cb2-b512-4045-8f8d-58abd7578adf","block_type":"box","text":"Kenneth L. Urish","page_number":38,"box":{"x":70,"y":509,"width":98,"height":8}},{"id":"a570e5a8-6f19-49c8-972b-485680e7ba56","block_type":"box","text":"1951","page_number":38,"box":{"x":69,"y":524,"width":33,"height":8}},{"id":"47247b4a-3949-4b43-9a5f-53ac29f5602d","block_type":"box","text":"Trustee","page_number":38,"box":{"x":235,"y":509,"width":45,"height":8}},{"id":"c80c35c5-4c16-4934-aeb7-b0a162b03dbb","block_type":"box","text":"(Since 2019)","page_number":38,"box":{"x":235,"y":521,"width":78,"height":9}},{"id":"f34d9668-6594-4b1e-b339-fe941b334467","block_type":"box","text":"Managing Partner, Urish Popeck & Co., LLC","page_number":38,"box":{"x":343,"y":509,"width":261,"height":10}},{"id":"9a7eea22-8b28-4b76-bedd-6dfb4ff13133","block_type":"box","text":"(certified public accountants and","page_number":38,"box":{"x":343,"y":520,"width":196,"height":10}},{"id":"0bbb8332-60c8-4d95-94b6-f3d4bbacbd03","block_type":"box","text":"consultants) since 1976; Past-Chairman of","page_number":38,"box":{"x":343,"y":532,"width":259,"height":10}},{"id":"87c53c7d-db60-463d-aec7-ad263e44617e","block_type":"box","text":"the Professional Ethics Committee of the","page_number":38,"box":{"x":342,"y":544,"width":247,"height":9}},{"id":"5663e493-bdfa-4180-a01a-dec72d7104d4","block_type":"box","text":"Pennsylvania Institute of Certified Public","page_number":38,"box":{"x":343,"y":556,"width":241,"height":10}},{"id":"f28537e9-e976-4d68-82e4-a70b911d38cf","block_type":"box","text":"Accountants and Committee Member thereof","page_number":38,"box":{"x":342,"y":568,"width":273,"height":8}},{"id":"c6e935e9-ac89-4726-b4ea-22c093e75410","block_type":"box","text":"since 2007; Member of External Advisory","page_number":38,"box":{"x":343,"y":580,"width":250,"height":10}},{"id":"ee9ddaec-6c62-44a5-893a-29a4549ddb6f","block_type":"box","text":"Board, The Pennsylvania State University","page_number":38,"box":{"x":343,"y":592,"width":246,"height":10}},{"id":"45c9723f-3b69-4940-92d6-2b4cc2b262ed","block_type":"box","text":"Accounting Department since 2001,","page_number":38,"box":{"x":342,"y":604,"width":219,"height":10}},{"id":"d1dab49d-0cb8-4b1a-bc4a-3bf115526b97","block_type":"box","text":"Emeritus since 2022; Principal, UP Strategic","page_number":38,"box":{"x":343,"y":616,"width":267,"height":10}},{"id":"8e5ee9bd-774a-4817-ba91-8b1bc1cb4e55","block_type":"box","text":"Wealth Investment Advisors, LLC since","page_number":38,"box":{"x":342,"y":628,"width":233,"height":10}},{"id":"cc743022-b5f2-425e-8727-7777aaea9fbc","block_type":"box","text":"2013; Trustee, The Holy Family Institute from","page_number":38,"box":{"x":343,"y":640,"width":271,"height":10}},{"id":"d8213a11-ba9e-4f76-b924-feb21743f274","block_type":"box","text":"2001 to 2010; President and Trustee,","page_number":38,"box":{"x":343,"y":652,"width":230,"height":10}},{"id":"94a4c452-2db3-4bf2-a796-11c160a3d886","block_type":"box","text":"Pittsburgh Catholic Publishing Associates","page_number":38,"box":{"x":343,"y":664,"width":248,"height":10}},{"id":"a7177537-8029-4c30-b52d-25126a94ec9d","block_type":"box","text":"from 2003 to 2008; Director, Inter-Tel from","page_number":38,"box":{"x":342,"y":676,"width":258,"height":10}},{"id":"41cfbfb3-bbf4-4a94-ae5f-6ae952e62009","block_type":"box","text":"2006 to 2007; Member, Advisory Board,","page_number":38,"box":{"x":343,"y":688,"width":245,"height":10}},{"id":"f1bfaea9-4e6a-4a3e-b9c5-4ce5d0c70111","block_type":"box","text":"ESG Competent Boards since 2020.","page_number":38,"box":{"x":343,"y":700,"width":219,"height":10}},{"id":"5b1c03be-57c9-4333-8454-3f8de3ab5d09","block_type":"box","text":"26 RICs consisting of","page_number":38,"box":{"x":627,"y":509,"width":129,"height":10}},{"id":"94c579e0-0c5c-4826-9d74-e856298f4600","block_type":"box","text":"168 Portfolios","page_number":38,"box":{"x":627,"y":520,"width":85,"height":9}},{"id":"0095ab20-d722-46ec-9f0e-015400a0d2c0","block_type":"box","text":"None","page_number":38,"box":{"x":774,"y":509,"width":30,"height":8}},{"id":"d43460d2-c055-4096-96cc-96f8a54eeb95","block_type":"box","text":"Claire A. Walton","page_number":38,"box":{"x":69,"y":718,"width":94,"height":8}},{"id":"b699faa0-f797-44b0-8b6a-5393a3b9dff0","block_type":"box","text":"1957","page_number":38,"box":{"x":69,"y":734,"width":32,"height":8}},{"id":"51c89e8e-8e9a-4612-bd2c-0257a836994c","block_type":"box","text":"Trustee","page_number":38,"box":{"x":235,"y":718,"width":45,"height":8}},{"id":"0468c415-6423-4d00-84f9-d7ba9dbe7e6f","block_type":"box","text":"(Since 2019)","page_number":38,"box":{"x":235,"y":730,"width":78,"height":10}},{"id":"e39c2ae1-7065-4a04-939a-72dd3d0ac04b","block_type":"box","text":"Director/Treasurer, Reading Community Trust","page_number":38,"box":{"x":343,"y":718,"width":273,"height":10}},{"id":"cf248a9f-e1b8-4f87-a33c-60d0cecf8861","block_type":"box","text":"since 2024; Advisory Board Member,","page_number":38,"box":{"x":343,"y":730,"width":224,"height":10}},{"id":"bcbd5546-9029-4cb4-85d0-3beb379aa106","block_type":"box","text":"Grossman School of Business at the","page_number":38,"box":{"x":343,"y":742,"width":221,"height":8}},{"id":"d45a5b10-1aa3-41c3-991d-0fe7f6f95b89","block_type":"box","text":"University of Vermont since 2023; Advisory","page_number":38,"box":{"x":343,"y":754,"width":259,"height":10}},{"id":"b4df6dad-6dc1-42b1-bc95-c48a3567b74c","block_type":"box","text":"Board Member, Scientific Financial Systems","page_number":38,"box":{"x":343,"y":766,"width":264,"height":10}},{"id":"922c1538-a02d-470f-a73f-6af1f73cf5dd","block_type":"box","text":"since 2022; General Partner of Neon Liberty","page_number":38,"box":{"x":343,"y":777,"width":268,"height":11}},{"id":"898267f2-0a81-407e-a874-c5935bc66af3","block_type":"box","text":"Capital Management, LLC from 2003 to","page_number":38,"box":{"x":343,"y":789,"width":240,"height":11}},{"id":"88492f5b-faca-4045-856e-9f116a7175f1","block_type":"box","text":"2023; Chief Operating Officer and Chief","page_number":38,"box":{"x":343,"y":801,"width":240,"height":11}},{"id":"46bb6177-5dfc-4179-a934-110bb78bf095","block_type":"box","text":"Financial Officer of Liberty Square Asset","page_number":38,"box":{"x":343,"y":813,"width":241,"height":10}},{"id":"44fb2040-00a5-4108-90d1-74afe54d4e56","block_type":"box","text":"Management, LP from 1998 to 2015;","page_number":38,"box":{"x":343,"y":825,"width":227,"height":11}},{"id":"61241b42-f25c-45c8-ad01-7d6f3e16a35d","block_type":"box","text":"Director, Boston Hedge Fund Group from","page_number":38,"box":{"x":343,"y":837,"width":244,"height":11}},{"id":"02e475ab-16d0-4bcd-bb61-b6dec5871d60","block_type":"box","text":"2009 to 2018; Director, Massachusetts","page_number":38,"box":{"x":343,"y":849,"width":242,"height":10}},{"id":"553f515b-ecd7-40de-a774-6d92e619b769","block_type":"box","text":"Council on Economic Education from 2013","page_number":38,"box":{"x":343,"y":861,"width":257,"height":8}},{"id":"88e48121-80b8-4e58-8159-15c3b161b190","block_type":"box","text":"to 2015; Director, Woodstock Ski Runners","page_number":38,"box":{"x":342,"y":873,"width":255,"height":10}},{"id":"d6cddd31-180d-40df-8a11-a41364cde305","block_type":"box","text":"from 2013 to 2022.","page_number":38,"box":{"x":342,"y":885,"width":122,"height":8}},{"id":"9fe0f989-51e8-442a-93cf-06cea39c5ce2","block_type":"box","text":"26 RICs consisting of","page_number":38,"box":{"x":627,"y":718,"width":129,"height":10}},{"id":"fce42163-a234-4ce5-8b91-cb5e27035fd1","block_type":"box","text":"168 Portfolios","page_number":38,"box":{"x":627,"y":730,"width":85,"height":8}},{"id":"abd38f14-8fff-4d10-bca8-18d44d301ba0","block_type":"box","text":"None","page_number":38,"box":{"x":774,"y":718,"width":30,"height":8}},{"id":"7564d8eb-a9ca-41a9-b3cf-147486a8961d","block_type":"box","text":"I-16","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"acb04d94-89a9-41ad-979a-4ebab290f614","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daf9c56b-b73d-4213-8f70-de330a3faaa6","block_type":"box","text":"Name","page_number":39,"box":{"x":131,"y":150,"width":32,"height":7}},{"id":"e5be241c-d42f-4333-887a-3240e12cd3e8","block_type":"box","text":"and Year of Birth","page_number":39,"box":{"x":93,"y":160,"width":97,"height":7}},{"id":"45ae5656-5ca1-45d6-bf87-29f8599cc93a","block_type":"box","text":"1,2","page_number":39,"box":{"x":191,"y":160,"width":9,"height":4}},{"id":"081ca0ed-0a7d-440a-89c1-a0d8509c697b","block_type":"box","text":"Position(s)","page_number":39,"box":{"x":252,"y":130,"width":62,"height":8}},{"id":"5e6ebf73-54bc-449e-ad89-bc83227a9e67","block_type":"box","text":"Held","page_number":39,"box":{"x":271,"y":140,"width":25,"height":7}},{"id":"373000e6-2cb9-4756-b3f1-aecd0f0b0a6b","block_type":"box","text":"(Length of","page_number":39,"box":{"x":254,"y":150,"width":60,"height":9}},{"id":"0dcde94a-7a60-4175-90a9-459ea22c55d6","block_type":"box","text":"Service)","page_number":39,"box":{"x":257,"y":160,"width":48,"height":9}},{"id":"468e88c8-8078-4faf-9cf1-733e09cbcdeb","block_type":"box","text":"3","page_number":39,"box":{"x":306,"y":160,"width":3,"height":3}},{"id":"c133e267-e77f-4535-a65c-7f7705ecb14a","block_type":"box","text":"Principal Occupation(s)","page_number":39,"box":{"x":411,"y":150,"width":136,"height":9}},{"id":"e47883a9-c8d5-4279-8942-c467e7dfec3b","block_type":"box","text":"During Past Five Years","page_number":39,"box":{"x":414,"y":160,"width":130,"height":9}},{"id":"2e74c5b9-ffb6-46cc-8f47-d76536506472","block_type":"box","text":"Number of","page_number":39,"box":{"x":665,"y":49,"width":59,"height":7}},{"id":"70737248-97aa-41de-aa29-85ca8777774b","block_type":"box","text":"BlackRock","page_number":39,"box":{"x":662,"y":59,"width":66,"height":7}},{"id":"eefd9f37-8553-44b5-b638-04e759468545","block_type":"box","text":"Advised","page_number":39,"box":{"x":672,"y":69,"width":45,"height":7}},{"id":"2fdf0736-31be-4d24-94e7-0d6f8ce7c607","block_type":"box","text":"Registered","page_number":39,"box":{"x":663,"y":79,"width":62,"height":9}},{"id":"1bddf2c5-21c9-45d5-aff5-b212c923ced6","block_type":"box","text":"Investment","page_number":39,"box":{"x":662,"y":89,"width":65,"height":7}},{"id":"26c73445-366a-42f3-8dd5-1b0639425e5c","block_type":"box","text":"Companies","page_number":39,"box":{"x":663,"y":99,"width":63,"height":9}},{"id":"241a45ae-83bd-44d2-b6dc-d5364681dd41","block_type":"box","text":"(“RICs”)","page_number":39,"box":{"x":670,"y":109,"width":48,"height":9}},{"id":"e33a6f07-fca0-4280-bc16-3aff37801d2f","block_type":"box","text":"Consisting of","page_number":39,"box":{"x":656,"y":120,"width":77,"height":8}},{"id":"6ddeb4f6-28f7-4a68-9ec9-de880b8e2baa","block_type":"box","text":"Investment","page_number":39,"box":{"x":662,"y":130,"width":65,"height":7}},{"id":"fc43463a-7d04-4e48-9f7e-511bd5ca81b4","block_type":"box","text":"Portfolios","page_number":39,"box":{"x":667,"y":140,"width":55,"height":7}},{"id":"38174b04-73dc-44c2-ab14-87126a11426c","block_type":"box","text":"(“Portfolios”)","page_number":39,"box":{"x":655,"y":150,"width":78,"height":9}},{"id":"2b1bf9ba-b51f-482a-b0b6-956706934def","block_type":"box","text":"Overseen","page_number":39,"box":{"x":668,"y":160,"width":53,"height":7}},{"id":"a463d07c-c1d7-4873-a133-733ba4bc5f58","block_type":"box","text":"Public","page_number":39,"box":{"x":824,"y":89,"width":35,"height":7}},{"id":"7520e9b6-e3df-4534-a2dc-9bcf1d236964","block_type":"box","text":"Company","page_number":39,"box":{"x":815,"y":99,"width":53,"height":9}},{"id":"945685b7-3cd8-4ff6-858c-462961a80c54","block_type":"box","text":"and Other","page_number":39,"box":{"x":813,"y":109,"width":57,"height":8}},{"id":"55b5b0a1-6c68-4fa4-aa46-65a2f9777eb1","block_type":"box","text":"Investment","page_number":39,"box":{"x":809,"y":120,"width":64,"height":7}},{"id":"af56fe85-3c07-4f4e-bc7c-f4649aa8be0c","block_type":"box","text":"Company","page_number":39,"box":{"x":815,"y":130,"width":53,"height":8}},{"id":"a7a658f5-dadc-41bd-9457-5f0cb8d159a6","block_type":"box","text":"Directorships","page_number":39,"box":{"x":803,"y":140,"width":77,"height":8}},{"id":"a9f478bd-3093-47d6-a7d6-a81edfa89516","block_type":"box","text":"Held During","page_number":39,"box":{"x":808,"y":150,"width":67,"height":9}},{"id":"b8c24ba0-ab43-4b33-b269-6423061f79ed","block_type":"box","text":"Past Five Years","page_number":39,"box":{"x":797,"y":160,"width":88,"height":7}},{"id":"4e8d5514-29c8-4b32-9c2f-32849e8dee45","block_type":"box","text":"Interested Trustees","page_number":39,"box":{"x":70,"y":174,"width":124,"height":8}},{"id":"4886d6d7-c93b-4560-a1f1-77f1febf1fe4","block_type":"box","text":"4","page_number":39,"box":{"x":194,"y":174,"width":4,"height":4}},{"id":"8f0bbb97-d430-496a-9b8b-86dbce8199b3","block_type":"box","text":"Robert Fairbairn","page_number":39,"box":{"x":69,"y":192,"width":96,"height":8}},{"id":"3fefcffa-8413-4e1d-9bef-7d4d586f3053","block_type":"box","text":"1965","page_number":39,"box":{"x":69,"y":208,"width":33,"height":8}},{"id":"7438cd55-c0ef-4de7-87b2-7e691600bd6e","block_type":"box","text":"Trustee","page_number":39,"box":{"x":235,"y":192,"width":45,"height":8}},{"id":"f1ea541a-6b8f-4c10-8928-b6f92fbe70f3","block_type":"box","text":"(Since 2015)","page_number":39,"box":{"x":235,"y":204,"width":78,"height":10}},{"id":"d5256144-d90d-4747-abcf-3acadca8d647","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since","page_number":39,"box":{"x":342,"y":192,"width":235,"height":9}},{"id":"4191ecff-9795-4d1d-a72a-e347b2ca7be0","block_type":"box","text":"2019; Member of BlackRock’s Global","page_number":39,"box":{"x":343,"y":204,"width":225,"height":9}},{"id":"7e1d8b5f-74c4-4440-acc9-0c266825b372","block_type":"box","text":"Operating Committee; Co-Chair of","page_number":39,"box":{"x":343,"y":216,"width":202,"height":10}},{"id":"6711ac9f-292b-4d5e-8865-c6f3c0b42ba3","block_type":"box","text":"BlackRock’s Human Capital Committee;","page_number":39,"box":{"x":343,"y":228,"width":240,"height":9}},{"id":"bd8c0147-428e-4174-bf47-c98e8dbdbd42","block_type":"box","text":"Senior Managing Director of BlackRock, Inc.","page_number":39,"box":{"x":343,"y":240,"width":262,"height":10}},{"id":"50743ae4-9f9b-4e60-831c-6c9b64517524","block_type":"box","text":"from 2010 to 2019; oversaw BlackRock’s","page_number":39,"box":{"x":342,"y":251,"width":254,"height":10}},{"id":"c4a14532-d0bb-4ce4-b94b-4d50517d916e","block_type":"box","text":"Strategic Partner Program and Strategic","page_number":39,"box":{"x":343,"y":264,"width":239,"height":10}},{"id":"ab87d656-2f17-4baa-bd8e-3e4bb6df0041","block_type":"box","text":"Product Management Group from 2012 to","page_number":39,"box":{"x":343,"y":275,"width":254,"height":11}},{"id":"dd5112f4-4a99-46d7-a72c-0a32bbd7756f","block_type":"box","text":"2019; Member of the Board of Managers of","page_number":39,"box":{"x":343,"y":287,"width":265,"height":11}},{"id":"8c6f357e-e3be-4357-ac2b-6c6c721032cf","block_type":"box","text":"BlackRock Investments, LLC from 2011 to","page_number":39,"box":{"x":343,"y":299,"width":255,"height":10}},{"id":"0e651327-333f-4b1c-a403-beb7453c1744","block_type":"box","text":"2018; Global Head of BlackRock’s Retail","page_number":39,"box":{"x":343,"y":311,"width":245,"height":10}},{"id":"e50fb715-2f01-45f3-983b-bb5aa84346b6","block_type":"box","text":"and iShares","page_number":39,"box":{"x":343,"y":323,"width":72,"height":8}},{"id":"f7a972b6-9607-40fd-a59b-9b18f47fe286","block_type":"box","text":"®","page_number":39,"box":{"x":415,"y":323,"width":5,"height":4}},{"id":"657bebd0-144e-4f69-af66-e1bc6b88d97f","block_type":"box","text":"businesses from 2012 to","page_number":39,"box":{"x":425,"y":323,"width":153,"height":8}},{"id":"571370eb-87f2-4e52-849d-028f9f2dc2da","block_type":"box","text":"2016.","page_number":39,"box":{"x":343,"y":335,"width":36,"height":8}},{"id":"b04901fc-89fe-479f-ac7c-c67f3c1a3d46","block_type":"box","text":"91 RICs consisting of","page_number":39,"box":{"x":627,"y":192,"width":129,"height":10}},{"id":"318241cc-3067-41d0-8643-4012a74e3894","block_type":"box","text":"266","page_number":39,"box":{"x":627,"y":204,"width":24,"height":8}},{"id":"7991f361-bf2e-43cf-ae8e-e16495f91c5f","block_type":"box","text":"Portfolios","page_number":39,"box":{"x":627,"y":216,"width":56,"height":8}},{"id":"c68e5651-090f-4e99-9750-8bf033f7fc2e","block_type":"box","text":"None","page_number":39,"box":{"x":774,"y":192,"width":30,"height":8}},{"id":"f54bd87f-2ef6-445b-bc4b-7f74218adaf6","block_type":"box","text":"John M. Perlowski","page_number":39,"box":{"x":69,"y":353,"width":107,"height":8}},{"id":"32f3f66d-8096-4af9-a474-ccd3dd4f8835","block_type":"box","text":"5","page_number":39,"box":{"x":177,"y":353,"width":4,"height":4}},{"id":"907675d2-a9f6-44bd-aec9-bf6c290a341c","block_type":"box","text":"1964","page_number":39,"box":{"x":69,"y":369,"width":33,"height":8}},{"id":"68d43e0e-0117-48d3-973e-92c70a414109","block_type":"box","text":"Trustee (Since","page_number":39,"box":{"x":235,"y":353,"width":86,"height":10}},{"id":"a008f609-3dec-4c3d-94c2-3266fdbfc929","block_type":"box","text":"2015) and","page_number":39,"box":{"x":235,"y":365,"width":63,"height":10}},{"id":"7aa47eb6-4c94-49a4-baa7-18f8f7721191","block_type":"box","text":"President and","page_number":39,"box":{"x":236,"y":377,"width":82,"height":8}},{"id":"2006b1be-938d-4350-a404-29284bd8c10b","block_type":"box","text":"Chief Executive","page_number":39,"box":{"x":235,"y":389,"width":91,"height":8}},{"id":"3c9538b3-5e44-48a7-863c-b4652f50bc5f","block_type":"box","text":"Officer (Since","page_number":39,"box":{"x":235,"y":401,"width":81,"height":10}},{"id":"6a8d695d-6029-446a-ae8c-fe19989934df","block_type":"box","text":"2010)","page_number":39,"box":{"x":235,"y":413,"width":37,"height":10}},{"id":"a010331f-6e90-4ecf-8ef9-e3a3d18576aa","block_type":"box","text":"Managing Director of BlackRock, Inc. since","page_number":39,"box":{"x":343,"y":353,"width":256,"height":10}},{"id":"e35c10bb-14dc-4adc-98e1-d226b526a509","block_type":"box","text":"2009; Head of BlackRock Global Accounting","page_number":39,"box":{"x":343,"y":365,"width":267,"height":10}},{"id":"d95ed2b6-b8ab-4858-b4a4-c42909aa6798","block_type":"box","text":"and Product Services since 2009; Advisory","page_number":39,"box":{"x":343,"y":377,"width":261,"height":10}},{"id":"c1be3dfb-c805-467a-8623-4aed51861a32","block_type":"box","text":"Director of Family Resource Network","page_number":39,"box":{"x":343,"y":389,"width":218,"height":10}},{"id":"9502c906-29ee-4d6f-9653-3cd16262eb48","block_type":"box","text":"(charitable foundation) since 2009; Member","page_number":39,"box":{"x":343,"y":401,"width":266,"height":10}},{"id":"9fbc846e-22e9-4bfc-9fd1-f4e46f69090e","block_type":"box","text":"of BlackRock’s Global Executive Committee","page_number":39,"box":{"x":343,"y":413,"width":261,"height":8}},{"id":"b3d3b222-b0ec-4e87-9e9f-e7de5d9d5ec8","block_type":"box","text":"since 2025.","page_number":39,"box":{"x":343,"y":425,"width":72,"height":8}},{"id":"b996f82c-afda-44b4-ad4a-fcea4fc53ee1","block_type":"box","text":"93 RICs consisting of","page_number":39,"box":{"x":627,"y":353,"width":129,"height":10}},{"id":"522c5af7-ab18-4c0f-8e90-1ef5a1c814bc","block_type":"box","text":"268","page_number":39,"box":{"x":627,"y":365,"width":24,"height":8}},{"id":"28d3a81d-6d6c-4b49-8888-ef57fe6b7964","block_type":"box","text":"Portfolios","page_number":39,"box":{"x":627,"y":377,"width":56,"height":8}},{"id":"0e08511d-8f57-458f-9497-2b6bbc459072","block_type":"box","text":"None","page_number":39,"box":{"x":774,"y":353,"width":30,"height":8}},{"id":"76621bbc-7c5d-41d1-89f2-eb5795a0b34c","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":447,"width":3,"height":4}},{"id":"bf84fba7-395b-4545-9118-6d6bcc5f4df1","block_type":"box","text":"The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":39,"box":{"x":93,"y":447,"width":563,"height":9}},{"id":"e5997e65-7e8c-4227-bd7a-adc7468845c6","block_type":"box","text":"2","page_number":39,"box":{"x":69,"y":459,"width":3,"height":3}},{"id":"78ad7142-4f08-4414-a51d-7dd73f18e1c3","block_type":"box","text":"Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation,","page_number":39,"box":{"x":94,"y":458,"width":782,"height":9}},{"id":"60be952d-e170-411c-a4c6-58898bdb47aa","block_type":"box","text":"retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75.","page_number":39,"box":{"x":94,"y":468,"width":795,"height":9}},{"id":"718f9662-bbe4-4a47-8c6b-aa1fe14b841d","block_type":"box","text":"Trustees who are “interested persons,” as defined in the Investment Company Act, serve until their successor is duly elected and qualifies or","page_number":39,"box":{"x":93,"y":479,"width":809,"height":8}},{"id":"d246bfb4-ddb7-442e-b031-fcf2d6484288","block_type":"box","text":"until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in","page_number":39,"box":{"x":94,"y":489,"width":794,"height":9}},{"id":"2f1b4666-7f07-4b22-a720-ac09c0027b22","block_type":"box","text":"which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.","page_number":39,"box":{"x":93,"y":499,"width":754,"height":9}},{"id":"ab117b24-fa13-42c7-a7e5-dfe92c98ef78","block_type":"box","text":"3","page_number":39,"box":{"x":69,"y":510,"width":3,"height":4}},{"id":"703daeaa-757a-42a8-9fcf-797b7bbd4149","block_type":"box","text":"Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were","page_number":39,"box":{"x":94,"y":510,"width":804,"height":9}},{"id":"06ab7006-0d0c-4c8f-8810-8a9550c66373","block_type":"box","text":"realigned and consolidated into three new fund boards in 2007. In addition, effective January 1, 2019, three BlackRock Fund Complexes were","page_number":39,"box":{"x":94,"y":520,"width":812,"height":9}},{"id":"534881eb-dfef-4fb1-a682-22fd7bddf5cc","block_type":"box","text":"realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee","page_number":39,"box":{"x":94,"y":530,"width":813,"height":9}},{"id":"31d42ccd-8813-48e1-bfc6-5c11517d1586","block_type":"box","text":"joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or","page_number":39,"box":{"x":92,"y":540,"width":809,"height":9}},{"id":"6952aed1-03b3-4b00-ad1c-1ce462e7863f","block_type":"box","text":"legacy BlackRock funds as follows: Susan J. Carter, 2016; Collette Chilton, 2015; Neil A. Cotty, 2016; Cynthia A. Montgomery, 1994; Mark","page_number":39,"box":{"x":94,"y":550,"width":794,"height":9}},{"id":"bf05ae81-2ff7-4014-9d92-2e9df949233b","block_type":"box","text":"Stalnecker, 2015; Kenneth L. Urish, 1999; Claire A. Walton, 2016.","page_number":39,"box":{"x":93,"y":561,"width":381,"height":8}},{"id":"3e4352d4-f1f1-49d5-91f8-cbb33d543ee7","block_type":"box","text":"4","page_number":39,"box":{"x":68,"y":572,"width":4,"height":3}},{"id":"70985e72-b3c7-4593-b880-87d8efff0349","block_type":"box","text":"Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of the Trust based on their positions","page_number":39,"box":{"x":94,"y":572,"width":814,"height":9}},{"id":"8342c4d2-9a30-40b0-8b16-1ed69c25d14b","block_type":"box","text":"with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.","page_number":39,"box":{"x":93,"y":582,"width":772,"height":9}},{"id":"1865ef80-2404-4072-a27d-b78a614db347","block_type":"box","text":"5","page_number":39,"box":{"x":69,"y":593,"width":3,"height":4}},{"id":"059e329a-c275-420b-b557-f4b967309009","block_type":"box","text":"Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.","page_number":39,"box":{"x":94,"y":593,"width":641,"height":9}},{"id":"1cfd3899-89a6-44ca-a3e2-d2d34cce9d9a","block_type":"box","text":"Certain biographical and other information relating to the officers of the Trust who are not Trustees is set forth","page_number":39,"box":{"x":102,"y":608,"width":787,"height":12}},{"id":"6acc4fef-f6a1-4507-ad18-5ce27ddad03c","block_type":"box","text":"below, including their address and year of birth, principal occupations for at least the last five years and length of","page_number":39,"box":{"x":69,"y":621,"width":808,"height":12}},{"id":"53ab784a-1d49-48f1-b76b-4a35affc3504","block_type":"box","text":"time served.","page_number":39,"box":{"x":68,"y":634,"width":89,"height":9}},{"id":"006f132d-b786-400c-9d57-d929db40b2d1","block_type":"box","text":"Name","page_number":39,"box":{"x":160,"y":660,"width":32,"height":7}},{"id":"258a1490-6dee-4be9-9c41-9365ab668bcc","block_type":"box","text":"and Year of Birth","page_number":39,"box":{"x":122,"y":670,"width":97,"height":7}},{"id":"9b87f281-379f-4de1-8cfa-beda922e48b7","block_type":"box","text":"1,2","page_number":39,"box":{"x":220,"y":670,"width":10,"height":5}},{"id":"0207ea57-9d0e-497a-b74b-cc4e982adc86","block_type":"box","text":"Position(s) Held","page_number":39,"box":{"x":335,"y":660,"width":93,"height":9}},{"id":"14e5f4a9-b85e-4490-aa74-c0b6505f926c","block_type":"box","text":"(Length of Service)","page_number":39,"box":{"x":326,"y":670,"width":110,"height":9}},{"id":"8301917e-dda3-4104-8a56-2a1aae292c17","block_type":"box","text":"Principal Occupation(s)","page_number":39,"box":{"x":626,"y":660,"width":136,"height":9}},{"id":"a7895a31-eb33-4b17-a8f2-0ddcd0815f4a","block_type":"box","text":"During Past Five Years","page_number":39,"box":{"x":629,"y":670,"width":131,"height":9}},{"id":"b9e15946-dc00-4f50-9d76-8e415a1ece35","block_type":"box","text":"Officers Who Are Not Trustees","page_number":39,"box":{"x":69,"y":684,"width":194,"height":8}},{"id":"af7a23aa-111d-4ea8-a169-635a86f8a233","block_type":"box","text":"Jennifer McGovern","page_number":39,"box":{"x":69,"y":702,"width":110,"height":8}},{"id":"60930d1f-c70a-4b4a-9fbe-dfbec946ae89","block_type":"box","text":"1977","page_number":39,"box":{"x":69,"y":718,"width":32,"height":8}},{"id":"73fa1169-a1b5-4e9e-9e6b-e82c7ba0acab","block_type":"box","text":"Vice President","page_number":39,"box":{"x":293,"y":702,"width":87,"height":8}},{"id":"5fff26c6-fca0-4637-a99c-7eacad34790a","block_type":"box","text":"(Since 2014)","page_number":39,"box":{"x":294,"y":714,"width":78,"height":10}},{"id":"7c2dbf0e-f22b-4633-9b7d-04dc13eab8b1","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2016.","page_number":39,"box":{"x":480,"y":702,"width":297,"height":10}},{"id":"7d4634ab-5ee1-40b5-acd1-68407fba83db","block_type":"box","text":"Trent Walker","page_number":39,"box":{"x":68,"y":736,"width":75,"height":8}},{"id":"168bff17-c482-49f0-aa99-8d1c552686a2","block_type":"box","text":"1974","page_number":39,"box":{"x":69,"y":751,"width":33,"height":8}},{"id":"9a55ef28-aaff-4ab0-9460-e82fa16a5d9f","block_type":"box","text":"Chief Financial Officer","page_number":39,"box":{"x":294,"y":735,"width":131,"height":9}},{"id":"6d8edd90-7f4b-4fdc-9899-559da9b637e5","block_type":"box","text":"(Since 2021)","page_number":39,"box":{"x":294,"y":747,"width":78,"height":10}},{"id":"8813badf-70e4-4b41-aae0-337aadf5fe34","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Executive Vice","page_number":39,"box":{"x":480,"y":735,"width":388,"height":11}},{"id":"545eb8cf-69f5-48d8-a951-e2b957b31b8e","block_type":"box","text":"President of PIMCO from 2016 to 2019.","page_number":39,"box":{"x":480,"y":747,"width":242,"height":8}},{"id":"03853eeb-5607-42a7-9abf-ad358bd06b38","block_type":"box","text":"Jay M. Fife","page_number":39,"box":{"x":69,"y":769,"width":63,"height":10}},{"id":"bb4d3bc9-7c71-4982-9dec-74757658b683","block_type":"box","text":"1970","page_number":39,"box":{"x":69,"y":785,"width":33,"height":8}},{"id":"ce8fe581-61c9-4b87-b8ac-806baed75638","block_type":"box","text":"Treasurer","page_number":39,"box":{"x":293,"y":769,"width":58,"height":8}},{"id":"233a9cb4-3833-4017-b3a2-d7ce3b16c31d","block_type":"box","text":"(Since 2007)","page_number":39,"box":{"x":294,"y":781,"width":78,"height":10}},{"id":"b69c28d1-37a5-4c91-89f8-322e191b1ad3","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2007.","page_number":39,"box":{"x":480,"y":769,"width":297,"height":10}},{"id":"6785dece-dac3-4db7-a960-6cba1eba6ebd","block_type":"box","text":"Aaron Wasserman","page_number":39,"box":{"x":68,"y":802,"width":110,"height":8}},{"id":"075175da-aa48-44ba-ad31-e7f03f65a493","block_type":"box","text":"1974","page_number":39,"box":{"x":69,"y":818,"width":33,"height":8}},{"id":"5b9b0392-910f-472b-8d56-eb7b82387fbc","block_type":"box","text":"Chief Compliance Officer","page_number":39,"box":{"x":294,"y":802,"width":149,"height":10}},{"id":"0e970de3-fcec-4fe5-a0ad-500cbb0c6174","block_type":"box","text":"(Since 2023)","page_number":39,"box":{"x":294,"y":814,"width":78,"height":10}},{"id":"48c81586-0e1e-49fc-bad8-db4d48d55931","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018; Chief Compliance","page_number":39,"box":{"x":480,"y":802,"width":408,"height":10}},{"id":"b7e3f631-1ffd-45cd-bda7-3f6fd48adb7c","block_type":"box","text":"Officer of the BlackRock-advised funds in the BlackRock Multi-Asset","page_number":39,"box":{"x":480,"y":814,"width":407,"height":8}},{"id":"c72e1184-117e-4fee-b2cf-e4a89e0dcd0f","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex and the iShares","page_number":39,"box":{"x":480,"y":826,"width":383,"height":10}},{"id":"bdac7aaa-3d2b-4ac2-8494-d5c3bd266868","block_type":"box","text":"Complex since 2023; Deputy Chief Compliance Officer for the","page_number":39,"box":{"x":480,"y":838,"width":371,"height":10}},{"id":"336dfa47-f52a-4d79-b44d-d9e1b40becac","block_type":"box","text":"BlackRock-advised funds in the BlackRock Multi-Asset Complex, the","page_number":39,"box":{"x":480,"y":850,"width":407,"height":10}},{"id":"0112374e-bced-4a94-a585-6f2ca0081d22","block_type":"box","text":"BlackRock Fixed-Income Complex and the iShares Complex from 2014","page_number":39,"box":{"x":480,"y":862,"width":425,"height":10}},{"id":"3303996b-54e7-4f29-b378-bdba9e67f887","block_type":"box","text":"to 2023.","page_number":39,"box":{"x":479,"y":874,"width":53,"height":8}},{"id":"b004ad88-ff8e-43c0-8b8f-37da82dbe0b3","block_type":"box","text":"I-17","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5c846a10-338e-46fb-86f2-131df3ba47a5","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0e2c035-4b42-4c36-9b60-8c0960d18bd9","block_type":"box","text":"Name","page_number":40,"box":{"x":160,"y":49,"width":32,"height":7}},{"id":"2c69fc64-5a30-4045-9ac4-e7a087d5eb76","block_type":"box","text":"and Year of Birth","page_number":40,"box":{"x":122,"y":59,"width":97,"height":7}},{"id":"19627b75-97f0-4d0c-abc1-6f62abcedba2","block_type":"box","text":"1,2","page_number":40,"box":{"x":220,"y":59,"width":10,"height":4}},{"id":"cdfc316f-896f-4138-85bb-3f42b7f6504c","block_type":"box","text":"Position(s) Held","page_number":40,"box":{"x":335,"y":49,"width":93,"height":9}},{"id":"23a83941-e945-4a64-98dd-0b7f83c858ec","block_type":"box","text":"(Length of Service)","page_number":40,"box":{"x":326,"y":59,"width":110,"height":9}},{"id":"a345f333-84eb-4d26-afe2-d28ef360fea7","block_type":"box","text":"Principal Occupation(s)","page_number":40,"box":{"x":626,"y":49,"width":136,"height":9}},{"id":"e0a66495-4d70-42f8-b0ae-a18e6d5cb7a2","block_type":"box","text":"During Past Five Years","page_number":40,"box":{"x":629,"y":59,"width":131,"height":9}},{"id":"8f089ce5-12e5-41ba-b041-fd6ea4dce613","block_type":"box","text":"Lisa Belle","page_number":40,"box":{"x":69,"y":73,"width":58,"height":8}},{"id":"d334b97e-7c39-4390-a44e-76ccf244df73","block_type":"box","text":"1968","page_number":40,"box":{"x":69,"y":89,"width":33,"height":8}},{"id":"61fbb23e-2536-43a6-a590-4bbb8bebe574","block_type":"box","text":"Anti-Money Laundering","page_number":40,"box":{"x":293,"y":73,"width":136,"height":10}},{"id":"b4207efb-8c06-4691-80e4-75e76fd1476d","block_type":"box","text":"Compliance Officer","page_number":40,"box":{"x":294,"y":85,"width":114,"height":10}},{"id":"5d8d7fa2-fac9-4097-94ce-3d0cc5748245","block_type":"box","text":"(Since 2019)","page_number":40,"box":{"x":294,"y":97,"width":78,"height":10}},{"id":"b9301deb-39bb-472a-ac3a-c70252c6d239","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019; Global Financial","page_number":40,"box":{"x":480,"y":73,"width":396,"height":10}},{"id":"931f9ab0-5a40-45af-883c-1d79d7884a7d","block_type":"box","text":"Crime Head for Asset and Wealth Management of JP Morgan from","page_number":40,"box":{"x":480,"y":85,"width":397,"height":10}},{"id":"b2f77a30-a1de-4a2d-8970-05c5f039bc31","block_type":"box","text":"2013 to 2019.","page_number":40,"box":{"x":480,"y":97,"width":89,"height":8}},{"id":"25a61ec5-f0da-46d6-bdda-60c1fa8b5e3d","block_type":"box","text":"Janey Ahn","page_number":40,"box":{"x":69,"y":115,"width":59,"height":10}},{"id":"41f03579-a1ac-4e53-b833-1e49fe528092","block_type":"box","text":"1975","page_number":40,"box":{"x":69,"y":131,"width":33,"height":8}},{"id":"88c7a66d-2116-452a-a90c-e2353383e6ae","block_type":"box","text":"Secretary","page_number":40,"box":{"x":294,"y":115,"width":58,"height":10}},{"id":"71f02533-2825-44c0-a641-b72cb360407b","block_type":"box","text":"(Since 2019)","page_number":40,"box":{"x":294,"y":127,"width":78,"height":10}},{"id":"24733317-9de3-4113-b651-a5494b0e45de","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":40,"box":{"x":480,"y":115,"width":297,"height":10}},{"id":"fdf5a5e5-5074-4d02-a8a6-601193cddbb2","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":153,"width":3,"height":4}},{"id":"9c564d6c-0c6c-4be2-851e-5627e7a6b0b8","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":40,"box":{"x":93,"y":153,"width":559,"height":9}},{"id":"4851d748-ad4e-4f6c-b02a-480484eab901","block_type":"box","text":"2","page_number":40,"box":{"x":69,"y":164,"width":3,"height":4}},{"id":"0abfcf30-03c4-4714-9b46-4c54da8b2001","block_type":"box","text":"Officers of the Trust serve at the pleasure of the Board.","page_number":40,"box":{"x":93,"y":164,"width":318,"height":9}},{"id":"59b303ff-e4c9-45b4-8de9-39d409826789","block_type":"box","text":"Share Ownership","page_number":40,"box":{"x":68,"y":183,"width":123,"height":11}},{"id":"c35ce143-7f49-412b-bfa1-7d4a1256885c","block_type":"box","text":"Information relating to each Trustee’s share ownership in the Funds and in all BlackRock-advised Funds that are","page_number":40,"box":{"x":102,"y":200,"width":798,"height":11}},{"id":"63a38da9-9b09-4b14-82ad-32bd39078619","block_type":"box","text":"currently overseen by the respective Trustee (“Supervised Funds”) as of December 31, 2025 is set forth in the chart","page_number":40,"box":{"x":69,"y":213,"width":836,"height":11}},{"id":"a6b8f455-53e1-4229-922a-386f432a8a5b","block_type":"box","text":"below. Amounts shown may include shares as to which a Trustee has indirect beneficial ownership, such as through","page_number":40,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"dce02f18-0c83-45dc-b00e-42ddda63c48c","block_type":"box","text":"participation in certain family accounts, 529 college savings plan interests, or similar arrangements where the","page_number":40,"box":{"x":70,"y":238,"width":787,"height":12}},{"id":"521ac917-01ba-4d85-8228-0de4e733326a","block_type":"box","text":"Trustee has beneficial economic interest but not a direct ownership interest.","page_number":40,"box":{"x":68,"y":251,"width":545,"height":11}},{"id":"3a4b104f-4303-4eaf-902a-5ca090755aab","block_type":"box","text":"Name","page_number":40,"box":{"x":69,"y":318,"width":32,"height":7}},{"id":"d75d6e35-b6e6-40d1-85f6-7db70b8caae1","block_type":"box","text":"Dollar Range","page_number":40,"box":{"x":354,"y":277,"width":74,"height":9}},{"id":"6d6d3e1e-6ade-4a47-be6a-0f9cabb1a735","block_type":"box","text":"of Equity","page_number":40,"box":{"x":365,"y":287,"width":51,"height":9}},{"id":"4e40c50a-f2f7-4cd6-a247-cdd47adc1399","block_type":"box","text":"Securities","page_number":40,"box":{"x":361,"y":297,"width":58,"height":8}},{"id":"9f1c1a63-84ec-4c1d-a818-d7063d6b2f79","block_type":"box","text":"in the","page_number":40,"box":{"x":375,"y":308,"width":32,"height":7}},{"id":"d1532703-8da2-4bba-bd85-093a1b26cef7","block_type":"box","text":"20/80 Fund","page_number":40,"box":{"x":355,"y":318,"width":70,"height":8}},{"id":"c9f22669-bf03-4fdf-bdec-1d2c09d382c5","block_type":"box","text":"Dollar Range","page_number":40,"box":{"x":458,"y":277,"width":74,"height":9}},{"id":"49fcc65c-1668-438b-94dd-2788580f381d","block_type":"box","text":"of Equity","page_number":40,"box":{"x":469,"y":287,"width":51,"height":9}},{"id":"a6ae9507-72fc-4c48-94d2-9a80d3b8c988","block_type":"box","text":"Securities","page_number":40,"box":{"x":465,"y":297,"width":59,"height":8}},{"id":"837af212-18b0-4e7c-a892-e1086303f8f0","block_type":"box","text":"in the","page_number":40,"box":{"x":479,"y":308,"width":32,"height":7}},{"id":"220b8d07-a20f-4101-af72-ca3b92b91624","block_type":"box","text":"40/60 Fund","page_number":40,"box":{"x":459,"y":318,"width":71,"height":8}},{"id":"1f8f1b44-5db1-4717-9f39-7e141f5f9c4b","block_type":"box","text":"Dollar Range","page_number":40,"box":{"x":562,"y":277,"width":74,"height":9}},{"id":"63ff413a-acf7-4c11-942c-1261dfb685e6","block_type":"box","text":"of Equity","page_number":40,"box":{"x":574,"y":287,"width":50,"height":9}},{"id":"2285898b-8585-44f9-bfc1-0653d7548307","block_type":"box","text":"Securities","page_number":40,"box":{"x":570,"y":297,"width":58,"height":8}},{"id":"59e3dac5-f573-491b-a060-db75395ce6d9","block_type":"box","text":"in the","page_number":40,"box":{"x":583,"y":308,"width":32,"height":7}},{"id":"0cf84d0e-196e-4a86-881c-3f1d16eab4f8","block_type":"box","text":"60/40 Fund","page_number":40,"box":{"x":564,"y":318,"width":70,"height":8}},{"id":"d3dce4bf-80b8-4881-8082-f819ab210364","block_type":"box","text":"Dollar Range","page_number":40,"box":{"x":666,"y":277,"width":74,"height":9}},{"id":"886508db-b155-4e0c-b20b-f4856fd3f678","block_type":"box","text":"of Equity","page_number":40,"box":{"x":678,"y":287,"width":50,"height":9}},{"id":"3bb976a5-1e7f-4b8e-b3d8-8fad1d672493","block_type":"box","text":"Securities","page_number":40,"box":{"x":674,"y":297,"width":58,"height":8}},{"id":"fd218c36-b51e-4e66-85fd-03b96f711f7e","block_type":"box","text":"in the","page_number":40,"box":{"x":687,"y":308,"width":32,"height":7}},{"id":"867b47a9-3f7d-4ecf-882a-065ced6f006a","block_type":"box","text":"80/20 Fund","page_number":40,"box":{"x":668,"y":318,"width":70,"height":8}},{"id":"6c14b35d-7995-45bd-a0c4-1c5c7be72517","block_type":"box","text":"Aggregate Dollar Range","page_number":40,"box":{"x":770,"y":298,"width":139,"height":8}},{"id":"605f6342-b56c-498f-924b-e327fb7587e0","block_type":"box","text":"of Equity Securities","page_number":40,"box":{"x":783,"y":307,"width":113,"height":9}},{"id":"02cb1449-6eef-4f4e-a3c3-8c813ddf9c67","block_type":"box","text":"in Supervised Funds","page_number":40,"box":{"x":782,"y":318,"width":116,"height":8}},{"id":"136b12a0-9c6c-483c-a713-b8f86e31380c","block_type":"box","text":"Independent Trustees","page_number":40,"box":{"x":70,"y":336,"width":154,"height":10}},{"id":"9648c171-09c5-4139-a23a-d04c78db8461","block_type":"box","text":"Christopher J. Ailman","page_number":40,"box":{"x":79,"y":351,"width":149,"height":10}},{"id":"3907178d-2679-49a3-ad07-18f2985da9cd","block_type":"box","text":". . . . . . . . . . . None None","page_number":40,"box":{"x":239,"y":351,"width":274,"height":8}},{"id":"2e750831-d7e5-4126-919f-b9e52c117cfb","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":350,"width":312,"height":11}},{"id":"94e4cb20-a461-4749-a2dd-a102ceb9445e","block_type":"box","text":"Susan J. Carter","page_number":40,"box":{"x":79,"y":366,"width":110,"height":9}},{"id":"cf510b60-4c35-4661-9b92-0f81dd73d5e4","block_type":"box","text":". . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":198,"y":366,"width":315,"height":9}},{"id":"59d73048-2d26-4fb1-9497-d6c093e0a232","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":365,"width":312,"height":11}},{"id":"6037781c-daf5-4523-9204-45b9d93dff5d","block_type":"box","text":"Collette Chilton. . . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":79,"y":381,"width":434,"height":9}},{"id":"ecca8db1-7ca2-42a6-bc46-caef8b078724","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":380,"width":312,"height":11}},{"id":"ad2cb0cf-4ff3-438c-b6a5-62142223d046","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":79,"y":396,"width":434,"height":11}},{"id":"b0b34415-dabe-4a0b-81ea-0a260b213221","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":395,"width":312,"height":11}},{"id":"2c00a353-749b-4d87-bd7e-ec33ffa42d42","block_type":"box","text":"Henry R. Keizer . . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":79,"y":411,"width":434,"height":11}},{"id":"2f05c41b-1dcd-4dbd-822c-2b0bb8cd48ce","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":410,"width":312,"height":11}},{"id":"2202edf0-88d9-4d2e-8f6e-a3fcf0e8a1dd","block_type":"box","text":"Cynthia A. Montgomery. . . . . . . . . . None None","page_number":40,"box":{"x":79,"y":426,"width":434,"height":11}},{"id":"635a9c5c-5e5c-45af-91f7-52a625679cf4","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":425,"width":312,"height":11}},{"id":"efc3d932-55fc-4838-b729-4b2b06a99bdf","block_type":"box","text":"Donald C. Opatrny","page_number":40,"box":{"x":79,"y":441,"width":129,"height":11}},{"id":"c5f0f5f8-1a20-4c0e-8256-f4a868949ab0","block_type":"box","text":". . . . . . . . . . . . . . None None","page_number":40,"box":{"x":214,"y":441,"width":299,"height":9}},{"id":"699a2cd7-118e-4980-b53a-91f4272bb928","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":440,"width":312,"height":12}},{"id":"9b58f664-7a67-481e-a37b-e83d2383f089","block_type":"box","text":"Lori Richards","page_number":40,"box":{"x":79,"y":456,"width":91,"height":9}},{"id":"14b9104b-9fca-4a83-b4ba-ecf02b334769","block_type":"box","text":". . . . . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":174,"y":456,"width":339,"height":9}},{"id":"2516e87d-8f78-44c8-b4d1-e3aefb2a50b3","block_type":"box","text":"None None None","page_number":40,"box":{"x":582,"y":456,"width":276,"height":9}},{"id":"c882963e-63fa-4312-b557-490653a99174","block_type":"box","text":"Mark Stalnecker","page_number":40,"box":{"x":79,"y":471,"width":115,"height":9}},{"id":"79c38613-c7ea-4380-90e2-cb2a89819b96","block_type":"box","text":". . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":198,"y":472,"width":315,"height":8}},{"id":"90806a17-2f06-4b10-841c-046ed4c01def","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":471,"width":312,"height":11}},{"id":"a97acd4c-9218-4cb1-a848-a593ef3c9dcb","block_type":"box","text":"Kenneth L. Urish","page_number":40,"box":{"x":79,"y":487,"width":117,"height":8}},{"id":"4e4a4af1-728c-4891-8463-94a4205dc962","block_type":"box","text":". . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":206,"y":487,"width":307,"height":8}},{"id":"0e62f054-5b58-47fa-bbc2-c15c7bca5ef7","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":486,"width":312,"height":11}},{"id":"2d049022-7194-4d2c-8959-3b55b73b61a4","block_type":"box","text":"Claire A. Walton . . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":79,"y":502,"width":434,"height":9}},{"id":"1fef4d01-b130-4628-abaf-358efc8ed95e","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":501,"width":312,"height":11}},{"id":"7081597c-f34c-405f-be40-0dea717693c8","block_type":"box","text":"Interested Trustees","page_number":40,"box":{"x":70,"y":517,"width":138,"height":9}},{"id":"94d7475e-81a2-4860-8ce2-16b6531f4e18","block_type":"box","text":"Robert Fairbairn","page_number":40,"box":{"x":79,"y":532,"width":113,"height":9}},{"id":"b2bd1b05-39e9-417a-94ed-e33f8b68c250","block_type":"box","text":". . . . . . . . . . . . . . . . None None","page_number":40,"box":{"x":198,"y":532,"width":315,"height":9}},{"id":"67b51c88-82bc-4135-af46-a2161702d47a","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":531,"width":312,"height":11}},{"id":"150533fd-1fb4-4715-81d3-f99221442445","block_type":"box","text":"John M. Perlowski . . .","page_number":40,"box":{"x":78,"y":547,"width":155,"height":9}},{"id":"61831cc0-32d6-4886-a612-0568626727a7","block_type":"box","text":". . . . . . . . . . . None None","page_number":40,"box":{"x":239,"y":547,"width":274,"height":9}},{"id":"be72a5ae-233b-4eea-9e64-851489e78bbb","block_type":"box","text":"None None Over $100,000","page_number":40,"box":{"x":582,"y":546,"width":312,"height":11}},{"id":"991c8e97-2024-4122-8799-1840ba43c39c","block_type":"box","text":"As of January 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned","page_number":40,"box":{"x":101,"y":567,"width":794,"height":11}},{"id":"7408f5e0-7e56-4700-84da-45873a08fec7","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of each Fund. As of December 31, 2025, none","page_number":40,"box":{"x":69,"y":580,"width":825,"height":11}},{"id":"9019500f-06a6-4f84-afab-e19a9b2f91d9","block_type":"box","text":"of the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":40,"box":{"x":69,"y":593,"width":794,"height":11}},{"id":"bfa48e5b-2201-40ae-8c3e-d9e4a7592a0f","block_type":"box","text":"securities of each Fund’s investment adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":40,"box":{"x":69,"y":606,"width":805,"height":11}},{"id":"458cb288-571b-4a85-89b7-14ee790d7f79","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":40,"box":{"x":69,"y":619,"width":412,"height":11}},{"id":"5b650c4d-e3d9-4360-bb19-2cd5a9ce3a6f","block_type":"box","text":"Compensation of Trustees","page_number":40,"box":{"x":69,"y":639,"width":190,"height":11}},{"id":"82c0f441-64a3-4871-9a1f-7f1032d70cd1","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $345,000 per year","page_number":40,"box":{"x":102,"y":655,"width":791,"height":12}},{"id":"0f502ae4-f7dd-49c2-85e7-814250451326","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":40,"box":{"x":68,"y":668,"width":810,"height":11}},{"id":"0655b1f6-8e55-4d70-aeac-90a18249631a","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":40,"box":{"x":70,"y":681,"width":838,"height":12}},{"id":"050c4eb3-bd8c-4281-9216-292f516108b9","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":40,"box":{"x":69,"y":694,"width":807,"height":11}},{"id":"f1cd1e30-56f7-4b93-80fe-875815fc4f08","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":40,"box":{"x":69,"y":707,"width":791,"height":11}},{"id":"b2bb3923-b33a-4688-b98a-e7c648b308a2","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":40,"box":{"x":68,"y":720,"width":786,"height":11}},{"id":"61442900-c18e-4f46-a003-a7b3a5c01049","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":40,"box":{"x":69,"y":733,"width":769,"height":11}},{"id":"0befc9a5-3971-48cf-a62b-44a8fabdf141","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":40,"box":{"x":69,"y":745,"width":778,"height":12}},{"id":"9d2edcfa-76ea-4ff3-a16b-591f5643b3a9","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":40,"box":{"x":69,"y":758,"width":689,"height":11}},{"id":"67223e7c-c168-46d8-b98a-bfd3f3ade0eb","block_type":"box","text":"The following table sets forth the compensation the Trust paid to the Trustees, on behalf of the Funds, for the","page_number":40,"box":{"x":101,"y":775,"width":784,"height":11}},{"id":"367a08e1-47ad-494e-bcc3-16e3ac523b93","block_type":"box","text":"fiscal year ended September 30, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds","page_number":40,"box":{"x":68,"y":788,"width":838,"height":11}},{"id":"a7cbd7a7-0a51-4298-8b59-f7c4d1619fc9","block_type":"box","text":"for the calendar year ended December 31, 2025.","page_number":40,"box":{"x":68,"y":801,"width":350,"height":11}},{"id":"3dc21d3b-9684-451c-bfc5-bfbe142e10b9","block_type":"box","text":"Name","page_number":40,"box":{"x":69,"y":877,"width":26,"height":7}},{"id":"63db8850-7e34-425f-a6d4-8d5c360e5e59","block_type":"box","text":"Compensation","page_number":40,"box":{"x":452,"y":857,"width":67,"height":9}},{"id":"c238ae8b-593e-43f4-ac36-f53967654d08","block_type":"box","text":"from the","page_number":40,"box":{"x":466,"y":867,"width":39,"height":7}},{"id":"a6de3a21-feb6-48f2-bbfc-3346de2cb053","block_type":"box","text":"20/80 Fund","page_number":40,"box":{"x":457,"y":877,"width":57,"height":9}},{"id":"6a5d95ec-5838-4dd2-956f-ee12923f4249","block_type":"box","text":"Compensation","page_number":40,"box":{"x":530,"y":857,"width":67,"height":9}},{"id":"c76c8a05-eb74-48b8-a559-f8b63884dbcf","block_type":"box","text":"from the","page_number":40,"box":{"x":543,"y":867,"width":40,"height":7}},{"id":"87006c38-b2ed-421d-b45f-4be6d2025857","block_type":"box","text":"40/60 Fund","page_number":40,"box":{"x":534,"y":877,"width":58,"height":9}},{"id":"371cc038-188c-454a-9f50-48ff283fe02c","block_type":"box","text":"Compensation","page_number":40,"box":{"x":607,"y":857,"width":67,"height":9}},{"id":"2ba8eaa9-6a69-416a-a1db-636c9826ee42","block_type":"box","text":"from the","page_number":40,"box":{"x":621,"y":867,"width":39,"height":7}},{"id":"15e301c0-b6cd-4d3e-8f41-0045ce8175e2","block_type":"box","text":"60/40 Fund","page_number":40,"box":{"x":612,"y":877,"width":57,"height":9}},{"id":"e31fc89c-e5ff-4463-aeef-de6328aaa48c","block_type":"box","text":"Compensation","page_number":40,"box":{"x":685,"y":857,"width":67,"height":9}},{"id":"915ddbd6-ee94-42eb-91ee-759373f7e696","block_type":"box","text":"from the","page_number":40,"box":{"x":698,"y":867,"width":40,"height":7}},{"id":"280dd760-1a13-4a94-9cfa-99814ee59616","block_type":"box","text":"80/20 Fund","page_number":40,"box":{"x":690,"y":877,"width":57,"height":9}},{"id":"b538c033-71c0-4161-b349-dde6880a708a","block_type":"box","text":"Estimated","page_number":40,"box":{"x":771,"y":847,"width":47,"height":7}},{"id":"f9c62e7d-5035-42dc-8a11-849958c650f8","block_type":"box","text":"Annual","page_number":40,"box":{"x":779,"y":857,"width":31,"height":7}},{"id":"d6b38890-9484-4706-85ad-0e1312270613","block_type":"box","text":"Benefits upon","page_number":40,"box":{"x":763,"y":867,"width":64,"height":9}},{"id":"e55f7a3c-b876-4d67-b5ca-9feae4247f60","block_type":"box","text":"Retirement","page_number":40,"box":{"x":769,"y":877,"width":52,"height":7}},{"id":"0eba1cf2-7797-499e-a3b6-90187f2a0588","block_type":"box","text":"Aggregate","page_number":40,"box":{"x":849,"y":827,"width":49,"height":8}},{"id":"d8238ef9-15c9-489e-92f7-27b3d7c36b4f","block_type":"box","text":"Compensation","page_number":40,"box":{"x":840,"y":837,"width":67,"height":8}},{"id":"84255452-ff28-40b0-8cb8-9006979b55cd","block_type":"box","text":"from the Funds","page_number":40,"box":{"x":838,"y":847,"width":71,"height":7}},{"id":"70a87620-b74d-456b-9823-5356be350a9e","block_type":"box","text":"and Other","page_number":40,"box":{"x":850,"y":857,"width":47,"height":7}},{"id":"da668ba4-c73c-4a44-b40c-344e418c4f37","block_type":"box","text":"BlackRock","page_number":40,"box":{"x":847,"y":867,"width":53,"height":7}},{"id":"602b3b34-ac68-4842-bcb8-66d727749cb3","block_type":"box","text":"Advised Funds","page_number":40,"box":{"x":837,"y":877,"width":68,"height":7}},{"id":"cd07a73e-d403-4099-b050-1990753970a7","block_type":"box","text":"1","page_number":40,"box":{"x":906,"y":877,"width":4,"height":4}},{"id":"04e94f0a-afcd-4c02-8db3-ab3d3fb53334","block_type":"box","text":"Independent Trustees","page_number":40,"box":{"x":69,"y":895,"width":132,"height":9}},{"id":"6e2f86cf-157a-4dfa-bd8e-c6340f623062","block_type":"box","text":"Christopher J. Ailman","page_number":40,"box":{"x":79,"y":909,"width":127,"height":9}},{"id":"fdd91836-99cd-480e-9b6f-3b9ccc9f8274","block_type":"box","text":".............................","page_number":40,"box":{"x":211,"y":915,"width":230,"height":1}},{"id":"82e03836-39b8-4172-bb0f-3fce40422925","block_type":"box","text":"$907 $1,065 $1,720 $1,781 None $445,000","page_number":40,"box":{"x":470,"y":908,"width":434,"height":10}},{"id":"22126bd4-c90d-485c-abbc-f14e6bee03f0","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dc480e76-a28d-452f-a3e0-38f95d584ee5","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe94fbe6-a94c-45de-8924-3a66d1f47e68","block_type":"box","text":"Name","page_number":41,"box":{"x":69,"y":100,"width":26,"height":7}},{"id":"43f90add-2c03-450b-9240-e50f3db6f98e","block_type":"box","text":"Compensation","page_number":41,"box":{"x":452,"y":79,"width":67,"height":9}},{"id":"c71bd9e0-4bf5-4e25-b963-71b23ad79c33","block_type":"box","text":"from the","page_number":41,"box":{"x":466,"y":89,"width":39,"height":7}},{"id":"befd5949-f239-4550-8a60-8f168c4aa5ae","block_type":"box","text":"20/80 Fund","page_number":41,"box":{"x":457,"y":99,"width":57,"height":9}},{"id":"0a465183-de39-404e-ade1-7ca4db4c26d7","block_type":"box","text":"Compensation","page_number":41,"box":{"x":530,"y":79,"width":67,"height":9}},{"id":"215b96ee-4abb-42b7-af94-4fdd2776871c","block_type":"box","text":"from the","page_number":41,"box":{"x":543,"y":89,"width":40,"height":7}},{"id":"3dfde1c9-eb4b-438e-9861-5c5bcf7f355b","block_type":"box","text":"40/60 Fund","page_number":41,"box":{"x":534,"y":99,"width":58,"height":9}},{"id":"da00eab0-eed7-4241-a8eb-208b5a61cc23","block_type":"box","text":"Compensation","page_number":41,"box":{"x":607,"y":79,"width":67,"height":9}},{"id":"23492f40-8eaf-4fc2-8b14-d140e025031c","block_type":"box","text":"from the","page_number":41,"box":{"x":621,"y":89,"width":39,"height":7}},{"id":"e3e650cd-743f-4a79-a7de-67161cbf5503","block_type":"box","text":"60/40 Fund","page_number":41,"box":{"x":612,"y":99,"width":57,"height":9}},{"id":"e1c30a4d-96b7-411d-8f5d-c151d764673a","block_type":"box","text":"Compensation","page_number":41,"box":{"x":685,"y":79,"width":67,"height":9}},{"id":"4ad0d164-711c-4dc2-b113-10aa74e96876","block_type":"box","text":"from the","page_number":41,"box":{"x":698,"y":89,"width":40,"height":7}},{"id":"ccd73423-6fe6-4172-a35c-b3b52b99a692","block_type":"box","text":"80/20 Fund","page_number":41,"box":{"x":690,"y":99,"width":57,"height":9}},{"id":"2aefc886-2312-4ad6-883f-47e2144715b7","block_type":"box","text":"Estimated","page_number":41,"box":{"x":771,"y":69,"width":47,"height":7}},{"id":"e06bc31d-b3a9-4628-a479-53fefe70665f","block_type":"box","text":"Annual","page_number":41,"box":{"x":779,"y":79,"width":31,"height":7}},{"id":"c0ca1ad1-a96e-4941-af39-8e07b800fc84","block_type":"box","text":"Benefits upon","page_number":41,"box":{"x":763,"y":89,"width":64,"height":9}},{"id":"c5235f02-7d8c-49f5-87ce-77e32fbedabb","block_type":"box","text":"Retirement","page_number":41,"box":{"x":769,"y":99,"width":52,"height":8}},{"id":"d5948596-bd87-45df-ac54-98af9f94c203","block_type":"box","text":"Aggregate","page_number":41,"box":{"x":849,"y":49,"width":49,"height":9}},{"id":"8691ca19-47e4-46bb-a6fe-1ada1df1d55a","block_type":"box","text":"Compensation","page_number":41,"box":{"x":840,"y":59,"width":67,"height":9}},{"id":"1a239b72-494a-4e34-9d46-e979c9f9bb84","block_type":"box","text":"from the Funds","page_number":41,"box":{"x":838,"y":69,"width":71,"height":7}},{"id":"f7c58dbe-8c5d-4eb0-bf63-1d653d6b4766","block_type":"box","text":"and Other","page_number":41,"box":{"x":850,"y":79,"width":47,"height":7}},{"id":"c61fd9c1-b043-487f-be6a-5d4eeeb01a73","block_type":"box","text":"BlackRock","page_number":41,"box":{"x":847,"y":89,"width":53,"height":7}},{"id":"f7e4349e-e92f-4f5f-a5c7-b4accaa5e1e2","block_type":"box","text":"Advised Funds","page_number":41,"box":{"x":837,"y":99,"width":68,"height":8}},{"id":"b78a4a3e-834b-41d0-84cf-6b99e07920b9","block_type":"box","text":"1","page_number":41,"box":{"x":906,"y":100,"width":4,"height":3}},{"id":"7ff22d8b-c170-4fe3-a62b-286c045c1ac4","block_type":"box","text":"Susan J. Carter","page_number":41,"box":{"x":79,"y":117,"width":93,"height":8}},{"id":"8fc7f5cc-53a8-4268-8a81-902abbeddbaf","block_type":"box","text":".................................","page_number":41,"box":{"x":178,"y":123,"width":263,"height":2}},{"id":"e3996271-1a15-445f-90a0-546e594a5212","block_type":"box","text":"$885 $1,033 $1,638 $1,701 None $445,000","page_number":41,"box":{"x":470,"y":117,"width":434,"height":9}},{"id":"6034e4e8-79e6-411f-b37a-d8127b5b249c","block_type":"box","text":"Collette Chilton","page_number":41,"box":{"x":79,"y":131,"width":91,"height":8}},{"id":"c5a77245-fbdd-4513-8044-4993fb5e338a","block_type":"box","text":".................................","page_number":41,"box":{"x":178,"y":137,"width":263,"height":2}},{"id":"9d0db096-5a0e-4374-887a-5f1af9bc22d4","block_type":"box","text":"$885 $1,033 $1,638 $1,701 None $445,000","page_number":41,"box":{"x":470,"y":130,"width":434,"height":10}},{"id":"a63332f6-946b-4e9a-9d42-3e2d2b33f977","block_type":"box","text":"Neil A. Cotty","page_number":41,"box":{"x":79,"y":145,"width":73,"height":9}},{"id":"e8200c66-9a3c-4a6f-b97b-8b681b6f117e","block_type":"box","text":"....................................","page_number":41,"box":{"x":154,"y":151,"width":287,"height":1}},{"id":"365ab808-140f-4e00-b40b-b85f12daaa86","block_type":"box","text":"$885 $1,033 $1,638 $1,701 None $467,500","page_number":41,"box":{"x":470,"y":144,"width":434,"height":10}},{"id":"b7e63f36-f982-473d-bae3-ad5e59c15b63","block_type":"box","text":"Lena G. Goldberg","page_number":41,"box":{"x":79,"y":159,"width":104,"height":9}},{"id":"d9bbd7fc-dd1d-46cd-9407-0e8d7cc3d4bc","block_type":"box","text":"2","page_number":41,"box":{"x":184,"y":159,"width":3,"height":4}},{"id":"6460b7b0-1dca-414d-af0b-521dd3905cdd","block_type":"box","text":"...............................","page_number":41,"box":{"x":195,"y":165,"width":246,"height":1}},{"id":"4ee7c9ca-25de-4e4e-9453-c949634d4574","block_type":"box","text":"$204 $240 $414 $406 None None","page_number":41,"box":{"x":470,"y":158,"width":419,"height":9}},{"id":"b87c6955-d584-458c-ad5e-a2d6d0fc3e57","block_type":"box","text":"Henry R. Keizer","page_number":41,"box":{"x":79,"y":173,"width":93,"height":9}},{"id":"e67214bd-3e4c-4f1f-b8c3-c2d34c62791a","block_type":"box","text":"3","page_number":41,"box":{"x":172,"y":173,"width":4,"height":4}},{"id":"18bb7c0a-0e6c-48bb-b13b-d363e064c923","block_type":"box","text":".................................","page_number":41,"box":{"x":178,"y":179,"width":263,"height":1}},{"id":"96984611-941b-4a23-a3e3-e12bc3d5acbb","block_type":"box","text":"$918 $1,085 $1,770 $1,841 None $490,000","page_number":41,"box":{"x":470,"y":172,"width":434,"height":10}},{"id":"9f77cc6d-96b0-4958-b95a-b0bb355a92e8","block_type":"box","text":"Cynthia A. Montgomery","page_number":41,"box":{"x":79,"y":187,"width":140,"height":9}},{"id":"6d45e473-2070-4d86-9f1e-6b9e78daa24b","block_type":"box","text":"4","page_number":41,"box":{"x":219,"y":187,"width":4,"height":4}},{"id":"a0c433af-6b79-4aeb-bfca-eea1d21552b8","block_type":"box","text":"...........................","page_number":41,"box":{"x":227,"y":193,"width":214,"height":1}},{"id":"b9aa52dc-0c48-4880-8484-2cd683b4f4b7","block_type":"box","text":"$918 $1,085 $1,770 $1,841 None $490,000","page_number":41,"box":{"x":470,"y":186,"width":434,"height":9}},{"id":"789f435d-4054-4193-acdc-f392544f9387","block_type":"box","text":"Donald C. Opatrny","page_number":41,"box":{"x":79,"y":200,"width":109,"height":10}},{"id":"4cc355fc-721f-405d-85fa-be6e56f3693b","block_type":"box","text":"5","page_number":41,"box":{"x":188,"y":200,"width":4,"height":4}},{"id":"110acace-0eb0-44a4-bfd3-a9cfa798300e","block_type":"box","text":"...............................","page_number":41,"box":{"x":195,"y":207,"width":246,"height":1}},{"id":"03101604-9c02-424e-b0a6-f5721ef57011","block_type":"box","text":"$918 $1,085 $1,770 $1,841 None $490,000","page_number":41,"box":{"x":470,"y":200,"width":434,"height":9}},{"id":"670e6470-bc3f-48a1-9d11-a3323659dc09","block_type":"box","text":"Lori Richards","page_number":41,"box":{"x":79,"y":214,"width":78,"height":8}},{"id":"60094dca-07ac-4799-bf95-b076b8d161cd","block_type":"box","text":"...................................","page_number":41,"box":{"x":162,"y":220,"width":279,"height":2}},{"id":"a0478e2a-eed4-485e-97f7-c90c34c84ab7","block_type":"box","text":"$885 $1,033 $1,638 $1,701 None $445,000","page_number":41,"box":{"x":470,"y":214,"width":434,"height":9}},{"id":"1ac07f6f-8b8f-4ccb-a72a-77c0383ee944","block_type":"box","text":"Mark Stalnecker","page_number":41,"box":{"x":79,"y":228,"width":98,"height":8}},{"id":"c2e1b903-264c-404d-9d5f-26a06f2db61d","block_type":"box","text":"6","page_number":41,"box":{"x":177,"y":228,"width":4,"height":4}},{"id":"479e7819-9f26-4c6e-8ef3-376c0462651f","block_type":"box","text":"................................","page_number":41,"box":{"x":186,"y":234,"width":255,"height":2}},{"id":"4f39c897-776d-4fa9-b48e-925049213ffc","block_type":"box","text":"$994 $1,207 $2,077 $2,168 None $595,000","page_number":41,"box":{"x":470,"y":227,"width":434,"height":10}},{"id":"3f8dfa67-4f0f-4cce-85f5-6f6bd074380e","block_type":"box","text":"Kenneth L. Urish","page_number":41,"box":{"x":79,"y":242,"width":99,"height":8}},{"id":"60cc0d1b-0812-44b5-86f4-498b848a7939","block_type":"box","text":"................................","page_number":41,"box":{"x":186,"y":248,"width":255,"height":1}},{"id":"a5ac8fe8-d5b8-4ee9-a84f-a436e9341748","block_type":"box","text":"$885 $1,033 $1,638 $1,701 None $445,000","page_number":41,"box":{"x":470,"y":241,"width":434,"height":10}},{"id":"a6393206-1010-48a8-bf74-a057fa8e6c8a","block_type":"box","text":"Claire A. Walton","page_number":41,"box":{"x":79,"y":256,"width":94,"height":7}},{"id":"37fe76d3-ea6f-45b1-ad92-e21ad5c4c3f9","block_type":"box","text":"7","page_number":41,"box":{"x":175,"y":256,"width":3,"height":4}},{"id":"2f257699-76ce-492b-881d-fa85ace247f1","block_type":"box","text":"................................","page_number":41,"box":{"x":186,"y":262,"width":255,"height":1}},{"id":"66dc108b-9125-4654-9443-93a7bf8720fa","block_type":"box","text":"$909 $1,072 $1,736 $1,809 None $490,000","page_number":41,"box":{"x":470,"y":255,"width":434,"height":10}},{"id":"e186ecf7-8236-42e1-9ba8-cbfbb8d8d3de","block_type":"box","text":"Interested Trustees","page_number":41,"box":{"x":69,"y":270,"width":118,"height":7}},{"id":"b4f899d4-e70a-4b78-b1f8-4493c1eda8bf","block_type":"box","text":"Robert Fairbairn","page_number":41,"box":{"x":79,"y":284,"width":96,"height":7}},{"id":"f2fea33c-943c-43ba-8539-6ac7c68e4744","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None","page_number":41,"box":{"x":178,"y":284,"width":556,"height":7}},{"id":"a2a27a60-1637-4be5-96bf-66a833e82e35","block_type":"box","text":"None None","page_number":41,"box":{"x":780,"y":284,"width":109,"height":7}},{"id":"5ee56740-f197-4e3e-a470-f4fe2a36a6fe","block_type":"box","text":"John M. Perlowski","page_number":41,"box":{"x":78,"y":298,"width":108,"height":7}},{"id":"5394786d-f79e-467f-8f75-f5b1bd35428b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None","page_number":41,"box":{"x":195,"y":298,"width":539,"height":7}},{"id":"20f635a9-16ae-4f34-aac3-4849268d74b1","block_type":"box","text":"None None","page_number":41,"box":{"x":780,"y":298,"width":109,"height":7}},{"id":"908548ca-eb8d-4967-b801-40b5d8752a48","block_type":"box","text":"1","page_number":41,"box":{"x":69,"y":319,"width":3,"height":4}},{"id":"e7f26ea5-8143-4f23-9bfa-f515d0277bef","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":41,"box":{"x":94,"y":319,"width":786,"height":9}},{"id":"c4f9cc9b-8c9e-4031-98a9-e1de2a8de3d6","block_type":"box","text":"page I-14.","page_number":41,"box":{"x":94,"y":329,"width":55,"height":9}},{"id":"629b8751-2659-47be-b5a4-4fc15d732062","block_type":"box","text":"2","page_number":41,"box":{"x":69,"y":341,"width":3,"height":3}},{"id":"fe128344-0bdb-4146-b6d6-0f95ca1db214","block_type":"box","text":"Ms. Goldberg retired as Trustee of the Trust and Chair of the Compliance Committee effective December 31, 2024.","page_number":41,"box":{"x":94,"y":341,"width":658,"height":9}},{"id":"e8c05187-3069-46af-ad4d-9ad7474f01e5","block_type":"box","text":"3","page_number":41,"box":{"x":69,"y":352,"width":3,"height":4}},{"id":"613e6aad-6511-493d-bfa8-a69b68d9ba91","block_type":"box","text":"Chair of the Audit Committee.","page_number":41,"box":{"x":93,"y":352,"width":168,"height":7}},{"id":"9b6e3dbc-0da4-4fd6-9d9a-8f0835353de6","block_type":"box","text":"4","page_number":41,"box":{"x":68,"y":363,"width":4,"height":4}},{"id":"16484aaa-7a60-4910-839c-7706782a0a74","block_type":"box","text":"Chair of the Governance Committee.","page_number":41,"box":{"x":93,"y":363,"width":206,"height":7}},{"id":"cf930b22-8572-40ba-aee6-955565252c0d","block_type":"box","text":"5","page_number":41,"box":{"x":69,"y":375,"width":3,"height":3}},{"id":"311c4f33-ea0f-4046-9590-acac1165d805","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":41,"box":{"x":93,"y":375,"width":269,"height":9}},{"id":"9dd0d57e-b0cc-43bc-8987-d3c48a6c0e84","block_type":"box","text":"6","page_number":41,"box":{"x":69,"y":386,"width":3,"height":4}},{"id":"6d4dcfd5-de69-40c3-86e5-e611996445ba","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":41,"box":{"x":93,"y":386,"width":352,"height":9}},{"id":"f94915ab-dc14-4a76-a408-4bc7f142bafa","block_type":"box","text":"7","page_number":41,"box":{"x":69,"y":397,"width":3,"height":4}},{"id":"3d8954ca-3c7f-4aac-b821-12d93049fa54","block_type":"box","text":"Chair of the Compliance Committee.","page_number":41,"box":{"x":93,"y":397,"width":205,"height":9}},{"id":"6b73ff48-e1b6-46dd-bef6-412619e768df","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":41,"box":{"x":69,"y":416,"width":432,"height":11}},{"id":"33f1a184-a719-4384-85c0-363a22d365b2","block_type":"box","text":"Management Agreements","page_number":41,"box":{"x":69,"y":437,"width":188,"height":11}},{"id":"76335acd-fb0a-4f25-9072-7c8c43c852ac","block_type":"box","text":"The Trust, on behalf of each Fund, has entered into an investment advisory agreement with the Manager (the","page_number":41,"box":{"x":101,"y":453,"width":778,"height":12}},{"id":"80ed1965-e20b-4420-8aef-30297c28ee55","block_type":"box","text":"“Management Agreement”). The advisory services provided by the Manager are described in the Prospectuses. The","page_number":41,"box":{"x":70,"y":466,"width":823,"height":11}},{"id":"4ea12bfb-dac3-4dc9-85f9-2b47ec5020f2","block_type":"box","text":"Manager will not receive any advisory fees from the Funds for its advisory services.","page_number":41,"box":{"x":70,"y":479,"width":593,"height":11}},{"id":"c6d22e72-3c44-4a23-9c54-3d2f014c005c","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":41,"box":{"x":102,"y":496,"width":800,"height":11}},{"id":"28f77cc7-26ac-463e-ae58-51c42e97cb5b","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":41,"box":{"x":70,"y":508,"width":834,"height":12}},{"id":"5e8d34c8-a803-4110-8cc1-58c5566b2544","block_type":"box","text":"to perform investment advisory services with respect to the Funds. In addition, the Manager may delegate certain of","page_number":41,"box":{"x":68,"y":521,"width":834,"height":12}},{"id":"6025b437-086f-40a2-b5ff-29b646150c60","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":534,"width":801,"height":11}},{"id":"4d111b8c-8787-4d5b-a4d0-dbe1e2dbb2d0","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":41,"box":{"x":70,"y":547,"width":823,"height":11}},{"id":"8ce1e411-3825-4974-b040-5fcaf272232f","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":70,"y":560,"width":508,"height":11}},{"id":"ce125ce4-9c4a-4c44-9bde-6d702e6081ed","block_type":"box","text":"Administration Agreement","page_number":41,"box":{"x":68,"y":580,"width":191,"height":11}},{"id":"4c43d093-97ba-4617-b793-a148c423bfaa","block_type":"box","text":"BlackRock serves as the Funds’ administrator pursuant to an administration agreement (the “Administration","page_number":41,"box":{"x":102,"y":597,"width":771,"height":11}},{"id":"696c68e6-db8b-4537-afa7-93ec02ff5816","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for each Fund; furnish each Fund with clerical,","page_number":41,"box":{"x":68,"y":610,"width":784,"height":11}},{"id":"db9a70be-107e-4f7b-bbba-c086b4d3bbac","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of each Fund’s net asset value;","page_number":41,"box":{"x":69,"y":623,"width":831,"height":11}},{"id":"d1299743-f5c9-4c7d-a3d5-41e495a76b3d","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports required by","page_number":41,"box":{"x":69,"y":635,"width":830,"height":12}},{"id":"faac06dd-1ff8-48a0-99b9-fad91739a1e7","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":41,"box":{"x":69,"y":648,"width":822,"height":12}},{"id":"950301ee-348a-4120-8f9b-03974aa4169b","block_type":"box","text":"available for payment by each Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":41,"box":{"x":69,"y":661,"width":812,"height":11}},{"id":"313afbbb-732f-495e-9657-f6f8d77ac53f","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":41,"box":{"x":69,"y":674,"width":830,"height":11}},{"id":"e425040b-268d-4cf3-88d9-fc6b73aa11f7","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":41,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"972e2ac1-80e7-4fc3-99af-5553d9597f99","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of each Fund and","page_number":41,"box":{"x":69,"y":700,"width":835,"height":11}},{"id":"c554603e-76a1-455f-82b2-82d9032f744b","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":41,"box":{"x":69,"y":713,"width":773,"height":11}},{"id":"bcf578a0-7fea-4127-bf0c-ec7b54663bd1","block_type":"box","text":"administration fees with respect to each Fund and may voluntarily reimburse the Fund for expenses.","page_number":41,"box":{"x":69,"y":725,"width":711,"height":12}},{"id":"883ed1fe-cef6-4022-9a3c-4798e4f67ce9","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of each Fund, pays to BlackRock a fee, computed daily","page_number":41,"box":{"x":102,"y":742,"width":803,"height":11}},{"id":"09e9efca-0491-41db-ab40-2fae33801598","block_type":"box","text":"and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average daily","page_number":41,"box":{"x":69,"y":754,"width":831,"height":12}},{"id":"35619b22-695f-47ac-a39f-7f6557571e68","block_type":"box","text":"net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next $1 billion","page_number":41,"box":{"x":69,"y":767,"width":821,"height":12}},{"id":"07ecffbe-0920-499a-8b30-7776fe0342c4","block_type":"box","text":"of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net assets,","page_number":41,"box":{"x":69,"y":780,"width":771,"height":12}},{"id":"84e3005c-721c-4c4a-b24c-b126ac85bd94","block_type":"box","text":"0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net assets of","page_number":41,"box":{"x":69,"y":793,"width":830,"height":12}},{"id":"96f6804e-95cd-49d4-9944-b9bd20aa93a0","block_type":"box","text":"the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of shares of the","page_number":41,"box":{"x":68,"y":806,"width":834,"height":12}},{"id":"027a4777-f9cf-4cc2-b95f-e2b4b357fac8","block_type":"box","text":"Fund.","page_number":41,"box":{"x":70,"y":819,"width":36,"height":9}},{"id":"cb69bdc8-f772-4c59-a918-a7e0703a00e8","block_type":"box","text":"The tables below set forth information about the total administration fees paid by the Trust, on behalf of each","page_number":41,"box":{"x":101,"y":836,"width":783,"height":11}},{"id":"a5938475-50e3-47cf-bb21-e015d3381f66","block_type":"box","text":"Fund, to BlackRock, and the amounts waived, for the periods indicated.","page_number":41,"box":{"x":70,"y":849,"width":506,"height":11}},{"id":"3791efb8-6c57-40dd-9d44-f15c5131f14a","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5ee274d5-e774-48a7-8246-f4a34fbcd00a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abd72c1d-1697-42fd-98f8-7c4d3571aa23","block_type":"box","text":"20/80 Fund","page_number":42,"box":{"x":69,"y":45,"width":87,"height":11}},{"id":"4e501cdf-1620-4a29-94af-8dd17aeee73a","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":71,"width":56,"height":7}},{"id":"a3d432ec-3f4d-4390-bd53-832240ac20dd","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":81,"width":80,"height":7}},{"id":"3be10051-0d58-4485-a164-6fda665739f6","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":71,"width":72,"height":7}},{"id":"48532f7c-6feb-4592-9ce3-0ea37a51da5c","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":81,"width":80,"height":9}},{"id":"56a8cb2f-66fd-458d-929c-cca113da1c5f","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":99,"width":448,"height":10}},{"id":"3d76e2aa-b002-442f-b522-2e6bdf3213ee","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":106,"width":165,"height":1}},{"id":"f23da743-44d8-4419-ad4e-379ba617e32f","block_type":"box","text":"$272,067 $241,234","page_number":42,"box":{"x":724,"y":98,"width":181,"height":11}},{"id":"e8ad531d-c634-49ad-b84c-3edac5212575","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":114,"width":448,"height":11}},{"id":"def15b96-e444-4df1-8ff2-4e0df72de52e","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":121,"width":165,"height":1}},{"id":"571915d8-1b6a-4c73-bcaa-e65af1c48679","block_type":"box","text":"$273,472 $259,332","page_number":42,"box":{"x":724,"y":113,"width":181,"height":11}},{"id":"bb3a67d0-15f9-44f7-9aa6-b0604a44f2a4","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":129,"width":448,"height":11}},{"id":"14683229-5c1c-41a6-8fc0-e4dfee1f7aa2","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":136,"width":165,"height":2}},{"id":"ebe0cf91-1180-4c32-ac18-4534a93131c9","block_type":"box","text":"$281,398 $236,953","page_number":42,"box":{"x":724,"y":128,"width":181,"height":11}},{"id":"1aa625c0-133f-4816-ae2d-049d72530144","block_type":"box","text":"40/60 Fund","page_number":42,"box":{"x":69,"y":153,"width":87,"height":11}},{"id":"223d9b47-3e70-4793-8817-462b744a9946","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":179,"width":56,"height":7}},{"id":"b24bd7a2-62ab-4f29-bc1b-8933ace623e0","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":189,"width":80,"height":7}},{"id":"ecbb0ba8-b6c4-4393-b8f5-0934897dba44","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":179,"width":72,"height":7}},{"id":"72eaee75-8120-4f5e-abbd-747c5e589d60","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":189,"width":80,"height":9}},{"id":"c4919317-5b30-41b0-b32c-21acaaba33ba","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":207,"width":448,"height":10}},{"id":"07802158-8df4-40ba-8d92-474fd2fea235","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":214,"width":165,"height":1}},{"id":"be2537b7-5f28-4034-bf6e-a3b8dae4d5a6","block_type":"box","text":"$436,103 $239,826","page_number":42,"box":{"x":724,"y":206,"width":181,"height":11}},{"id":"3a0fef1c-ee00-473b-af02-f129b5d799ad","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":222,"width":448,"height":10}},{"id":"283d6cb5-f7df-4467-b4ed-7db750cc85df","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":229,"width":165,"height":1}},{"id":"0b009807-d8d1-40b4-b06d-1069bace8eb3","block_type":"box","text":"$385,088 $269,311","page_number":42,"box":{"x":724,"y":221,"width":181,"height":11}},{"id":"13a7a8cc-5309-47bf-8781-10a57a4fa2cc","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":237,"width":448,"height":11}},{"id":"b100d472-0c6b-460e-a5b8-1f503e6d2870","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":244,"width":165,"height":2}},{"id":"2c6df665-1dd9-41c0-9968-e7df1e1f0b82","block_type":"box","text":"$372,055 $246,468","page_number":42,"box":{"x":724,"y":236,"width":181,"height":11}},{"id":"7b1a8c68-bd7b-4b49-bcbd-8e1c84b34fac","block_type":"box","text":"60/40 Fund","page_number":42,"box":{"x":69,"y":261,"width":87,"height":11}},{"id":"630979c9-33a9-457a-bb3b-32aba720d115","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":728,"y":287,"width":56,"height":7}},{"id":"e1e57553-65b8-4789-92f3-8b16b451ff96","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":716,"y":297,"width":79,"height":7}},{"id":"bab789d4-a8df-4d89-a24c-475e6b6f9886","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":287,"width":72,"height":7}},{"id":"35a85c3e-ba01-404d-bfd3-0a01775e3860","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":297,"width":80,"height":8}},{"id":"15da843b-ba8d-4ee5-95b1-f218a9348caa","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":314,"width":448,"height":11}},{"id":"767ef0cf-cfbc-4f14-a0f3-c12a165756bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $1,","page_number":42,"box":{"x":524,"y":314,"width":211,"height":11}},{"id":"f822ee44-827d-4f69-a637-11c7dbb82175","block_type":"box","text":"064,408 $298,067","page_number":42,"box":{"x":737,"y":314,"width":168,"height":11}},{"id":"2408423b-80a1-4bd9-a472-920b8f057f5f","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":330,"width":448,"height":10}},{"id":"6246aefc-bb9b-4b05-871f-0a2f80d4ed77","block_type":"box","text":".................... $","page_number":42,"box":{"x":524,"y":329,"width":196,"height":10}},{"id":"00cf9415-8773-4449-9090-e7ee63252638","block_type":"box","text":"929,138 $260,630","page_number":42,"box":{"x":737,"y":329,"width":168,"height":11}},{"id":"e81d9c69-5390-4423-8ff2-9e542fc73174","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":345,"width":448,"height":11}},{"id":"e8287707-8fc6-4822-a7e8-df9414defffa","block_type":"box","text":".................... $","page_number":42,"box":{"x":524,"y":344,"width":196,"height":10}},{"id":"3ca34cc5-0f71-4b1f-8fdb-7163057c51e7","block_type":"box","text":"787,476 $261,204","page_number":42,"box":{"x":737,"y":344,"width":168,"height":11}},{"id":"550ffc7d-db72-453b-9851-23ede5d4f1ed","block_type":"box","text":"80/20 Fund","page_number":42,"box":{"x":69,"y":369,"width":87,"height":11}},{"id":"c8590da2-c3ca-43d2-8de8-30310ba42e5a","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":728,"y":395,"width":56,"height":7}},{"id":"ad231785-b7fb-428d-bebc-b5c96d606d7d","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":716,"y":405,"width":79,"height":7}},{"id":"66b5a372-e6b3-4bfc-b73e-7fc353451cc2","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":395,"width":72,"height":7}},{"id":"c6a146e7-6cfc-407b-87d6-10bae9c04dae","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":405,"width":80,"height":8}},{"id":"da0fc902-6125-4480-8af6-2e0b315de567","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":422,"width":448,"height":11}},{"id":"083bed24-3a38-4587-b24d-b87a1242441d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $1,","page_number":42,"box":{"x":524,"y":422,"width":211,"height":11}},{"id":"22274cf4-5b2b-4595-b4a8-a9d354f1e4de","block_type":"box","text":"163,395 $307,560","page_number":42,"box":{"x":737,"y":422,"width":168,"height":11}},{"id":"bcef31cc-64f7-4db7-bf60-a981fe08435b","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":438,"width":448,"height":10}},{"id":"a1a2fa95-2a9e-4d77-9d2b-eb54d52e66ed","block_type":"box","text":".................... $","page_number":42,"box":{"x":524,"y":437,"width":196,"height":10}},{"id":"e23f4b57-1e9d-43f2-bd41-f5e7c0dd4afd","block_type":"box","text":"861,473 $252,887","page_number":42,"box":{"x":737,"y":437,"width":168,"height":11}},{"id":"cc660a83-022a-4b5a-8434-047aea5616d8","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":453,"width":448,"height":11}},{"id":"95172c6b-7934-484b-b1db-06a66e382579","block_type":"box","text":".................... $","page_number":42,"box":{"x":524,"y":452,"width":196,"height":10}},{"id":"e90f1a9f-030a-4cc8-aba7-65b1fa6b2cb7","block_type":"box","text":"680,111 $278,090","page_number":42,"box":{"x":737,"y":452,"width":168,"height":11}},{"id":"d6f7e186-5281-4586-a94e-d288a7490bc3","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":42,"box":{"x":101,"y":473,"width":708,"height":11}},{"id":"ad3cdd0e-34fb-42a5-aeeb-0ea60dd72d43","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":42,"box":{"x":69,"y":486,"width":838,"height":11}},{"id":"1df3c401-d134-4a33-85ec-1a77a2181f77","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":42,"box":{"x":68,"y":498,"width":800,"height":12}},{"id":"40106a30-ac2f-44b9-8990-535822e7cb48","block_type":"box","text":"shares of the Funds.","page_number":42,"box":{"x":69,"y":511,"width":145,"height":9}},{"id":"c58ee5b3-b178-4c32-b704-690b145fd499","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain","page_number":42,"box":{"x":102,"y":528,"width":740,"height":11}},{"id":"cf70e8df-cf71-4657-b950-16b2e4f79c50","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of each Fund,","page_number":42,"box":{"x":69,"y":541,"width":836,"height":10}},{"id":"7e04c178-0bd2-4695-b689-4e36fb686df0","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":42,"box":{"x":69,"y":554,"width":787,"height":11}},{"id":"2bcefcfd-3536-4693-8a13-53099f450327","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":42,"box":{"x":69,"y":566,"width":531,"height":12}},{"id":"bc69111f-ef3e-4059-ac02-65a6dd02e416","block_type":"box","text":"For the periods shown, the Trust, on behalf of each Fund, reimbursed to BlackRock fees for shareholder liaison","page_number":42,"box":{"x":102,"y":583,"width":790,"height":11}},{"id":"c392fc32-6486-4d26-8ed5-0684f6a2c722","block_type":"box","text":"services pursuant to such agreement as follows:","page_number":42,"box":{"x":69,"y":596,"width":346,"height":11}},{"id":"b89414ca-59d6-4863-988b-8a81e289d33c","block_type":"box","text":"20/80 Fund","page_number":42,"box":{"x":69,"y":616,"width":87,"height":11}},{"id":"6049f813-5539-4f2f-bfff-fe11c0626d2b","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":642,"width":56,"height":7}},{"id":"f836f93f-1c79-43f5-ab2a-802983c14cc6","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":653,"width":80,"height":7}},{"id":"af284ea6-d210-49f7-8f38-2805d5f26ff2","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":642,"width":72,"height":7}},{"id":"dfb6948a-82c3-430b-a049-513c3c5032e3","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":653,"width":80,"height":8}},{"id":"c5d2e34b-eb41-44c8-be68-371b74ee5a5d","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":670,"width":448,"height":11}},{"id":"1c65455e-e18e-448f-a698-27c78b128928","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $6,228 $2,525","page_number":42,"box":{"x":525,"y":669,"width":370,"height":12}},{"id":"f1822137-3931-4be1-a339-a36a918c2aab","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":685,"width":448,"height":11}},{"id":"0ffdb28e-87f2-4a8a-96ac-c36061555b4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $4,446 $3,539","page_number":42,"box":{"x":525,"y":685,"width":370,"height":11}},{"id":"3083e546-dfd6-4962-a3f8-773701f2331f","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":700,"width":448,"height":11}},{"id":"d7d4cf33-c8a2-483f-a3c6-b87e304afbc8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $7,440 $1,609","page_number":42,"box":{"x":525,"y":700,"width":370,"height":11}},{"id":"688fb5d4-76f7-4478-bfc5-a31e9aded129","block_type":"box","text":"40/60 Fund","page_number":42,"box":{"x":69,"y":724,"width":87,"height":11}},{"id":"9e41bc08-9f8d-4082-8747-82ce6b9b50d8","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":750,"width":56,"height":7}},{"id":"468b98c2-8ca5-4b08-8405-70a16a367ba8","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":761,"width":80,"height":7}},{"id":"f6a25fea-6b44-4b54-b6ff-e5e1b078c38b","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":750,"width":72,"height":7}},{"id":"e86cf4b8-58e6-4757-b9da-2d177b739de5","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":761,"width":80,"height":8}},{"id":"78cd6db0-6bf4-439e-bfa3-ebf75b85a3cd","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":778,"width":448,"height":11}},{"id":"a600c486-70db-4b35-b59d-5a7ec7816b46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 8,382 $6,334","page_number":42,"box":{"x":525,"y":777,"width":371,"height":12}},{"id":"aee8f7bb-e985-451a-a70c-00363e2b5c51","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":793,"width":448,"height":11}},{"id":"dfcd8bfb-5597-4fd6-ad52-680258d3aae2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 6,650 $4,187","page_number":42,"box":{"x":525,"y":793,"width":370,"height":11}},{"id":"c9ec695a-86f3-4457-880c-192d13fd1cbb","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":808,"width":448,"height":11}},{"id":"72cb9f39-bd91-4d86-b0d3-88aad2f36e1a","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":816,"width":165,"height":1}},{"id":"9d84cfc2-9ffd-48c4-a9e3-8ae5c68158e0","block_type":"box","text":"$11,318 $2,285","page_number":42,"box":{"x":729,"y":808,"width":166,"height":11}},{"id":"bbb0506e-05cf-430e-9afb-49b9542fe766","block_type":"box","text":"60/40 Fund","page_number":42,"box":{"x":69,"y":832,"width":87,"height":11}},{"id":"61193d6f-47be-4b69-8dc6-763f62b5c4e7","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":858,"width":56,"height":7}},{"id":"95b74a69-7c9b-46d3-8cb6-a46ce715e821","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":868,"width":80,"height":8}},{"id":"fa0e600c-592d-49f1-83de-a7bcc35824d1","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":858,"width":72,"height":7}},{"id":"6680bad0-5237-4d0e-bdba-d9b1df68d40f","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":868,"width":80,"height":9}},{"id":"cf760ddc-63eb-4a53-88e2-458dff321e85","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":886,"width":448,"height":11}},{"id":"ad10a674-c546-40d3-9b36-eff271445c9c","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":894,"width":165,"height":1}},{"id":"025216bf-88b0-47e1-bff4-6b4ca123359e","block_type":"box","text":"$30,378 $24,336","page_number":42,"box":{"x":729,"y":885,"width":171,"height":12}},{"id":"e7dbac87-5899-48dc-8011-0ef67cbf0474","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":901,"width":448,"height":11}},{"id":"1167236f-a781-44b0-9612-e84d2226bcf3","block_type":"box","text":".....................","page_number":42,"box":{"x":525,"y":909,"width":165,"height":1}},{"id":"9f5c40c6-d176-4781-a38a-a446f34a2432","block_type":"box","text":"$30,791 $26,012","page_number":42,"box":{"x":729,"y":901,"width":171,"height":11}},{"id":"22281ee4-d7be-4502-9599-168f3d8ca2c8","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3450fb0f-73e0-4ff2-b03a-de03b2cf3af0","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a4a0199-982d-4ab9-a38f-234697ba5afa","block_type":"box","text":"Fees Paid","page_number":43,"box":{"x":732,"y":49,"width":56,"height":7}},{"id":"a6c64567-d781-4f9d-a4be-ebd43199f67a","block_type":"box","text":"to BlackRock","page_number":43,"box":{"x":720,"y":59,"width":80,"height":7}},{"id":"21b9a2db-11af-48df-92d3-be3b473b0633","block_type":"box","text":"Fees Waived","page_number":43,"box":{"x":833,"y":49,"width":72,"height":7}},{"id":"5b45e9f3-1f20-43fc-a5e2-3b88cc246b5f","block_type":"box","text":"by BlackRock","page_number":43,"box":{"x":830,"y":59,"width":80,"height":9}},{"id":"88a6bbd3-2bca-4028-8654-b38b0fe23635","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":77,"width":448,"height":11}},{"id":"332cf091-8177-4b91-9789-6b967ee789e9","block_type":"box","text":".....................","page_number":43,"box":{"x":525,"y":84,"width":165,"height":2}},{"id":"9f7c1f94-9350-4957-9abc-e1ca68b9911a","block_type":"box","text":"$41,501 $34,995","page_number":43,"box":{"x":729,"y":76,"width":171,"height":11}},{"id":"77c34d5a-4050-473c-b215-d74050f66851","block_type":"box","text":"80/20 Fund","page_number":43,"box":{"x":69,"y":101,"width":87,"height":11}},{"id":"fcfe055b-0af7-4416-8e93-87038cf92025","block_type":"box","text":"Fees Paid","page_number":43,"box":{"x":732,"y":127,"width":56,"height":7}},{"id":"cdc26315-19de-4989-b65c-4779f62db79a","block_type":"box","text":"to BlackRock","page_number":43,"box":{"x":720,"y":137,"width":80,"height":7}},{"id":"a63a3844-e477-4a1a-bb5f-23e224c031e3","block_type":"box","text":"Fees Waived","page_number":43,"box":{"x":833,"y":127,"width":72,"height":7}},{"id":"e0b4fd97-6db1-475a-b014-e7490e3f5a6d","block_type":"box","text":"by BlackRock","page_number":43,"box":{"x":830,"y":137,"width":80,"height":9}},{"id":"906a9d64-35ee-40ae-92c0-b2a96afbbb07","block_type":"box","text":"Fiscal Year Ended September 30, 2025. . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":155,"width":448,"height":10}},{"id":"c809df92-e58c-48c9-9d84-4890fd456302","block_type":"box","text":".....................","page_number":43,"box":{"x":525,"y":162,"width":165,"height":1}},{"id":"2d46b4a2-3364-42b4-9de7-844ca345513c","block_type":"box","text":"$26,442 $18,125","page_number":43,"box":{"x":729,"y":154,"width":171,"height":11}},{"id":"4b9754e9-6ec3-44df-b893-374039684982","block_type":"box","text":"Fiscal Year Ended September 30, 2024. . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":170,"width":448,"height":11}},{"id":"495e3621-4760-4c81-8518-ce620b8496d6","block_type":"box","text":".....................","page_number":43,"box":{"x":525,"y":177,"width":165,"height":1}},{"id":"8fcfcdc0-3b8d-445f-9c74-d802bb938465","block_type":"box","text":"$14,954 $12,932","page_number":43,"box":{"x":729,"y":169,"width":171,"height":11}},{"id":"5334e849-d6f5-487c-9528-1e45b49600a5","block_type":"box","text":"Fiscal Year Ended September 30, 2023. . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":185,"width":448,"height":11}},{"id":"e6b4c2ff-1f02-4b24-9ef6-ee96e29b09a7","block_type":"box","text":".....................","page_number":43,"box":{"x":525,"y":192,"width":165,"height":2}},{"id":"4ac58300-daf8-473c-a679-58e09c9a13e1","block_type":"box","text":"$25,568 $25,372","page_number":43,"box":{"x":729,"y":184,"width":171,"height":11}},{"id":"af9e1e3f-3318-4c35-ba37-b0393cf223c2","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":43,"box":{"x":69,"y":209,"width":335,"height":11}},{"id":"053d21ea-7cc4-472d-be6e-e4e15c2755f9","block_type":"box","text":"Michael Gates, CFA, Suzanne Ly, CFA, FRM, and Lisa O’Connor, CFA, are the Funds’ portfolio managers and are","page_number":43,"box":{"x":102,"y":225,"width":794,"height":12}},{"id":"dc798722-0b97-4ec9-831a-53401c2987bd","block_type":"box","text":"jointly and primarily responsible for the day-to-day management of each Fund’s portfolio.","page_number":43,"box":{"x":67,"y":238,"width":629,"height":11}},{"id":"227e439f-e696-4daf-a0f9-1407cccb1055","block_type":"box","text":"Other Funds and Accounts Managed","page_number":43,"box":{"x":70,"y":259,"width":265,"height":11}},{"id":"e6303dab-56cb-4f62-af9c-b7a5170d39ea","block_type":"box","text":"The following table sets forth information about funds and accounts other than the listed Fund for which the","page_number":43,"box":{"x":101,"y":275,"width":770,"height":11}},{"id":"b23f4ac6-2392-44d2-833d-f6369e644576","block_type":"box","text":"portfolio managers are primarily responsible for the day-to-day portfolio management as of the Fund’s fiscal year","page_number":43,"box":{"x":70,"y":288,"width":801,"height":11}},{"id":"fee76fcb-3505-495b-b6bc-0f8d14395bad","block_type":"box","text":"ended September 30, 2025.","page_number":43,"box":{"x":69,"y":301,"width":203,"height":11}},{"id":"c80fd883-f854-4653-8e2c-6523fc2386cb","block_type":"box","text":"20/80 Fund","page_number":43,"box":{"x":69,"y":321,"width":87,"height":11}},{"id":"542f6118-5bbe-4cfb-a4f9-a15684cfe815","block_type":"box","text":"Number of Other Accounts Managed","page_number":43,"box":{"x":379,"y":347,"width":211,"height":9}},{"id":"cbe172e8-523a-4a9c-9c5b-d1c004bf16a4","block_type":"box","text":"and Assets by Account Type","page_number":43,"box":{"x":402,"y":358,"width":165,"height":8}},{"id":"5b78a076-d9db-4a1f-b20d-602584a1dccc","block_type":"box","text":"Number of Other Accounts and Assets","page_number":43,"box":{"x":656,"y":347,"width":222,"height":7}},{"id":"ac491fb4-e1dc-4d57-9cfa-9d7c9d4ce9b1","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":43,"box":{"x":634,"y":357,"width":265,"height":9}},{"id":"ea832bd2-da83-4551-bef2-e0e3878ad73f","block_type":"box","text":"Name of Portfolio Manager","page_number":43,"box":{"x":74,"y":400,"width":157,"height":9}},{"id":"af81f5ec-3ed0-4164-9f13-392d77cf71eb","block_type":"box","text":"Other","page_number":43,"box":{"x":376,"y":370,"width":31,"height":7}},{"id":"3129d04f-ee05-4f5f-9cf5-c77c5a0486bf","block_type":"box","text":"Registered","page_number":43,"box":{"x":360,"y":380,"width":62,"height":9}},{"id":"7a511cd6-0da1-4c21-803a-ea30863a6aad","block_type":"box","text":"Investment","page_number":43,"box":{"x":359,"y":390,"width":65,"height":7}},{"id":"33b46199-5dc1-49ee-8d28-36d49d975b84","block_type":"box","text":"Companies","page_number":43,"box":{"x":359,"y":400,"width":64,"height":9}},{"id":"2f77e852-e6d9-43e7-b787-83299f1711a9","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":456,"y":380,"width":75,"height":7}},{"id":"a588dc2f-280a-4447-87dc-c97fad8e00d0","block_type":"box","text":"Investment","page_number":43,"box":{"x":462,"y":390,"width":64,"height":7}},{"id":"af28ce29-8094-4816-bdf7-271fcdc9968d","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":470,"y":400,"width":48,"height":7}},{"id":"c200c13f-b26e-4f82-b67d-39df4cfdcdc8","block_type":"box","text":"Other","page_number":43,"box":{"x":571,"y":390,"width":32,"height":7}},{"id":"742a0cb6-a495-436b-999d-c26ae654a559","block_type":"box","text":"Accounts","page_number":43,"box":{"x":559,"y":400,"width":55,"height":7}},{"id":"82ca7291-f54d-4655-87c6-17f59e621c03","block_type":"box","text":"Other","page_number":43,"box":{"x":656,"y":370,"width":32,"height":7}},{"id":"d56bf227-3b58-4ed7-951f-0b01573a5008","block_type":"box","text":"Registered","page_number":43,"box":{"x":641,"y":380,"width":62,"height":9}},{"id":"8e215b98-0f9c-4d49-b0c9-15c54118d82b","block_type":"box","text":"Investment","page_number":43,"box":{"x":640,"y":390,"width":64,"height":7}},{"id":"b70f94bb-aec8-4d38-a58e-d8e8420dad7b","block_type":"box","text":"Companies","page_number":43,"box":{"x":640,"y":400,"width":64,"height":9}},{"id":"17aed946-2555-4118-a2ea-5e0860ff6e38","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":735,"y":380,"width":74,"height":7}},{"id":"23c91302-66fe-4ba3-9c22-837ae20dcf7a","block_type":"box","text":"Investment","page_number":43,"box":{"x":740,"y":390,"width":64,"height":7}},{"id":"6d0f81e2-dd1a-4fa4-a3ce-fbcc6ba1a6b9","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":748,"y":400,"width":48,"height":7}},{"id":"5564bc8e-ae62-4dd1-945c-137ee0c8e1c4","block_type":"box","text":"Other","page_number":43,"box":{"x":852,"y":390,"width":31,"height":7}},{"id":"ba92c6b1-fb07-41e3-9e27-6f6191b9ad9f","block_type":"box","text":"Accounts","page_number":43,"box":{"x":840,"y":400,"width":54,"height":7}},{"id":"a9faf9fc-3636-4a83-b5a7-9ce97924f1b4","block_type":"box","text":"Michael Gates, CFA 6 5 0 0 0 0","page_number":43,"box":{"x":74,"y":414,"width":797,"height":8}},{"id":"e10e7078-2c81-4cb6-9435-176dc1e1c485","block_type":"box","text":"$5.87 Billion $1.17 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":426,"width":519,"height":8}},{"id":"f9f51988-5c77-4a62-991b-d9f106d4a69e","block_type":"box","text":"Suzanne Ly, CFA, FRM 14 10 0 0 0 0","page_number":43,"box":{"x":74,"y":439,"width":797,"height":9}},{"id":"8adebba8-2a8e-4105-af60-eada626e4b20","block_type":"box","text":"$9.67 Billion $6.31 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":451,"width":519,"height":9}},{"id":"bb1e0766-45ba-4bd9-8587-72dc83c32efa","block_type":"box","text":"Lisa O’Connor, CFA 6 1 0 0 0 0","page_number":43,"box":{"x":74,"y":465,"width":797,"height":8}},{"id":"b63016db-27ef-40dd-b321-0aedf2b894e4","block_type":"box","text":"$5.87 Billion $102.50 Million $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":476,"width":519,"height":9}},{"id":"4dfee7f7-933f-4e7f-88df-02b94114870f","block_type":"box","text":"40/60 Fund","page_number":43,"box":{"x":69,"y":504,"width":87,"height":11}},{"id":"901cbaac-0f18-4d70-b22f-c68ecf2c3f35","block_type":"box","text":"Number of Other Accounts Managed","page_number":43,"box":{"x":379,"y":530,"width":211,"height":8}},{"id":"b3e4f657-fdcc-4689-a5aa-e3095b510efa","block_type":"box","text":"and Assets by Account Type","page_number":43,"box":{"x":402,"y":540,"width":165,"height":9}},{"id":"00413cd5-bcc7-4ef0-9e98-9c1271227b9a","block_type":"box","text":"Number of Other Accounts and Assets","page_number":43,"box":{"x":656,"y":530,"width":222,"height":7}},{"id":"45d226fe-4279-4797-837a-c9a77706b296","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":43,"box":{"x":634,"y":540,"width":265,"height":9}},{"id":"92fd8681-d7a2-4345-84cc-a5d99bef5c05","block_type":"box","text":"Name of Portfolio Manager","page_number":43,"box":{"x":74,"y":582,"width":157,"height":9}},{"id":"88a504d3-c017-4ccc-8629-5070f546ad8d","block_type":"box","text":"Other","page_number":43,"box":{"x":376,"y":552,"width":31,"height":7}},{"id":"84fdb79e-94d8-44f4-b641-02c0e326c3cc","block_type":"box","text":"Registered","page_number":43,"box":{"x":360,"y":562,"width":62,"height":9}},{"id":"53461921-c7b7-465b-9ef7-4e185158b87a","block_type":"box","text":"Investment","page_number":43,"box":{"x":359,"y":573,"width":65,"height":7}},{"id":"d7eb4f41-ae18-4268-a8f6-ff0ded799227","block_type":"box","text":"Companies","page_number":43,"box":{"x":359,"y":583,"width":64,"height":8}},{"id":"83629acd-5aad-48e9-8a07-ccb0778cecb1","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":456,"y":562,"width":75,"height":7}},{"id":"e90b60fa-7a84-48b1-b1f7-6dbd9f20fd59","block_type":"box","text":"Investment","page_number":43,"box":{"x":462,"y":573,"width":64,"height":7}},{"id":"9d530617-9f3b-46c7-ba04-d86334b49dd2","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":470,"y":583,"width":48,"height":7}},{"id":"cd7b4b50-3e48-4010-a7a6-a38939a5cf3b","block_type":"box","text":"Other","page_number":43,"box":{"x":571,"y":572,"width":32,"height":8}},{"id":"d47d0530-1ea0-4edb-b3b4-bb47b2ebba42","block_type":"box","text":"Accounts","page_number":43,"box":{"x":559,"y":583,"width":55,"height":7}},{"id":"367c1609-1108-484d-8515-cea11ee5c99f","block_type":"box","text":"Other","page_number":43,"box":{"x":656,"y":552,"width":32,"height":7}},{"id":"e350a65c-cedf-4673-a963-31670797fde4","block_type":"box","text":"Registered","page_number":43,"box":{"x":641,"y":562,"width":62,"height":9}},{"id":"e4a4903c-7797-4480-b230-d17f1a1488c6","block_type":"box","text":"Investment","page_number":43,"box":{"x":640,"y":573,"width":64,"height":7}},{"id":"0dcf228f-95ea-4cc3-80bc-c33cfe941576","block_type":"box","text":"Companies","page_number":43,"box":{"x":640,"y":583,"width":64,"height":8}},{"id":"ca189024-dd0a-4b71-8171-900412b02f4c","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":735,"y":562,"width":74,"height":7}},{"id":"a9c754ea-f350-4ec4-83ce-6770f111964d","block_type":"box","text":"Investment","page_number":43,"box":{"x":740,"y":573,"width":64,"height":7}},{"id":"85197697-ae81-4e5c-80ce-1e0ff91dcea7","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":748,"y":583,"width":48,"height":7}},{"id":"56cf3802-f623-4ee9-8f91-b3c3fbfe50eb","block_type":"box","text":"Other","page_number":43,"box":{"x":852,"y":572,"width":31,"height":8}},{"id":"acb18f65-17fb-48f1-bc55-3c5d46596264","block_type":"box","text":"Accounts","page_number":43,"box":{"x":840,"y":583,"width":54,"height":7}},{"id":"38d42342-a3fa-446e-95a0-66209bbd9ccd","block_type":"box","text":"Michael Gates, CFA 6 5 0 0 0 0","page_number":43,"box":{"x":74,"y":596,"width":797,"height":9}},{"id":"118e8d8c-1ba6-474a-a540-50cd88740beb","block_type":"box","text":"$5.55 Billion $1.17 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":608,"width":519,"height":9}},{"id":"870ce0c7-b6ab-47ff-a0fb-dbe7b1a0f760","block_type":"box","text":"Suzanne Ly, CFA, FRM 14 10 0 0 0 0","page_number":43,"box":{"x":74,"y":622,"width":797,"height":8}},{"id":"d2bb7858-e583-484a-91e4-9f4d0c24f5a0","block_type":"box","text":"$9.35 Billion $6.31 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":634,"width":519,"height":8}},{"id":"66e72bda-95bd-483b-a4ea-49efc9af1305","block_type":"box","text":"Lisa O’Connor, CFA 6 1 0 0 0 0","page_number":43,"box":{"x":74,"y":647,"width":797,"height":8}},{"id":"d76fb225-1d3c-4adf-accf-ab1f556cb140","block_type":"box","text":"$5.55 Billion $102.50 Million $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":659,"width":519,"height":8}},{"id":"c2d04e93-55ab-4029-a050-3d2ac0fcb4b7","block_type":"box","text":"60/40 Fund","page_number":43,"box":{"x":69,"y":686,"width":87,"height":11}},{"id":"5b9f06a1-a7f3-4275-867c-88814652fb46","block_type":"box","text":"Number of Other Accounts Managed","page_number":43,"box":{"x":379,"y":712,"width":211,"height":9}},{"id":"169dd124-2710-4570-ab01-996c56b9ed77","block_type":"box","text":"and Assets by Account Type","page_number":43,"box":{"x":402,"y":722,"width":165,"height":9}},{"id":"db3b7fe1-91e4-45a3-8da0-4c54b6cd7723","block_type":"box","text":"Number of Other Accounts and Assets","page_number":43,"box":{"x":656,"y":712,"width":222,"height":7}},{"id":"8504df26-75ff-409a-8af4-6556ea121a92","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":43,"box":{"x":634,"y":722,"width":265,"height":9}},{"id":"6cf324bf-ea6a-45af-a6a5-4f61b33af0fb","block_type":"box","text":"Name of Portfolio Manager","page_number":43,"box":{"x":74,"y":765,"width":157,"height":9}},{"id":"9b5f6490-8b07-4e03-8ab1-ed44c52fa9d6","block_type":"box","text":"Other","page_number":43,"box":{"x":376,"y":735,"width":31,"height":7}},{"id":"55b9de59-8717-4e93-9ec2-f70687971e0c","block_type":"box","text":"Registered","page_number":43,"box":{"x":360,"y":745,"width":62,"height":8}},{"id":"01ed25d9-2a79-4d62-bb99-ef09d7889d69","block_type":"box","text":"Investment","page_number":43,"box":{"x":359,"y":755,"width":65,"height":7}},{"id":"3cc062e4-b5a0-4edb-a5ef-f1d02e0660da","block_type":"box","text":"Companies","page_number":43,"box":{"x":359,"y":765,"width":64,"height":9}},{"id":"2d505d0a-27ad-4af2-90ac-006aef32ae65","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":456,"y":745,"width":75,"height":7}},{"id":"0090f070-485d-45ab-a0ba-ebaee6d64f42","block_type":"box","text":"Investment","page_number":43,"box":{"x":462,"y":755,"width":64,"height":7}},{"id":"25a226d9-0542-449b-9e56-d57fc5fee56c","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":470,"y":765,"width":48,"height":7}},{"id":"b746305c-b546-427e-af8e-ddb695f0109d","block_type":"box","text":"Other","page_number":43,"box":{"x":571,"y":755,"width":32,"height":7}},{"id":"a531f244-6c29-4f5c-9a10-0c415bfa597a","block_type":"box","text":"Accounts","page_number":43,"box":{"x":559,"y":765,"width":55,"height":7}},{"id":"e8fa4eda-fee6-4e74-9d1e-9e7be50f1db2","block_type":"box","text":"Other","page_number":43,"box":{"x":656,"y":735,"width":32,"height":7}},{"id":"400a3285-096c-4b23-aff1-e36ec1df5b2d","block_type":"box","text":"Registered","page_number":43,"box":{"x":641,"y":745,"width":62,"height":8}},{"id":"1874108c-e011-4c19-bd57-2f5f0467d4d2","block_type":"box","text":"Investment","page_number":43,"box":{"x":640,"y":755,"width":64,"height":7}},{"id":"d76f3e55-1c4f-406e-afb5-d2296047d5bd","block_type":"box","text":"Companies","page_number":43,"box":{"x":640,"y":765,"width":64,"height":9}},{"id":"8260ecf8-1285-4b7f-9d5d-1232a2d7bfb7","block_type":"box","text":"Other Pooled","page_number":43,"box":{"x":735,"y":745,"width":74,"height":7}},{"id":"e08c5cb3-48cb-4489-a9a0-34eff3f2c8af","block_type":"box","text":"Investment","page_number":43,"box":{"x":740,"y":755,"width":64,"height":7}},{"id":"16e7f0c5-83b9-4561-b5a6-e4df32093182","block_type":"box","text":"Vehicles","page_number":43,"box":{"x":748,"y":765,"width":48,"height":7}},{"id":"3a037e8f-f570-4778-a8a8-27661fa67d17","block_type":"box","text":"Other","page_number":43,"box":{"x":852,"y":755,"width":31,"height":7}},{"id":"eb2dc2ef-7b06-4452-b2ce-c5c60ad92958","block_type":"box","text":"Accounts","page_number":43,"box":{"x":840,"y":765,"width":54,"height":7}},{"id":"62d22bab-dbb5-4316-bdba-55f7941163f5","block_type":"box","text":"Michael Gates, CFA 6 5 0 0 0 0","page_number":43,"box":{"x":74,"y":779,"width":797,"height":8}},{"id":"235d207a-ad05-45f3-8bfc-1c732ad495a6","block_type":"box","text":"$4.31 Billion $1.17 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":791,"width":519,"height":8}},{"id":"1011f074-48fb-408a-8021-bb466c4482dc","block_type":"box","text":"Suzanne Ly, CFA, FRM 14 10 0 0 0 0","page_number":43,"box":{"x":74,"y":804,"width":797,"height":9}},{"id":"b4f01b2f-73e3-4f08-9d95-f6593ba7bf06","block_type":"box","text":"$8.10 Billion $6.31 Billion $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":816,"width":519,"height":8}},{"id":"2f8ca8a6-3fbb-49f8-8355-83e081c537eb","block_type":"box","text":"Lisa O’Connor, CFA 6 1 0 0 0 0","page_number":43,"box":{"x":74,"y":829,"width":797,"height":8}},{"id":"af5aa4c6-22a1-4d36-82b9-161967e9ced5","block_type":"box","text":"$4.31 Billion $102.50 Million $0 $0 $0 $0","page_number":43,"box":{"x":355,"y":841,"width":519,"height":8}},{"id":"517f79a6-42c1-41bd-86ab-8d3a79d2df15","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f693ce88-0486-4e38-bea8-7fca84c7ca47","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0b2d62d-6193-41a7-a6f2-b84bc7641cc9","block_type":"box","text":"80/20 Fund","page_number":44,"box":{"x":69,"y":45,"width":87,"height":11}},{"id":"037d17ca-cdb0-477b-9d70-d14e7f26c152","block_type":"box","text":"Number of Other Accounts Managed","page_number":44,"box":{"x":379,"y":71,"width":211,"height":8}},{"id":"16107cb3-f79f-43d5-8892-2f17d669b3b9","block_type":"box","text":"and Assets by Account Type","page_number":44,"box":{"x":402,"y":81,"width":165,"height":9}},{"id":"0c0da888-760f-499b-83b7-492b5df23226","block_type":"box","text":"Number of Other Accounts and Assets","page_number":44,"box":{"x":656,"y":71,"width":222,"height":7}},{"id":"2202edf1-13a0-4867-9fb6-7a4a8eee8f2d","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":44,"box":{"x":634,"y":81,"width":265,"height":9}},{"id":"4aadc1d6-0976-4344-8576-5204f593695b","block_type":"box","text":"Name of Portfolio Manager","page_number":44,"box":{"x":74,"y":124,"width":157,"height":8}},{"id":"d74f3463-1cc3-4f6c-a5b6-bb7a0f085d24","block_type":"box","text":"Other","page_number":44,"box":{"x":376,"y":93,"width":31,"height":7}},{"id":"6ae21a57-8422-4720-a750-5bbe4ffce7c1","block_type":"box","text":"Registered","page_number":44,"box":{"x":360,"y":103,"width":62,"height":9}},{"id":"1afc7749-6ea0-44b2-a0c5-12e96c2d2e74","block_type":"box","text":"Investment","page_number":44,"box":{"x":359,"y":114,"width":65,"height":7}},{"id":"2c253bc1-f306-4b44-8916-ac9f2d224a2d","block_type":"box","text":"Companies","page_number":44,"box":{"x":359,"y":124,"width":64,"height":8}},{"id":"012884ab-f73a-4258-b484-813cfd25009d","block_type":"box","text":"Other Pooled","page_number":44,"box":{"x":456,"y":103,"width":75,"height":8}},{"id":"5820954a-5bfe-4248-9745-b964d7964af0","block_type":"box","text":"Investment","page_number":44,"box":{"x":462,"y":114,"width":64,"height":7}},{"id":"2a1b9ab5-492c-40f9-9f11-d14a0946e698","block_type":"box","text":"Vehicles","page_number":44,"box":{"x":470,"y":124,"width":48,"height":7}},{"id":"97798900-0730-4a5c-9fa2-6d43873813fe","block_type":"box","text":"Other","page_number":44,"box":{"x":571,"y":114,"width":32,"height":7}},{"id":"de017b8d-b558-41d1-b521-b98f5607280f","block_type":"box","text":"Accounts","page_number":44,"box":{"x":559,"y":124,"width":55,"height":7}},{"id":"727f783f-5b66-49d0-80d7-cc4f081a2e43","block_type":"box","text":"Other","page_number":44,"box":{"x":656,"y":93,"width":32,"height":7}},{"id":"01372bf7-c798-4c2e-9ff9-8164621974de","block_type":"box","text":"Registered","page_number":44,"box":{"x":641,"y":103,"width":62,"height":9}},{"id":"c4f86466-55dd-4773-b946-3315ce7cebd5","block_type":"box","text":"Investment","page_number":44,"box":{"x":640,"y":114,"width":64,"height":7}},{"id":"88f54fde-d56e-44ec-8491-3da6f9c9dd87","block_type":"box","text":"Companies","page_number":44,"box":{"x":640,"y":124,"width":64,"height":8}},{"id":"7057fe11-d09c-4b96-a639-f1563405d700","block_type":"box","text":"Other Pooled","page_number":44,"box":{"x":735,"y":103,"width":74,"height":8}},{"id":"ce6c54e1-2c92-4573-9e7f-a127fd685fa6","block_type":"box","text":"Investment","page_number":44,"box":{"x":740,"y":114,"width":64,"height":7}},{"id":"a101ad51-58f2-486b-a933-a9a3bb1b71e1","block_type":"box","text":"Vehicles","page_number":44,"box":{"x":748,"y":124,"width":48,"height":7}},{"id":"35c27dd0-6b76-439b-9ac4-8d2a8a24f127","block_type":"box","text":"Other","page_number":44,"box":{"x":852,"y":114,"width":31,"height":7}},{"id":"fc9db71e-becc-425a-833d-66e8a30f79d2","block_type":"box","text":"Accounts","page_number":44,"box":{"x":840,"y":124,"width":54,"height":7}},{"id":"4175768f-114d-45d9-8ac0-31383450b867","block_type":"box","text":"Michael Gates, CFA 6 5 0 0 0 0","page_number":44,"box":{"x":74,"y":137,"width":797,"height":9}},{"id":"b24a83fd-4d5a-4ff8-b664-8a3363b44713","block_type":"box","text":"$4.01 Billion $1.17 Billion $0 $0 $0 $0","page_number":44,"box":{"x":355,"y":149,"width":519,"height":9}},{"id":"072749ce-1955-4b7a-ad9b-d03c762854de","block_type":"box","text":"Suzanne Ly, CFA, FRM 14 10 0 0 0 0","page_number":44,"box":{"x":74,"y":163,"width":797,"height":8}},{"id":"5feddef0-2c0a-4db1-ae91-f33c57ee59b0","block_type":"box","text":"$7.81 Billion $6.31 Billion $0 $0 $0 $0","page_number":44,"box":{"x":355,"y":175,"width":519,"height":8}},{"id":"8cf5115f-daeb-4386-af4b-4724d54bf21a","block_type":"box","text":"Lisa O’Connor, CFA 6 1 0 0 0 0","page_number":44,"box":{"x":74,"y":188,"width":797,"height":8}},{"id":"e773af4d-201e-4d14-8502-4b09cd5c81b5","block_type":"box","text":"$4.01 Billion $102.50 Million $0 $0 $0 $0","page_number":44,"box":{"x":355,"y":200,"width":519,"height":8}},{"id":"f1c5ef1b-f579-4ae0-b719-fea6492d44a9","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":44,"box":{"x":69,"y":223,"width":304,"height":11}},{"id":"6d03f48f-d7f2-4f9d-b98c-895d0e1744b1","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of September 30, 2025.","page_number":44,"box":{"x":101,"y":240,"width":705,"height":11}},{"id":"79fe6615-bc6c-40ed-aeee-8ebfb479d2d9","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":44,"box":{"x":102,"y":256,"width":774,"height":12}},{"id":"1bec40f9-b7ce-45a8-b63f-994232b709c8","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":44,"box":{"x":70,"y":269,"width":837,"height":12}},{"id":"a5d3ea95-11b4-439d-86d3-d724569ba390","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":44,"box":{"x":69,"y":282,"width":823,"height":11}},{"id":"f565831f-ebcf-4a81-8edd-36d53c166c4b","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":44,"box":{"x":69,"y":295,"width":799,"height":11}},{"id":"084d22ea-57ff-4ec5-9ecf-f275ed5c11e8","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":44,"box":{"x":70,"y":308,"width":670,"height":11}},{"id":"8b8c23b3-b178-487d-9958-2f3978644f98","block_type":"box","text":"Base Compensation.","page_number":44,"box":{"x":102,"y":325,"width":148,"height":10}},{"id":"2abeb786-4c11-40b4-9962-aded52c29e63","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":44,"box":{"x":257,"y":324,"width":640,"height":12}},{"id":"11d0d529-7cae-4261-83c7-8e18958dcdff","block_type":"box","text":"firm.","page_number":44,"box":{"x":68,"y":337,"width":32,"height":9}},{"id":"f422dfc0-f9c5-41d0-9881-81106ba24555","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":44,"box":{"x":102,"y":354,"width":281,"height":11}},{"id":"6717cce5-a620-44c7-adfe-a6384bef00fc","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":44,"box":{"x":391,"y":354,"width":432,"height":11}},{"id":"fd83752c-1298-49e1-9b14-d8ba05ae3c7a","block_type":"box","text":"components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within","page_number":44,"box":{"x":69,"y":367,"width":759,"height":11}},{"id":"9ce0ecbb-55c2-4209-abbf-a0a9aa1c18c8","block_type":"box","text":"BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or","page_number":44,"box":{"x":70,"y":380,"width":821,"height":11}},{"id":"cf76af3b-6b5f-4154-8633-61924d4a72fd","block_type":"box","text":"supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and","page_number":44,"box":{"x":69,"y":392,"width":819,"height":12}},{"id":"fc08a114-c5a1-4745-bd92-4aac2d2d02c4","block_type":"box","text":"contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock’s Chief","page_number":44,"box":{"x":69,"y":405,"width":811,"height":12}},{"id":"12d9264b-9517-48cc-a3d8-760c40d016d8","block_type":"box","text":"Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based","page_number":44,"box":{"x":70,"y":418,"width":824,"height":11}},{"id":"b829a42e-731f-4af0-baa6-7f44ea26b6ef","block_type":"box","text":"on the performance of the Funds and other accounts managed by each portfolio manager relative to the various","page_number":44,"box":{"x":69,"y":431,"width":798,"height":11}},{"id":"086493e5-90f8-4c12-909f-1949cfb2d318","block_type":"box","text":"benchmarks. Performance is generally assessed over trailing 1-,3-, and 5-year periods relative to applicable","page_number":44,"box":{"x":69,"y":444,"width":766,"height":11}},{"id":"bf8e0d02-592b-4098-a0b2-47c6c0fa0a29","block_type":"box","text":"benchmarks. The relative benchmarks for these portfolio managers are:","page_number":44,"box":{"x":69,"y":457,"width":511,"height":11}},{"id":"45c157af-42e1-4080-8bf8-7f95a346c1b2","block_type":"box","text":"Portfolio Manager Fund Managed Benchmarks","page_number":44,"box":{"x":69,"y":483,"width":600,"height":9}},{"id":"26761840-fed4-4795-8fc9-d80bbace7840","block_type":"box","text":"Michael Gates, CFA 20/80 Fund","page_number":44,"box":{"x":70,"y":499,"width":280,"height":11}},{"id":"e5c3162b-3837-43e7-9401-a3e4f0ecfee8","block_type":"box","text":"40/60 Fund","page_number":44,"box":{"x":264,"y":514,"width":86,"height":11}},{"id":"9af605ac-bf64-469b-9721-bf004fdedf56","block_type":"box","text":"60/40 Fund","page_number":44,"box":{"x":265,"y":530,"width":85,"height":10}},{"id":"67defecd-a928-45dc-8bc7-f6ca65714d99","block_type":"box","text":"80/20 Fund","page_number":44,"box":{"x":264,"y":545,"width":86,"height":11}},{"id":"12340a10-96c3-462f-994f-b2e8944ef9eb","block_type":"box","text":"A combination of market-based indices","page_number":44,"box":{"x":597,"y":499,"width":276,"height":9}},{"id":"10e81116-8d96-420b-a89b-cc60f8c45d77","block_type":"box","text":"(MSCI USA, MSCI All-Country World,","page_number":44,"box":{"x":597,"y":514,"width":253,"height":11}},{"id":"ff2a382a-8ba2-4842-aff5-f9c834aa3199","block_type":"box","text":"Bloomberg U.S. Universal Index) and","page_number":44,"box":{"x":598,"y":530,"width":259,"height":11}},{"id":"98bac4b8-319a-4c00-8622-2e5b64b4881d","block_type":"box","text":"certain customized indices.","page_number":44,"box":{"x":597,"y":545,"width":194,"height":9}},{"id":"d2f83be0-cd10-471e-b81a-68031e0c6473","block_type":"box","text":"Suzanne Ly, CFA, FRM 20/80 Fund","page_number":44,"box":{"x":69,"y":567,"width":281,"height":11}},{"id":"43b6318f-466b-4949-811b-0fc75c629734","block_type":"box","text":"40/60 Fund","page_number":44,"box":{"x":264,"y":582,"width":86,"height":11}},{"id":"0b898d4b-0afb-47fe-847b-2a06f37043c4","block_type":"box","text":"60/40 Fund","page_number":44,"box":{"x":265,"y":598,"width":85,"height":10}},{"id":"3d5108f3-7019-4292-a6b9-16e3c0818ef9","block_type":"box","text":"80/20 Fund","page_number":44,"box":{"x":264,"y":613,"width":86,"height":11}},{"id":"473ed1d6-3970-46c6-900a-a08a4b88fb0e","block_type":"box","text":"A combination of market-based indices","page_number":44,"box":{"x":597,"y":567,"width":276,"height":9}},{"id":"63316e9b-ea11-498a-bb87-88c060ce5ee7","block_type":"box","text":"(MSCI Developed, MSCI World, Russell","page_number":44,"box":{"x":597,"y":582,"width":275,"height":11}},{"id":"8b739eff-bf9e-448d-9056-27ea36c7a034","block_type":"box","text":"1000, Bloomberg U.S. Universal Index),","page_number":44,"box":{"x":598,"y":598,"width":281,"height":11}},{"id":"06e85cd1-8331-429c-b82c-aa9fc1ed3a3b","block_type":"box","text":"certain customized indices and certain","page_number":44,"box":{"x":597,"y":613,"width":276,"height":9}},{"id":"146b15d4-6d1b-445c-8e6c-575f1bb66167","block_type":"box","text":"fund industry peer groups.","page_number":44,"box":{"x":597,"y":628,"width":187,"height":11}},{"id":"fbd71854-c5e5-4843-b2e5-d043b02f02a4","block_type":"box","text":"Lisa O’Connor, CFA 20/80 Fund","page_number":44,"box":{"x":70,"y":650,"width":280,"height":11}},{"id":"f0075b57-f61b-4f3f-8b32-086757afc82b","block_type":"box","text":"40/60 Fund","page_number":44,"box":{"x":264,"y":666,"width":86,"height":10}},{"id":"4ea743ad-c993-41f0-8e98-e3abefddd8c3","block_type":"box","text":"60/40 Fund","page_number":44,"box":{"x":265,"y":681,"width":85,"height":11}},{"id":"5dda8ce5-bd3e-4516-b555-cab2db198943","block_type":"box","text":"80/20 Fund","page_number":44,"box":{"x":264,"y":696,"width":86,"height":11}},{"id":"479eb54c-3b33-4cc5-877d-4ff52bbd8a04","block_type":"box","text":"A combination of market-based indices","page_number":44,"box":{"x":597,"y":650,"width":276,"height":9}},{"id":"ef2d0f6f-24dd-42b9-ad6a-1ca086941869","block_type":"box","text":"(MSCI USA, MSCI All-Country World,","page_number":44,"box":{"x":597,"y":666,"width":253,"height":11}},{"id":"c124a842-5d86-4476-9d49-b73b41cdf148","block_type":"box","text":"Bloomberg U.S. Universal Index) and","page_number":44,"box":{"x":598,"y":681,"width":259,"height":11}},{"id":"71b1a362-32d7-4303-a75a-2818c802c3b1","block_type":"box","text":"certain customized indices.","page_number":44,"box":{"x":597,"y":696,"width":194,"height":9}},{"id":"620827d4-862e-4561-881c-6e9762d93c45","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":44,"box":{"x":102,"y":739,"width":389,"height":11}},{"id":"94ee7196-cc99-4167-9f2c-06d37f52a932","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":44,"box":{"x":499,"y":739,"width":383,"height":11}},{"id":"2d0924fb-a9b2-41fa-b465-085500fa2553","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":44,"box":{"x":70,"y":751,"width":815,"height":12}},{"id":"2581e8a8-7276-4ae7-afff-40301ec7285e","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":44,"box":{"x":68,"y":764,"width":522,"height":11}},{"id":"c3173cf4-10e0-465e-a0d0-256910fbacac","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":44,"box":{"x":102,"y":781,"width":760,"height":11}},{"id":"539a1d44-373f-4ee0-9778-42fdc4f718e3","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":44,"box":{"x":69,"y":794,"width":795,"height":11}},{"id":"6a47e8a7-5ec7-45f0-ae70-f60c0ec95a8d","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":44,"box":{"x":69,"y":807,"width":805,"height":11}},{"id":"0e978385-9372-4c72-baa3-0aff638d079c","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":44,"box":{"x":69,"y":819,"width":822,"height":12}},{"id":"48ee9ed3-db17-444e-9ab8-e1d8ee5e88c1","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":44,"box":{"x":68,"y":832,"width":839,"height":12}},{"id":"a035efee-3a8d-4625-b1c7-ae6ba463fa1a","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":44,"box":{"x":69,"y":845,"width":802,"height":11}},{"id":"cc6dcf84-8a5e-4530-a359-9935b79302db","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":44,"box":{"x":70,"y":858,"width":820,"height":11}},{"id":"47b3daa2-90da-492b-8888-a9b0efca8813","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":44,"box":{"x":70,"y":871,"width":801,"height":11}},{"id":"d8bad32d-d6cc-499b-8492-16c659330796","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":44,"box":{"x":70,"y":884,"width":831,"height":11}},{"id":"1100109a-4acd-44ee-8b9d-44e99126c298","block_type":"box","text":"managers of these Funds have deferred BlackRock, Inc. stock awards.","page_number":44,"box":{"x":69,"y":896,"width":501,"height":12}},{"id":"41786b1d-4407-4dcd-b6b9-e66c59ef9387","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"17ccfa58-0fdd-4bab-804b-aaf6d88615e9","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6522c07e-9dc0-4bb8-8bb0-858971bb28c5","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":45,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"8065a751-7306-494a-98de-c5db87314e1d","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":45,"box":{"x":68,"y":57,"width":836,"height":12}},{"id":"85afa788-95e5-49a9-8144-59a931d1cdb4","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":45,"box":{"x":68,"y":70,"width":821,"height":12}},{"id":"3bf8bae3-8f3b-4a6f-a204-dd7da6bd641b","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":45,"box":{"x":69,"y":83,"width":829,"height":11}},{"id":"958f799d-939d-4d93-90a3-afe01925d982","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":45,"box":{"x":70,"y":96,"width":835,"height":11}},{"id":"fb309c48-c831-45ae-a501-09983663d6a2","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":45,"box":{"x":69,"y":109,"width":414,"height":11}},{"id":"448bab6c-4d80-4eff-ba16-31aeeeb908d3","block_type":"box","text":"Other Compensation Benefits.","page_number":45,"box":{"x":101,"y":126,"width":218,"height":11}},{"id":"1701ddf7-5b82-45a5-b01c-dffaa8df640d","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":45,"box":{"x":327,"y":125,"width":552,"height":12}},{"id":"a050afbc-0c13-4d39-a319-09a6a2b6dd43","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":45,"box":{"x":69,"y":138,"width":582,"height":12}},{"id":"0502a5a0-0fa9-47ff-b604-05bc14b6849b","block_type":"box","text":"Incentive Savings Plans","page_number":45,"box":{"x":102,"y":155,"width":167,"height":11}},{"id":"75a50db7-e507-48e7-9538-d5f1ec033090","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":45,"box":{"x":274,"y":155,"width":614,"height":11}},{"id":"d1a3df84-bb0f-4775-b847-9d5541d245ad","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":45,"box":{"x":69,"y":168,"width":831,"height":11}},{"id":"1a47adb4-e089-46b5-a1e0-f2244aa5a107","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":45,"box":{"x":70,"y":181,"width":785,"height":11}},{"id":"3c13c48c-ac59-44c7-adc3-03c663312e02","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":45,"box":{"x":69,"y":193,"width":830,"height":12}},{"id":"aa4512c8-7b27-451d-bf33-21901884b1a8","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":45,"box":{"x":69,"y":206,"width":799,"height":12}},{"id":"86e8545b-8cdb-44ba-b4a7-525fdad531fc","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":45,"box":{"x":69,"y":219,"width":831,"height":12}},{"id":"1b220020-b087-40d9-8b42-35a3d0e488e9","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":45,"box":{"x":69,"y":232,"width":798,"height":11}},{"id":"1e8016de-b980-41cd-86ed-71143a3a78e0","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":45,"box":{"x":70,"y":245,"width":809,"height":11}},{"id":"aaeae6d8-b68c-475c-bff3-2d2027b95c29","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":45,"box":{"x":68,"y":258,"width":793,"height":11}},{"id":"253ec8a1-beb2-4785-a4ff-f93106175caa","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":45,"box":{"x":70,"y":271,"width":832,"height":11}},{"id":"ebb3f3d0-02f8-4572-a347-5d378f0e750c","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":45,"box":{"x":68,"y":283,"width":805,"height":11}},{"id":"fbced8e1-8494-4046-892d-4fff98a72ee2","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":45,"box":{"x":69,"y":296,"width":808,"height":12}},{"id":"9d7509d9-e1d0-4af1-811e-c9f543facdff","block_type":"box","text":"participate in these plans.","page_number":45,"box":{"x":70,"y":309,"width":185,"height":11}},{"id":"da978ecd-ba18-4ff2-82a4-173982227f3e","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":45,"box":{"x":69,"y":330,"width":268,"height":11}},{"id":"3aa22f36-6ab9-47c1-af89-9b15bebfa41e","block_type":"box","text":"As of September 30, 2025, the Funds’ most recently completed fiscal year end, the dollar range of securities","page_number":45,"box":{"x":101,"y":346,"width":780,"height":12}},{"id":"55ee178d-2a1a-488a-9ee8-23660d4d7c19","block_type":"box","text":"beneficially owned by the portfolio managers in each Fund is shown below:","page_number":45,"box":{"x":69,"y":359,"width":531,"height":11}},{"id":"38b98124-ec7a-42fd-9440-c74afaea4730","block_type":"box","text":"Portfolio Manager","page_number":45,"box":{"x":69,"y":395,"width":105,"height":9}},{"id":"6b9ba817-5694-4a0c-9236-790bf878af59","block_type":"box","text":"Fund Managed","page_number":45,"box":{"x":617,"y":395,"width":85,"height":9}},{"id":"28d24aff-d1df-4fa8-a876-bfe3883e4d2a","block_type":"box","text":"Dollar Range of Equity","page_number":45,"box":{"x":757,"y":385,"width":129,"height":9}},{"id":"0eff7b98-32c8-48b5-8bdc-b4f5115c0f3b","block_type":"box","text":"Securities Beneficially Owned","page_number":45,"box":{"x":732,"y":395,"width":173,"height":9}},{"id":"7e60e861-0bc1-4425-b566-67707be5a166","block_type":"box","text":"1","page_number":45,"box":{"x":906,"y":395,"width":4,"height":4}},{"id":"e7f8eb24-d7ed-452c-be91-a13f53b287d7","block_type":"box","text":"Michael Gates, CFA","page_number":45,"box":{"x":70,"y":413,"width":137,"height":10}},{"id":"3c7b9a7d-c8e1-4b81-ace9-61ae8639150f","block_type":"box","text":"..............................................","page_number":45,"box":{"x":217,"y":420,"width":368,"height":2}},{"id":"b7c0cd07-2550-4026-88f6-18d023751607","block_type":"box","text":"20/80 Fund None","page_number":45,"box":{"x":617,"y":413,"width":222,"height":11}},{"id":"e7bf3e63-96cc-4adc-89a5-4b5b6c4f3906","block_type":"box","text":"40/60 Fund None","page_number":45,"box":{"x":617,"y":428,"width":222,"height":11}},{"id":"ca01f465-2be0-4fc4-876b-63c25bfd7017","block_type":"box","text":"60/40 Fund $10,001 - $50,000","page_number":45,"box":{"x":617,"y":442,"width":273,"height":12}},{"id":"bcb6da92-cef3-4074-8450-d003a56d7b89","block_type":"box","text":"80/20 Fund $100,001 - $500,000","page_number":45,"box":{"x":617,"y":458,"width":283,"height":11}},{"id":"03b87ab8-18fd-4184-8bfa-a6e418fcc3d8","block_type":"box","text":"Suzanne Ly, CFA, FRM","page_number":45,"box":{"x":69,"y":473,"width":156,"height":11}},{"id":"4bd07d1d-90c3-4b30-a54b-6376762161f6","block_type":"box","text":"............................................","page_number":45,"box":{"x":233,"y":481,"width":352,"height":1}},{"id":"88cdea2f-1391-42ab-8e49-affdf5670729","block_type":"box","text":"20/80 Fund None","page_number":45,"box":{"x":617,"y":473,"width":222,"height":11}},{"id":"0ce4dc54-cecb-4403-a20b-5b0b780f61dc","block_type":"box","text":"40/60 Fund None","page_number":45,"box":{"x":617,"y":489,"width":222,"height":10}},{"id":"39d3a3ac-d111-4df9-8562-5734dab631d7","block_type":"box","text":"60/40 Fund None","page_number":45,"box":{"x":617,"y":504,"width":222,"height":11}},{"id":"adacc65f-16d4-49cc-855d-16f12f8880e6","block_type":"box","text":"80/20 Fund None","page_number":45,"box":{"x":617,"y":519,"width":222,"height":11}},{"id":"089fc2e5-e74c-4034-add0-47c2b93081b2","block_type":"box","text":"Lisa O’Connor, CFA","page_number":45,"box":{"x":70,"y":534,"width":134,"height":10}},{"id":"8f55c4ca-f9cc-4cff-955e-1b681680db06","block_type":"box","text":"...............................................","page_number":45,"box":{"x":209,"y":541,"width":376,"height":2}},{"id":"8f3fde58-9074-4050-a4b7-6e297ef12530","block_type":"box","text":"20/80 Fund None","page_number":45,"box":{"x":617,"y":534,"width":222,"height":11}},{"id":"d1c3fdf5-8d59-4fde-aebd-47f32ff2a12f","block_type":"box","text":"40/60 Fund None","page_number":45,"box":{"x":617,"y":549,"width":222,"height":11}},{"id":"ad503785-cd84-4257-aa3e-a1be4c434a55","block_type":"box","text":"60/40 Fund $100,001 - $500,000","page_number":45,"box":{"x":617,"y":563,"width":283,"height":12}},{"id":"19bce9c8-b6bd-49be-b75f-9c243e38905a","block_type":"box","text":"80/20 Fund $10,001 - $50,000","page_number":45,"box":{"x":617,"y":578,"width":273,"height":12}},{"id":"bb215310-b4a2-417a-b8e0-69b4df6ec57e","block_type":"box","text":"1","page_number":45,"box":{"x":69,"y":603,"width":3,"height":3}},{"id":"31d1ef9d-6308-4809-a943-2b8f6156d784","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement programs.","page_number":45,"box":{"x":94,"y":602,"width":746,"height":9}},{"id":"4f7d1bcd-e0c3-4bce-b89b-c64e83ecf755","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":45,"box":{"x":69,"y":621,"width":403,"height":12}},{"id":"6fb78142-5b90-4611-a294-63f41704df6f","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":45,"box":{"x":102,"y":638,"width":727,"height":11}},{"id":"81a207b8-9637-4abe-a9bd-823bcf2b8a0d","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":45,"box":{"x":70,"y":651,"width":814,"height":11}},{"id":"8c589418-bb9b-4876-85b1-d3baf1939199","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":45,"box":{"x":70,"y":664,"width":837,"height":11}},{"id":"b9a349b4-916d-4c18-a018-0638c7da42bf","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":45,"box":{"x":70,"y":676,"width":810,"height":12}},{"id":"735d7a07-06fc-4686-8c09-42acaeb38930","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":45,"box":{"x":69,"y":689,"width":782,"height":12}},{"id":"da619539-543f-456f-83d6-f84b839f1094","block_type":"box","text":"management and advisory services to numerous clients in addition to the Funds, and BlackRock may, consistent with","page_number":45,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"821b03ce-5c42-4aab-b93d-06575a9b1e32","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":45,"box":{"x":69,"y":715,"width":828,"height":11}},{"id":"b2a6ec85-a8b3-4003-9e70-fc88d67f600b","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":45,"box":{"x":68,"y":728,"width":834,"height":11}},{"id":"8b983a8f-f6f6-4a20-8e13-7ddc3fdf99b9","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Funds. In addition,","page_number":45,"box":{"x":70,"y":741,"width":785,"height":11}},{"id":"0b40fbe5-deb1-462b-bace-d6165366ec0e","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":45,"box":{"x":70,"y":754,"width":821,"height":11}},{"id":"d50cc14e-f0b1-4377-9e20-41419937be4c","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Funds. BlackRock, or","page_number":45,"box":{"x":69,"y":767,"width":827,"height":10}},{"id":"65f9f4b2-0cdf-4e51-8a70-e689da4553fe","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":45,"box":{"x":69,"y":779,"width":832,"height":12}},{"id":"63dee694-322f-440a-b094-eadfd7f8b9fb","block_type":"box","text":"families may take different actions than those recommended to the Funds by BlackRock with respect to the same","page_number":45,"box":{"x":68,"y":792,"width":812,"height":11}},{"id":"12d138c0-d0d0-4fb4-8d34-0dd7cbc36693","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":45,"box":{"x":69,"y":805,"width":760,"height":11}},{"id":"a0308693-71aa-4bad-80fa-ba7315f17338","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":45,"box":{"x":69,"y":818,"width":834,"height":11}},{"id":"0030a909-2959-4a7a-8cda-ae5b9839ea9a","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":45,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"5c4d8cb8-41cf-4c42-841e-7daf4b9fca79","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":45,"box":{"x":69,"y":844,"width":822,"height":11}},{"id":"a432ca1d-7fb8-45a1-8c8a-da93a7e67b9b","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":45,"box":{"x":70,"y":856,"width":835,"height":12}},{"id":"fb7bbed9-4874-411e-88a7-d7eb4a297a7d","block_type":"box","text":"be opposed to the strategy utilized for the Funds. It should also be noted that a portfolio manager may be managing","page_number":45,"box":{"x":69,"y":869,"width":828,"height":12}},{"id":"a84062f7-09e3-4d38-939d-2ef442c68ab8","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":45,"box":{"x":69,"y":882,"width":811,"height":11}},{"id":"93bb2a7f-4bdb-4f7f-8a7f-825f31bb2200","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees","page_number":45,"box":{"x":69,"y":895,"width":839,"height":11}},{"id":"571ef007-0eb5-47b9-81fe-410ca5df63bc","block_type":"box","text":"earned on such accounts. Currently, the portfolio managers of these Funds are not entitled to receive a portion of","page_number":45,"box":{"x":69,"y":908,"width":813,"height":11}},{"id":"035a1ac7-87cb-4fe0-88a9-65c7b5cb96de","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2e316c4e-ba40-4c16-96fb-fee6c39c04b3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f2148ee-bca2-4f0f-848b-06acd3912050","block_type":"box","text":"incentive fees of other accounts. Currently, the portfolio managers of these funds are not entitled to receive a portion","page_number":46,"box":{"x":70,"y":45,"width":838,"height":11}},{"id":"85febe2a-1969-419f-92c5-eaf1ad22e94e","block_type":"box","text":"of incentive fees of other accounts.","page_number":46,"box":{"x":69,"y":57,"width":250,"height":9}},{"id":"9d042ad9-d312-467a-8f5a-d19c1de177d3","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":46,"box":{"x":101,"y":74,"width":788,"height":11}},{"id":"2c7b5717-8aeb-4703-9944-7bb906881117","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":46,"box":{"x":70,"y":87,"width":839,"height":11}},{"id":"ca227be3-3906-4dfe-b1de-9df9ba279043","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":46,"box":{"x":68,"y":100,"width":823,"height":11}},{"id":"c93283ca-713d-442c-b8d4-d9a3ca161749","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":46,"box":{"x":68,"y":113,"width":812,"height":11}},{"id":"d0973422-b29d-4b32-b6de-5f33a84f2408","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":46,"box":{"x":69,"y":125,"width":777,"height":12}},{"id":"5821a125-9ee7-4ff4-ae27-87c4b07856e8","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":46,"box":{"x":70,"y":139,"width":826,"height":10}},{"id":"6e543715-99f9-4843-8feb-661e3f5caad2","block_type":"box","text":"Accounting Services","page_number":46,"box":{"x":68,"y":159,"width":150,"height":11}},{"id":"9a704539-876c-4650-8f8c-40a724e0ecd4","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as the accounting services provider for the","page_number":46,"box":{"x":102,"y":175,"width":776,"height":12}},{"id":"1f990fe1-2fad-499a-9288-7e6964625991","block_type":"box","text":"Funds. BNY Mellon records investment, capital share and income and expense activities; verifies and transmits trade","page_number":46,"box":{"x":70,"y":188,"width":835,"height":11}},{"id":"cdf41268-6b1d-497b-aa95-8031c5363976","block_type":"box","text":"tickets; maintains accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Funds’","page_number":46,"box":{"x":68,"y":201,"width":819,"height":11}},{"id":"149f4645-fd9e-4238-b21c-0511d180ae98","block_type":"box","text":"custodian; reports cash balances to BlackRock; prepares certain financial statements; calculates expenses, gains,","page_number":46,"box":{"x":69,"y":214,"width":821,"height":11}},{"id":"5bcc3cd7-62c6-4f34-ac6e-3f26f30019a8","block_type":"box","text":"losses and income; controls disbursements; works with independent pricing sources; and computes and reports net","page_number":46,"box":{"x":70,"y":227,"width":829,"height":11}},{"id":"5e1c8c81-5f0f-407b-a271-34d64005a918","block_type":"box","text":"asset value. In connection with its accounting services, BNY Mellon also provides certain administration services.","page_number":46,"box":{"x":69,"y":240,"width":812,"height":11}},{"id":"11cbd54c-a843-464b-8616-281307745d9d","block_type":"box","text":"The tables below show the amounts paid by each Fund to BNY Mellon for accounting services for the past three","page_number":46,"box":{"x":101,"y":256,"width":797,"height":12}},{"id":"ad98cff1-c68f-4e54-8230-eb515bcedae9","block_type":"box","text":"fiscal years:","page_number":46,"box":{"x":68,"y":269,"width":85,"height":11}},{"id":"676a6d20-ac7c-41d4-a010-8f71c991ab62","block_type":"box","text":"20/80 Fund","page_number":46,"box":{"x":69,"y":290,"width":87,"height":11}},{"id":"9d96cbf2-5d28-4d1a-a2e4-d17688685a8b","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":840,"y":316,"width":55,"height":7}},{"id":"0db02d66-a549-40fa-9559-ccc760a728f6","block_type":"box","text":"to BNY Mellon","page_number":46,"box":{"x":825,"y":326,"width":84,"height":7}},{"id":"07333a92-713a-4544-81b0-f5b128bd1f61","block_type":"box","text":"Fiscal Year Ended September 30, 2025.","page_number":46,"box":{"x":70,"y":343,"width":284,"height":11}},{"id":"ff2341c9-395e-4abe-8af3-23f7c3f2a3ee","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":351,"width":434,"height":1}},{"id":"1d82c151-10e1-42ba-84c2-a44563b91ca1","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":343,"width":62,"height":11}},{"id":"31d0cad6-e8a6-48da-ba8e-fc7f21b53fef","block_type":"box","text":"Fiscal Year Ended September 30, 2024.","page_number":46,"box":{"x":70,"y":359,"width":284,"height":10}},{"id":"b210b7a8-75b5-4e87-87d0-5a03f651df44","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":366,"width":434,"height":1}},{"id":"666cbdaa-0ba6-48c1-ad5a-6260838742b5","block_type":"box","text":"$65,819","page_number":46,"box":{"x":837,"y":358,"width":61,"height":11}},{"id":"9fc82033-139c-4e32-8af2-80acbc22700b","block_type":"box","text":"Fiscal Year Ended September 30, 2023.","page_number":46,"box":{"x":70,"y":374,"width":284,"height":11}},{"id":"e5e0c188-ab1e-499b-808f-64e43de941b7","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":381,"width":434,"height":1}},{"id":"fe626cd9-d230-4cc8-ba60-27aa568ce65b","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":373,"width":62,"height":11}},{"id":"1a8c9ccb-5826-47aa-b52c-8051b590fd8c","block_type":"box","text":"40/60 Fund","page_number":46,"box":{"x":69,"y":398,"width":87,"height":11}},{"id":"4c8cbf56-916d-4b47-8d13-e24e7ab65962","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":840,"y":424,"width":55,"height":7}},{"id":"7a370c73-b367-4667-8941-4dec534aa3ba","block_type":"box","text":"to BNY Mellon","page_number":46,"box":{"x":825,"y":434,"width":84,"height":7}},{"id":"e4aa7fae-1e94-4f1a-a266-799b76923c64","block_type":"box","text":"Fiscal Year Ended September 30, 2025.","page_number":46,"box":{"x":70,"y":451,"width":284,"height":11}},{"id":"53d661ed-357f-4a22-aeb8-e8ef6203412f","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":459,"width":434,"height":1}},{"id":"c511b6e9-98b5-4cb9-805a-52ca6e3b6ca6","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":451,"width":62,"height":11}},{"id":"d717f46a-725e-4872-b9c1-765ac556e31e","block_type":"box","text":"Fiscal Year Ended September 30, 2024.","page_number":46,"box":{"x":70,"y":467,"width":284,"height":10}},{"id":"13392e76-9c68-402d-bb0c-5a0822aea5d4","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":474,"width":434,"height":1}},{"id":"d0a7ec31-fa09-44e3-b11f-5bce2dec0493","block_type":"box","text":"$65,820","page_number":46,"box":{"x":837,"y":466,"width":62,"height":11}},{"id":"2dd01628-e616-49e6-bb7c-edc4a66791e4","block_type":"box","text":"Fiscal Year Ended September 30, 2023.","page_number":46,"box":{"x":70,"y":482,"width":284,"height":10}},{"id":"4cabb2ca-2638-4c47-af18-f82bd5a5fd4e","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":489,"width":434,"height":1}},{"id":"ebbd9342-2c1b-476f-98e8-65d05b1e4a80","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":481,"width":62,"height":11}},{"id":"93052050-4d7b-4913-add7-31842be9a54d","block_type":"box","text":"60/40 Fund","page_number":46,"box":{"x":69,"y":506,"width":87,"height":10}},{"id":"fbfa9a5b-e3df-4a85-ad05-bb97cb6dfa0b","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":840,"y":532,"width":55,"height":7}},{"id":"b396e4f3-1cca-4a6a-abee-27c83b405089","block_type":"box","text":"to BNY Mellon","page_number":46,"box":{"x":825,"y":542,"width":84,"height":7}},{"id":"9fc17a98-4d34-460b-b3ff-84585b600f3c","block_type":"box","text":"Fiscal Year Ended September 30, 2025.","page_number":46,"box":{"x":70,"y":559,"width":284,"height":11}},{"id":"7264a998-3f53-4547-891d-305bd4d759c1","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":567,"width":434,"height":1}},{"id":"a7a20955-8033-43bd-a2c7-c209baccdf90","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":559,"width":62,"height":11}},{"id":"62b79227-8bd9-4db6-99f6-656483f2c8a7","block_type":"box","text":"Fiscal Year Ended September 30, 2024.","page_number":46,"box":{"x":70,"y":574,"width":284,"height":11}},{"id":"38ee19e6-7e50-497d-b981-41cce887a29e","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":582,"width":434,"height":1}},{"id":"5f5de146-9422-4953-96bd-840c789cc8c3","block_type":"box","text":"$65,819","page_number":46,"box":{"x":837,"y":574,"width":61,"height":11}},{"id":"67093050-4fc3-42d4-859e-7b8c136bcf7a","block_type":"box","text":"Fiscal Year Ended September 30, 2023.","page_number":46,"box":{"x":70,"y":590,"width":284,"height":10}},{"id":"48d87d2a-6e6b-4ec4-9c85-b55ffdd38f9d","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":597,"width":434,"height":1}},{"id":"7941cac0-aa69-481e-85ad-52e06f514b8d","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":589,"width":62,"height":11}},{"id":"586d9757-344a-4220-81f6-3b0c434e1bac","block_type":"box","text":"80/20 Fund","page_number":46,"box":{"x":69,"y":614,"width":87,"height":10}},{"id":"5647a892-a17b-4a25-8b74-aa6fb21210bb","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":840,"y":639,"width":55,"height":8}},{"id":"bf3ab074-3b0e-4c58-93bb-05aeb100aa23","block_type":"box","text":"to BNY Mellon","page_number":46,"box":{"x":825,"y":650,"width":84,"height":7}},{"id":"3886ea69-5669-4049-a958-002834ff0e10","block_type":"box","text":"Fiscal Year Ended September 30, 2025.","page_number":46,"box":{"x":70,"y":667,"width":284,"height":11}},{"id":"8a683578-49e7-44da-b9b6-76ca465e0d19","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":675,"width":434,"height":1}},{"id":"b1b05b40-cc0a-4006-98e1-4fd3ba92d60b","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":667,"width":62,"height":11}},{"id":"f88f12e8-4ce3-4cac-bb01-5f1f24c69753","block_type":"box","text":"Fiscal Year Ended September 30, 2024.","page_number":46,"box":{"x":70,"y":682,"width":284,"height":11}},{"id":"ccdd5b04-963f-49d6-9acd-0268d29a021d","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":690,"width":434,"height":1}},{"id":"aadfc989-0bf6-437c-98ff-ea6cae94ff41","block_type":"box","text":"$65,819","page_number":46,"box":{"x":837,"y":682,"width":61,"height":11}},{"id":"1c290cdc-4e48-4e25-9a83-d3a906b7f0dd","block_type":"box","text":"Fiscal Year Ended September 30, 2023.","page_number":46,"box":{"x":70,"y":698,"width":284,"height":10}},{"id":"55db97a7-523b-46a8-9eef-d9a653121416","block_type":"box","text":"......................................................","page_number":46,"box":{"x":361,"y":705,"width":434,"height":1}},{"id":"d68f1708-f02f-4921-947d-52dc9600cc29","block_type":"box","text":"$65,963","page_number":46,"box":{"x":837,"y":697,"width":62,"height":11}},{"id":"313633d9-15d4-4e2a-98f8-1c9aabbea6bb","block_type":"box","text":"Custodians","page_number":46,"box":{"x":69,"y":722,"width":80,"height":8}},{"id":"402b0de3-1be9-4459-af66-6d275eecbc91","block_type":"box","text":"Pursuant to the terms of a custodian agreement (the “Custodian Agreement”) between the Trust and The Bank","page_number":46,"box":{"x":102,"y":738,"width":789,"height":11}},{"id":"fc3c3773-de56-4021-987b-325fa3b9cb76","block_type":"box","text":"of New York Mellon (the “Custodian”), the Custodian or a sub-custodian (i) maintains a separate account or accounts","page_number":46,"box":{"x":69,"y":751,"width":834,"height":11}},{"id":"5731236d-a4ce-4031-be3d-91ceacf51135","block_type":"box","text":"in the name of each Fund, (ii) holds and transfers portfolio securities on account of each Fund, (iii) accepts receipts","page_number":46,"box":{"x":70,"y":764,"width":824,"height":11}},{"id":"7d606001-4050-4c64-9278-2b0af76e2c7d","block_type":"box","text":"and makes disbursements of money on behalf of each Fund, (iv) collects and receives all income and other payments","page_number":46,"box":{"x":69,"y":777,"width":837,"height":11}},{"id":"edc9dce4-efd1-4fcc-b170-55acfefa4592","block_type":"box","text":"and distributions on account of each Fund’s securities and (v) makes periodic reports to the Board of Trustees","page_number":46,"box":{"x":69,"y":789,"width":789,"height":11}},{"id":"87f86715-d02c-43a4-860c-3c8670d54e0d","block_type":"box","text":"concerning each Fund’s operations. The Custodian is authorized to select one or more banks or trust companies to","page_number":46,"box":{"x":69,"y":802,"width":821,"height":12}},{"id":"08b85211-0a24-486f-9483-6b0849f105b4","block_type":"box","text":"serve as sub-custodian on behalf of the Funds, provided that, with respect to sub-custodians other than sub","page_number":46,"box":{"x":69,"y":815,"width":775,"height":11}},{"id":"6d9cd96b-7a51-4e6b-a693-a0aa56174eef","block_type":"box","text":"custodians for non-U.S. securities, the Custodian remains responsible for the performance of all its duties under the","page_number":46,"box":{"x":69,"y":828,"width":832,"height":11}},{"id":"3594d287-8d51-48f3-b554-894ac0171473","block_type":"box","text":"Custodian Agreement and holds the Trust harmless from the acts and omissions of any sub-custodian. Citibank, N.A.","page_number":46,"box":{"x":69,"y":841,"width":834,"height":11}},{"id":"291d04d6-211e-4015-902e-614fd1e24ac7","block_type":"box","text":"serves as the international sub-custodian for various series of the Trust and has been appointed by the Board of","page_number":46,"box":{"x":69,"y":854,"width":804,"height":11}},{"id":"fc594d5f-39ff-463f-9bdc-c779e762e691","block_type":"box","text":"Trustees as the Trust’s “foreign custody manager” under Rule 17f-5 of the Investment Company Act. As foreign","page_number":46,"box":{"x":68,"y":866,"width":793,"height":12}},{"id":"38cc2d2e-68fa-4ec8-9248-ec1a473cf7c5","block_type":"box","text":"custody manager, Citibank, N.A. selects and monitors foreign sub-custodian banks and furnishes information relevant","page_number":46,"box":{"x":69,"y":879,"width":838,"height":12}},{"id":"3266ca42-bf1d-47e1-9313-16c588f35bfb","block_type":"box","text":"to the selection of foreign depositories.","page_number":46,"box":{"x":68,"y":892,"width":280,"height":11}},{"id":"f11e480e-c0c4-40ac-a975-18d38d3d07e5","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e8ce3d21-b2de-433e-8263-818d0a345ad6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3187fde9-5248-4c09-8624-dfa48816c657","block_type":"box","text":"Transfer Agent","page_number":47,"box":{"x":68,"y":45,"width":107,"height":11}},{"id":"a5ed445a-1080-4b63-a6a8-a1c99008fc56","block_type":"box","text":"BNY Mellon, which has its principal place of business at 301 Bellevue Parkway, Wilmington, Delaware 19809,","page_number":47,"box":{"x":102,"y":61,"width":782,"height":12}},{"id":"3d6851e4-3646-43c7-8465-d37e34134e49","block_type":"box","text":"serves as the transfer and dividend disbursing agent for theFunds.","page_number":47,"box":{"x":69,"y":74,"width":474,"height":11}},{"id":"d3d892b5-7f75-4b2c-a9a9-fc1f5c36cfd0","block_type":"box","text":"Credit Agreement","page_number":47,"box":{"x":69,"y":95,"width":129,"height":11}},{"id":"9d09f0c8-a7f0-4660-8e04-cf019b1c2d2d","block_type":"box","text":"The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates","page_number":47,"box":{"x":101,"y":111,"width":766,"height":11}},{"id":"7e5a9c2c-dbcc-4e83-8aec-992a8ba2a577","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":47,"box":{"x":69,"y":123,"width":817,"height":12}},{"id":"e2239c93-990d-4ecf-8013-358431b00aad","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":47,"box":{"x":68,"y":137,"width":743,"height":11}},{"id":"c6c8a28b-94bd-4e4f-9b40-e2382edd7efc","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Funds, can borrow up","page_number":47,"box":{"x":69,"y":150,"width":833,"height":11}},{"id":"f5768261-cc92-4644-b219-90c0f870cfd3","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":47,"box":{"x":68,"y":162,"width":818,"height":12}},{"id":"dd94a2f4-8f3d-4464-ac39-82c007192122","block_type":"box","text":"limitations as specified in the Credit Agreement. The Funds may borrow under the Credit Agreement to meet","page_number":47,"box":{"x":70,"y":175,"width":770,"height":12}},{"id":"da7c7be6-ddb4-49e6-9803-7a6ca58c6c1b","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Funds may not borrow under the Credit","page_number":47,"box":{"x":69,"y":188,"width":777,"height":11}},{"id":"b0447753-78e9-4284-9967-954e7f824160","block_type":"box","text":"Agreement for leverage. The Funds may borrow up to the maximum amount allowable under the Funds’ current","page_number":47,"box":{"x":68,"y":201,"width":789,"height":11}},{"id":"47b07f17-f1ef-4c28-9723-5664e05a1d2d","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":47,"box":{"x":69,"y":214,"width":812,"height":11}},{"id":"fb674ace-b9e1-4d5e-aaab-4d7b5753a32f","block_type":"box","text":"expense and other fees and expenses for the Funds which may impact the Funds’ net expenses. The costs of","page_number":47,"box":{"x":69,"y":227,"width":782,"height":11}},{"id":"d8af9b84-0f65-471d-ab26-1c96e612a3af","block_type":"box","text":"borrowing may reduce the Funds’ returns. Each Fund is charged its pro rata share of upfront fees and commitment","page_number":47,"box":{"x":69,"y":240,"width":818,"height":11}},{"id":"aaf59e59-f935-4f0c-998e-acf304ad043f","block_type":"box","text":"fees on the aggregate commitment amount based on its net assets. If the Funds borrow pursuant to the Credit","page_number":47,"box":{"x":68,"y":252,"width":792,"height":12}},{"id":"98d9cbe9-b69b-4f01-b692-2bf727ac76ad","block_type":"box","text":"Agreement, the Funds will be charged interest at a variable rate.","page_number":47,"box":{"x":68,"y":266,"width":458,"height":11}},{"id":"e6a49367-f1d7-4fa6-8142-bb80f0297640","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":47,"box":{"x":68,"y":286,"width":491,"height":11}},{"id":"ccf87cab-ba32-4e67-b23a-4e70c449eab9","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":47,"box":{"x":102,"y":302,"width":421,"height":12}},{"id":"fa065245-aa25-4bd3-95bb-93745ba5959d","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":47,"box":{"x":529,"y":303,"width":368,"height":11}},{"id":"069a3714-7a70-435f-a1d1-1d4177027ab3","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL” or the “Distributor”) under which BRIL, as agent, offers shares of the Funds","page_number":47,"box":{"x":68,"y":315,"width":838,"height":12}},{"id":"558bc7a1-cb32-473a-aeca-d19c967ddcf0","block_type":"box","text":"on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is not","page_number":47,"box":{"x":69,"y":328,"width":774,"height":11}},{"id":"cdc71262-571c-498d-8673-88334b73756d","block_type":"box","text":"obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":47,"box":{"x":69,"y":341,"width":822,"height":11}},{"id":"79c5ccbe-5451-4f7c-8a7c-18deadab66c3","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":47,"box":{"x":70,"y":354,"width":359,"height":9}},{"id":"f101ccbd-7a8a-4a98-9be1-34ae24fe12b3","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":47,"box":{"x":101,"y":370,"width":805,"height":12}},{"id":"172cca66-c243-4c3f-8b8e-6b7bfcf92246","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":47,"box":{"x":68,"y":383,"width":808,"height":11}},{"id":"27ba6792-9a5a-469a-9f47-9c84dd6bea2e","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":47,"box":{"x":69,"y":396,"width":791,"height":11}},{"id":"f9b04eba-0fa1-4b22-852e-9c53d730edaa","block_type":"box","text":"Organizations”) for certain support services rendered by Service Organizations to their customers who are the","page_number":47,"box":{"x":69,"y":409,"width":786,"height":11}},{"id":"e0fd3b4a-1223-4724-88b1-474d799d2ddc","block_type":"box","text":"beneficial owners of Investor A, Investor C and Class R Shares of the Funds.","page_number":47,"box":{"x":69,"y":422,"width":543,"height":10}},{"id":"ba8b6cad-e277-44aa-a1e6-e42602f9c0c2","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":47,"box":{"x":102,"y":438,"width":773,"height":12}},{"id":"fda20f3a-eccf-46b6-bd9b-4f682dcf8c02","block_type":"box","text":"received by the Funds, including the amounts paid to affiliates of the Manager, for the period indicated.","page_number":47,"box":{"x":69,"y":451,"width":735,"height":12}},{"id":"f8c93ff6-e037-489a-9689-c54e8e9bb033","block_type":"box","text":"20/80 Fund","page_number":47,"box":{"x":69,"y":472,"width":87,"height":11}},{"id":"9b1162a2-3595-4a37-a34b-458dfe7bedf3","block_type":"box","text":"Investor A Shares","page_number":47,"box":{"x":636,"y":498,"width":102,"height":7}},{"id":"ff5c4ace-f11b-4ec8-a3ec-582ccb34c3b2","block_type":"box","text":"Gross Sales","page_number":47,"box":{"x":466,"y":513,"width":68,"height":8}},{"id":"8a426638-c806-45b9-a0e8-1bd277933007","block_type":"box","text":"Charges","page_number":47,"box":{"x":476,"y":524,"width":48,"height":8}},{"id":"25171bfc-a046-4117-ae5f-8f7c9ddbfef5","block_type":"box","text":"Collected","page_number":47,"box":{"x":473,"y":534,"width":54,"height":7}},{"id":"fc12a3c3-9a68-44dd-bdc1-d7c6e634b52a","block_type":"box","text":"Sales Charges","page_number":47,"box":{"x":566,"y":513,"width":84,"height":9}},{"id":"0537785c-c3a9-4ede-932d-f210824bd3dc","block_type":"box","text":"Retained by","page_number":47,"box":{"x":574,"y":524,"width":69,"height":8}},{"id":"ef93cea1-2269-4cd7-893b-fda5c20861b8","block_type":"box","text":"BRIL","page_number":47,"box":{"x":595,"y":534,"width":27,"height":7}},{"id":"15a8a3cb-6d2b-4497-912b-b5e21e0783e9","block_type":"box","text":"Sales Charges","page_number":47,"box":{"x":679,"y":513,"width":84,"height":9}},{"id":"1338fb5c-1e52-4f51-9f7b-52f2e2ac1c01","block_type":"box","text":"Paid to","page_number":47,"box":{"x":701,"y":524,"width":41,"height":7}},{"id":"6d09d7e8-c7bd-4d73-a067-80ef7d484c80","block_type":"box","text":"Affiliates","page_number":47,"box":{"x":695,"y":534,"width":52,"height":7}},{"id":"45aa3576-a089-4fe6-8f90-5fe77b0a3a4e","block_type":"box","text":"CDSCs Received on","page_number":47,"box":{"x":794,"y":513,"width":114,"height":8}},{"id":"ab35a3f8-beab-4729-a7f4-4f1528bb979d","block_type":"box","text":"Redemption of","page_number":47,"box":{"x":810,"y":524,"width":84,"height":8}},{"id":"77bac189-8419-4f25-bf93-498d5789309b","block_type":"box","text":"Load-Waived Shares","page_number":47,"box":{"x":793,"y":534,"width":116,"height":7}},{"id":"c37c7254-55d9-4a6d-8fe2-c77f6e62cd9d","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . $194,582 $15,294 $15,294 $ 755","page_number":47,"box":{"x":70,"y":551,"width":812,"height":11}},{"id":"73891ee8-d5b9-4da4-bec2-07e7e6831b60","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . $ 70,872 $ 6,089 $ 6,089 $ 0","page_number":47,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"46e9c3c2-46dd-433e-90e6-0e056a423762","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . $147,673 $10,607 $10,607 $16,125","page_number":47,"box":{"x":70,"y":581,"width":812,"height":11}},{"id":"7a3e4565-a6de-4eb3-aae4-36bf07dc31fb","block_type":"box","text":"Investor C Shares","page_number":47,"box":{"x":782,"y":611,"width":102,"height":7}},{"id":"11fbf9a1-e6ae-4f85-8aa6-d8e12062bf28","block_type":"box","text":"CDSCs","page_number":47,"box":{"x":771,"y":627,"width":40,"height":7}},{"id":"2addcc19-59cb-4198-9212-6972f9b6c8e0","block_type":"box","text":"Received by","page_number":47,"box":{"x":757,"y":637,"width":69,"height":9}},{"id":"2c0912e6-f450-4337-9ff2-a5b741680bd4","block_type":"box","text":"BRIL","page_number":47,"box":{"x":778,"y":647,"width":27,"height":7}},{"id":"a856f59b-417f-43cd-a392-5c638d75c564","block_type":"box","text":"CDSCs","page_number":47,"box":{"x":863,"y":627,"width":39,"height":7}},{"id":"87418409-ca3f-44ec-88f8-e49065fcc2ab","block_type":"box","text":"Paid to","page_number":47,"box":{"x":863,"y":637,"width":40,"height":7}},{"id":"c5294260-1870-4e95-babf-400f4a8c588c","block_type":"box","text":"Affiliates","page_number":47,"box":{"x":856,"y":647,"width":52,"height":7}},{"id":"3ed62496-a368-47a7-a3cc-743bd66531c3","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . .","page_number":47,"box":{"x":70,"y":665,"width":329,"height":11}},{"id":"e78579fc-624f-482f-91c8-cdb3562241f5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,252 $1,252","page_number":47,"box":{"x":405,"y":664,"width":504,"height":11}},{"id":"b71968f8-99c0-406e-b4d9-d2e900b65c62","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . .","page_number":47,"box":{"x":70,"y":680,"width":329,"height":11}},{"id":"235f7458-d09f-4b23-82c9-bb319f6b9257","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,086 $2,086","page_number":47,"box":{"x":405,"y":679,"width":504,"height":11}},{"id":"648aa899-afdf-407a-a1ec-ddfce2ccefc0","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . .","page_number":47,"box":{"x":70,"y":695,"width":329,"height":11}},{"id":"d3959eda-1859-4c63-b731-5b5ff7706d70","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,132 $6,132","page_number":47,"box":{"x":405,"y":694,"width":504,"height":11}},{"id":"8668e011-502e-4169-8557-25669ff2594f","block_type":"box","text":"40/60 Fund","page_number":47,"box":{"x":69,"y":719,"width":87,"height":11}},{"id":"d63a84bb-0d05-4a1e-8281-b7b4c931e897","block_type":"box","text":"Investor A Shares","page_number":47,"box":{"x":636,"y":745,"width":102,"height":7}},{"id":"f1ca7ccb-5c8f-49b0-a4e2-1928701a5b9e","block_type":"box","text":"Gross Sales","page_number":47,"box":{"x":466,"y":761,"width":68,"height":7}},{"id":"c2f3afb5-db2a-46d1-a695-b23c7bc64e21","block_type":"box","text":"Charges","page_number":47,"box":{"x":476,"y":771,"width":48,"height":9}},{"id":"18644838-cd45-4471-8c18-690363c6317d","block_type":"box","text":"Collected","page_number":47,"box":{"x":473,"y":781,"width":54,"height":7}},{"id":"b86c85c8-f2d5-40a6-a600-487842b4a94b","block_type":"box","text":"Sales Charges","page_number":47,"box":{"x":566,"y":761,"width":84,"height":8}},{"id":"b871bfac-4c7d-4cc1-9d37-3366d0b5f748","block_type":"box","text":"Retained by","page_number":47,"box":{"x":574,"y":771,"width":69,"height":9}},{"id":"2a4a8aad-bf2d-4949-b605-17cb89f01375","block_type":"box","text":"BRIL","page_number":47,"box":{"x":595,"y":781,"width":27,"height":7}},{"id":"03529a95-acb8-4984-8d6a-0a47e7f1f44b","block_type":"box","text":"Sales Charges","page_number":47,"box":{"x":679,"y":761,"width":84,"height":8}},{"id":"2bd82b51-9770-49b9-a897-abf7a9be1107","block_type":"box","text":"Paid to","page_number":47,"box":{"x":701,"y":771,"width":41,"height":7}},{"id":"242750c5-5ba8-4839-8707-87778bc46acc","block_type":"box","text":"Affiliates","page_number":47,"box":{"x":695,"y":781,"width":52,"height":7}},{"id":"35bb0263-1d6b-4c27-8db0-fadc4e6c35ff","block_type":"box","text":"CDSCs Received on","page_number":47,"box":{"x":794,"y":761,"width":114,"height":7}},{"id":"9f214670-30e2-4286-81ea-3807812cbc80","block_type":"box","text":"Redemption of","page_number":47,"box":{"x":810,"y":771,"width":84,"height":8}},{"id":"bd1a19e6-7287-4d92-bc27-1981aa3bff69","block_type":"box","text":"Load-Waived Shares","page_number":47,"box":{"x":793,"y":781,"width":116,"height":7}},{"id":"3bd611e9-9f0e-42ad-9d63-54fc42c4f71f","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . $278,997 $20,610 $20,610 $ 96","page_number":47,"box":{"x":70,"y":798,"width":807,"height":11}},{"id":"24c83878-1550-4426-934c-d0a5f2530149","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . $142,484 $11,985 $11,985 $ 445","page_number":47,"box":{"x":70,"y":813,"width":807,"height":12}},{"id":"a702611b-37be-4faa-ae38-8653faee55b8","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . $280,456 $21,990 $21,990 $1,561","page_number":47,"box":{"x":70,"y":828,"width":807,"height":12}},{"id":"210ce45b-8a04-4b0f-92a8-b2605da6de80","block_type":"box","text":"I-25","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5a5943f2-5f08-4ce3-a80c-48bab391954b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c215c38c-30a8-488f-bce8-849d6e53a4a8","block_type":"box","text":"Investor C Shares","page_number":48,"box":{"x":782,"y":49,"width":102,"height":7}},{"id":"0e299088-1186-4e97-9e57-1785d8ec6782","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":771,"y":65,"width":40,"height":7}},{"id":"90a522db-2933-4982-bdb7-d1753da6f0eb","block_type":"box","text":"Received by","page_number":48,"box":{"x":757,"y":75,"width":69,"height":9}},{"id":"d3a35a48-22e7-4acc-aec6-ca986c399b5f","block_type":"box","text":"BRIL","page_number":48,"box":{"x":778,"y":85,"width":27,"height":7}},{"id":"74379a94-26a3-4515-b2ad-caa01919afcd","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":863,"y":65,"width":39,"height":7}},{"id":"a5e11f80-6061-44d0-9c7d-b537f9921ce6","block_type":"box","text":"Paid to","page_number":48,"box":{"x":863,"y":75,"width":40,"height":7}},{"id":"d6e1d14b-fdee-463d-bba5-67f8951b52d1","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":856,"y":85,"width":52,"height":7}},{"id":"73dbd144-bf98-48e8-99ee-c35f53f7cb6c","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . .","page_number":48,"box":{"x":70,"y":103,"width":329,"height":11}},{"id":"b3308833-9a36-4c7e-b900-4aab0afe56f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,812 $1,812","page_number":48,"box":{"x":405,"y":102,"width":504,"height":11}},{"id":"c0585880-9286-48f8-9269-46c65b5cd793","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . .","page_number":48,"box":{"x":70,"y":118,"width":329,"height":11}},{"id":"3d92f049-13f9-43ce-8f44-8ea9682c9328","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,595 $4,595","page_number":48,"box":{"x":405,"y":117,"width":504,"height":11}},{"id":"92758bac-6f31-46b9-9a35-bfa6d20c0f1f","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . .","page_number":48,"box":{"x":70,"y":133,"width":329,"height":11}},{"id":"03a0267f-db33-4877-926f-f46a639e30e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,474 $7,474","page_number":48,"box":{"x":405,"y":132,"width":504,"height":11}},{"id":"322ef17a-d911-4424-aa1e-3b1f3613d646","block_type":"box","text":"60/40 Fund","page_number":48,"box":{"x":69,"y":157,"width":87,"height":11}},{"id":"82280046-20a7-4b6c-b950-46f647d57923","block_type":"box","text":"Investor A Shares","page_number":48,"box":{"x":636,"y":183,"width":102,"height":7}},{"id":"cc56e732-2f78-4bbf-8bf2-88bee41ff7fb","block_type":"box","text":"Gross Sales","page_number":48,"box":{"x":466,"y":199,"width":68,"height":7}},{"id":"b933c257-0546-46a4-91e7-e094a61235c8","block_type":"box","text":"Charges","page_number":48,"box":{"x":476,"y":209,"width":48,"height":8}},{"id":"92be112f-3a76-4966-aeeb-3c2ea8b67e39","block_type":"box","text":"Collected","page_number":48,"box":{"x":473,"y":219,"width":54,"height":7}},{"id":"29455d8b-c644-4b4c-b385-d380587ecb26","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":566,"y":199,"width":84,"height":8}},{"id":"a1239f71-0891-470d-b31f-d6178b0f8f97","block_type":"box","text":"Retained","page_number":48,"box":{"x":583,"y":209,"width":50,"height":7}},{"id":"cee6a670-c12e-419d-848c-a397a0335ee5","block_type":"box","text":"by BRIL","page_number":48,"box":{"x":586,"y":219,"width":44,"height":9}},{"id":"698f470e-f00d-4290-a7c4-fdeaa84042dc","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":679,"y":199,"width":84,"height":8}},{"id":"b9f1f113-9db4-41d3-86f5-2fa56d452b1b","block_type":"box","text":"Paid to","page_number":48,"box":{"x":701,"y":209,"width":41,"height":7}},{"id":"3014c398-f2f3-4c95-8765-a8baf42bf7a3","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":695,"y":219,"width":52,"height":7}},{"id":"82335afe-1d35-4e32-84a6-281e902ac109","block_type":"box","text":"CDSCs Received on","page_number":48,"box":{"x":794,"y":199,"width":114,"height":7}},{"id":"c6f64eb9-9c1e-4075-9d22-e16fc3c66a4f","block_type":"box","text":"Redemption of","page_number":48,"box":{"x":810,"y":209,"width":84,"height":8}},{"id":"5177d321-a649-4ff0-ad1f-f7443b00f3a0","block_type":"box","text":"Load-Waived Shares","page_number":48,"box":{"x":793,"y":219,"width":116,"height":7}},{"id":"36486757-d53b-4e59-9126-f2285ff259d9","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . $626,083 $46,755 $46,755 $1,169","page_number":48,"box":{"x":70,"y":236,"width":807,"height":11}},{"id":"02b9b22c-3da4-4b61-8d03-f0dff6d9974d","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . $206,355 $13,902 $13,902 $2,963","page_number":48,"box":{"x":70,"y":251,"width":807,"height":11}},{"id":"1ffd3f67-68f6-4f7e-b30c-0236e5067991","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . $541,424 $36,484 $36,484 $4,651","page_number":48,"box":{"x":70,"y":266,"width":807,"height":12}},{"id":"74857eaa-836d-4690-aecf-7a5bf5673318","block_type":"box","text":"Investor C Shares","page_number":48,"box":{"x":790,"y":296,"width":103,"height":7}},{"id":"d0ca060e-8cd7-48dd-afb0-e69076114bcc","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":780,"y":312,"width":39,"height":7}},{"id":"b651c4c3-e14c-43d3-bced-3217a9d0bdaf","block_type":"box","text":"Received","page_number":48,"box":{"x":774,"y":322,"width":52,"height":7}},{"id":"7fc29db0-2713-4fa9-b36b-843bc3dafa08","block_type":"box","text":"by BRIL","page_number":48,"box":{"x":778,"y":332,"width":44,"height":9}},{"id":"e2594535-4153-4bfc-99dd-005d131d9ec9","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":863,"y":312,"width":39,"height":7}},{"id":"33d9cf2a-4c22-4d6d-a054-ff58bfe042e5","block_type":"box","text":"Paid to","page_number":48,"box":{"x":863,"y":322,"width":40,"height":7}},{"id":"ae186425-c399-46d2-aedc-9d45e305f6f5","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":856,"y":332,"width":52,"height":7}},{"id":"28af2c4e-45d5-429f-b2b5-cabdc2acb438","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":350,"width":460,"height":11}},{"id":"38a4ebf4-00bb-46ac-9573-93fbbb51ed31","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $5,300 $5,300","page_number":48,"box":{"x":536,"y":349,"width":373,"height":11}},{"id":"cb76237d-b583-4a64-a64d-ffe675fe1ba5","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":365,"width":460,"height":11}},{"id":"f8190229-00da-4f0f-9474-662888fea6f9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $5,073 $5,073","page_number":48,"box":{"x":536,"y":364,"width":373,"height":11}},{"id":"18f73ee2-351c-4bab-9260-2677bf2d6eb0","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":380,"width":460,"height":11}},{"id":"fb2ea1cb-85fb-4c60-90b5-c2befda624b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $7,956 $7,956","page_number":48,"box":{"x":536,"y":379,"width":373,"height":11}},{"id":"24f6a9ae-0f3d-43d3-836b-ee363a4cc336","block_type":"box","text":"80/20 Fund","page_number":48,"box":{"x":69,"y":404,"width":87,"height":11}},{"id":"53cd1174-0e41-4c8d-a3bc-7cc5ede59529","block_type":"box","text":"Investor A Shares","page_number":48,"box":{"x":636,"y":430,"width":102,"height":7}},{"id":"e5c9ae5e-b5a0-4485-8480-5719a1197743","block_type":"box","text":"Gross Sales","page_number":48,"box":{"x":466,"y":446,"width":68,"height":7}},{"id":"6c793fbe-57be-4c90-ad64-48d98e62a738","block_type":"box","text":"Charges","page_number":48,"box":{"x":476,"y":456,"width":48,"height":9}},{"id":"0f1a6086-074d-4af5-b3e3-3e8637e46fdd","block_type":"box","text":"Collected","page_number":48,"box":{"x":473,"y":466,"width":54,"height":7}},{"id":"aa9d558a-6bb0-43e7-a58f-7431b5069e81","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":566,"y":446,"width":84,"height":9}},{"id":"b595bd8f-2a3e-4cf1-af74-06bf8e45220f","block_type":"box","text":"Retained by","page_number":48,"box":{"x":574,"y":456,"width":69,"height":9}},{"id":"6ca06538-a6a5-4d63-8ec9-3f6a5bf16cc6","block_type":"box","text":"BRIL","page_number":48,"box":{"x":595,"y":466,"width":27,"height":7}},{"id":"4ec3e7b6-3023-4584-8c38-74dc3c4dfa95","block_type":"box","text":"Sales Charges","page_number":48,"box":{"x":679,"y":446,"width":84,"height":9}},{"id":"489c6085-3509-48b4-a6be-b06aa21c4b98","block_type":"box","text":"Paid to","page_number":48,"box":{"x":701,"y":456,"width":41,"height":7}},{"id":"c5fa2080-bcec-4ccc-a002-fd7fd7abca61","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":695,"y":466,"width":52,"height":7}},{"id":"f8f4f712-43e3-4954-94f5-78d66c0290e0","block_type":"box","text":"CDSCs Received on","page_number":48,"box":{"x":794,"y":446,"width":114,"height":7}},{"id":"41633273-ee52-4078-956b-7ca37b02e735","block_type":"box","text":"Redemption of","page_number":48,"box":{"x":810,"y":456,"width":84,"height":9}},{"id":"f70eaf56-8efc-43c9-807d-a4029497ffbe","block_type":"box","text":"Load-Waived Shares","page_number":48,"box":{"x":793,"y":466,"width":116,"height":7}},{"id":"12f49d05-72e8-4726-8ac1-03bcb8b6b098","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . $882,549 $54,533 $54,533 $ 78","page_number":48,"box":{"x":70,"y":483,"width":807,"height":12}},{"id":"a0c1ffae-ab52-429d-aee9-a2cc8dfe95c1","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . $370,529 $21,806 $21,806 $ 118","page_number":48,"box":{"x":70,"y":498,"width":807,"height":12}},{"id":"170ac58c-9e80-49d8-9520-3e732e6fdac9","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . $773,997 $46,692 $46,692 $2,027","page_number":48,"box":{"x":70,"y":513,"width":807,"height":12}},{"id":"886fccc1-644c-4272-8379-1fec5f49c343","block_type":"box","text":"Investor C Shares","page_number":48,"box":{"x":777,"y":543,"width":102,"height":7}},{"id":"417ace81-a19b-4a4c-af1a-759ee4140501","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":762,"y":559,"width":39,"height":7}},{"id":"424d1cdc-dff2-4b15-bb13-a2981bbf7767","block_type":"box","text":"Received by","page_number":48,"box":{"x":747,"y":569,"width":70,"height":9}},{"id":"bd1bb220-5757-4e44-a14c-11c794e473a4","block_type":"box","text":"BRIL","page_number":48,"box":{"x":768,"y":579,"width":27,"height":7}},{"id":"c9f7cca5-1b77-4e08-b896-a815d3ebbf9b","block_type":"box","text":"CDSCs","page_number":48,"box":{"x":858,"y":559,"width":39,"height":7}},{"id":"e207e5c2-a75d-4b19-bacd-7848fdcca183","block_type":"box","text":"Paid to","page_number":48,"box":{"x":858,"y":569,"width":40,"height":7}},{"id":"96f03484-ea2b-4445-95ce-6f21166e2198","block_type":"box","text":"Affiliates","page_number":48,"box":{"x":852,"y":579,"width":52,"height":7}},{"id":"9e67d057-12ce-4603-b26b-7d7e9693f9f7","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":597,"width":458,"height":11}},{"id":"4befdc90-cbd6-4f2f-81e5-7bb54e36e794","block_type":"box","text":".......................","page_number":48,"box":{"x":534,"y":604,"width":181,"height":2}},{"id":"dd1d4a27-2761-4d4a-91bc-9f8b2a82b796","block_type":"box","text":"$14,528 $14,528","page_number":48,"box":{"x":750,"y":596,"width":159,"height":11}},{"id":"81c22821-8cd9-4008-b990-596ca7f6f266","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":612,"width":458,"height":11}},{"id":"7a87ff24-79e0-4aed-a72b-679b52d074ac","block_type":"box","text":".......................","page_number":48,"box":{"x":534,"y":620,"width":181,"height":1}},{"id":"b42c6aca-9c73-43b4-b15c-2bf82152909a","block_type":"box","text":"$11,396 $11,396","page_number":48,"box":{"x":750,"y":611,"width":159,"height":12}},{"id":"a537acf8-e974-429e-97aa-3005fdb88749","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":627,"width":458,"height":11}},{"id":"e01ce453-089c-4a19-9a58-3c9e5be5ea48","block_type":"box","text":".......................","page_number":48,"box":{"x":534,"y":635,"width":181,"height":1}},{"id":"5ed3486a-1b51-42ff-b4d6-769d627b03ca","block_type":"box","text":"$12,621 $12,621","page_number":48,"box":{"x":750,"y":627,"width":159,"height":11}},{"id":"f76ed1f3-335d-43ad-999c-060854c37aad","block_type":"box","text":"The tables below provide information for the fiscal year ended September 30, 2025 about the 12b-1 fees each","page_number":48,"box":{"x":101,"y":647,"width":791,"height":11}},{"id":"c1df92a5-80a6-471f-80df-524488de13dd","block_type":"box","text":"Fund paid to BRIL under the Trust’s 12b-1 plans. A significant amount of the fees collected by BRIL were paid to","page_number":48,"box":{"x":70,"y":660,"width":798,"height":11}},{"id":"bf270263-0eb5-436a-b811-b02d5b410012","block_type":"box","text":"affiliates for providing shareholder servicing activities for Investor A Shares and for providing shareholder servicing","page_number":48,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"7e81bb3e-8725-4f92-aac8-cc7b9899c07e","block_type":"box","text":"and distribution-related activities and services for Investor C Shares and Class R Shares.","page_number":48,"box":{"x":69,"y":686,"width":634,"height":9}},{"id":"47d74c04-5d1a-4831-8000-2b88375db929","block_type":"box","text":"20/80 Fund","page_number":48,"box":{"x":69,"y":706,"width":87,"height":11}},{"id":"2ec0c5d5-0f0b-4cd2-9c69-d70b4b9b4358","block_type":"box","text":"Class Name","page_number":48,"box":{"x":69,"y":732,"width":68,"height":7}},{"id":"4cfd59f2-b4eb-45fa-af5d-213d76079f3f","block_type":"box","text":"Fees Paid to BRIL","page_number":48,"box":{"x":806,"y":732,"width":103,"height":7}},{"id":"e28f8dd4-018b-4a21-a98e-c31294f22dca","block_type":"box","text":"Investor A Shares .","page_number":48,"box":{"x":70,"y":750,"width":134,"height":9}},{"id":"bf1b0975-8ee6-4257-aac3-2e0de5c37de5","block_type":"box","text":"......................................................................","page_number":48,"box":{"x":210,"y":757,"width":564,"height":2}},{"id":"d38ab1ac-6c2e-4658-b329-7c412e319f57","block_type":"box","text":"$455,431","page_number":48,"box":{"x":822,"y":749,"width":71,"height":12}},{"id":"422f6836-8125-43ca-857d-d67ea7160c73","block_type":"box","text":"Investor C Shares","page_number":48,"box":{"x":70,"y":765,"width":125,"height":9}},{"id":"a051c126-0cdb-45ec-a824-871ec8d56ee7","block_type":"box","text":"......................................................................","page_number":48,"box":{"x":210,"y":773,"width":564,"height":1}},{"id":"e10346b4-2d7f-4211-acb7-72b631f0746d","block_type":"box","text":"$234,499","page_number":48,"box":{"x":822,"y":764,"width":71,"height":12}},{"id":"f100895e-6ac4-498a-abc2-c86e17a76381","block_type":"box","text":"Class R Shares","page_number":48,"box":{"x":69,"y":780,"width":109,"height":9}},{"id":"16bfaeeb-d1f6-4371-86e1-7d7800434a51","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,204","page_number":48,"box":{"x":185,"y":780,"width":708,"height":11}},{"id":"c43fafe6-2376-4983-b2ec-227b3010872c","block_type":"box","text":"40/60 Fund","page_number":48,"box":{"x":69,"y":804,"width":87,"height":11}},{"id":"949b6d9d-02cf-470b-88ad-29e7201046e4","block_type":"box","text":"Class Name","page_number":48,"box":{"x":69,"y":830,"width":68,"height":7}},{"id":"5a487587-d007-491a-8715-5101f54ce0fe","block_type":"box","text":"Fees Paid to BRIL","page_number":48,"box":{"x":806,"y":830,"width":103,"height":7}},{"id":"e6fde9d0-fbec-4671-8d09-aee8e933c17c","block_type":"box","text":"Investor A Shares .","page_number":48,"box":{"x":70,"y":848,"width":134,"height":9}},{"id":"7c58e2e7-8cdf-4e82-835e-1c8edd9def67","block_type":"box","text":"......................................................................","page_number":48,"box":{"x":210,"y":855,"width":564,"height":2}},{"id":"0a387264-d7eb-4e05-b3f5-3560ad081827","block_type":"box","text":"$709,660","page_number":48,"box":{"x":822,"y":847,"width":71,"height":11}},{"id":"1832f741-faaf-4e62-9eb6-6b686e84280c","block_type":"box","text":"Investor C Shares","page_number":48,"box":{"x":70,"y":863,"width":125,"height":9}},{"id":"f13cc6fa-5336-4edd-9679-980ab2a7fdce","block_type":"box","text":"......................................................................","page_number":48,"box":{"x":210,"y":870,"width":564,"height":2}},{"id":"73114656-e2d3-40f7-b6d5-e3cdf617271c","block_type":"box","text":"$399,369","page_number":48,"box":{"x":822,"y":862,"width":71,"height":12}},{"id":"96a0914f-9ec1-4663-9833-e9f931841c08","block_type":"box","text":"Class R Shares","page_number":48,"box":{"x":69,"y":878,"width":109,"height":9}},{"id":"9dff2101-1274-4a3a-92c5-6561e7389e7e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,914","page_number":48,"box":{"x":185,"y":877,"width":708,"height":12}},{"id":"19ba61db-1f25-4c78-a617-4dce173fb1c1","block_type":"box","text":"I-26","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bc379b39-a998-436c-841f-87ef702b5598","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"264eefbf-1bfc-4901-889c-e25bb477b3e8","block_type":"box","text":"60/40 Fund","page_number":49,"box":{"x":69,"y":45,"width":87,"height":11}},{"id":"a4679b62-a746-4c27-8dc5-58c185e125c3","block_type":"box","text":"Class Name","page_number":49,"box":{"x":69,"y":71,"width":68,"height":7}},{"id":"9662490b-8d1e-47ce-84df-f90f1493d838","block_type":"box","text":"Fees Paid to BRIL","page_number":49,"box":{"x":806,"y":71,"width":103,"height":7}},{"id":"96a33ac8-ec8b-461c-8fa3-06e1d9a3f5c8","block_type":"box","text":"Investor A Shares .","page_number":49,"box":{"x":70,"y":88,"width":134,"height":9}},{"id":"19433584-b18b-440a-8877-be8840aeda35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":49,"box":{"x":210,"y":88,"width":626,"height":11}},{"id":"d9129fcd-281b-4ee1-be29-94914dd79259","block_type":"box","text":"700,805","page_number":49,"box":{"x":839,"y":88,"width":61,"height":11}},{"id":"ba326db1-f48a-4503-a978-74cb60e52292","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":70,"y":104,"width":125,"height":8}},{"id":"13356fc0-bb18-4f6d-982f-65f17b162bbb","block_type":"box","text":"...................................................................... $","page_number":49,"box":{"x":210,"y":103,"width":612,"height":10}},{"id":"cfc45320-44fb-4189-b35a-30be92b34ad4","block_type":"box","text":"534,486","page_number":49,"box":{"x":838,"y":104,"width":63,"height":10}},{"id":"fdf944a9-5b3d-43c0-b8a3-518c9c781933","block_type":"box","text":"Class R Shares","page_number":49,"box":{"x":69,"y":119,"width":109,"height":9}},{"id":"1c0be040-a827-46ff-9d34-c71585bbb6d7","block_type":"box","text":"......................................................................... $","page_number":49,"box":{"x":185,"y":118,"width":637,"height":10}},{"id":"dfee9b65-94a9-420a-a688-1a7ffebcad50","block_type":"box","text":"201,142","page_number":49,"box":{"x":839,"y":119,"width":61,"height":10}},{"id":"a7736cf4-1db4-4685-83bb-6a16f1c1edb5","block_type":"box","text":"80/20 Fund","page_number":49,"box":{"x":69,"y":143,"width":87,"height":11}},{"id":"e81d8547-35eb-4161-87d5-589527d97de7","block_type":"box","text":"Class Name","page_number":49,"box":{"x":69,"y":169,"width":68,"height":7}},{"id":"78c14e02-e513-4e57-99b4-a1ba837e060f","block_type":"box","text":"Fees Paid to BRIL","page_number":49,"box":{"x":806,"y":169,"width":103,"height":7}},{"id":"0f8ae1f4-39f0-4888-8acc-b2aab071cedc","block_type":"box","text":"Investor A Shares .","page_number":49,"box":{"x":70,"y":186,"width":134,"height":9}},{"id":"3aecb356-d815-4c0b-9c4c-b9f8dfe15dd8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":49,"box":{"x":210,"y":186,"width":626,"height":11}},{"id":"829111bd-7384-4734-a1d9-43092d9bab06","block_type":"box","text":"002,356","page_number":49,"box":{"x":838,"y":186,"width":63,"height":11}},{"id":"e22d8f9d-7591-4044-a027-471512afe139","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":70,"y":201,"width":125,"height":9}},{"id":"48da7788-13cb-4fc9-9627-e74b578649b5","block_type":"box","text":"...................................................................... $","page_number":49,"box":{"x":210,"y":201,"width":612,"height":10}},{"id":"7ee6578e-7a88-4d56-9cfa-65a15b099859","block_type":"box","text":"713,014","page_number":49,"box":{"x":839,"y":201,"width":62,"height":11}},{"id":"6fc0ac50-22d3-4883-8629-1c61e7f336f9","block_type":"box","text":"Class R Shares","page_number":49,"box":{"x":69,"y":217,"width":109,"height":8}},{"id":"5cf33e46-7a87-4d2a-b9d1-72b5b41d1188","block_type":"box","text":"......................................................................... $","page_number":49,"box":{"x":185,"y":216,"width":637,"height":10}},{"id":"b7051c90-97ae-4973-9b3b-8fc92e66ccfb","block_type":"box","text":"189,624","page_number":49,"box":{"x":839,"y":217,"width":62,"height":10}},{"id":"714dfc41-b4fd-432e-9134-62bc5962a16d","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":49,"box":{"x":68,"y":240,"width":318,"height":12}},{"id":"f6cb3ddf-19be-4144-a56d-793149e7c8c1","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of each Fund based on the","page_number":49,"box":{"x":101,"y":257,"width":802,"height":11}},{"id":"7bf0d1ac-ff18-4db3-a41b-2605943278ef","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on","page_number":49,"box":{"x":68,"y":270,"width":731,"height":11}},{"id":"5fff90b2-3992-46c8-944e-567797b26095","block_type":"box","text":"September 30, 2025, is set forth below.","page_number":49,"box":{"x":69,"y":283,"width":288,"height":11}},{"id":"cc056658-f397-494a-b360-280650d287fe","block_type":"box","text":"20/80 Fund 40/60 Fund 60/40 Fund 80/20 Fund","page_number":49,"box":{"x":410,"y":296,"width":481,"height":9}},{"id":"0865874c-c664-407d-83c3-51bacc2f52fa","block_type":"box","text":"Net Assets","page_number":49,"box":{"x":70,"y":314,"width":76,"height":9}},{"id":"9e934538-296c-42be-a9e9-bd7812561940","block_type":"box","text":"..........................","page_number":49,"box":{"x":155,"y":321,"width":205,"height":1}},{"id":"e6fb8cbf-fd26-457a-917f-581c60385c32","block_type":"box","text":"$182,917,829 $297,982,782 $728,612,459 $445,617,825","page_number":49,"box":{"x":392,"y":313,"width":517,"height":11}},{"id":"6a521f67-2343-4ff0-b34d-cd56a2da7823","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . 15,595,237 21,246,410 43,672,425 23,613,622","page_number":49,"box":{"x":70,"y":329,"width":839,"height":11}},{"id":"c174bf91-1f4d-4791-a43e-f772e2f91679","block_type":"box","text":"Net Asset Value Per Share (net assets","page_number":49,"box":{"x":70,"y":344,"width":271,"height":11}},{"id":"df875f26-4ded-4e90-b76b-b3811d38ab10","block_type":"box","text":"divided","page_number":49,"box":{"x":79,"y":359,"width":48,"height":8}},{"id":"5c2429c1-1dd5-4699-946a-c72a333633d5","block_type":"box","text":"by number of shares outstanding)","page_number":49,"box":{"x":79,"y":373,"width":238,"height":11}},{"id":"0683c948-0536-451e-956f-d42d55d46d2c","block_type":"box","text":".....","page_number":49,"box":{"x":326,"y":380,"width":34,"height":2}},{"id":"813cb020-56b4-425e-b87c-2d1a36d72d09","block_type":"box","text":"$11.73 $14.03 $16.68 $18.87","page_number":49,"box":{"x":446,"y":372,"width":462,"height":11}},{"id":"abcfabac-6d84-453a-9355-dd82c57012cf","block_type":"box","text":"Sales Charge (5.25% of offering price;","page_number":49,"box":{"x":69,"y":388,"width":271,"height":11}},{"id":"0ef73664-02cd-444f-a124-184e87627afa","block_type":"box","text":"5.54% of net asset value per share)","page_number":49,"box":{"x":79,"y":402,"width":255,"height":11}},{"id":"54f33c7d-7156-439c-94d5-2bad027baf7d","block_type":"box","text":"1","page_number":49,"box":{"x":336,"y":403,"width":3,"height":4}},{"id":"1ab2f3b7-7385-42c2-8800-459e2a4dcf2c","block_type":"box","text":". . . $0.65 $0.78 $0.92 $1.05","page_number":49,"box":{"x":342,"y":402,"width":567,"height":10}},{"id":"12903c1d-ec51-43c4-b34b-b9df11bb3f7a","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . .","page_number":49,"box":{"x":69,"y":422,"width":291,"height":11}},{"id":"196d75f0-dcff-4f2d-8692-882f30d87bff","block_type":"box","text":"$12.38 $14.81 $17.60 $19.92","page_number":49,"box":{"x":446,"y":421,"width":463,"height":11}},{"id":"96ee1b9e-8765-4420-8257-d1c2bda3fd94","block_type":"box","text":"1","page_number":49,"box":{"x":69,"y":453,"width":3,"height":3}},{"id":"ab167d80-adc3-4dc0-a889-80ff90650876","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":49,"box":{"x":94,"y":453,"width":541,"height":9}},{"id":"ec1f2282-38a2-4251-bb43-8737b7153bc4","block_type":"box","text":"The offering price for the Funds’ other share classes is equal to the share class’ net asset value computed as","page_number":49,"box":{"x":101,"y":468,"width":787,"height":11}},{"id":"d9592d5d-8f76-4aa8-9932-99e4c4146d26","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":49,"box":{"x":69,"y":481,"width":833,"height":11}},{"id":"b4c4cd68-04e3-4c23-aa84-c0b88c5ad0c5","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":49,"box":{"x":69,"y":494,"width":813,"height":11}},{"id":"988a834f-bdfa-4aa8-85fe-bf6ec50b51e8","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":49,"box":{"x":69,"y":506,"width":377,"height":12}},{"id":"2032288d-9d2b-4e28-b88e-1a65a52c95f6","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":49,"box":{"x":68,"y":527,"width":302,"height":11}},{"id":"a58efb41-0611-4153-8153-01dcf3b82bef","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":49,"box":{"x":102,"y":543,"width":609,"height":12}},{"id":"b80cc505-cf47-4a01-81b8-3655ef7b95bc","block_type":"box","text":"Information about the brokerage commissions paid by the Funds, including commissions paid to affiliates, for","page_number":49,"box":{"x":102,"y":560,"width":782,"height":11}},{"id":"a7a7107e-2822-470e-bae2-42078a7ae81a","block_type":"box","text":"the last three fiscal years is set forth in the following table:","page_number":49,"box":{"x":68,"y":573,"width":422,"height":11}},{"id":"7cefb716-4234-470b-8fd5-3a08f85dca5e","block_type":"box","text":"20/80 Fund 40/60 Fund 60/40 Fund 80/20 Fund","page_number":49,"box":{"x":377,"y":599,"width":493,"height":9}},{"id":"f2d9a6e3-59f2-4745-a0fd-526318b3d259","block_type":"box","text":"Aggregate","page_number":49,"box":{"x":344,"y":615,"width":50,"height":9}},{"id":"f908d75c-5c9b-44e9-834a-965ea2b6c369","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":345,"y":625,"width":48,"height":9}},{"id":"323986ad-4cce-49de-8265-a87fa72cd7a5","block_type":"box","text":"Commissions","page_number":49,"box":{"x":338,"y":635,"width":62,"height":7}},{"id":"bd40c66e-3a31-4760-abea-426146572021","block_type":"box","text":"Paid","page_number":49,"box":{"x":359,"y":645,"width":20,"height":7}},{"id":"5a35f895-f40d-4473-af3a-1efe686c29e4","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":418,"y":615,"width":48,"height":9}},{"id":"cb85a364-6962-4702-ae6a-c88a258a526c","block_type":"box","text":"Commissions","page_number":49,"box":{"x":411,"y":625,"width":62,"height":7}},{"id":"525e7e19-6772-481f-991b-ac2976107c25","block_type":"box","text":"Paid to","page_number":49,"box":{"x":426,"y":635,"width":32,"height":7}},{"id":"2121a47a-cd98-4274-8ec3-36c6b0b05312","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":421,"y":645,"width":42,"height":7}},{"id":"41522bb3-248d-41f0-9a4b-3b6c59e88b18","block_type":"box","text":"Aggregate","page_number":49,"box":{"x":490,"y":615,"width":49,"height":9}},{"id":"0284a210-d96f-4362-9a92-60b3460f052f","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":491,"y":625,"width":48,"height":9}},{"id":"e2ea6038-b407-466a-8907-822e82f91941","block_type":"box","text":"Commissions","page_number":49,"box":{"x":483,"y":635,"width":63,"height":7}},{"id":"c2e4eefc-7199-41aa-b063-294b9bb9af69","block_type":"box","text":"Paid","page_number":49,"box":{"x":505,"y":645,"width":19,"height":7}},{"id":"9003743e-7679-4a78-934f-4edca341757d","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":563,"y":615,"width":48,"height":9}},{"id":"df4d2bef-32e2-44a8-a9e1-6774b91e717b","block_type":"box","text":"Commissions","page_number":49,"box":{"x":556,"y":625,"width":62,"height":7}},{"id":"5f324644-f736-42fe-a02e-71ec9a5d967c","block_type":"box","text":"Paid to","page_number":49,"box":{"x":571,"y":635,"width":33,"height":7}},{"id":"f5cadf41-0091-4864-aab8-5fc22bc0c3a8","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":566,"y":645,"width":42,"height":7}},{"id":"3a69d84e-b590-4c19-bb1d-ef6b94382c44","block_type":"box","text":"Aggregate","page_number":49,"box":{"x":635,"y":615,"width":49,"height":9}},{"id":"6640e3f2-46be-40ef-9e44-f28bafca1549","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":636,"y":625,"width":48,"height":9}},{"id":"3bd83f65-6555-412c-9d04-03b1709188d0","block_type":"box","text":"Commissions","page_number":49,"box":{"x":629,"y":635,"width":62,"height":7}},{"id":"71a621f4-75ae-4ada-b92d-77d312f7f0ec","block_type":"box","text":"Paid","page_number":49,"box":{"x":650,"y":645,"width":20,"height":7}},{"id":"6eec66d2-2e34-445c-be48-3237c6d83a41","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":709,"y":615,"width":48,"height":9}},{"id":"2c78c87d-377e-4311-9bae-91174137d582","block_type":"box","text":"Commissions","page_number":49,"box":{"x":702,"y":625,"width":62,"height":7}},{"id":"218c43aa-2243-4826-805b-d72b3995c4b1","block_type":"box","text":"Paid to","page_number":49,"box":{"x":716,"y":635,"width":33,"height":7}},{"id":"42dc50e3-a303-48a4-8e5d-507c0a78d501","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":711,"y":645,"width":43,"height":7}},{"id":"afe2823a-99b0-4af5-963b-8c3e454fbd97","block_type":"box","text":"Aggregate","page_number":49,"box":{"x":781,"y":615,"width":49,"height":9}},{"id":"feecf976-6cb8-47e3-b9e0-47f6e84a1c03","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":782,"y":625,"width":48,"height":9}},{"id":"9b5be5c4-ea78-4fcf-9d28-d822f3dd2bdb","block_type":"box","text":"Commissions","page_number":49,"box":{"x":774,"y":635,"width":63,"height":7}},{"id":"a2e0a98f-c64c-469d-80b0-7d9e18ec9c70","block_type":"box","text":"Paid","page_number":49,"box":{"x":796,"y":645,"width":19,"height":7}},{"id":"12fab854-c06a-47e0-a505-287eb857d738","block_type":"box","text":"Brokerage","page_number":49,"box":{"x":854,"y":615,"width":48,"height":9}},{"id":"d397cc16-100a-4c2f-98cb-f351010fef65","block_type":"box","text":"Commissions","page_number":49,"box":{"x":847,"y":625,"width":62,"height":7}},{"id":"cc224f25-e75b-4520-bd7d-70133bc04128","block_type":"box","text":"Paid to","page_number":49,"box":{"x":862,"y":635,"width":33,"height":7}},{"id":"46270d2d-2f5e-40a5-b0c6-af0443e8faba","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":857,"y":645,"width":42,"height":7}},{"id":"8720977a-40bd-448c-97c5-67d8f8337ba4","block_type":"box","text":"Fiscal Year Ended September 30, 2025 . . . . $62,040 $0 $ 80,302 $0 $157,209 $0 $203,512 $0","page_number":49,"box":{"x":69,"y":663,"width":816,"height":9}},{"id":"da19a1b7-379a-4050-867f-5de6a949aeb3","block_type":"box","text":"Fiscal Year Ended September 30, 2024 . . . . $83,866 $0 $ 79,418 $0 $178,371 $0 $160,947 $0","page_number":49,"box":{"x":69,"y":677,"width":816,"height":9}},{"id":"8f3bba5b-df59-47db-9c4c-707ac6da610e","block_type":"box","text":"Fiscal Year Ended September 30, 2023 . . . . $99,068 $0 $111,015 $0 $201,989 $0 $163,150 $0","page_number":49,"box":{"x":69,"y":690,"width":816,"height":10}},{"id":"c1595eb9-e850-4b8c-9d59-290e550ee7ba","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":49,"box":{"x":101,"y":709,"width":770,"height":12}},{"id":"9cae12cb-4c7e-4ba6-b9c3-1b401268b8d0","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":49,"box":{"x":69,"y":722,"width":814,"height":11}},{"id":"621c61d1-6fc3-435b-a3d7-0ebb5dd14f6d","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended September 30, 2025. The","page_number":49,"box":{"x":68,"y":735,"width":790,"height":11}},{"id":"bab36973-1d47-4f7a-bd98-ca88b56f8b31","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":49,"box":{"x":70,"y":748,"width":839,"height":11}},{"id":"802353db-dba2-4853-98c3-c0d5617c6926","block_type":"box","text":"business with such brokers.","page_number":49,"box":{"x":69,"y":761,"width":198,"height":9}},{"id":"15edbfe0-b104-475d-8f35-7a301cd49671","block_type":"box","text":"Fund Name","page_number":49,"box":{"x":69,"y":807,"width":64,"height":7}},{"id":"6306eee1-8d72-486f-88b2-3ad5991489bd","block_type":"box","text":"Amount of Commissions","page_number":49,"box":{"x":558,"y":787,"width":141,"height":7}},{"id":"5b1dc87e-7656-4f8e-a708-622c6dc14414","block_type":"box","text":"Paid to Brokers for","page_number":49,"box":{"x":574,"y":797,"width":110,"height":7}},{"id":"edb5cc71-fcd8-4546-a3a2-e15b12dad793","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":49,"box":{"x":504,"y":807,"width":249,"height":9}},{"id":"30819526-c673-410d-84a0-b96c94495939","block_type":"box","text":"Amount of Brokerage","page_number":49,"box":{"x":784,"y":797,"width":124,"height":9}},{"id":"6823b0d5-1e63-4d60-a51f-1dd8fa0e7b47","block_type":"box","text":"Transactions Involved","page_number":49,"box":{"x":783,"y":807,"width":126,"height":7}},{"id":"41b8852c-7e8b-47b5-a71e-7263dd7a1e38","block_type":"box","text":"20/80 Fund","page_number":49,"box":{"x":69,"y":825,"width":85,"height":11}},{"id":"27680050-376a-4291-b65c-f1a2d52a27c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":49,"box":{"x":161,"y":824,"width":694,"height":10}},{"id":"6825a79f-ee16-4764-89a5-7e431d334a36","block_type":"box","text":"40/60 Fund","page_number":49,"box":{"x":69,"y":840,"width":85,"height":11}},{"id":"0a6bb370-484e-4380-91c7-3a1dc2c69bed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":49,"box":{"x":161,"y":839,"width":694,"height":11}},{"id":"331727ff-a764-4dd7-b1c5-426f02151aff","block_type":"box","text":"60/40 Fund","page_number":49,"box":{"x":69,"y":855,"width":85,"height":11}},{"id":"9b7769a7-8ebc-42e3-b18a-dbb69bf8beb9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":49,"box":{"x":161,"y":854,"width":694,"height":11}},{"id":"b8de91a6-68a4-4de5-9d02-9ee909dcc405","block_type":"box","text":"80/20 Fund","page_number":49,"box":{"x":69,"y":870,"width":85,"height":11}},{"id":"03f6add3-cb7f-42df-b222-202cfff6d1e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":49,"box":{"x":169,"y":869,"width":686,"height":11}},{"id":"ceb5b366-ade5-42f4-a7ef-4a4763c7b759","block_type":"box","text":"I-27","page_number":49,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"87ac48bf-5f40-44ee-bc20-fb2815309732","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea76d764-907a-440a-953e-30bef2e4972d","block_type":"box","text":"As of September 30, 2025, the Funds held no securities of their regular brokers or dealers (as defined in Rule","page_number":50,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"76b67d87-e2db-43ce-b8ad-6f837b0f7ea4","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":50,"box":{"x":70,"y":57,"width":838,"height":12}},{"id":"f1b94c03-1293-4dd5-842e-28344327ecde","block_type":"box","text":"September 30, 2025.","page_number":50,"box":{"x":69,"y":70,"width":154,"height":11}},{"id":"9cf5aa92-562f-46d8-82f1-7fbe476d3ee6","block_type":"box","text":"Securities Lending","page_number":50,"box":{"x":68,"y":91,"width":135,"height":11}},{"id":"1c358087-4983-4b46-ba4b-9f552ce620d9","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending pursuant to an","page_number":50,"box":{"x":101,"y":108,"width":805,"height":11}},{"id":"01a1ec1f-8439-4fb0-b176-cf4955e246fe","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":50,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"a8fc5683-9f29-456c-8519-0ba04d64b566","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that a Fund engages in securities","page_number":50,"box":{"x":69,"y":133,"width":799,"height":11}},{"id":"53bbcddb-1b1c-4d63-95d6-b64c1d2336ec","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":50,"box":{"x":70,"y":146,"width":838,"height":11}},{"id":"062ae075-bff9-4261-be04-eef8f89d3362","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":50,"box":{"x":69,"y":159,"width":813,"height":11}},{"id":"25da3ec2-172f-4b00-b2cb-b25f12962a55","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":50,"box":{"x":70,"y":172,"width":646,"height":11}},{"id":"398f25fa-a12f-46cf-ad26-6467a9e80df4","block_type":"box","text":"Those Funds that engage in securities lending retain a portion of the securities lending income and remit the","page_number":50,"box":{"x":101,"y":188,"width":776,"height":12}},{"id":"ed28af50-4aac-43a5-b53d-05dbfa27af49","block_type":"box","text":"remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is","page_number":50,"box":{"x":69,"y":201,"width":823,"height":11}},{"id":"fc000e01-9bb3-4189-a229-8fc095f64ca5","block_type":"box","text":"generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral","page_number":50,"box":{"x":68,"y":214,"width":783,"height":11}},{"id":"ee3498d8-ff46-4f09-bb7b-4b4b0666ebc3","block_type":"box","text":"investment fees as defined below), and any fees or other payments to and from borrowers of securities. As securities","page_number":50,"box":{"x":70,"y":227,"width":837,"height":11}},{"id":"e18a9d3d-2f94-4c78-add9-f8b859d29a7c","block_type":"box","text":"lending agent, BIM bears all operational costs directly related to securities lending. Each Fund is responsible for fees","page_number":50,"box":{"x":70,"y":240,"width":834,"height":11}},{"id":"454c7992-4a50-4dc4-815a-f66aabd771ee","block_type":"box","text":"in connection with the investment of cash collateral received for securities on loan in a money market fund managed","page_number":50,"box":{"x":70,"y":252,"width":829,"height":12}},{"id":"aeae11ff-0720-4c17-bb46-18c3b7ef8abf","block_type":"box","text":"by BlackRock (the “collateral investment fees”); however, the securities lending agent has agreed to reduce the","page_number":50,"box":{"x":69,"y":265,"width":795,"height":12}},{"id":"a93f50ab-a2e5-41e4-a679-8f52b1ce9e5d","block_type":"box","text":"amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund","page_number":50,"box":{"x":69,"y":278,"width":810,"height":11}},{"id":"4bd1b150-38e5-498a-bc46-83b0d37eedfd","block_type":"box","text":"bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee","page_number":50,"box":{"x":69,"y":291,"width":838,"height":11}},{"id":"2b38032b-784b-4606-be14-c2b66826abab","block_type":"box","text":"or service fee.","page_number":50,"box":{"x":69,"y":304,"width":101,"height":9}},{"id":"60321ab6-e057-4b3a-a149-596a00882e01","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":50,"box":{"x":101,"y":320,"width":762,"height":12}},{"id":"76927de7-8d3f-4a77-80aa-8e67fe9a4225","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":50,"box":{"x":69,"y":333,"width":831,"height":12}},{"id":"f8a423eb-812b-4882-a015-30a7304f362a","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":50,"box":{"x":68,"y":346,"width":812,"height":12}},{"id":"fe40e9e0-efad-465c-8123-db0fc6b2548d","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":50,"box":{"x":69,"y":359,"width":799,"height":11}},{"id":"db7ba28f-a95e-45bc-9582-e66781221916","block_type":"box","text":"Additionally, a Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a","page_number":50,"box":{"x":68,"y":372,"width":835,"height":11}},{"id":"b334d1e6-4260-4b84-9531-c3d4ad62c3f7","block_type":"box","text":"single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":50,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"27957627-1f98-4579-9f4b-ec26f1e90ed8","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":50,"box":{"x":68,"y":398,"width":789,"height":11}},{"id":"c3467a4e-d356-4cf4-b60a-53ffd9fd11ce","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":50,"box":{"x":69,"y":410,"width":829,"height":12}},{"id":"39652fe5-a6f3-45a8-9dbf-77a8c78f24c8","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":50,"box":{"x":69,"y":423,"width":839,"height":11}},{"id":"70105b99-1cc9-4f56-9b41-eca3e1c65244","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":50,"box":{"x":69,"y":436,"width":802,"height":11}},{"id":"a102164e-d772-4f45-8992-53a94db4b743","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":50,"box":{"x":70,"y":449,"width":830,"height":11}},{"id":"c5df0f9c-c7ac-43f0-b3a4-4504404b1b2b","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":50,"box":{"x":69,"y":462,"width":838,"height":11}},{"id":"486d771e-0f00-403e-a86b-90fda27eb819","block_type":"box","text":"Fund’s returns on securities lending.","page_number":50,"box":{"x":70,"y":475,"width":258,"height":11}},{"id":"648249dc-091c-46b4-b170-cea530c7d3c7","block_type":"box","text":"Under the securities lending program, each Fund is categorized into one of several specific asset classes. The","page_number":50,"box":{"x":102,"y":491,"width":785,"height":12}},{"id":"be7c7bcb-1147-4631-b2ab-0841ce51334e","block_type":"box","text":"determination of a Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of funds),","page_number":50,"box":{"x":69,"y":504,"width":833,"height":11}},{"id":"964138b0-5a28-4fbf-af1f-82e07a746a5f","block_type":"box","text":"each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the Trust and","page_number":50,"box":{"x":69,"y":517,"width":825,"height":11}},{"id":"834641c3-3c7c-4370-ac5d-05669dae8f2c","block_type":"box","text":"BIM.","page_number":50,"box":{"x":70,"y":530,"width":29,"height":9}},{"id":"ce13e068-79ea-49bb-be3b-982d3eabdc53","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Funds retain 82% of securities lending income","page_number":50,"box":{"x":102,"y":546,"width":761,"height":12}},{"id":"ebf4cb59-54a3-4fc4-8b7d-05258e7e85fe","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":50,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"fda2db09-4fab-4d1e-a766-3fccf45d7655","block_type":"box","text":"lending income plus collateral investment fees.","page_number":50,"box":{"x":70,"y":572,"width":334,"height":11}},{"id":"9f6b3ee1-a27d-4e4a-85f5-75a1dab45723","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":50,"box":{"x":102,"y":589,"width":753,"height":11}},{"id":"5e74c308-4101-4d10-b9e9-38ad2108fa37","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund,","page_number":50,"box":{"x":69,"y":602,"width":794,"height":11}},{"id":"90f15f04-1ad1-4017-adea-457e325e9aeb","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":50,"box":{"x":70,"y":614,"width":817,"height":12}},{"id":"3d4aa1e7-e515-4d23-b13c-ae55164f3ef0","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":50,"box":{"x":70,"y":627,"width":794,"height":12}},{"id":"f355e5ae-6e84-4adc-8198-4e6389e08e36","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":50,"box":{"x":69,"y":640,"width":825,"height":12}},{"id":"cf6d8615-ef10-47b2-b8e8-e41e7c4401a9","block_type":"box","text":"The services provided to each Fund by BIM, in the most recent fiscal year ended September 30, 2025, primarily","page_number":50,"box":{"x":101,"y":657,"width":799,"height":11}},{"id":"dba45c2a-dccb-4375-b8e8-6e64a28149b0","block_type":"box","text":"included the following:","page_number":50,"box":{"x":70,"y":670,"width":156,"height":11}},{"id":"3ff2cc4a-0fa3-44c6-ba63-16ecc7e0ca0b","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":50,"box":{"x":69,"y":685,"width":818,"height":11}},{"id":"9df178bf-efca-49e3-b94e-557a89bff691","block_type":"box","text":"on behalf of each Fund with each such borrower;","page_number":50,"box":{"x":102,"y":698,"width":345,"height":10}},{"id":"b445fad4-e70f-4692-befe-6f55732fcea7","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":50,"box":{"x":69,"y":713,"width":538,"height":12}},{"id":"9af22f34-1e81-421a-a8f7-c59bb349fab9","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":50,"box":{"x":69,"y":729,"width":330,"height":11}},{"id":"df2d52bd-84b9-4df1-a3cc-fcb55e13f571","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":50,"box":{"x":69,"y":744,"width":834,"height":11}},{"id":"26d07009-477d-428d-874f-7a23be0f7def","block_type":"box","text":"of excess collateral, as necessary;","page_number":50,"box":{"x":102,"y":757,"width":246,"height":11}},{"id":"ae82bc71-cc2c-4783-bdb5-4bbb2028426a","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":50,"box":{"x":69,"y":772,"width":562,"height":12}},{"id":"56db2eb5-b16c-43d4-baa1-5ccf40f7238d","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":50,"box":{"x":69,"y":788,"width":665,"height":11}},{"id":"889edf9d-8007-4e6e-b6d5-5ef88c2b7ffb","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":50,"box":{"x":69,"y":803,"width":822,"height":11}},{"id":"656f9ef9-9b14-42a4-8e29-dfeccd357a81","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":50,"box":{"x":101,"y":816,"width":803,"height":11}},{"id":"aaf16eea-366e-448f-9739-76dc74ef4841","block_type":"box","text":"of the loaned securities; and","page_number":50,"box":{"x":102,"y":829,"width":203,"height":10}},{"id":"fcce8396-d04f-4f29-b97f-0bee9fb0cf73","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to each Fund at loan termination.","page_number":50,"box":{"x":69,"y":844,"width":819,"height":11}},{"id":"64b0dc63-d023-4f0b-a7cb-65d33cf48fa0","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":50,"box":{"x":101,"y":861,"width":805,"height":11}},{"id":"b65b6597-d74a-41d4-9219-97281a6ea590","block_type":"box","text":"activities of each Fund during its most recent fiscal year ended September 30, 2025.","page_number":50,"box":{"x":69,"y":874,"width":607,"height":11}},{"id":"5201c2f4-3b25-48fa-b7c7-f3198d0040ea","block_type":"box","text":"I-28","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c2209050-2923-4d1c-a6c5-5104c0ff2637","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"555bdd7e-9278-401c-a425-a5244a512608","block_type":"box","text":"20/80 Fund 40/60 Fund 60/40 Fund 80/20 Fund","page_number":51,"box":{"x":515,"y":49,"width":385,"height":9}},{"id":"30f70712-1d9b-489f-9ddd-7a0c8c3e8fbd","block_type":"box","text":"Gross income from securities lending activities","page_number":51,"box":{"x":69,"y":67,"width":343,"height":11}},{"id":"6b61d083-7d54-4d23-a1b7-5ec1cdfd0147","block_type":"box","text":"..........","page_number":51,"box":{"x":417,"y":74,"width":75,"height":2}},{"id":"9d165587-1af7-4112-b5c9-5796aa7c76f1","block_type":"box","text":"$747,792 $1,387,752 $3,744,661 $2,382,209","page_number":51,"box":{"x":514,"y":66,"width":395,"height":12}},{"id":"d86ede18-8ec2-4e76-bbd6-5b9079796291","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":51,"box":{"x":70,"y":86,"width":565,"height":11}},{"id":"25d9a71b-51f4-4a8c-9ba2-0d81abca37cd","block_type":"box","text":"Securities lending income paid to BIM for services as","page_number":51,"box":{"x":79,"y":101,"width":380,"height":12}},{"id":"7a5af37b-6042-4dd8-8c44-b8e313e6d38f","block_type":"box","text":"securities lending agent . .","page_number":51,"box":{"x":88,"y":114,"width":192,"height":11}},{"id":"da1e7ff5-f168-4ff1-9c76-d8318d119d3f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,698 $ 52,116 $","page_number":51,"box":{"x":287,"y":113,"width":436,"height":11}},{"id":"a3dda524-3acb-4968-b143-1c31d819b024","block_type":"box","text":"131,122 $ 70,311","page_number":51,"box":{"x":740,"y":113,"width":169,"height":11}},{"id":"d6a2a4d9-d45a-411c-a5e9-34ab8350cbeb","block_type":"box","text":"Cash collateral management expenses not included in","page_number":51,"box":{"x":79,"y":129,"width":385,"height":11}},{"id":"20d4c304-bedc-4345-91e5-4d03a2a9cc77","block_type":"box","text":"securities lending income paid to BIM. .","page_number":51,"box":{"x":88,"y":142,"width":282,"height":11}},{"id":"bed4ab04-a1c8-4c7b-8da6-7ece03368eb3","block_type":"box","text":". . . . . . . . . . . . . . . $ 6,368 $ 11,894 $ 32,068 $ 20,570","page_number":51,"box":{"x":376,"y":141,"width":533,"height":11}},{"id":"f9fcbf8a-facf-40a8-9019-bd4af2dca8de","block_type":"box","text":"Administrative fees not included in securities lending","page_number":51,"box":{"x":78,"y":157,"width":377,"height":11}},{"id":"3fbbe04e-6982-478f-b605-0612a5c80954","block_type":"box","text":"income paid to BIM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0 $ 0","page_number":51,"box":{"x":89,"y":169,"width":820,"height":11}},{"id":"046587c4-9200-4884-bc71-ffb51b9e8303","block_type":"box","text":"Indemnification fees not included in securities lending","page_number":51,"box":{"x":79,"y":184,"width":384,"height":12}},{"id":"ce0de42e-3d0f-44c5-b9bb-10fb7c28221b","block_type":"box","text":"income paid to BIM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0 $ 0","page_number":51,"box":{"x":89,"y":196,"width":820,"height":12}},{"id":"8895ef65-7a49-4214-a3c2-61a2e4a3054f","block_type":"box","text":"Rebates (paid to borrowers).","page_number":51,"box":{"x":79,"y":212,"width":201,"height":11}},{"id":"b65e6107-28df-4ff5-b6b8-db8434b25378","block_type":"box","text":"..........................","page_number":51,"box":{"x":287,"y":220,"width":205,"height":1}},{"id":"67207dee-a006-42b9-a54f-c9a7d272f192","block_type":"box","text":"$602,371 $1,080,489 $2,969,262 $1,958,642","page_number":51,"box":{"x":514,"y":212,"width":395,"height":11}},{"id":"ac6a88a6-61e9-440f-bdc7-6f6e01c05b38","block_type":"box","text":"Other fees not included in securities lending income paid","page_number":51,"box":{"x":79,"y":227,"width":405,"height":12}},{"id":"33f3641a-f445-4e80-9f69-d664e595667a","block_type":"box","text":"to BIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0 $ 0","page_number":51,"box":{"x":88,"y":239,"width":821,"height":11}},{"id":"4251249b-3f80-4c6e-875e-d19c1bf524f9","block_type":"box","text":"Aggregate fees/compensation for securities lending","page_number":51,"box":{"x":68,"y":259,"width":383,"height":12}},{"id":"850d6405-25a9-4ae9-9ba9-f31b6bb56fe6","block_type":"box","text":"activities","page_number":51,"box":{"x":69,"y":272,"width":66,"height":9}},{"id":"ac087c0c-4cb2-4d0f-9803-8f7c248cc6b6","block_type":"box","text":"............................................","page_number":51,"box":{"x":140,"y":279,"width":352,"height":2}},{"id":"98c0ec54-2465-4555-96ef-9392484cf0a9","block_type":"box","text":"$633,437 $1,144,499 $3,132,452 $2,049,523","page_number":51,"box":{"x":514,"y":271,"width":395,"height":12}},{"id":"c254f714-9fad-4b94-9cdc-4d12197aeecf","block_type":"box","text":"Net income from securities lending activities","page_number":51,"box":{"x":69,"y":292,"width":327,"height":11}},{"id":"aee64549-9f3e-41d8-b740-f8f443ea67a6","block_type":"box","text":"............","page_number":51,"box":{"x":401,"y":299,"width":91,"height":1}},{"id":"683f7794-532a-413b-b625-d0fad4afa407","block_type":"box","text":"$114,355 $ 243,253 $ 612,209 $ 332,686","page_number":51,"box":{"x":514,"y":291,"width":395,"height":11}},{"id":"1d8cb9d3-4a7a-4482-bf4a-ec1a56f2ed19","block_type":"box","text":"VIII. Additional Information","page_number":51,"box":{"x":68,"y":320,"width":195,"height":9}},{"id":"ea0504e4-9207-4a97-a763-97a28a8859c3","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 26, 2007 and is registered under the","page_number":51,"box":{"x":101,"y":337,"width":760,"height":11}},{"id":"07073773-bbec-4f5d-8655-cf50df0fafb3","block_type":"box","text":"Investment Company Act as an open end, management investment company. Shares of each class of each Fund of","page_number":51,"box":{"x":70,"y":349,"width":820,"height":12}},{"id":"18dbc3f9-f37c-4cfe-ac89-80c26880e057","block_type":"box","text":"the Trust bear their pro rata portion of all operating expenses paid by a Fund, except transfer agency fees, certain","page_number":51,"box":{"x":68,"y":362,"width":813,"height":12}},{"id":"2764226c-1e2d-4aed-99b7-aae6d7528ac2","block_type":"box","text":"administrative/servicing fees and amounts payable under the Trust’s Amended and Restated Distribution and","page_number":51,"box":{"x":69,"y":375,"width":782,"height":11}},{"id":"1cbfdebb-e323-4c82-a544-ce5e1f385152","block_type":"box","text":"Service Plan. Each share of a Fund of the Trust has a par value of $.001, represents an interest in that Fund and is","page_number":51,"box":{"x":69,"y":387,"width":825,"height":12}},{"id":"1b1f284b-be97-4e0a-baa6-65f196e6914b","block_type":"box","text":"entitled to the dividends and distributions earned on that Fund’s assets that are declared in the discretion of the","page_number":51,"box":{"x":69,"y":401,"width":805,"height":9}},{"id":"fb8fba7e-445b-4d61-893f-f1fcb5d0af73","block_type":"box","text":"Board of Trustees. The number of shares of each series, and class thereof, is unlimited. The Trust’s shareholders","page_number":51,"box":{"x":70,"y":414,"width":812,"height":10}},{"id":"d239ea27-6426-4124-bc93-022d677c147a","block_type":"box","text":"are entitled to one vote for each full share held and proportionate fractional votes for fractional shares held, and will","page_number":51,"box":{"x":69,"y":426,"width":829,"height":11}},{"id":"0ea53517-70d7-4bce-be63-dea03e0195eb","block_type":"box","text":"vote in the aggregate and not by class, except where otherwise required by law or as determined by the Board of","page_number":51,"box":{"x":68,"y":439,"width":806,"height":12}},{"id":"e222f0ab-8b25-416b-8cdf-ec8986023582","block_type":"box","text":"Trustees.","page_number":51,"box":{"x":68,"y":452,"width":66,"height":9}},{"id":"c1933acc-07d2-49f1-8978-04316cbc3f12","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":51,"box":{"x":102,"y":469,"width":765,"height":11}},{"id":"faf9e51b-d2c7-4706-abf1-1c0013675d49","block_type":"box","text":"Trust’s outstanding shares (irrespective of class) may elect all of the Trustees. Shares have no preemptive rights and","page_number":51,"box":{"x":68,"y":482,"width":838,"height":11}},{"id":"048dbfaf-fea5-4a53-b067-050ca0b64380","block_type":"box","text":"only such conversion and exchange rights as the Board may grant in its discretion. When issued for payment, shares","page_number":51,"box":{"x":69,"y":494,"width":832,"height":12}},{"id":"7e2c8175-b805-4de0-83cb-65883ce159e5","block_type":"box","text":"will be fully paid and non-assessable by the Trust.","page_number":51,"box":{"x":68,"y":507,"width":354,"height":12}},{"id":"92624c61-a459-4d2d-9870-059e298ee6be","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":51,"box":{"x":101,"y":524,"width":781,"height":11}},{"id":"343414e9-ccf4-4182-81c1-f5a4a4877398","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":51,"box":{"x":68,"y":537,"width":816,"height":11}},{"id":"220df1cd-513d-414b-ad7f-167e664daee7","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":51,"box":{"x":70,"y":550,"width":787,"height":11}},{"id":"c0a0ad5b-caa4-4648-a118-3c0efc9d8eba","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":51,"box":{"x":68,"y":562,"width":817,"height":12}},{"id":"0e36afe3-b297-468d-908e-2caf941b6d28","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":51,"box":{"x":69,"y":575,"width":744,"height":12}},{"id":"4c1a0290-9763-4f3b-900f-634f02dd7c88","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":51,"box":{"x":102,"y":592,"width":742,"height":11}},{"id":"bed13691-70aa-473e-b5d1-9867741b1e4a","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":51,"box":{"x":70,"y":605,"width":800,"height":11}},{"id":"d8c3ca12-c6bc-4449-8f05-220fff8bec78","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":51,"box":{"x":68,"y":618,"width":808,"height":11}},{"id":"84afd01c-c4df-4ae6-82c9-c8cd412272fd","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":51,"box":{"x":69,"y":631,"width":835,"height":11}},{"id":"3bee722b-3939-4cc5-b47f-72787f427b1a","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":51,"box":{"x":69,"y":643,"width":805,"height":12}},{"id":"32da8999-3e28-45e6-8c70-556389e0f9cf","block_type":"box","text":"unless the interests of each investment portfolio in the matter are substantially identical or the matter does not","page_number":51,"box":{"x":69,"y":656,"width":798,"height":11}},{"id":"6a045686-cf2e-463d-8e53-a1ed13107e9f","block_type":"box","text":"affect any interest of the investment portfolio. Under Rule 18f-2, the approval of a management agreement, a","page_number":51,"box":{"x":69,"y":669,"width":782,"height":11}},{"id":"8bbe06bb-0e45-409b-8cd8-449762e0bc26","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":51,"box":{"x":69,"y":682,"width":840,"height":11}},{"id":"ba5f278b-d2c1-4c23-a21a-9e12aa919fbd","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":51,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"bd274ae8-0cf4-465c-a57f-6c4e13953711","block_type":"box","text":"outstanding shares of such investment portfolio. However, Rule 18f-2 also provides that the ratification of the","page_number":51,"box":{"x":69,"y":708,"width":782,"height":11}},{"id":"b69676eb-ef48-4d2a-aee1-64cb81ea0165","block_type":"box","text":"appointment of independent accountants, the approval of principal underwriting contracts and the election of","page_number":51,"box":{"x":69,"y":720,"width":777,"height":12}},{"id":"cb4425c1-1110-49b1-8b64-89db5ec1500c","block_type":"box","text":"Trustees may be effectively acted upon by shareholders of the Trust voting together in the aggregate without regard","page_number":51,"box":{"x":68,"y":733,"width":823,"height":12}},{"id":"1421a7d7-4547-4f19-a1cf-c768015fded6","block_type":"box","text":"to a particular investment portfolio.","page_number":51,"box":{"x":68,"y":746,"width":252,"height":11}},{"id":"84933e46-60f1-4fad-af34-c78619e8db2d","block_type":"box","text":"The proceeds received by each Fund for each issue or sale of its shares, and all net investment income, realized","page_number":51,"box":{"x":101,"y":763,"width":804,"height":11}},{"id":"f1a8d0e9-fc83-49b6-b209-d9cf685224d1","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":51,"box":{"x":69,"y":776,"width":824,"height":11}},{"id":"23ddcb31-eceb-404a-a59d-50b71a384f5c","block_type":"box","text":"constitute the underlying assets of the Fund. The underlying assets of the Fund will be segregated on the books of","page_number":51,"box":{"x":69,"y":788,"width":816,"height":12}},{"id":"729d2bb4-378f-402f-86a7-173be5d0b674","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":51,"box":{"x":69,"y":801,"width":815,"height":12}},{"id":"e99adc0c-8476-4b27-bbba-6860269dcb1a","block_type":"box","text":"the Trust. As stated herein, certain expenses of a Fund may be charged to a specific class of shares representing","page_number":51,"box":{"x":68,"y":814,"width":814,"height":12}},{"id":"214606c7-16e4-40fd-8b58-cdd0116a4b88","block_type":"box","text":"interests in that Fund.","page_number":51,"box":{"x":70,"y":827,"width":155,"height":9}},{"id":"10be3ea2-9578-40be-9ad9-678699005951","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":51,"box":{"x":101,"y":844,"width":736,"height":11}},{"id":"a631dfd1-2fc1-4669-9bb9-80d32a953b71","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a class of shares to another","page_number":51,"box":{"x":69,"y":857,"width":806,"height":11}},{"id":"0de5c39d-8626-4dad-b539-99508a42c64a","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":51,"box":{"x":69,"y":869,"width":807,"height":12}},{"id":"917ae199-5908-4cdc-8ecf-caba27a4a64e","block_type":"box","text":"connection therewith, to cause all outstanding shares of such class to be redeemed at a price which is equal to their","page_number":51,"box":{"x":69,"y":882,"width":835,"height":12}},{"id":"f9ee8de0-b331-403e-b60a-df5d7018dcd6","block_type":"box","text":"net asset value and which may be paid in cash or by distribution of the securities or other consideration received","page_number":51,"box":{"x":69,"y":895,"width":803,"height":11}},{"id":"72871007-2fb1-4c85-ad97-fa93a62f7bb3","block_type":"box","text":"from the sale and conveyance; (ii) sell and convert the assets belonging to one or more classes of shares into money","page_number":51,"box":{"x":68,"y":908,"width":840,"height":11}},{"id":"5eaf38f1-9375-4f75-b34f-ce2501f774b7","block_type":"box","text":"I-29","page_number":51,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3df656c3-9de8-4233-8945-35b6446c143c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6cd3fe84-4f70-4794-b61e-5e41ab0090a4","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such classes to be redeemed at their net asset","page_number":52,"box":{"x":69,"y":45,"width":800,"height":11}},{"id":"09685ac0-94be-4089-92bb-7e04b8bc63a8","block_type":"box","text":"value; or (iii) combine the assets belonging to a class of shares with the assets belonging to one or more other","page_number":52,"box":{"x":68,"y":57,"width":794,"height":12}},{"id":"60cd323c-69a4-432a-a2ca-d2f253f03a79","block_type":"box","text":"classes of shares, if the Board of Trustees reasonably determines that such combination will not have a material","page_number":52,"box":{"x":69,"y":70,"width":805,"height":11}},{"id":"41be32c1-d4ba-4fe8-9f83-6e16f3f8c22b","block_type":"box","text":"adverse effect on the shareholders of any class participating in such combination and, in connection therewith, to","page_number":52,"box":{"x":69,"y":83,"width":813,"height":11}},{"id":"190ab342-fe04-4283-a247-1894abf313ca","block_type":"box","text":"cause all outstanding shares of any such class to be redeemed or converted into shares of another class of shares","page_number":52,"box":{"x":69,"y":96,"width":825,"height":11}},{"id":"2421648b-a857-441e-8ad6-2cfa32a4326b","block_type":"box","text":"at their net asset value. The Board of Trustees may authorize the liquidation and termination of any Fund or any class","page_number":52,"box":{"x":69,"y":109,"width":838,"height":11}},{"id":"74c8102e-7765-4d14-9162-f7bf54263560","block_type":"box","text":"of shares. Upon liquidation of a Fund, shareholders of each class of the Fund are entitled to share pro-rata in the net","page_number":52,"box":{"x":69,"y":122,"width":835,"height":11}},{"id":"73b02e4b-6cd1-465f-8797-5a52cd91fb96","block_type":"box","text":"assets belonging to that class available for distribution.","page_number":52,"box":{"x":69,"y":135,"width":395,"height":11}},{"id":"c82b1ae3-ea04-42d7-9b2c-c5a2f38ee7cb","block_type":"box","text":"The 60/40 Fund acquired all of the assets and certain stated liabilities of State Farm Equity and Bond Fund, a","page_number":52,"box":{"x":101,"y":151,"width":789,"height":11}},{"id":"bf9b6ec7-4a5f-4f87-b0dd-4feb394737d4","block_type":"box","text":"series of State Farm Mutual Fund Trust, in a reorganization on November 19, 2018.","page_number":52,"box":{"x":69,"y":164,"width":597,"height":11}},{"id":"18532d63-068a-49ae-95a7-638e88e537c4","block_type":"box","text":"Shareholder and Trustee Liability of the Trust","page_number":52,"box":{"x":70,"y":184,"width":321,"height":12}},{"id":"f1296e72-c099-43bd-8a93-38f0dfae06a8","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held","page_number":52,"box":{"x":102,"y":201,"width":734,"height":11}},{"id":"cc18558a-8643-4e38-b0c9-aba1953e5cd2","block_type":"box","text":"personally liable as partners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":52,"box":{"x":70,"y":214,"width":822,"height":11}},{"id":"07252885-93c8-4ab7-a7c3-e00ecdfae506","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":52,"box":{"x":69,"y":227,"width":814,"height":11}},{"id":"1279805f-7d70-49ea-b72b-8af86220ed67","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other undertaking made by the Trust shall","page_number":52,"box":{"x":69,"y":240,"width":794,"height":11}},{"id":"f26b9203-dd08-40bb-9525-e04dd3fba111","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":52,"box":{"x":69,"y":252,"width":824,"height":12}},{"id":"e90ced8a-3b3d-48c9-bc65-0172565ea91e","block_type":"box","text":"provides for indemnification out of Trust property of any shareholder held personally liable solely by reason of his","page_number":52,"box":{"x":70,"y":265,"width":804,"height":11}},{"id":"a648400d-32fa-4a99-a7c3-db98b432a623","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":52,"box":{"x":69,"y":278,"width":830,"height":11}},{"id":"812f51de-c840-4026-9288-d1e72f323964","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":52,"box":{"x":68,"y":291,"width":807,"height":11}},{"id":"bae43dc1-a1eb-4985-8667-4385479455c2","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":52,"box":{"x":69,"y":304,"width":719,"height":11}},{"id":"27356f16-3a4a-472e-aa85-ef66e67930fd","block_type":"box","text":"The Declaration of Trust further provides that all persons having any claim against the Trustees or Trust shall","page_number":52,"box":{"x":101,"y":320,"width":777,"height":12}},{"id":"a76316c0-adf2-4c09-bb79-c4e8f6ac0176","block_type":"box","text":"look solely to the Trust property for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":52,"box":{"x":70,"y":333,"width":828,"height":12}},{"id":"fbf5291e-3068-437e-8fab-57b7c01b0674","block_type":"box","text":"of any contract, debt, tort, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":52,"box":{"x":69,"y":346,"width":827,"height":12}},{"id":"7334104b-c2e3-438b-a527-385e11559e73","block_type":"box","text":"preservation of the Trust property or the conduct of any business of the Trust; and that no Trustee shall be","page_number":52,"box":{"x":70,"y":359,"width":762,"height":11}},{"id":"758174dd-3b42-475c-a3d3-5f752508098d","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":52,"box":{"x":70,"y":372,"width":836,"height":11}},{"id":"a83847e5-a074-48a1-9ea7-d2e71a4a72f9","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":52,"box":{"x":69,"y":385,"width":567,"height":11}},{"id":"58b8eaa3-b94e-4258-9829-6188a832ef74","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":52,"box":{"x":101,"y":401,"width":792,"height":12}},{"id":"ba48c614-98db-41aa-9584-d6844a812520","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":52,"box":{"x":69,"y":414,"width":825,"height":11}},{"id":"12a4ed80-5203-4c1b-bd64-26944b1741c2","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":52,"box":{"x":70,"y":427,"width":824,"height":11}},{"id":"4730b3c7-2f61-4f8a-8248-1df61df71711","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":52,"box":{"x":68,"y":440,"width":811,"height":11}},{"id":"5b78d6f9-337d-4ae6-b926-c0fd8f2a0a2d","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":52,"box":{"x":68,"y":453,"width":315,"height":9}},{"id":"ead461b0-5d79-405c-9bf1-db0a5a986b52","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":52,"box":{"x":102,"y":470,"width":352,"height":11}},{"id":"7dde196b-fb51-4202-8277-e976b7c1f0a6","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":52,"box":{"x":461,"y":469,"width":412,"height":11}},{"id":"31a477ca-0af7-4e04-a3f0-dc30624af940","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Funds’ independent registered public accounting firm.","page_number":52,"box":{"x":69,"y":482,"width":772,"height":12}},{"id":"4977ab63-4190-4da8-92ae-3039a9721e29","block_type":"box","text":"Counsel.","page_number":52,"box":{"x":101,"y":499,"width":62,"height":9}},{"id":"969ed8dc-6160-49e6-9d79-b8e3b461bdde","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":52,"box":{"x":170,"y":499,"width":736,"height":11}},{"id":"63ddf426-187a-49d8-abeb-7b4f1151439e","block_type":"box","text":"the Funds’ counsel.","page_number":52,"box":{"x":68,"y":512,"width":139,"height":9}},{"id":"4e752ca1-4ee7-4717-befe-21cd29e3b4a9","block_type":"box","text":"Additional Benchmark Performance Information","page_number":52,"box":{"x":68,"y":532,"width":347,"height":9}},{"id":"8530ecd6-9109-4f39-aa75-7b77deebb1d0","block_type":"box","text":"As noted in the Prospectus, performance of the Fund’s benchmark, MSCI All Country World Index (Net), shown in","page_number":52,"box":{"x":101,"y":549,"width":805,"height":11}},{"id":"19fb72c0-e29c-4968-8d61-d2b9fde9e118","block_type":"box","text":"the Prospectus generally assumes the reinvestment of dividends after the deduction of the maximum withholding tax","page_number":52,"box":{"x":68,"y":562,"width":833,"height":11}},{"id":"13287bb0-d231-4dae-98e1-20f32fd64184","block_type":"box","text":"in each country applicable to non-residents of the country as determined by the index provider. Please see below for","page_number":52,"box":{"x":70,"y":574,"width":828,"height":12}},{"id":"7e6413a4-80ef-4335-b10e-5734893d67d9","block_type":"box","text":"the performance of MSCI All Country World Index that does not reflect the deduction of such maximum withholding","page_number":52,"box":{"x":68,"y":587,"width":818,"height":12}},{"id":"79982e84-cf6c-4de2-9046-52ccdf3de4c3","block_type":"box","text":"taxes for the period noted below:","page_number":52,"box":{"x":68,"y":600,"width":234,"height":11}},{"id":"ef72e0ba-5fd0-4b2f-9963-3a0c1481a6e8","block_type":"box","text":"For the periods ended 12/31/25","page_number":52,"box":{"x":69,"y":626,"width":193,"height":9}},{"id":"8c7e155e-90d4-4553-987d-88b2b524b3a5","block_type":"box","text":"Average Annual Total Returns","page_number":52,"box":{"x":68,"y":636,"width":173,"height":9}},{"id":"2f81a553-c39a-4d87-b2b7-406fa453101b","block_type":"box","text":"1 Year 5 Years 10 Years","page_number":52,"box":{"x":716,"y":636,"width":193,"height":7}},{"id":"84c38153-8d9c-4f50-89c0-7c6df32509bb","block_type":"box","text":"MSCI All Country World Gross TR Index","page_number":52,"box":{"x":70,"y":654,"width":275,"height":11}},{"id":"d227705a-e435-4680-b94c-c73f52b77925","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) . . . . . . . .","page_number":52,"box":{"x":79,"y":668,"width":431,"height":11}},{"id":"a3cd4727-de84-4d77-86fb-93778783ae71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 22.87% 11.70% 12.28%","page_number":52,"box":{"x":516,"y":669,"width":401,"height":8}},{"id":"b146018d-c7c8-48e1-b4bf-5e5ce178dc90","block_type":"box","text":"Principal Shareholders","page_number":52,"box":{"x":69,"y":692,"width":162,"height":11}},{"id":"38725087-cf1b-4dde-915f-b80cdbc76321","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of","page_number":52,"box":{"x":101,"y":709,"width":770,"height":11}},{"id":"f67c97f0-bb58-4195-b836-5cf5a36d89c0","block_type":"box","text":"each Fund’s shares as of January 2, 2026:","page_number":52,"box":{"x":69,"y":722,"width":308,"height":11}},{"id":"4939f4f3-33a4-4e73-894b-24920795f188","block_type":"box","text":"20/80 Fund","page_number":52,"box":{"x":69,"y":742,"width":87,"height":11}},{"id":"f858b70d-7022-456b-974b-4f22d37a32d6","block_type":"box","text":"Name Address Percentage Class","page_number":52,"box":{"x":69,"y":768,"width":786,"height":9}},{"id":"24d5cc9d-2932-4093-a624-55c01b2a6a30","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":52,"box":{"x":69,"y":786,"width":508,"height":11}},{"id":"40503abe-c232-4b4e-b512-13efde58295c","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":52,"box":{"x":420,"y":801,"width":197,"height":11}},{"id":"0d69914e-c78c-4102-8dd5-8c00f1341c0e","block_type":"box","text":"41.87% Investor A Shares","page_number":52,"box":{"x":680,"y":786,"width":222,"height":9}},{"id":"1bd994e7-6749-477a-a8a4-1c8e1a0439ac","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":52,"box":{"x":70,"y":824,"width":262,"height":11}},{"id":"6618f07d-9e1f-466a-bb72-d527b2747c1a","block_type":"box","text":"Incorporated","page_number":52,"box":{"x":70,"y":839,"width":87,"height":11}},{"id":"05ef6f9a-5929-4455-b537-2606ed6c2678","block_type":"box","text":"4800 E. Deer Lake Drive, 3","page_number":52,"box":{"x":398,"y":824,"width":194,"height":10}},{"id":"d07bd9b9-36e9-47c6-82b1-349d337b9a21","block_type":"box","text":"rd","page_number":52,"box":{"x":594,"y":824,"width":6,"height":5}},{"id":"0f155560-724b-4ae6-8dcb-4ed8711b7fbd","block_type":"box","text":"Floor","page_number":52,"box":{"x":606,"y":824,"width":34,"height":9}},{"id":"a6b0ac90-70a5-44bb-8c97-3f6c81caa8fc","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":52,"box":{"x":415,"y":839,"width":207,"height":10}},{"id":"95d7fdd5-3aa0-4e2a-976c-c0058b490d4d","block_type":"box","text":"11.46% Investor A Shares","page_number":52,"box":{"x":681,"y":824,"width":221,"height":9}},{"id":"8babe1c9-cbf5-45ea-a638-61e164762f80","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":52,"box":{"x":69,"y":862,"width":535,"height":11}},{"id":"e4b313a3-9e83-4201-877d-9e1c9d298027","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":52,"box":{"x":406,"y":877,"width":225,"height":10}},{"id":"70ee6393-6f3b-4474-a3f3-0a5d3c6c96ae","block_type":"box","text":"8.36% Investor A Shares","page_number":52,"box":{"x":685,"y":862,"width":217,"height":9}},{"id":"91c950cb-e3da-4206-a174-442f09405601","block_type":"box","text":"I-30","page_number":52,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6d0f3450-9dba-4e3d-962e-a18ab57eceba","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1685209-5661-4877-a25b-86c52f2e6294","block_type":"box","text":"Name Address Percentage Class","page_number":53,"box":{"x":69,"y":49,"width":786,"height":9}},{"id":"6a0c75f4-d55d-4420-a744-3df032c5272a","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":53,"box":{"x":70,"y":67,"width":573,"height":11}},{"id":"196af4e5-6bdb-4478-8929-f5610fb9beda","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":53,"box":{"x":420,"y":82,"width":197,"height":11}},{"id":"755e63ae-6ca8-4072-821f-397ed439c270","block_type":"box","text":"8.15% Investor A Shares","page_number":53,"box":{"x":685,"y":67,"width":217,"height":9}},{"id":"9b7e1013-8e75-49b4-9bbb-2e4413268008","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":53,"box":{"x":68,"y":105,"width":429,"height":10}},{"id":"f3ace669-e8e4-45ee-b758-3629ec75c2cb","block_type":"box","text":"nd","page_number":53,"box":{"x":499,"y":105,"width":7,"height":4}},{"id":"bdd8d64f-579b-4d12-848e-4a8dca46755e","block_type":"box","text":"Avenue S.","page_number":53,"box":{"x":512,"y":105,"width":69,"height":8}},{"id":"65c84c05-44c9-4817-9f78-36d5907e1f57","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":53,"box":{"x":411,"y":120,"width":215,"height":11}},{"id":"b480cf5e-a1a1-4530-81cc-d90164ab78f6","block_type":"box","text":"5.91% Investor A Shares","page_number":53,"box":{"x":685,"y":105,"width":217,"height":8}},{"id":"accccb6a-d38b-4c47-b72e-981232b380bc","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":53,"box":{"x":68,"y":142,"width":429,"height":11}},{"id":"787a09d5-8621-4368-93eb-627b01ae215c","block_type":"box","text":"nd","page_number":53,"box":{"x":499,"y":143,"width":7,"height":4}},{"id":"f6678067-d802-4e76-bd97-93183950110f","block_type":"box","text":"Avenue S.","page_number":53,"box":{"x":512,"y":142,"width":69,"height":9}},{"id":"2e3684cc-c442-4b58-8cc6-573159e625d5","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":53,"box":{"x":411,"y":158,"width":215,"height":10}},{"id":"bb92e788-19ad-4f00-b57a-dbfaa260806a","block_type":"box","text":"23.79% Investor C Shares","page_number":53,"box":{"x":680,"y":142,"width":223,"height":9}},{"id":"fa533950-4ecf-41b3-b464-960bed162c1c","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":53,"box":{"x":70,"y":180,"width":524,"height":9}},{"id":"c4cfa196-fea2-42f6-b92e-a153550cd532","block_type":"box","text":"San Diego, CA 92121-3091","page_number":53,"box":{"x":420,"y":195,"width":197,"height":11}},{"id":"14c2d507-0b0c-4e15-b5b6-4a878282ff06","block_type":"box","text":"20.26% Investor C Shares","page_number":53,"box":{"x":680,"y":180,"width":223,"height":9}},{"id":"c6b3f10c-6251-4b7c-a453-ccd350263d90","block_type":"box","text":"Wells Fargo Clearing Services LLC 2801 Market Street","page_number":53,"box":{"x":68,"y":218,"width":521,"height":11}},{"id":"f7f09944-529f-4c16-9fe9-954a9f72240f","block_type":"box","text":"St. Louis, MO 63103","page_number":53,"box":{"x":444,"y":233,"width":149,"height":10}},{"id":"953f8aab-8cb6-498a-be11-9b18a4e07956","block_type":"box","text":"17.65% Investor C Shares","page_number":53,"box":{"x":681,"y":218,"width":222,"height":9}},{"id":"734d1b50-a5e7-4cc1-842b-5cb58c7f1420","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":53,"box":{"x":69,"y":256,"width":508,"height":11}},{"id":"81b03756-6158-47fc-a09f-574bff59171c","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":53,"box":{"x":420,"y":271,"width":197,"height":11}},{"id":"230174a3-156d-4735-82cd-c65bb214e4b9","block_type":"box","text":"14.38% Investor C Shares","page_number":53,"box":{"x":681,"y":256,"width":222,"height":9}},{"id":"ba95346d-30ab-435f-822d-0cfe0a392d38","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":53,"box":{"x":70,"y":294,"width":573,"height":11}},{"id":"242caeef-d95e-4acf-b157-4fb680e527ee","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":53,"box":{"x":420,"y":309,"width":197,"height":11}},{"id":"49c40585-1346-495e-83e7-b0346226f46c","block_type":"box","text":"6.94% Investor C Shares","page_number":53,"box":{"x":685,"y":294,"width":218,"height":8}},{"id":"3473d471-9bf5-4ac6-b90e-a021aac877fb","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":53,"box":{"x":70,"y":331,"width":573,"height":12}},{"id":"738a5734-23ea-4f89-b86e-5bbd2fe186e1","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":53,"box":{"x":420,"y":346,"width":197,"height":12}},{"id":"d19aa2b5-c5e3-49a8-9a16-f4458174ce13","block_type":"box","text":"28.44% Institutional Shares","page_number":53,"box":{"x":680,"y":331,"width":229,"height":9}},{"id":"96215054-3e45-462e-a596-32cfd5f540e3","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":53,"box":{"x":68,"y":369,"width":429,"height":11}},{"id":"a592104f-d550-4622-9075-a196149a8791","block_type":"box","text":"nd","page_number":53,"box":{"x":499,"y":370,"width":7,"height":4}},{"id":"17fc9d22-f9de-4d18-86d1-2dbad03179e1","block_type":"box","text":"Avenue S.","page_number":53,"box":{"x":512,"y":369,"width":69,"height":9}},{"id":"742f5369-b94f-4854-82d1-bb2fc18e6cfa","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":53,"box":{"x":411,"y":384,"width":215,"height":11}},{"id":"d91984fe-d80a-4907-a33a-26ce8bdc6470","block_type":"box","text":"12.53% Institutional Shares","page_number":53,"box":{"x":681,"y":369,"width":228,"height":9}},{"id":"533494db-b18e-4217-b476-51bb7d6d3e11","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":53,"box":{"x":69,"y":407,"width":535,"height":11}},{"id":"71ac0581-9f69-4758-867f-d42607eed073","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":53,"box":{"x":406,"y":422,"width":225,"height":10}},{"id":"ce03b380-3c3e-4529-94b3-aca8c3b0bc18","block_type":"box","text":"9.39% Institutional Shares","page_number":53,"box":{"x":685,"y":407,"width":224,"height":9}},{"id":"526fac5e-1790-428a-9b80-d4b4e8b844c1","block_type":"box","text":"Principal Trust Company 1013 Centre Road,","page_number":53,"box":{"x":69,"y":445,"width":517,"height":11}},{"id":"958e03ee-de8c-4ed2-b6d0-6a566ebdc5b8","block_type":"box","text":"Wilmington, DE 19805","page_number":53,"box":{"x":438,"y":460,"width":161,"height":11}},{"id":"d98db6c3-c5f1-479b-9dad-aa85ca6fd77c","block_type":"box","text":"6.74% Institutional Shares","page_number":53,"box":{"x":685,"y":445,"width":224,"height":9}},{"id":"84e9c298-2486-47e4-ae86-28b3ab128486","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":53,"box":{"x":69,"y":483,"width":508,"height":11}},{"id":"8410ed51-36d3-446e-aa18-454877ee5788","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":53,"box":{"x":420,"y":498,"width":197,"height":11}},{"id":"92ea63e1-6cae-4768-96f9-f9478335b675","block_type":"box","text":"5.84% Institutional Shares","page_number":53,"box":{"x":685,"y":483,"width":224,"height":8}},{"id":"79dd2b31-2b41-4d0c-a18b-b2b607c385d9","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":53,"box":{"x":70,"y":520,"width":544,"height":11}},{"id":"b91e00f9-df3e-4c38-9790-8c906bd54ecc","block_type":"box","text":"Greenwood Village, CO 80111","page_number":53,"box":{"x":411,"y":535,"width":215,"height":12}},{"id":"fde6ce4a-9e3f-435f-8ba2-177d3d010934","block_type":"box","text":"5.51% Institutional Shares","page_number":53,"box":{"x":685,"y":520,"width":224,"height":9}},{"id":"09337865-013d-4aa1-a979-0aca189eb657","block_type":"box","text":"Ascensus Trust Company P.O. Box 10758","page_number":53,"box":{"x":68,"y":558,"width":506,"height":11}},{"id":"28d25e03-7b48-4b56-97a0-8d12e9b0ef0d","block_type":"box","text":"Fargo, ND 58106","page_number":53,"box":{"x":458,"y":573,"width":122,"height":11}},{"id":"f93d3532-c9dc-4d37-b25b-5743705ccfd1","block_type":"box","text":"25.17% Class R Shares","page_number":53,"box":{"x":680,"y":558,"width":214,"height":9}},{"id":"1121b2ed-6cfd-4ad5-a676-a603334a2732","block_type":"box","text":"State Street Bank & Trust TTEE 1 Lincoln Street-2901","page_number":53,"box":{"x":69,"y":596,"width":527,"height":9}},{"id":"817615aa-261e-4523-8eb0-e8ea9b308acd","block_type":"box","text":"Boston, MA 02111","page_number":53,"box":{"x":452,"y":611,"width":134,"height":10}},{"id":"fe1be778-6ee5-42b5-9c4c-954ea1f7e81a","block_type":"box","text":"25.08% Class R Shares","page_number":53,"box":{"x":680,"y":596,"width":214,"height":9}},{"id":"8e7993ff-d095-4000-a6a9-0db2e8f3aedb","block_type":"box","text":"Raymond James 880 Carillon Parkway","page_number":53,"box":{"x":70,"y":634,"width":524,"height":11}},{"id":"d42c8ecf-2235-4070-8f93-75003ebdad95","block_type":"box","text":"St. Petersburg, FL 33716-1102","page_number":53,"box":{"x":407,"y":649,"width":223,"height":11}},{"id":"9658eaef-1d4a-446a-b62f-0e3c13d08773","block_type":"box","text":"16.26% Class R Shares","page_number":53,"box":{"x":681,"y":634,"width":213,"height":9}},{"id":"047bf54e-2b92-4ce3-aa31-13953eb75c3f","block_type":"box","text":"Mid Atlantic Trust Company 1251 Waterfront Place","page_number":53,"box":{"x":70,"y":671,"width":529,"height":12}},{"id":"52d507d1-cc36-48b1-b312-beea6f7936b6","block_type":"box","text":"Suite 525","page_number":53,"box":{"x":484,"y":687,"width":69,"height":9}},{"id":"712704d8-00db-42d6-84bd-71257e1374ae","block_type":"box","text":"Pittsburgh, PA 15222","page_number":53,"box":{"x":443,"y":702,"width":151,"height":11}},{"id":"79be7b88-d1cd-4634-aa01-85c20668f948","block_type":"box","text":"16.13% Class R Shares","page_number":53,"box":{"x":681,"y":672,"width":213,"height":8}},{"id":"02f393da-65a8-4f5c-b7d6-14d1a74ee394","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":53,"box":{"x":69,"y":724,"width":535,"height":12}},{"id":"79d68b9c-15ad-4f3d-9fd6-475b82e53a1f","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":53,"box":{"x":406,"y":740,"width":225,"height":10}},{"id":"49ffbe02-1d14-48b5-adb8-f92478c67b35","block_type":"box","text":"37.45% Class K Shares","page_number":53,"box":{"x":680,"y":724,"width":214,"height":9}},{"id":"0a9391e7-221a-4643-8cc9-aeb96ea208dd","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":53,"box":{"x":70,"y":762,"width":544,"height":11}},{"id":"dd7e2c00-c81a-43d6-8409-bb85f30481ae","block_type":"box","text":"Greenwood Village, CO 80111","page_number":53,"box":{"x":411,"y":777,"width":215,"height":12}},{"id":"d36c9b5c-b204-4e4d-a758-2800ce1f580c","block_type":"box","text":"19.79% Class K Shares","page_number":53,"box":{"x":681,"y":762,"width":213,"height":9}},{"id":"5f06056c-2af6-4d31-8119-48ef0c060c04","block_type":"box","text":"Empower Trust 8525 E. Orchard Road","page_number":53,"box":{"x":70,"y":800,"width":528,"height":11}},{"id":"34d5debc-1cdd-4b6a-b8f8-49018fe09cf0","block_type":"box","text":"Greenwood Village, CO 80111","page_number":53,"box":{"x":411,"y":815,"width":215,"height":11}},{"id":"a7a5d569-79fd-4ca5-b1ee-201572896071","block_type":"box","text":"14.80% Class K Shares","page_number":53,"box":{"x":681,"y":800,"width":213,"height":9}},{"id":"5e08e619-492b-4185-84a4-abfe7847d764","block_type":"box","text":"40/60 Fund","page_number":53,"box":{"x":69,"y":839,"width":87,"height":11}},{"id":"9a46ef15-1732-4ed0-9452-80d578622dac","block_type":"box","text":"Name Address Percentage Class","page_number":53,"box":{"x":69,"y":865,"width":786,"height":9}},{"id":"ebc8dc1b-a662-402f-ad78-b87d715cf947","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":53,"box":{"x":69,"y":883,"width":501,"height":11}},{"id":"582be7b0-7a58-4622-8ca0-438dccb903ba","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":53,"box":{"x":413,"y":898,"width":197,"height":11}},{"id":"6ea79575-cf7c-4fc2-b6b4-183964193df8","block_type":"box","text":"27.25% Investor A Shares","page_number":53,"box":{"x":680,"y":883,"width":222,"height":9}},{"id":"7629b5e3-ddab-4b5f-b32a-10b8a262a818","block_type":"box","text":"I-31","page_number":53,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"000d539c-f647-48e9-a843-0dabaeb65c55","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6991033c-33f8-47e0-9772-bd2d5f537584","block_type":"box","text":"Name Address Percentage Class","page_number":54,"box":{"x":69,"y":49,"width":786,"height":9}},{"id":"d799dd0b-c2d5-42f3-8959-d77424db4d8f","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":54,"box":{"x":70,"y":67,"width":262,"height":11}},{"id":"44369599-9540-4e6b-a91a-db890ee94f19","block_type":"box","text":"Incorporated","page_number":54,"box":{"x":70,"y":82,"width":87,"height":11}},{"id":"ae376eef-35d2-4833-ae93-c2fe92806df4","block_type":"box","text":"4800 E. Deer Lake Drive, 3rd Floor","page_number":54,"box":{"x":387,"y":67,"width":249,"height":10}},{"id":"ee73560b-aac4-4e5b-916b-3d4c0423d409","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":54,"box":{"x":408,"y":82,"width":207,"height":10}},{"id":"2241b05c-5c25-4ebc-a5fc-e6c2fbadee11","block_type":"box","text":"12.17% Investor A Shares","page_number":54,"box":{"x":681,"y":67,"width":221,"height":9}},{"id":"255551da-ea51-4bb4-a613-0569cb1a2d47","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":54,"box":{"x":70,"y":105,"width":566,"height":11}},{"id":"de66f340-ebc1-4f18-8bc0-78b4357f4b33","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":54,"box":{"x":413,"y":120,"width":197,"height":11}},{"id":"8d4abcf6-91cb-441b-b50a-3b02098b681a","block_type":"box","text":"9.40% Investor A Shares","page_number":54,"box":{"x":685,"y":105,"width":217,"height":8}},{"id":"71972247-3031-41de-b84b-debf0a5f33ce","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":54,"box":{"x":69,"y":142,"width":528,"height":12}},{"id":"5f41c02e-ef32-42ad-badc-b13928cb12f1","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":54,"box":{"x":399,"y":158,"width":225,"height":10}},{"id":"8d2d9a40-2294-4f03-8718-33e21a4cb368","block_type":"box","text":"8.52% Investor A Shares","page_number":54,"box":{"x":685,"y":142,"width":217,"height":9}},{"id":"cb28f4bc-6486-4e6e-bd63-8196a78d9003","block_type":"box","text":"MISSIONSQUARE RETIREMENT 777 North Capitol Street,","page_number":54,"box":{"x":70,"y":180,"width":531,"height":11}},{"id":"98e6dd90-8edb-4f0b-abb3-0a721c7a88d3","block_type":"box","text":"NE Washington, DC 20002","page_number":54,"box":{"x":417,"y":195,"width":190,"height":11}},{"id":"d21e7a56-ee6b-4aa5-bd49-eeb8bf2d6df9","block_type":"box","text":"6.88% Investor A Shares","page_number":54,"box":{"x":685,"y":180,"width":217,"height":9}},{"id":"b2caf1a3-6df7-4e6d-b8d2-f006ffcd722f","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":54,"box":{"x":70,"y":218,"width":517,"height":9}},{"id":"7905905f-e4bb-4a9f-ad5b-8cb15a3a2216","block_type":"box","text":"San Diego, CA 92121-3091","page_number":54,"box":{"x":413,"y":233,"width":197,"height":11}},{"id":"b46eb91c-9311-41b2-b317-b169a4879f28","block_type":"box","text":"6.63% Investor A Shares","page_number":54,"box":{"x":685,"y":218,"width":217,"height":9}},{"id":"45de6d0f-5fd2-4171-8193-462ecdbd0cff","block_type":"box","text":"American Enterprise Investment SVC 707 2nd Avenue S.","page_number":54,"box":{"x":68,"y":256,"width":511,"height":11}},{"id":"5c6802cb-9b5d-4ce8-8cdc-48bc332fe60b","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":54,"box":{"x":404,"y":271,"width":215,"height":11}},{"id":"1178a0cd-bdb0-47ef-9df0-cd818ede4fb0","block_type":"box","text":"6.26% Investor A Shares","page_number":54,"box":{"x":685,"y":256,"width":217,"height":9}},{"id":"4d53b84b-f8c4-46f1-8275-41d870a2a53c","block_type":"box","text":"Wells Fargo Clearing Services LLC 2801 Market Street","page_number":54,"box":{"x":68,"y":294,"width":514,"height":11}},{"id":"1b0298bd-82fb-46c9-9baa-7f2e896773af","block_type":"box","text":"St. Louis, MO 63103","page_number":54,"box":{"x":437,"y":309,"width":149,"height":10}},{"id":"62c1cbbe-dc82-4f50-b78d-40f3ecb1e161","block_type":"box","text":"22.86% Investor C Shares","page_number":54,"box":{"x":680,"y":294,"width":223,"height":8}},{"id":"f4e3d531-547a-47e5-b7f4-f6fa04a880c3","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":54,"box":{"x":70,"y":331,"width":517,"height":9}},{"id":"d83860a1-1b6e-450b-8ed4-1e5d1907da6b","block_type":"box","text":"San Diego, CA 92121-3091","page_number":54,"box":{"x":413,"y":346,"width":197,"height":12}},{"id":"da27944f-43a0-469b-be33-0a2d75813df5","block_type":"box","text":"21.60% Investor C Shares","page_number":54,"box":{"x":680,"y":331,"width":223,"height":9}},{"id":"69f83caa-62e5-4c5a-9fe7-3d9ceea26873","block_type":"box","text":"American Enterprise Investment SVC 707 2nd Avenue S.","page_number":54,"box":{"x":68,"y":369,"width":511,"height":11}},{"id":"14e313bb-549d-4b01-b3b0-fafe42da9402","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":54,"box":{"x":404,"y":384,"width":215,"height":11}},{"id":"e0379abc-95d6-4f47-b604-ca0e3bd7937e","block_type":"box","text":"20.68% Investor C Shares","page_number":54,"box":{"x":680,"y":369,"width":223,"height":9}},{"id":"23f273ac-1445-4cdf-a2b8-d21a603ed10f","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":54,"box":{"x":69,"y":407,"width":501,"height":11}},{"id":"37925e73-c6a2-4949-9c68-9c6914f7b503","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":54,"box":{"x":413,"y":422,"width":197,"height":11}},{"id":"27d595bb-2250-4910-8f8f-cfa4818058f4","block_type":"box","text":"13.41% Investor C Shares","page_number":54,"box":{"x":681,"y":407,"width":222,"height":9}},{"id":"93b3f5f0-419b-4bf9-8a8f-54d6cdd3dd11","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":54,"box":{"x":70,"y":445,"width":566,"height":11}},{"id":"3c86ff13-e303-4840-9845-d8b59a73756d","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":54,"box":{"x":413,"y":460,"width":197,"height":11}},{"id":"fffe8d0f-c670-4d8a-a217-03abea48382f","block_type":"box","text":"5.40% Investor C Shares","page_number":54,"box":{"x":685,"y":445,"width":218,"height":9}},{"id":"25fe248b-28ae-4549-ac50-9795b46113d8","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":54,"box":{"x":70,"y":483,"width":566,"height":11}},{"id":"bd119a87-c601-4b96-9970-074f31d488ae","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":54,"box":{"x":413,"y":498,"width":197,"height":11}},{"id":"2b31b874-aed3-4db9-b1f0-1536ca6f9d75","block_type":"box","text":"23.24% Institutional Shares","page_number":54,"box":{"x":680,"y":483,"width":229,"height":8}},{"id":"6cdfb3d8-6251-42fa-bdc9-425e459d06a1","block_type":"box","text":"Principal Trust Company 1013 Centre Road,","page_number":54,"box":{"x":69,"y":520,"width":510,"height":11}},{"id":"8092ccc3-2e8d-481a-ac56-01b62626a538","block_type":"box","text":"Wilmington, DE 19805","page_number":54,"box":{"x":431,"y":535,"width":161,"height":12}},{"id":"d900e12f-cda0-47c3-a2a1-a40c4fc76c9a","block_type":"box","text":"18.84% Institutional Shares","page_number":54,"box":{"x":681,"y":520,"width":228,"height":9}},{"id":"1607be23-2328-4d54-a48d-14a129e0e354","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":54,"box":{"x":70,"y":558,"width":517,"height":9}},{"id":"ee686f91-ec36-4cae-8c9b-18190032a102","block_type":"box","text":"San Diego, CA 92121-3091","page_number":54,"box":{"x":413,"y":573,"width":197,"height":11}},{"id":"0a116613-7a54-43c1-87e0-3cf3254637fa","block_type":"box","text":"11.98% Institutional Shares","page_number":54,"box":{"x":681,"y":558,"width":228,"height":9}},{"id":"7353f97d-ce4a-4eac-abde-fa06458260cd","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":54,"box":{"x":69,"y":596,"width":528,"height":11}},{"id":"b576f270-bbf5-4c43-a94f-fae37b987c5c","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":54,"box":{"x":399,"y":611,"width":225,"height":10}},{"id":"5dae65c2-f2f2-4e9e-a0ea-47da028f7680","block_type":"box","text":"8.24% Institutional Shares","page_number":54,"box":{"x":685,"y":596,"width":224,"height":9}},{"id":"24737c04-b187-411a-a99c-7446455cd056","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":54,"box":{"x":70,"y":634,"width":537,"height":11}},{"id":"657e1637-d8eb-4e9b-a144-886a65148c35","block_type":"box","text":"Greenwood Village, CO 80111","page_number":54,"box":{"x":404,"y":649,"width":215,"height":11}},{"id":"7acc53fc-32a3-4c86-a3ef-dc19d9dedd24","block_type":"box","text":"7.63% Institutional Shares","page_number":54,"box":{"x":685,"y":634,"width":224,"height":9}},{"id":"c93fb85f-6eef-4472-b5c7-6120256afeb5","block_type":"box","text":"American Enterprise Investment SVC 707 2nd Avenue S.","page_number":54,"box":{"x":68,"y":672,"width":511,"height":10}},{"id":"1fe261c2-582b-4311-9a6c-b7275fa5c95c","block_type":"box","text":"Minneapolis, MN, 55402-2405","page_number":54,"box":{"x":402,"y":687,"width":220,"height":10}},{"id":"d89c14bc-578c-4fd9-a1ab-827f3205dcf6","block_type":"box","text":"5.76% Institutional Shares","page_number":54,"box":{"x":685,"y":672,"width":224,"height":8}},{"id":"8510d2b3-1603-4976-a9ee-14108368ef21","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, 5th Floor","page_number":54,"box":{"x":70,"y":709,"width":574,"height":11}},{"id":"6db8e87f-8f0c-4345-8167-3135fa8a98e4","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":54,"box":{"x":413,"y":724,"width":197,"height":11}},{"id":"03957acf-1319-4b18-b724-579d68ef5413","block_type":"box","text":"45.66% Class R Shares","page_number":54,"box":{"x":680,"y":709,"width":214,"height":9}},{"id":"a6dca526-5588-4ee9-8bf6-713a1302646c","block_type":"box","text":"State Street Bank & Trust TTEE 1 Lincoln Street-2901","page_number":54,"box":{"x":69,"y":747,"width":520,"height":9}},{"id":"63cb09f6-0594-4710-a516-68a8310242b5","block_type":"box","text":"Boston, MA 02111","page_number":54,"box":{"x":445,"y":762,"width":134,"height":11}},{"id":"90109564-7f1b-41e7-904f-ea67e83c269c","block_type":"box","text":"20.65% Class R Shares","page_number":54,"box":{"x":680,"y":747,"width":214,"height":9}},{"id":"57e4e622-d5cf-44f3-b5e6-03a66f87e1e4","block_type":"box","text":"Raymond James 880 Carillon Parkway","page_number":54,"box":{"x":70,"y":785,"width":517,"height":11}},{"id":"4636609f-78d3-4134-803d-ea3cdfe6c2b4","block_type":"box","text":"St. Petersburg, FL 33716-1102","page_number":54,"box":{"x":400,"y":800,"width":223,"height":11}},{"id":"5ca96185-9a4f-4d1a-b125-b23599717eba","block_type":"box","text":"5.51% Class R Shares","page_number":54,"box":{"x":685,"y":785,"width":209,"height":9}},{"id":"d09a3ca4-1e5e-4af8-9c23-611ab5f5cb8d","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":54,"box":{"x":70,"y":823,"width":537,"height":11}},{"id":"23dd7c73-1072-4777-81bd-9e3ddc697d55","block_type":"box","text":"Greenwood Village, CO 80111","page_number":54,"box":{"x":404,"y":838,"width":215,"height":11}},{"id":"b440ecd8-1698-46db-a698-f16948bcedae","block_type":"box","text":"24.34% Class K Shares","page_number":54,"box":{"x":680,"y":823,"width":214,"height":9}},{"id":"5110aa15-c732-425c-b865-a62f611fdd05","block_type":"box","text":"Empower Trust 8525 E. Orchard Road","page_number":54,"box":{"x":70,"y":860,"width":521,"height":11}},{"id":"afa88f99-a8d8-4472-ad3c-2e8ad203f033","block_type":"box","text":"Greenwood Village, CO 80111","page_number":54,"box":{"x":404,"y":876,"width":215,"height":11}},{"id":"98ceeaf9-af47-4a29-96c4-778cf0a0f207","block_type":"box","text":"10.86% Class K Shares","page_number":54,"box":{"x":681,"y":860,"width":213,"height":9}},{"id":"8685d1bf-e719-43a5-9d86-9b603518c048","block_type":"box","text":"I-32","page_number":54,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3fa49dcf-94f5-442c-a75b-57afb0e07bd6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7884edfa-a971-4d66-91b9-2e9a5ef2b325","block_type":"box","text":"Name Address Percentage Class","page_number":55,"box":{"x":69,"y":49,"width":786,"height":9}},{"id":"3d652527-7ec7-4b7a-bb8e-3bd584170ae5","block_type":"box","text":"CNTY Comm Corp Brd of DIR 8515 E. Orchard Road 2T2","page_number":55,"box":{"x":69,"y":67,"width":538,"height":11}},{"id":"e8e1195c-c4e5-48e6-a779-eb395736e123","block_type":"box","text":"Greenwood Village, CO 80111","page_number":55,"box":{"x":404,"y":82,"width":215,"height":11}},{"id":"0f7cbaff-7031-46db-87f8-6b3b7eef014d","block_type":"box","text":"7.18% Class K Shares","page_number":55,"box":{"x":685,"y":67,"width":209,"height":9}},{"id":"c3dd771d-d6cf-42a1-90c7-2abc2a3eba9e","block_type":"box","text":"John Hancock Trust Company LLC 200 Berkeley Street","page_number":55,"box":{"x":69,"y":105,"width":514,"height":11}},{"id":"e8c4ff58-fe70-4b63-b51a-1254d65cfdd4","block_type":"box","text":"Boston, MA 02116","page_number":55,"box":{"x":445,"y":120,"width":134,"height":10}},{"id":"9df881ed-9b88-4a05-b0e3-f84b1f79b760","block_type":"box","text":"5.57% Class K Shares","page_number":55,"box":{"x":685,"y":105,"width":209,"height":8}},{"id":"072f9e42-92eb-45a9-916e-adbbe4c18f36","block_type":"box","text":"60/40 Fund","page_number":55,"box":{"x":69,"y":144,"width":87,"height":11}},{"id":"d4446ab1-5fd8-498e-90bb-5583d5f5de36","block_type":"box","text":"Name Address Percentage Class","page_number":55,"box":{"x":69,"y":170,"width":786,"height":8}},{"id":"a7a0266f-1f71-4751-8783-28a4268c6f00","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":55,"box":{"x":69,"y":187,"width":508,"height":12}},{"id":"410702a8-4d88-439d-9c83-03306d417966","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":55,"box":{"x":420,"y":202,"width":197,"height":12}},{"id":"7e594c3e-511a-40f4-a95f-099781b29fbe","block_type":"box","text":"37.65% Investor A Shares","page_number":55,"box":{"x":680,"y":187,"width":222,"height":9}},{"id":"1bf79acb-23bc-455c-b16e-88b4c0c7f2fa","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":55,"box":{"x":70,"y":225,"width":262,"height":11}},{"id":"e639355b-9a45-4bf4-b28f-cf58205fe178","block_type":"box","text":"Incorporated","page_number":55,"box":{"x":70,"y":240,"width":87,"height":11}},{"id":"fb646fa8-e300-4625-be1c-4a7edf30cbb6","block_type":"box","text":"4800 E. Deer Lake Drive, 3","page_number":55,"box":{"x":398,"y":225,"width":194,"height":11}},{"id":"71306edf-6e21-4376-b49b-3a9341a67422","block_type":"box","text":"rd","page_number":55,"box":{"x":594,"y":226,"width":6,"height":4}},{"id":"0058f1b2-cbd7-4a7c-b2d2-32d7df1e28fc","block_type":"box","text":"Floor","page_number":55,"box":{"x":606,"y":225,"width":34,"height":9}},{"id":"a862cd1a-1c77-4b7b-92d3-6cc5f0a38635","block_type":"box","text":"Jacksonville, FL 32246-6484","page_number":55,"box":{"x":415,"y":240,"width":207,"height":11}},{"id":"a47c0108-871f-4b2f-b56e-74b9e03c09ce","block_type":"box","text":"8.38% Investor A Shares","page_number":55,"box":{"x":685,"y":225,"width":217,"height":9}},{"id":"377f9be7-cea0-4bc4-90da-5cccf56cac1f","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":55,"box":{"x":69,"y":263,"width":535,"height":11}},{"id":"9aacfd29-acb8-4020-87e1-24ac244a5c9e","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":55,"box":{"x":406,"y":278,"width":225,"height":10}},{"id":"57ffc678-79fd-4b1b-b03d-e654a27e0c45","block_type":"box","text":"7.24% Investor A Shares","page_number":55,"box":{"x":685,"y":263,"width":217,"height":9}},{"id":"4b06cd15-ee83-40a1-b59c-c5fadbe4d993","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":55,"box":{"x":70,"y":301,"width":573,"height":11}},{"id":"d2b53326-444e-486a-9434-00a508ad609c","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":55,"box":{"x":420,"y":316,"width":197,"height":11}},{"id":"0fbc838b-5d5d-45a8-b937-8a49b98c0f9b","block_type":"box","text":"6.13% Investor A Shares","page_number":55,"box":{"x":685,"y":301,"width":217,"height":9}},{"id":"07fb0365-04e6-42da-9f79-d845f66732a2","block_type":"box","text":"MISSIONSQUARE RETIREMENT 777 North Capitol Street,","page_number":55,"box":{"x":70,"y":339,"width":538,"height":10}},{"id":"87937d3d-598b-4260-a2d7-401e0d75a7d9","block_type":"box","text":"NE Washington, DC 20002","page_number":55,"box":{"x":424,"y":354,"width":190,"height":11}},{"id":"ababfeba-3766-47c1-871b-c89282552ee0","block_type":"box","text":"6.07% Investor A Shares","page_number":55,"box":{"x":685,"y":339,"width":217,"height":8}},{"id":"978e1fec-6afd-49e7-8209-198ade6e2adb","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":55,"box":{"x":68,"y":376,"width":429,"height":11}},{"id":"a20898a7-bbe4-427b-b649-b428cf71c817","block_type":"box","text":"nd","page_number":55,"box":{"x":499,"y":377,"width":7,"height":4}},{"id":"7f8414fe-267f-4362-ae2b-d206b51462b3","block_type":"box","text":"Avenue S.","page_number":55,"box":{"x":512,"y":376,"width":69,"height":9}},{"id":"bbdbb9d2-6deb-4b26-aeb9-8c47f6765858","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":55,"box":{"x":411,"y":391,"width":215,"height":11}},{"id":"17b8dbc6-1395-4f16-9e55-f292d8e1204e","block_type":"box","text":"26.35% Investor C Shares","page_number":55,"box":{"x":680,"y":376,"width":223,"height":9}},{"id":"8ed63318-e942-4b52-a14e-f916faf00f2e","block_type":"box","text":"Wells Fargo Clearing Services LLC 2801 Market Street","page_number":55,"box":{"x":68,"y":414,"width":521,"height":11}},{"id":"522c8133-9013-4115-8eb7-4a646eb50205","block_type":"box","text":"St. Louis, MO 63103","page_number":55,"box":{"x":444,"y":429,"width":149,"height":11}},{"id":"59e6b4a4-831b-4fc0-ba99-2df091e4907a","block_type":"box","text":"17.36% Investor C Shares","page_number":55,"box":{"x":681,"y":414,"width":222,"height":9}},{"id":"21ab0437-9494-4a34-aeaf-ff215d20b307","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":55,"box":{"x":70,"y":452,"width":524,"height":9}},{"id":"297f9337-eff5-4419-9e9d-7e0d3ab25eb5","block_type":"box","text":"San Diego, CA 92121-3091","page_number":55,"box":{"x":420,"y":467,"width":197,"height":11}},{"id":"a0af38bb-b445-44d2-82e3-fe82b108de38","block_type":"box","text":"17.25% Investor C Shares","page_number":55,"box":{"x":681,"y":452,"width":222,"height":9}},{"id":"c354f297-e431-458e-97d0-a62b09d7cd18","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":55,"box":{"x":69,"y":490,"width":508,"height":11}},{"id":"6a058455-5f6e-427e-a5f6-870e42833c05","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":55,"box":{"x":420,"y":505,"width":197,"height":11}},{"id":"03378093-3e05-4455-865a-d2ef8332d300","block_type":"box","text":"12.98% Investor C Shares","page_number":55,"box":{"x":681,"y":490,"width":222,"height":9}},{"id":"131cdaee-e74c-4aaa-96a8-4feeda3c63bf","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":55,"box":{"x":70,"y":528,"width":573,"height":11}},{"id":"e1ac4a2e-e8ab-4788-ab4d-2c62ad3f9ff6","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":55,"box":{"x":420,"y":543,"width":197,"height":11}},{"id":"62f8a107-2814-40b4-9db2-361ea6ff0bfb","block_type":"box","text":"6.68% Investor C Shares","page_number":55,"box":{"x":685,"y":528,"width":218,"height":8}},{"id":"d720b28f-d14c-4dbd-a47d-369bbdf8d04a","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":55,"box":{"x":70,"y":565,"width":573,"height":11}},{"id":"42321df8-9e86-4020-89db-7252d767f16a","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":55,"box":{"x":420,"y":580,"width":197,"height":11}},{"id":"45159720-1338-40e8-957b-a87b0953a390","block_type":"box","text":"27.10% Institutional Shares","page_number":55,"box":{"x":680,"y":565,"width":229,"height":9}},{"id":"c7809e47-148d-436d-8ad0-4ecfb7036dae","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":55,"box":{"x":69,"y":603,"width":535,"height":11}},{"id":"e5fc8f8b-6912-49d1-b490-d70266623c44","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":55,"box":{"x":406,"y":618,"width":225,"height":11}},{"id":"7faa1ace-448e-45ab-83d8-bcc52bde8805","block_type":"box","text":"10.26% Institutional Shares","page_number":55,"box":{"x":681,"y":603,"width":228,"height":9}},{"id":"5e4c42c6-7020-4d60-8686-7b36286fe3b6","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":55,"box":{"x":69,"y":641,"width":508,"height":11}},{"id":"fbdc058c-e840-491b-a7c6-2df0120f4067","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":55,"box":{"x":420,"y":656,"width":197,"height":11}},{"id":"7efb5aed-fbdd-48f2-9d58-9cd6b4b7dd40","block_type":"box","text":"9.61% Institutional Shares","page_number":55,"box":{"x":685,"y":641,"width":224,"height":9}},{"id":"5684ebbf-68e6-4ed0-b39c-fe18c49f28cf","block_type":"box","text":"Principal Trust Company 1013 Centre Road,","page_number":55,"box":{"x":69,"y":679,"width":517,"height":11}},{"id":"dde45662-3450-4e6d-b00b-3571dd9766ce","block_type":"box","text":"Wilmington, DE 19805","page_number":55,"box":{"x":438,"y":694,"width":161,"height":11}},{"id":"b70b29cb-b5c1-4b51-a7ff-ecb2d71423b9","block_type":"box","text":"8.06% Institutional Shares","page_number":55,"box":{"x":685,"y":679,"width":224,"height":9}},{"id":"578831ab-d612-453b-9683-15ba98305cfe","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":55,"box":{"x":70,"y":716,"width":544,"height":11}},{"id":"ec0a7a50-ee23-46e1-a2b0-f228a4cbc46b","block_type":"box","text":"Greenwood Village, CO 80111","page_number":55,"box":{"x":411,"y":732,"width":215,"height":11}},{"id":"c6bd9621-f4f3-4001-8a98-64ab43dbfa40","block_type":"box","text":"5.35% Institutional Shares","page_number":55,"box":{"x":685,"y":716,"width":224,"height":9}},{"id":"6e14402f-2eb2-4118-a57d-bf9306d73e63","block_type":"box","text":"Matrix Trust Company 717 17","page_number":55,"box":{"x":70,"y":754,"width":447,"height":11}},{"id":"ad1b5f2c-141b-44cf-9b62-af09acede0f6","block_type":"box","text":"th","page_number":55,"box":{"x":518,"y":755,"width":6,"height":4}},{"id":"139f302b-9302-4e75-9e95-6b5ef4ee5a23","block_type":"box","text":"Street","page_number":55,"box":{"x":530,"y":754,"width":43,"height":9}},{"id":"0b154efa-84a6-48ee-9c00-38c3fc8ee438","block_type":"box","text":"Suite 1300,","page_number":55,"box":{"x":476,"y":769,"width":84,"height":11}},{"id":"76203706-9002-43b4-968b-8c9353a7ca16","block_type":"box","text":"Denver CO. 80202","page_number":55,"box":{"x":453,"y":785,"width":132,"height":8}},{"id":"60230ca2-677f-4900-aab1-b3e97b60cf63","block_type":"box","text":"31.85% Class R Shares","page_number":55,"box":{"x":680,"y":754,"width":214,"height":9}},{"id":"e6591a5b-1bf0-437f-9c99-3558a7317a75","block_type":"box","text":"State Street Bank & Trust TTEE 1 Lincoln Street-2901","page_number":55,"box":{"x":69,"y":807,"width":527,"height":9}},{"id":"4700afc0-0814-4969-8ce9-2df59188c8d0","block_type":"box","text":"Boston, MA 02111","page_number":55,"box":{"x":452,"y":822,"width":134,"height":11}},{"id":"6e6491cb-45a1-4dc5-94ff-0897e56882ab","block_type":"box","text":"25.65% Class R Shares","page_number":55,"box":{"x":680,"y":807,"width":214,"height":9}},{"id":"dceb250b-f95b-4a05-9625-19fab0eec34d","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":55,"box":{"x":69,"y":845,"width":535,"height":11}},{"id":"e240e89c-06c1-44b0-86c0-fa65f610aba1","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":55,"box":{"x":406,"y":860,"width":225,"height":10}},{"id":"10f44eeb-b87b-4149-a0cc-3513dfb0fe1e","block_type":"box","text":"9.84% Class R Shares","page_number":55,"box":{"x":685,"y":845,"width":209,"height":9}},{"id":"7c77845b-ccdc-46ec-830b-c52a44e497c5","block_type":"box","text":"Ascensus Trust Company P.O. Box 10758,","page_number":55,"box":{"x":68,"y":883,"width":508,"height":11}},{"id":"000830f1-039e-429c-a67f-45092ba3bdcd","block_type":"box","text":"FARGO, ND 58106","page_number":55,"box":{"x":453,"y":898,"width":132,"height":10}},{"id":"bf847584-423e-488d-9304-1fd7201bde99","block_type":"box","text":"9.64% Class R Shares","page_number":55,"box":{"x":685,"y":883,"width":209,"height":9}},{"id":"b88391c4-29f4-4acd-9c36-a50aa9b1857f","block_type":"box","text":"I-33","page_number":55,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"24e6fd60-a1f2-4d0c-b7fd-c73a6d5a989b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"194df49b-4fde-4e4f-b9f6-b2b230c0fc43","block_type":"box","text":"Name Address Percentage Class","page_number":56,"box":{"x":69,"y":49,"width":786,"height":9}},{"id":"c3d1c32a-5952-4878-85b1-bf82ebc36578","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":56,"box":{"x":70,"y":67,"width":544,"height":11}},{"id":"841fb4a8-e283-4ab6-aaaf-4dc4a30c5230","block_type":"box","text":"Greenwood Village, CO 80111","page_number":56,"box":{"x":411,"y":82,"width":215,"height":11}},{"id":"659ebc8b-88d3-4c9a-ac2b-45aa1a673359","block_type":"box","text":"19.93% Class K Shares","page_number":56,"box":{"x":681,"y":67,"width":213,"height":9}},{"id":"1586a67f-c049-4ed1-8fb2-12d4ee5f083e","block_type":"box","text":"Empower Trust 8525 E. Orchard Road","page_number":56,"box":{"x":70,"y":105,"width":528,"height":10}},{"id":"bbed4c9a-14a6-44fe-8c15-b380abba74e8","block_type":"box","text":"Greenwood Village, CO 80111","page_number":56,"box":{"x":411,"y":120,"width":215,"height":11}},{"id":"aed256f1-1e7a-4748-bbd1-4abd0c075381","block_type":"box","text":"10.37% Class K Shares","page_number":56,"box":{"x":681,"y":105,"width":213,"height":8}},{"id":"370aafea-d373-4861-b549-8e3632de2028","block_type":"box","text":"John Hancock Trust Company LLC 200 Berkeley Street","page_number":56,"box":{"x":69,"y":142,"width":521,"height":11}},{"id":"54af3baa-0dd1-426e-a345-ca813508d73b","block_type":"box","text":"Boston, MA 02116","page_number":56,"box":{"x":452,"y":158,"width":134,"height":10}},{"id":"f5b234c3-a677-4927-87f3-22b15f713bb4","block_type":"box","text":"6.65% Class K Shares","page_number":56,"box":{"x":685,"y":142,"width":209,"height":9}},{"id":"3c8ac015-9409-454a-a5a6-c46538554303","block_type":"box","text":"80/20 Fund","page_number":56,"box":{"x":69,"y":181,"width":87,"height":11}},{"id":"af8f5117-7cb0-4205-9b6a-2bd493be479c","block_type":"box","text":"Name Address Percentage Class","page_number":56,"box":{"x":69,"y":207,"width":786,"height":9}},{"id":"abb76cc8-f94d-4ccb-b3a4-d2766f89ce49","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":56,"box":{"x":69,"y":225,"width":504,"height":11}},{"id":"097eabe9-dd66-45c2-aafb-b1d7301e4d21","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":56,"box":{"x":416,"y":240,"width":197,"height":11}},{"id":"148393b8-6c3b-47d6-8baa-3ab41ff9dfe0","block_type":"box","text":"18.07% Investor A Shares","page_number":56,"box":{"x":681,"y":225,"width":221,"height":9}},{"id":"5264de4c-869f-44d8-b7da-e8a441fe1774","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":56,"box":{"x":69,"y":263,"width":532,"height":11}},{"id":"31b5afc4-ab15-4e35-aea4-ea98e39eeb60","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":56,"box":{"x":403,"y":278,"width":224,"height":10}},{"id":"fea06b88-cbb0-4bc7-b5cc-ac3e82a549d1","block_type":"box","text":"12.40% Investor A Shares","page_number":56,"box":{"x":681,"y":263,"width":221,"height":9}},{"id":"56bd5041-40e9-40a2-96b1-894814685650","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":56,"box":{"x":70,"y":301,"width":570,"height":11}},{"id":"fee02754-1ed5-4395-bc65-fe9400909fb4","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":56,"box":{"x":416,"y":316,"width":197,"height":11}},{"id":"ccc94ede-c364-43ed-8f91-7d79cca22ebb","block_type":"box","text":"9.52% Investor A Shares","page_number":56,"box":{"x":685,"y":301,"width":217,"height":9}},{"id":"f1d1b94a-bbfb-49c1-b1ed-da7c80408170","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":56,"box":{"x":70,"y":339,"width":520,"height":8}},{"id":"229446f8-6a7e-43d1-b45b-af9a9fd88ab6","block_type":"box","text":"San Diego, CA 92121-3091","page_number":56,"box":{"x":416,"y":354,"width":198,"height":11}},{"id":"f48ea05b-eaaa-4e0f-a9a4-5d706fb62c80","block_type":"box","text":"6.64% Investor A Shares","page_number":56,"box":{"x":685,"y":339,"width":217,"height":8}},{"id":"540ba8d0-ca3c-4474-865c-a22ddffcc942","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":56,"box":{"x":68,"y":376,"width":426,"height":11}},{"id":"6cc31edb-63e8-410a-aaf2-713aabe0f823","block_type":"box","text":"nd","page_number":56,"box":{"x":495,"y":377,"width":8,"height":4}},{"id":"c3446025-965e-4e0f-9a5a-32392f9e940f","block_type":"box","text":"Avenue S.","page_number":56,"box":{"x":509,"y":376,"width":69,"height":9}},{"id":"178c2ade-074b-42f6-b5be-6baaefb09132","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":56,"box":{"x":408,"y":391,"width":215,"height":11}},{"id":"dd2f5f61-b9a6-4075-b3fe-ac1595752684","block_type":"box","text":"6.51% Investor A Shares","page_number":56,"box":{"x":685,"y":376,"width":217,"height":9}},{"id":"8d9c72d9-f80f-4ee0-8d0e-34ca69508952","block_type":"box","text":"Wells Fargo Clearing Services LLC 2801 Market Street","page_number":56,"box":{"x":68,"y":414,"width":518,"height":11}},{"id":"eaf734c5-f4c1-4299-b96a-1bcf0235baff","block_type":"box","text":"St. Louis, MO 63103","page_number":56,"box":{"x":440,"y":429,"width":150,"height":11}},{"id":"9ad1f5b1-37aa-4e71-88f1-1153e19b381f","block_type":"box","text":"5.07% Investor A Shares","page_number":56,"box":{"x":685,"y":414,"width":217,"height":9}},{"id":"c43d5a0f-f64d-4c92-9baf-0116e6e9e086","block_type":"box","text":"American Enterprise Investment SVC 707 2","page_number":56,"box":{"x":68,"y":475,"width":426,"height":10}},{"id":"5e0b6299-b1f9-43e3-9fe3-a0b60154c461","block_type":"box","text":"nd","page_number":56,"box":{"x":495,"y":475,"width":8,"height":4}},{"id":"1cddcf61-362e-40c4-93bb-4a035e825be2","block_type":"box","text":"Avenue S.","page_number":56,"box":{"x":509,"y":475,"width":69,"height":8}},{"id":"d1b554de-997b-42c4-8734-16b585b1d901","block_type":"box","text":"Minneapolis, MN 55402-2405","page_number":56,"box":{"x":408,"y":490,"width":215,"height":11}},{"id":"5211db5e-b55d-44c9-ad74-591b2bc483ec","block_type":"box","text":"29.29% Investor C Shares","page_number":56,"box":{"x":680,"y":475,"width":223,"height":8}},{"id":"dacb46bc-da0f-44f1-bf86-d15bc54cafe6","block_type":"box","text":"LPL Financial 4707 Executive Drive","page_number":56,"box":{"x":70,"y":512,"width":520,"height":9}},{"id":"957caebe-fcc7-47e4-9aab-ce6ce75b1a27","block_type":"box","text":"San Diego, CA 92121-3091","page_number":56,"box":{"x":416,"y":528,"width":198,"height":11}},{"id":"dbfb2d16-f343-4418-b828-a8e64b524cdc","block_type":"box","text":"14.59% Investor C Shares","page_number":56,"box":{"x":681,"y":512,"width":222,"height":9}},{"id":"522f4920-1270-4d29-8796-e333fcbaefee","block_type":"box","text":"Wells Fargo Clearing Services LLC 2801 Market Street","page_number":56,"box":{"x":68,"y":550,"width":518,"height":11}},{"id":"e70a63fb-d0a4-4fcc-b4a1-1deb1411229d","block_type":"box","text":"St. Louis, MO 63103","page_number":56,"box":{"x":440,"y":565,"width":150,"height":11}},{"id":"f3edf10d-9380-4359-9c4e-3281d6fbd7e8","block_type":"box","text":"13.50% Investor C Shares","page_number":56,"box":{"x":681,"y":550,"width":222,"height":9}},{"id":"84e34b7f-6165-467c-8168-f6153ee319e6","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":56,"box":{"x":69,"y":588,"width":504,"height":11}},{"id":"8b0169b5-0f71-443c-a932-c2661fb8fd89","block_type":"box","text":"Jersey City, NJ 07399-0001","page_number":56,"box":{"x":416,"y":603,"width":197,"height":11}},{"id":"68d5b411-1c53-47fd-9c0f-d2aceee8707f","block_type":"box","text":"12.94% Investor C Shares","page_number":56,"box":{"x":681,"y":588,"width":222,"height":9}},{"id":"366466e6-b72c-4fb8-8bb6-1d080744184a","block_type":"box","text":"Charles Schwab & Co. Inc. 211 MAIN ST","page_number":56,"box":{"x":69,"y":626,"width":493,"height":9}},{"id":"02fcb655-730c-48e8-b393-ebb96ec8b806","block_type":"box","text":"San Francisco, CA 94105","page_number":56,"box":{"x":424,"y":641,"width":182,"height":10}},{"id":"c3c9a943-4ed2-42f3-a1fc-bbed9be43b0d","block_type":"box","text":"9.96% Investor C Shares","page_number":56,"box":{"x":685,"y":626,"width":218,"height":9}},{"id":"33dd2405-95fe-43b3-addd-82981e362fba","block_type":"box","text":"Principal Trust Company 1013 Centre Road,","page_number":56,"box":{"x":69,"y":664,"width":513,"height":11}},{"id":"1b541fd1-e8f2-4671-91a0-62eaa822b333","block_type":"box","text":"Wilmington, DE 19805","page_number":56,"box":{"x":434,"y":679,"width":161,"height":11}},{"id":"6cc2a6dc-acb6-4324-8858-22d1d2d691dc","block_type":"box","text":"23.53% Institutional Shares","page_number":56,"box":{"x":680,"y":664,"width":229,"height":8}},{"id":"55c4fdd1-0fe0-481b-9367-16413f50e9b9","block_type":"box","text":"National Financial Services LLC 499 Washington Boulevard, Floor 5","page_number":56,"box":{"x":70,"y":701,"width":570,"height":12}},{"id":"56c45f3d-369d-475e-913e-b0ec0336db06","block_type":"box","text":"Jersey City, NJ 07310-2010","page_number":56,"box":{"x":416,"y":716,"width":197,"height":12}},{"id":"5c5b4799-db88-4ac8-aad1-5a6d08a1e315","block_type":"box","text":"22.56% Institutional Shares","page_number":56,"box":{"x":680,"y":701,"width":229,"height":9}},{"id":"96a0d153-717e-4a45-b622-5a6aea588833","block_type":"box","text":"Nationwide Trust Company P.O. Box 182029","page_number":56,"box":{"x":70,"y":739,"width":506,"height":11}},{"id":"9a72e07c-05f7-480a-a970-3abea1c82dbb","block_type":"box","text":"Columbus, OH 43218-2029","page_number":56,"box":{"x":416,"y":754,"width":198,"height":11}},{"id":"ca427c8f-75b0-4031-804f-79a51c8a95f6","block_type":"box","text":"19.17% Institutional Shares","page_number":56,"box":{"x":681,"y":739,"width":228,"height":9}},{"id":"ef8c1ce7-9e4e-4acf-b733-b70c57b7b55d","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":56,"box":{"x":69,"y":777,"width":532,"height":11}},{"id":"848cd6ae-d1da-497d-a57e-3c2ce1e9637d","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":56,"box":{"x":403,"y":792,"width":224,"height":10}},{"id":"5ff7d833-6a29-43dc-89de-4bf5c5bf1fef","block_type":"box","text":"9.18% Institutional Shares","page_number":56,"box":{"x":685,"y":777,"width":224,"height":9}},{"id":"3e2e98b8-482d-4fa1-a8cd-307f69275c94","block_type":"box","text":"Empower Trust 8515 E. Orchard Road 2T2","page_number":56,"box":{"x":70,"y":815,"width":541,"height":11}},{"id":"93b352f8-ff48-4913-8648-275039bf9636","block_type":"box","text":"Greenwood Village, CO 80111","page_number":56,"box":{"x":408,"y":830,"width":214,"height":11}},{"id":"444017cc-d23b-4f69-bfb2-9692e13c1460","block_type":"box","text":"5.17% Institutional Shares","page_number":56,"box":{"x":685,"y":815,"width":224,"height":9}},{"id":"348dc886-752e-4d81-906c-5f73bc002650","block_type":"box","text":"Matrix Trust Company 717 17","page_number":56,"box":{"x":70,"y":853,"width":441,"height":11}},{"id":"c0e40c48-0e21-4c7f-bd7b-7b3733cea727","block_type":"box","text":"th","page_number":56,"box":{"x":512,"y":853,"width":6,"height":4}},{"id":"aad77bcd-94e1-4269-b06a-dc33a78224de","block_type":"box","text":"Street,","page_number":56,"box":{"x":524,"y":853,"width":47,"height":10}},{"id":"75982105-20fd-43f8-992b-87af3fe5972f","block_type":"box","text":"Suite 1300","page_number":56,"box":{"x":475,"y":868,"width":80,"height":9}},{"id":"a1af3b37-fd04-49a3-87f6-d19b8da779f1","block_type":"box","text":"Denver, CO 80202","page_number":56,"box":{"x":450,"y":883,"width":131,"height":10}},{"id":"27e953de-aa0b-43ed-b53d-01e752745536","block_type":"box","text":"46.88% Class R Shares","page_number":56,"box":{"x":680,"y":853,"width":214,"height":8}},{"id":"0fd7734c-300a-4cf2-9bba-556fd6e0df06","block_type":"box","text":"I-34","page_number":56,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"13e710d4-982b-4610-9ef4-987f19308152","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce14d0e3-e5ad-4730-946a-48717fa9fbb6","block_type":"box","text":"Name Address Percentage Class","page_number":57,"box":{"x":69,"y":49,"width":786,"height":9}},{"id":"05c5a353-86f5-47a0-9a93-5366ae9428c0","block_type":"box","text":"State Street Bank & Trust TTEE 1 Lincoln Street-2901","page_number":57,"box":{"x":69,"y":67,"width":523,"height":9}},{"id":"154012c6-0533-40f1-a403-d48f6e09820d","block_type":"box","text":"Boston, MA 02111","page_number":57,"box":{"x":448,"y":82,"width":134,"height":10}},{"id":"5f2d7e42-5b51-4286-a9a9-d4961f4b90e7","block_type":"box","text":"15.28% Class R Shares","page_number":57,"box":{"x":681,"y":67,"width":213,"height":9}},{"id":"eacc59c7-fa67-434d-90e0-8d19cc34bbb1","block_type":"box","text":"Charles Schwab & Co. Inc. 101 Montgomery Street","page_number":57,"box":{"x":69,"y":105,"width":532,"height":11}},{"id":"03c34454-04d4-464d-948c-28d13a95aa99","block_type":"box","text":"San Francisco, CA 94104-4122","page_number":57,"box":{"x":403,"y":120,"width":224,"height":10}},{"id":"c711b62f-1192-44f0-9016-5c24c4f003b6","block_type":"box","text":"15.06% Class R Shares","page_number":57,"box":{"x":681,"y":105,"width":213,"height":8}},{"id":"4581c918-10e5-419d-a5cc-edffb4bca2d5","block_type":"box","text":"EMPOWER TRUST Company LLC 8515 E. Orchard Road 2T2","page_number":57,"box":{"x":70,"y":142,"width":541,"height":11}},{"id":"47860e95-d6a1-46b8-895f-91340a425a90","block_type":"box","text":"Greenwood Village, CO 80111-5002","page_number":57,"box":{"x":387,"y":158,"width":256,"height":11}},{"id":"54062e77-075b-450c-95ae-498cf836d1d1","block_type":"box","text":"10.55% Class R Shares","page_number":57,"box":{"x":681,"y":142,"width":213,"height":9}},{"id":"80273436-2174-4e23-b55f-8f1c35658ab3","block_type":"box","text":"EMPOWER TRUST 8515 E. Orchard Road","page_number":57,"box":{"x":70,"y":180,"width":524,"height":9}},{"id":"37e3a6dc-de5d-4d7f-90a0-c434ff3bbdae","block_type":"box","text":"Greenwood Village, CO 80111","page_number":57,"box":{"x":408,"y":195,"width":214,"height":11}},{"id":"48eb64d3-c100-4a03-87a6-56894639bfed","block_type":"box","text":"23.73% Class K Shares","page_number":57,"box":{"x":680,"y":180,"width":214,"height":9}},{"id":"27027c1d-e6df-4322-9549-e81266a431b4","block_type":"box","text":"EMPOWER TRUST 8515 E. Orchard Road 2T2","page_number":57,"box":{"x":70,"y":218,"width":541,"height":9}},{"id":"15dc7d06-aa4c-47d0-a834-d1fce4c4d054","block_type":"box","text":"Greenwood Village, CO 80111","page_number":57,"box":{"x":408,"y":233,"width":214,"height":11}},{"id":"9e9261bd-31a4-47d9-8cda-86f39742b088","block_type":"box","text":"16.87% Class K Shares","page_number":57,"box":{"x":681,"y":218,"width":213,"height":9}},{"id":"a2bd57a5-3251-4f61-b5e0-94d56045fb59","block_type":"box","text":"John Hancock Trust Company LLC 200 Berkeley Street","page_number":57,"box":{"x":69,"y":256,"width":518,"height":11}},{"id":"337349c9-ab14-4bdb-81f3-2b0ef91f5ab2","block_type":"box","text":"Boston, MA 02116","page_number":57,"box":{"x":448,"y":271,"width":134,"height":10}},{"id":"62cb7f65-c40b-4a9b-97b9-8f20b0b38c5f","block_type":"box","text":"5.44% Class K Shares","page_number":57,"box":{"x":685,"y":256,"width":209,"height":9}},{"id":"30c5bf27-d2fd-44b9-8854-1535e243103a","block_type":"box","text":"Shareholder Approvals.","page_number":57,"box":{"x":101,"y":291,"width":167,"height":11}},{"id":"80d12253-0662-4728-9aaa-cb1eb92628b7","block_type":"box","text":"As used in this SAI and in the Prospectus, a “majority of the outstanding shares” of a","page_number":57,"box":{"x":274,"y":291,"width":611,"height":11}},{"id":"0a40b9d9-467c-4a17-8cf8-9544a549ba7d","block_type":"box","text":"class, series or Fund means, with respect to the approval of an investment advisory agreement, a distribution plan or","page_number":57,"box":{"x":69,"y":304,"width":838,"height":11}},{"id":"6e5e379a-82b2-47f9-9da6-168936fbbde0","block_type":"box","text":"a change in a fundamental investment policy, the lesser of (1) 67% of the shares of the particular class, series or","page_number":57,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"3ddd5096-45b7-451d-9c2f-f72ecf1a0a43","block_type":"box","text":"Fund represented at a meeting at which the holders of more than 50% of the outstanding shares of such class,","page_number":57,"box":{"x":70,"y":329,"width":792,"height":12}},{"id":"952fe010-04a7-4b8a-a31e-e1a959693de4","block_type":"box","text":"series or Fund are present in person or by proxy, or (2) more than 50% of the outstanding shares of such class,","page_number":57,"box":{"x":69,"y":342,"width":794,"height":12}},{"id":"b37f4246-69f6-4849-8692-095996735fd7","block_type":"box","text":"series or Fund.","page_number":57,"box":{"x":69,"y":355,"width":104,"height":9}},{"id":"414b15ab-aade-42db-9c26-38277c8d4e6d","block_type":"box","text":"IX. Financial Statements","page_number":57,"box":{"x":69,"y":376,"width":179,"height":9}},{"id":"4ad73c90-8e35-4cf1-b546-998cc574916d","block_type":"box","text":"The Funds’ audited financial statements, financial highlights and notes thereto in the Funds’ Annual Financial","page_number":57,"box":{"x":101,"y":392,"width":779,"height":12}},{"id":"8d9fba8a-f5c5-4296-bc5b-2c93f88f40ef","block_type":"box","text":"Statements and Additional Information (the “Annual Financial Statements”) for the Fiscal year ended","page_number":57,"box":{"x":69,"y":405,"width":715,"height":11}},{"id":"beb8f7a4-aa72-44c1-be39-e220cebc20ba","block_type":"box","text":"September 30, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual Financial Statements”) are","page_number":57,"box":{"x":69,"y":418,"width":753,"height":11}},{"id":"f02eeea2-ebe4-42ee-98c7-1e5b6df6b135","block_type":"box","text":"incorporated in this SAI by reference. No other parts of the 2025 Annual Financial Statements are incorporated by","page_number":57,"box":{"x":70,"y":431,"width":813,"height":11}},{"id":"e655a0ff-c1e0-4674-987a-77d762914794","block_type":"box","text":"reference herein. The financial statements and financial highlights included in the 2025 Annual Financial Statements","page_number":57,"box":{"x":69,"y":444,"width":833,"height":11}},{"id":"c5c8730b-c975-4425-8ead-8ba4be8d0971","block_type":"box","text":"have been audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference.","page_number":57,"box":{"x":69,"y":456,"width":833,"height":12}},{"id":"ca93c439-7086-4b76-be34-7119ad83d4a7","block_type":"box","text":"Such financial statements and financial highlights have been incorporated herein in reliance upon the report of such","page_number":57,"box":{"x":69,"y":469,"width":828,"height":12}},{"id":"992efffa-8a5b-4a7b-88c1-fe8ced6af1b4","block_type":"box","text":"firm given their authority as experts in accounting and auditing. Additional copies of the 2025 Annual Financial","page_number":57,"box":{"x":68,"y":482,"width":787,"height":11}},{"id":"0f1a11f7-fa55-4a12-90fa-9dd1716c1974","block_type":"box","text":"Statements may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":57,"box":{"x":69,"y":495,"width":821,"height":11}},{"id":"b3399423-cda7-4d71-9b4c-fded895ed4e5","block_type":"box","text":"front page of this SAI.","page_number":57,"box":{"x":68,"y":508,"width":155,"height":11}},{"id":"b39efe19-1bc3-4c92-9c54-9e5bcdc1731f","block_type":"box","text":"I-35","page_number":57,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"119c69d7-d91b-44d8-a726-d3f9ca2f79bf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b34d4bb-8f4a-46a9-969b-b4b2b4a523b7","block_type":"box","text":"PART II","page_number":58,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"ca5cbc03-32e8-4dcd-92ab-06d8a71b2f5e","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":58,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"cbd4dcc9-b125-4dee-9dec-2809c9015f1f","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":58,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"d06607b2-6dbb-4fe7-94f4-8f80ca97be7e","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":58,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"800adce1-af42-4376-a047-07a572bc7b58","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":58,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"ce6c3c8a-adb1-465b-bed9-c7c8ccc8027c","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":58,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"c9d59fe7-0cbf-4d47-b10a-67395b900e4f","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":58,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"6b0ea75b-d426-4c78-9437-e6ff668d639e","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":58,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"9602e179-0ce6-4430-83fb-99e67b696796","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":58,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"6113d394-3a54-49c1-bff4-f2236fc2c9ff","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":58,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"b0725412-d6cb-4a28-a36a-678eae436c7f","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":58,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"60c2354a-84da-4165-a128-47e21209847a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":58,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"1e3256de-0410-4b6b-ad51-51251293e9c9","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":58,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"e3c12a49-cfb1-4ee6-a906-bf8729ce4cd5","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":58,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"09b5cbc9-b030-4816-b7e4-57809827e7cd","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":58,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"75afc6ac-f04f-44ad-afd2-d5d2c90081fd","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":58,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"d5672c2e-629a-477f-b000-c1663bd9d5ab","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":58,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"534812d4-b8f3-4f1a-8bce-d414a6b7ab58","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":58,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"18340fae-f108-4a58-bc70-dc97aacf1da6","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":58,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"edfb5e65-4367-4ca8-b7b1-8cfbd589e3c4","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":58,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"54edf924-cc2a-4c7b-b299-3ea92344f1bc","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":58,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"d4b21772-96f8-462d-8648-15b7557d69a6","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":58,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"77b3d98b-5d8a-422b-9fc9-f433c876f46a","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":58,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"3c62f476-2f81-4906-ac57-647c068ed9e8","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":58,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"4d475e70-0b6e-4e90-a7d4-5842b2eec6e9","block_type":"box","text":"particular Fund.","page_number":58,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"68958dde-3e72-44b7-9777-3bb8f157ac88","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":58,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"e459f3d4-9cda-4a18-94e0-5d31b411a520","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":58,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"09718627-0d11-4a66-9e4c-e27f1f4f2493","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":58,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"2336e1ea-8753-419a-b271-5fe3054be63b","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":58,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"2ac85099-505e-4188-9b74-022366666eb8","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":58,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"fa28d61c-9037-4703-b1fc-c2db13f04781","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":58,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"89971d80-e098-41da-95ab-bef9a81b4ffd","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":58,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"9e0f003e-b54a-4b64-930c-492f1d280608","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":58,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"f514a29e-dc94-4302-aa8c-94bd204a227e","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":58,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"8fab5cfa-d001-454d-8fa3-3dbdf0270839","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":58,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"376fcd61-cea0-43b6-a1c6-dc84c6a08cbc","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":58,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"dee7544e-5e88-4a3d-afd5-6fda80800a19","block_type":"box","text":"Asset-Backed Securities.","page_number":58,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"6eb762f1-3f1b-42d8-a515-f878d6ccf99b","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":58,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"48a2eeee-ea48-4d90-b6b9-2c39070858d5","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":58,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"6ffb294d-be75-4105-ba71-2500ef0e743d","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":58,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"c5149305-b47e-483a-aec4-783ff2aeb799","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":58,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"734c4644-7b9e-4547-849b-df68c9585334","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":58,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"119eabcd-b4fe-42c4-9cf3-ea02d781f6ed","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":58,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"0089900b-227d-488c-923e-59f450c40007","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":58,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"d2a4fd66-5b6b-40ff-90d6-ca496f19fb51","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":58,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"959de3a3-7983-4e31-994b-4441cd1ab696","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":58,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"df1a4adc-2628-4358-b14f-5e62e7786051","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":58,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"0c3c7def-c7b8-4a69-9e13-76b200ccc477","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":58,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"d6f78636-7e3a-4824-909c-87a778a7261c","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":58,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"2bcf4fb9-4a5a-4ad9-84df-da5206231066","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":58,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"589fcfba-dd5b-4a2b-96b9-879bd3cb1dec","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":58,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"00057337-1baf-49ee-9ed0-73d3ae278e4e","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":58,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"bd99707e-70f8-46fa-a628-fc123031aa32","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":58,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"250aae69-4eb4-4ba0-a30c-e9f18a3caea0","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":58,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"78e03ec6-f0a9-4158-b1b7-2f9500e1d9c9","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":58,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"14e855aa-c02e-41e8-9e3c-bead815d2c48","block_type":"box","text":"II-1","page_number":58,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"8e5ecb24-d283-4863-b2a5-43d0d0cbbeaa","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3619573-ebf5-4997-ab92-2e7a95fd9b3d","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":59,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"20be1576-3546-463a-ae06-54d12f0ede2b","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":59,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"19f970b7-8f74-4162-94df-652d323e179c","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":59,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"73290d6c-b066-494c-a73a-3a8b6588a2ed","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":59,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"66e3a181-00b5-4258-841f-88dd21e9321a","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":59,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"649e0f6a-c2c7-45bb-87a1-b73a40bfb388","block_type":"box","text":"Asset-Based Securities.","page_number":59,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"28385a20-7bca-4454-bb29-aeb59182352a","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":59,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"871eff1e-f288-426d-a04c-da29b0fc2878","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":59,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"a8871193-343b-4d3b-8c36-16e7ef7dbe7d","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":59,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"5d0e3f30-c882-4358-a097-b800c7b1371f","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":59,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"3bf53819-2656-443f-ba81-e975ac7b6f9e","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":59,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"f61b61e7-4dd2-4c95-960e-221a1d127a8a","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":59,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"39b75522-300f-4691-99c8-9bfa5661c225","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":59,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"8dc1ad65-b53b-410b-90ea-e6381bebc82b","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":59,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"fddbee60-4452-47b5-bce9-04377e65f917","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":59,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"ced23efc-bae4-4dca-929a-f7e35c67e87e","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":59,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"eba0930f-c3ae-4cae-8b01-bafe56375ef0","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":59,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"3274dd22-12c7-4fe1-b8d5-ad495c7db6b8","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":59,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"84104f64-61b2-4689-b27d-6569fca101f3","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":59,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"0c1cfd0a-7c07-4b9a-aaa6-55e29baee516","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":59,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"16c47fc6-3ef4-4f12-b3cb-77f9cc2d2495","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":59,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"1eda7698-8f68-41b2-adc3-c7c635491096","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":59,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"84eb65d8-3022-4c2b-b481-56e5983ea4a4","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":59,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"85354e40-80ef-4fad-9961-84698ca0ccf0","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":59,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"65664c3a-9a81-4b25-a695-f644e3adf81f","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":59,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"743bc029-74ce-4f3e-ac4d-a4433a605cba","block_type":"box","text":"appreciation in the underlying asset.","page_number":59,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"215b6b78-e6c7-4730-87ce-f86866724cae","block_type":"box","text":"Precious Metal-Related Securities.","page_number":59,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"6a2a8062-d438-480c-a598-77bbebecba54","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":59,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"f7c5c2ee-de64-4a15-b3d4-09739338431e","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":59,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"82ceab73-698f-4b5e-962c-0327b224533d","block_type":"box","text":"e.g.","page_number":59,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"a06e7130-1e4a-44c3-9249-12e5657fd76f","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":59,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"4a242b87-12a2-495d-a2c6-3e44066046fe","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":59,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"a484f91f-74ca-4df4-b171-1d1fcec75e57","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":59,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"156b9e21-4fb3-4c4c-8f18-8fbaab94b447","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":59,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"9ad4e8b3-7ed3-4bf9-8cbb-cf8bcbe97255","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":59,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"9ef9229e-afaf-44ab-ab50-6c54598c721f","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":59,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"b390734a-bf9f-4c57-9476-659b0ca64804","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":59,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"5790a3e7-555d-41ec-8a9b-68a36a0ba691","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":59,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"5a3a2b5c-dcd1-41ef-b79f-74fa6065f9c8","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":59,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"64019bdf-4441-4bb7-8db3-802fe98e5c91","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":59,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"0a05d9a4-e2b3-41af-9dc6-a3875791eeef","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":59,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"dcb71fde-5567-4e0d-a8f7-b6fe89a45ce3","block_type":"box","text":"South African gold production.","page_number":59,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"f8b4fbb4-640c-44f6-ae34-5abd91e54dd5","block_type":"box","text":"Borrowing and Leverage.","page_number":59,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"0fb93fa0-8190-456e-9e58-dd80c52fff0c","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":59,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"0e1f2f32-adc6-42df-b55c-e74c40b6902c","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":59,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"9d4818ae-b452-4d43-8db3-0ba1aef0e49f","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":59,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"66e178cd-c919-4d49-bf82-b07cbc219698","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":59,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"f447b76d-3e62-4f9b-a5f9-cb865bb66098","block_type":"box","text":"other securities transactions.","page_number":59,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"fa621952-b830-40c8-bdd5-5590674f94eb","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":59,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a34e735e-bace-496b-9618-c504ab9dc914","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":59,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"7c5f7f3c-4ac0-4f38-8588-a6538c0e4955","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":59,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"a342e846-6640-40f1-9bae-78469edd3d6f","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":59,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"e51f8e97-909f-4d38-9c1a-a539a316c197","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":59,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"b31fa5b2-b4e0-4393-b611-a16f1535aad5","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":59,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"00876ef9-e017-4d24-aafa-f3d0a9c7a2c3","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":59,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"f181c07d-a44b-415f-9779-2844b859211e","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":59,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"a9ec68ed-44b3-4ea0-b7ef-753c721bed60","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":59,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"6bbca544-6799-4352-a6fd-91bdf4cd7494","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":59,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"59d0382d-fc0e-4300-8451-54f495594ec0","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":59,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"b5161e9f-d49e-4269-b8c7-a8fa2b8828ff","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":59,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"a0dbe9bd-ff07-417e-9371-290a9a6d2ae5","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":59,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"cbe0a679-7d53-468d-9070-ceab6aee1a0e","block_type":"box","text":"II-2","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9b27f07b-d2d2-4f0f-abfd-155bf2856e25","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72490a3f-e77f-446d-96e3-4902376fc847","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":60,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f630c3e6-28e8-4951-b20a-77a8811294cb","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":60,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"f52af668-e619-4575-a013-c8e68e2e304b","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":60,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"40ed6873-f17c-4096-8eab-986945407a7d","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":60,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"585fcd28-1ae8-48b3-8859-f40e54bfd260","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":60,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"b31a2fec-71fb-4f0f-8ec1-79240fedfc6f","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":60,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"e64d0e02-a725-4e49-b800-2e22cf1bced3","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":60,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"851d9eec-55df-4b5a-afcb-0882d9f0d6ff","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":60,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"df36a9f7-1d9d-4313-bcaa-e085f751ad93","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":60,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"1c7ffb8e-8797-4ded-9657-7910f0ef43f4","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":60,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"2a17204b-c898-447c-9bb2-d0e318a96ee9","block_type":"box","text":"Cash Management.","page_number":60,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"731e73de-1334-4db4-9a20-81f6d49ed2fa","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":60,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"b05ba21c-4bfa-4b1b-8c04-114c0eeca12d","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":60,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"464d9334-209b-40e4-b7c1-ada5d82b8d05","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":60,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"762c4b8f-0117-46ba-b64a-0385bb36ad71","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":60,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"8f9cd963-fbb6-4795-8765-ebec28683af9","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":60,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"e4b9aebf-441d-4e44-afbb-5086fd677340","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":60,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"db405d93-f65c-437c-a562-80f2aa206bc1","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":60,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"2c98d952-e8b4-4a41-b5bf-68971bcff629","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":60,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"1ec7036d-6849-4a58-b011-a8b6d769c656","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":60,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"ef168448-dc64-471e-9247-b59dc97c2dc7","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":60,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"acce05f7-4c9e-4472-835f-023524c06a86","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":60,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"70b231c5-8403-40a9-a4d6-1a43eb2ebdf2","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":60,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"1617b4a0-ad84-4a64-8785-34931b8707ee","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":60,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"ffb5f91f-3d92-4975-b4a2-606e60cae142","block_type":"box","text":"Collateralized Debt Obligations.","page_number":60,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"50f65173-f188-4123-9614-1d36fcd91042","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":60,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"1135bf94-6118-46a6-9725-63e0441c7f28","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":60,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"ee720543-cd51-49ee-9b75-2aa404000258","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":60,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"b4f019ea-fa67-490d-8e1c-f9da5bac683a","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":60,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"c412d923-a45c-4499-b802-bb5084b2a71d","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":60,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"5dbf5f39-2ebd-4df5-a2dd-f65c16e55228","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":60,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"26b27668-93e2-49d2-99eb-7ebd94f0b7bb","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":60,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"ecdb43ca-c25e-46c7-9f1e-4b739eba0543","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":60,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"5b78f5f6-8ef7-4ebc-a2fa-eb51a4aa4452","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":60,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"48cdde74-0b57-43aa-bc25-2729e8e2af0d","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":60,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"20b88496-96e2-4340-b438-d9aa637408d6","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":60,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"2de1eeeb-a88c-4d10-81a0-7aa6db3e3bfb","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":60,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"ab5baed0-8722-4e0a-91e9-d9c2d4142a64","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":60,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"60cece22-e981-47d4-b17f-d319aede4af8","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":60,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"69ab17f5-8ce9-4c08-9945-143f23bbc71e","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":60,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"2220607e-fe24-48a6-bbf7-c6480f449b1c","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":60,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"de686726-7421-4147-bd24-1a7d377ff936","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":60,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"8ad4a5eb-c3d3-425d-b752-334811070cec","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":60,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"164945e8-2da9-433d-a23d-393e4546e0cc","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":60,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"48aee7db-ae73-4e2d-a6c4-e5ec926a3f70","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":60,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"b40fca7d-b753-4ba4-95f4-318dcae030c2","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":60,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"4d78799d-afd0-49fc-8b4f-c517169f7a1d","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":60,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"eafd45b1-eea2-4750-9d9e-26f84fb3e4fc","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":60,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"d71959bc-3e7f-4d36-a513-2f52a1cc560a","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":60,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"396c3bcf-6c45-4248-a850-469443db8ed6","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":60,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"88f4ce60-1482-4a2d-92af-46cd0fc19d7b","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":60,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"69d5790e-2f3e-4291-9f82-273db2c32916","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":60,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"5cfb11f5-c806-4068-bedd-bc16eec3984d","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":60,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"3b06bce8-59d0-4766-b104-fdfcc3c5ce15","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":60,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"6e124529-3bb9-4be7-91ec-0fe918e9d0be","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":60,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"650a4c5e-5c3d-4760-9792-59e933bfc254","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":60,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"1c0fcc18-84b8-44b2-921e-273524d6a86c","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":60,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"bbae37c5-c6ee-43b4-a059-fe14b012e2bb","block_type":"box","text":"II-3","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4fab632f-3c16-4ef0-904f-907bdc2fd3e3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae58ce78-dbdf-491a-b095-676cb3a33cf6","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":61,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"dae0b5ec-a07f-434f-a4a1-6272da48f854","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":61,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"7cce4ef6-9be7-450e-ae51-ddb747c2d843","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":61,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"2cc5ff74-84d0-4974-a9a3-f4f46ab76bf5","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":61,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"6ec12b1f-704b-482f-9291-2d2d0811a678","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":61,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"62fc6bc2-0fe2-40ec-be2f-f81564e139c5","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":61,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"2f6e4760-ed2e-4a61-9395-7f55b933133a","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":61,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"05677876-be10-4bdd-8540-e096b4d5d9ec","block_type":"box","text":"Commercial Paper.","page_number":61,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"04138279-d693-4860-9810-ed61af1283e0","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":61,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"41d880bc-2cf9-478a-94d8-eb4ecaf3592e","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":61,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"c7f7eb6c-881e-4fca-83c8-8c7bf067f812","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":61,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"6824eb14-339d-456a-92b4-3fc6a34dc10e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":61,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"cef1dda4-23c0-49fd-a568-d6313d97fab7","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":61,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"d0a83865-f9f1-4b08-bf7d-3de8f4ec3e6f","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":61,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"3a40051c-3127-4b4e-b470-36243288e35b","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":61,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"1d0daf98-632d-472e-bc1a-9cf370eec0e3","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":61,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"526ee490-e03b-4de7-b1c4-aee645c00db0","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":61,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"7b27a9ff-1be4-4b43-9c49-a67ea955138a","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":61,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"a70fc3e4-e516-4c85-aba1-897096095e9a","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":61,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"01c8e653-4836-4dbd-a5a6-6c415a6c01cd","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":61,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"60119760-1720-4a28-ba26-70661c87c1ee","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":61,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"78d5d332-439f-4c4f-ba78-ea1662757edd","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":61,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"ce871690-d622-4363-88a0-afafc8a7f4e1","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":61,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"67cadbaa-5d54-4865-84b5-de8304732a42","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":61,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"3b820a9b-bf9c-46c9-b8b8-67964a1d257d","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":61,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"a1bdf541-5686-45d1-b78d-90567b404ab5","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":61,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"afe874f4-afa1-4239-8f19-1238964414ce","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":61,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"6b14eb35-1aaa-4296-859b-f307511129a5","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":61,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"847d61dc-8466-4101-a2c0-2122d786ad52","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":61,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"7aea01b7-39ae-42d3-a3e7-b55f6d31aba1","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":61,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"42940ce5-cb4b-4684-bc6f-ec71a9c38915","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":61,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"f7247198-de3f-42ca-8b36-6b4d670495e0","block_type":"box","text":"variable.","page_number":61,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"efe92b29-9560-450a-a9c0-15a0985e175b","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":61,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"a8a6149b-3d3b-465c-99e9-3c9accf5b696","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":61,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"cc966107-3c54-479d-9a3e-8874d593b866","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":61,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"96a3291d-95d0-4a9c-987f-2d08086ea061","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":61,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"8425d1ee-0c16-43f6-a577-041dbfd999ae","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":61,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"5b29c054-7e82-4606-ac28-257c598b69ba","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":61,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"3ffc2832-cdd9-4493-a858-c2b842341758","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":61,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"071d81dd-6890-4873-8474-3b59f0102ad6","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":61,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"404d91af-82a5-4dd1-a05d-5d1a52ad3808","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":61,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"42f40ba5-bb2f-471b-8a54-c581af141f27","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":61,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"e60415be-b9d3-42d9-926a-01958ff3e5fd","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":61,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"be1d6ed0-a6c8-4253-864b-d6ebc3a81585","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":61,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"5b563073-865b-46e7-a597-c27423a95184","block_type":"box","text":"correlation with stocks and bonds.","page_number":61,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"52c4cf74-f559-4a64-9187-3073b0602fc5","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":61,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"2d9e7262-0f15-4938-bf27-d28f9ebd35e0","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":61,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"99e90718-a11e-4022-b0f1-1077f79a63d7","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":61,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"4870b285-6e72-4a62-bd2d-5ed07d1c5a49","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":61,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"ac0d9f84-4aa9-42c7-8c2a-5c45e062ccb1","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":61,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"263f5e42-c962-4bf7-a363-78972094b776","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":61,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"4d1bd3cc-7445-4621-a8e0-aee1903519a2","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":61,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"9672b52f-d312-4d4e-83bd-c8ab11c4a97c","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":61,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"be1492a7-90fb-4d2c-aaee-628005185f97","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":61,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"d6d60ad9-a2c7-4647-9d47-cdfc9d879408","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":61,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"8bf69fde-6ad8-4d88-bdf7-9cb35c9c3320","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":61,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"22465325-7abc-4110-a4d0-3909413a10be","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":61,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"ad078ffb-b999-4173-822c-e35e5483227c","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":61,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"5f7ac8dd-ca51-4ca1-ace3-08a4e27a6d37","block_type":"box","text":"II-4","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"be9e9458-187d-4a2c-91c5-aa7f8bcf2854","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6f0f4fd-1b4d-4740-a932-74e829d211ba","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":62,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"bedf5bc7-c22a-456b-bbf9-58a510370a98","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":62,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"6c0d3651-71a6-4c48-8183-5533c7e002c8","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":62,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"6922cfd6-fa25-4d96-bf0c-333898b01abe","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":62,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"85483b79-d12c-4600-b67b-3fba7854086f","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":62,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"a7d5b92f-8687-4346-96c2-6f4d55b9f1fa","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":62,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"36836909-933f-4c39-84ad-a2ed9694f239","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":62,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"a47f354f-6d72-440d-8905-04e4b72cf8c7","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":62,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"b5a2d805-b4c9-4f78-a1d6-e827efc488b7","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":62,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"f2a2d74f-0eb5-488e-b2e4-cf61664e1908","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":62,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"a03c527e-2c65-42fa-ad7c-ac4fb4d467a1","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":62,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"4f33cab6-a600-4df4-9257-907ccd4032ee","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":62,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"34ff1c1f-3a05-4514-93ac-bba48ee411fa","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":62,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"0c12f95c-b666-4d66-a112-833b588c9cc0","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":62,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"95049e59-c311-4791-9afd-c129b97f3d39","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":62,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"aa5519b0-a85f-4b41-afe7-ad5f543261d5","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":62,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"dfe61a76-4caa-4185-8fba-74cd77b209e7","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":62,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"33150645-9959-405c-9bd7-b05691e06507","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":62,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"c6c86d8a-f9bb-4e8c-860b-fcafa7651508","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":62,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"3b1539b7-eb57-4170-89ae-10805ddfcdbd","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":62,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"b72d1741-cbdc-49fa-8648-4675b2d36ae7","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":62,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"77f82cbd-ad0f-405f-8b26-00a9d4770abb","block_type":"box","text":"the Manager believes are relevant.","page_number":62,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"faeb6523-2654-4e85-bf2e-f617d6a6aee1","block_type":"box","text":"Limitations on Leverage.","page_number":62,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"2d203d81-8417-47ed-b4fc-61bb55f43304","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":62,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"ab6beff8-ed97-4d33-9bd2-0b8f882e709e","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":62,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"95edf8e5-92df-40e8-874d-434dd5c27b47","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":62,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"ffda6b55-ab48-4508-88d0-c199f00baa39","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":62,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"4df22871-e625-4140-80d3-35bc2edbccde","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":62,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"ce1d7d0e-b210-40c3-a9d4-18bf7c891d46","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":62,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"9ef02146-34a0-4bb7-81f7-c420e2fbe526","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":62,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"e894306c-3ebb-49fd-bd19-f78a62136669","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":62,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"96bc7aeb-79d4-4d2d-9e22-01fa0a81a8f9","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":62,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"cb29305d-8cd2-4c00-b684-f244595501dc","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":62,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"cb03d452-a4e0-4bea-8207-1d18c31e87cb","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":62,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"b6f37c9a-a15e-4c5d-a82b-3dadfcde2f9c","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":62,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"bacb8d5f-e1dd-47fb-a7de-04087430ae8a","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":62,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"db0086b7-786b-44b1-83bf-0dc95f15bbf7","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":62,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"b3814b09-87a2-4d30-aea4-6a71e5e60c8b","block_type":"box","text":"Counterpar ty Risk.","page_number":62,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"84d91f6a-a398-413f-a371-0104c43a4641","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":62,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"d5fbc8a6-536d-4012-9b59-e251c56671ee","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":62,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"48d9a64f-e36e-4fe8-98db-833f45e97af9","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":62,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"315273a7-b2e0-4e88-9918-76e2866d9f86","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":62,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"ba4fcaca-318b-497d-a529-04c00d614d18","block_type":"box","text":"e.g.","page_number":62,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"ee863575-707e-49af-b671-2a2e46169948","block_type":"box","text":",","page_number":62,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"7359ec28-2f35-4492-93ae-9ff19eb5f75e","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":62,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"5a1d29ec-125a-40be-8a7e-3d774f434f63","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":62,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"7a8f618d-4eba-4324-8def-2da2ff53ab99","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":62,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"e604ce70-fafd-4311-abce-d4213f0b7cfc","block_type":"box","text":"obligations under the structured note.","page_number":62,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"9ef0afb6-6bb1-4b86-b484-fb32dd12ebbd","block_type":"box","text":"Convertible Securities.","page_number":62,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"0fb48aaa-877a-4bfe-93bb-f0d3432c9401","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":62,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"4d196387-2149-4fc8-b214-d8e9965e78b1","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":62,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"fae780eb-eef2-497c-a94c-c8955d88feee","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":62,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"f205d853-5987-420b-ba05-4ee6d69c4803","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":62,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"3f4f719a-ffef-4767-80e1-4017722f486b","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":62,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"916e71b2-a144-4721-8ef3-d5660cd36b7e","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":62,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"6d4dd3ca-77cf-4513-825f-ccc6a9b7509e","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":62,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"317203b2-316c-4e4e-a608-1755b4f4deba","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":62,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"039f70cf-06fc-429e-8af1-1538155db46c","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":62,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"52dd2f19-f3ce-412b-aaf0-2eb0fc8a5a43","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":62,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"86906734-43ac-4a29-be37-35e55fc6ab15","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":62,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"957f3b85-082c-45ad-b63c-7083265d2bc9","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":62,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"f43af33f-f177-4af9-96c6-080b540c318a","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":62,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"c0a9d2ae-0097-4854-b6ae-1a90d2ef01b3","block_type":"box","text":"II-5","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2cfbc16b-e8a1-4a28-b5ae-b1375a139efc","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5143837b-6f7b-4be6-9479-d914eb7bc774","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":63,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"63bc8bd0-b7f1-49bf-a26a-6c081667c088","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":63,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2049af90-3fc6-4ad8-9d52-f762aa195a3c","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":63,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"493ab534-3ebc-4679-be7e-8d61773e013d","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":63,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"5d6d7763-c1c6-4c09-914a-bb7f275045cb","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":63,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"8ff67625-1f84-4966-8261-729de4110fe5","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":63,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"f0ec8918-f1d4-4ce6-a796-275e0c34ee94","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":63,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"5fbdfa8b-a0ea-4df7-b233-6655c5a5196f","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":63,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"9f6a6e67-0272-4f2a-b1d8-aa799a96ee5b","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":63,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"762bef3f-92a0-4553-8d69-9cd45bffbdc0","block_type":"box","text":"things.","page_number":63,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"08d27195-edd0-4888-9bd0-853a42c93146","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":63,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"f9900a0e-c089-475a-9882-ace0f5fa84a1","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":63,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"81592992-de81-4c02-97a3-7e0358c51660","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":63,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"232bf85e-d056-4534-a3b9-039d4f301635","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":63,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"ee7b7506-a1d5-49af-b2f0-5463edf524d7","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":63,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"67e462aa-1b61-4377-a349-455b6d98bd35","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":63,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"9a2d1b5c-d905-429b-ace3-403718a579ec","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":63,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"f0f5036e-89fb-4dc3-8f2c-17222358cfeb","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":63,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"adf71486-5612-4991-be94-96a64c7ab134","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":63,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"12baab1c-2a78-4d70-93ee-6a2d54ef4961","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":63,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"74906b53-15f4-452c-8dbc-bfccbeff4a79","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":63,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"6b3e8f7a-24d6-4dde-8676-743ebf30fdcf","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":63,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"50cd6de3-efd4-4534-968b-956d9f693172","block_type":"box","text":"i.e.","page_number":63,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"345af1bb-c579-40c0-b241-6cb6d6eabdac","block_type":"box","text":", strictly on the basis of its yield) is","page_number":63,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"b156b799-a2cd-47db-b77c-2178afce2dfb","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":63,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"fdbf8bdb-5bc5-4eae-804e-7e1952df9bb6","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":63,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"f8bd35cc-4917-4cc9-bc2e-aefe97d5a6d3","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":63,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"87f46183-1bd2-4189-bd6e-7f6d92dde89e","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":63,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"2830ba01-a2f2-41d2-a3f8-4795c7048016","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":63,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"79d5df26-d806-4331-bfa4-f897a3bdd636","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":63,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"1da804c7-1754-4930-ac7e-c9c5a44bbd3d","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":63,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1223f8a5-571d-4f79-b252-4e85aa2a127e","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":63,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"d6a99094-f4d3-459e-839f-18b5c76d03a3","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":63,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"20982805-962a-46f6-ad85-4786fd597619","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":63,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"0342125b-fcfd-42aa-bcba-d5789bb220e9","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":63,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"248f2e44-bf29-45eb-b52b-6c5a4e6ccf97","block_type":"box","text":"than the securities’ investment value.","page_number":63,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"816e6828-e91a-4f2a-ac68-4d2366ac953b","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":63,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"bb257d32-6e26-4dd2-8d1b-0d30f20bf6ae","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":63,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"2c11f256-3c71-408f-8431-d5136590db47","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":63,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"014b566b-a19b-4829-9da1-46b6817d9d01","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":63,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"b638a704-560f-4c5b-89d9-70ab6866bed6","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":63,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"21dc5d2f-8ffe-499d-88fd-8c960afb06b1","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":63,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"04390bb9-339e-4a0f-bceb-af68871b3a04","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":63,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"8ad01614-8ae8-48f2-b317-1a54ab8a6b69","block_type":"box","text":"security under certain circumstances.","page_number":63,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"6ab30cdf-f7a4-4bfd-818c-c975dcd8b56c","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":63,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"9a9890d9-34df-4709-ba6f-4b72d5c9b430","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":63,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"cf671026-3dda-4ca8-ab99-9f69890a4d89","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":63,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"fef6d809-6c1f-415a-8410-90be3f30e16c","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":63,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"66e64526-4227-4731-bec5-e0d9f3aa77a7","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":63,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"da385ffd-de09-42a4-bfc8-ed227904cfa3","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":63,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"94554f32-d038-4f59-9978-077e9635d8eb","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":63,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"6935f6b8-e2c8-456d-b789-5b1f157e8b0d","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":63,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"05882e32-3539-4610-86ec-427824605e1e","block_type":"box","text":"i.e.","page_number":63,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"14736bdb-1662-4dc9-a927-45980295d601","block_type":"box","text":", fixed-income (“fixed","page_number":63,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"71c7fc5f-574a-467c-a53b-2e4bc279a874","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":63,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"ed0e98db-321f-4691-aa92-21a2591a25f0","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":63,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"aa85b4be-a89a-4af8-810e-86d460c4e538","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":63,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"39283d40-e546-43ac-b1bd-ea5370921368","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":63,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"054740a0-97ba-4855-83d1-08e552e1b122","block_type":"box","text":"II-6","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3df32149-01e7-4234-838e-3a8cda2f7d87","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"120ddf66-f5c7-45f1-813e-3fe0ea5d0c85","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":64,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"fe535157-df7d-4602-aa90-ec35f48d7168","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":64,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"76f09fbd-bd07-4ac8-aec6-f7673db7f975","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":64,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"1411a8bd-ac47-4ce2-a5b8-7a9cc7db038a","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":64,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"2705cac9-dcc0-4442-b2a1-d20af30872c5","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":64,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"4a0d9b68-bea5-43b0-8109-a3966ca9dada","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":64,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"cfc6590b-72e7-4222-8b5d-eb2ed0cbec06","block_type":"box","text":"component.","page_number":64,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"d158c58e-d972-47d2-b551-1d58428bc87f","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":64,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"0b5a1e43-f191-45f5-8297-44cf58e5c8f0","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":64,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"e3b8805f-d9b4-41e9-ab1e-5f926a2c1c36","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":64,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"82f8cf0f-e5bc-4672-bbb6-8e48931a457d","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":64,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"94c173bb-4d26-45e3-a9a3-93ca9aa7cfc6","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":64,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"165d0156-5d9c-46ce-a873-04951f4eb0cd","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":64,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"5b4efd45-6d21-4d4d-a0c9-189c8c2cedf5","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":64,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"d2b30b94-42e5-4db9-8fb1-b78f4bb2bcbd","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":64,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"40570499-eea4-4a3a-a5e0-c5aac0590dc7","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":64,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"7f64596e-7799-419d-90fb-677cc654d9d5","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":64,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"6f326a50-b9b1-4f18-b1f0-ce80b078a8b7","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":64,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"71c928e1-9b9d-4cbb-82fe-9172255e2cae","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":64,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"84b423e6-bcc8-425f-b24a-dc01152a16a0","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":64,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"d5a0c319-91f3-406c-80fa-6ee3ba5c4caf","block_type":"box","text":"favorable market conditions.","page_number":64,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"05344849-e22a-46e7-b283-cf8d35b96382","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":64,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"9348f06c-34a0-46c3-ab97-d42ba261b89c","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":64,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"30698d09-606a-491f-bad0-9e8097a12e59","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":64,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"44ca5e56-654c-47af-b9b7-d25957d90196","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":64,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"01c36bcb-d41e-4697-889c-4386fe3e6fb9","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":64,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"569a1a80-1b60-4f6b-8615-911b63c2e302","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":64,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"d5a46511-a22f-40a1-8623-22a9f7ce9569","block_type":"box","text":"Corporate Loans.","page_number":64,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"75099b08-fa5d-440f-8708-3ade7c8103d9","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":64,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"2baf7ffb-72e5-461d-bf8b-c2f91b90083b","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":64,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"b818a19b-0f51-4d6c-974d-780c1e45ad27","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":64,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"2d376131-ffd3-4619-9fbb-2a93afab3ef3","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":64,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"258dd855-3811-4add-bf04-0ad97fde35c4","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":64,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"3520ed2a-0b66-4e06-93c0-baaabdde4586","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":64,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"16ab4bec-0d45-46c5-9366-ca50412e450d","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":64,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"c092718d-d019-4a67-b453-45cc3c6afa4e","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":64,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"b7a3ab83-6e13-47ac-a0ac-a9fbec05c197","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":64,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"2676175d-4e95-42ed-b633-07f3dbffce48","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":64,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"97b955a8-25f6-4c8f-b796-72932e0d9d0a","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":64,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"7fedf1df-24af-4ae5-9aaa-f6087945c444","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":64,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"15d1fd79-6f53-4618-8f2a-0db1df892471","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":64,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"f5545c14-000f-49f0-a2d5-0d7ab9a9e586","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":64,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"9cd4d955-3e04-4c77-8c3b-dc89873e3415","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":64,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"58b5f187-5268-4f3e-a2c6-2ee9cb2478a0","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":64,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"0753bdbe-0c0e-4071-8cce-4563be26ab5c","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":64,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"fadcecc0-ed3c-4c50-8706-f016398febc5","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":64,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"90486ae5-32c8-4b0b-9c33-6a1f61b01fdd","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":64,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"a5e37256-e7e8-40f1-b641-2ea7bbf0330d","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":64,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"ba4d96da-5475-4760-a2c1-d634cc53ff6d","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":64,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"8dc031e6-6d6a-491a-bf04-f266e9835a4d","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":64,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"e5c576ba-6407-4f36-8536-9c822925d478","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":64,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"1fe65511-0ca9-416f-9d8c-ae16597d48b1","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":64,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"b0b02fee-ef22-4f5d-ba50-61c3b8ffe7ca","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":64,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"c375f618-1f2f-49e0-ba10-1f53f0e11254","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":64,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"6ce6a231-7be0-4810-a0b4-a5eaca23e7ef","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":64,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"0e005ab7-9871-4400-89cf-d79ef3bf993c","block_type":"box","text":"of the borrower.","page_number":64,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"46f1e97d-a63e-46c4-8e09-c9c426e6bac4","block_type":"box","text":"II-7","page_number":64,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7cdbd911-3ff2-42e5-9ae0-5478d2f9654b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdc7df02-935d-42ce-9ee7-187b9f45c3e4","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":65,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"a2d29a56-15cb-418b-bc07-c17788c78de7","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":65,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"1efa7739-7d96-41f3-a2cf-09244f63b2e3","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":65,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"9fe68b72-e255-46ec-ba91-e70a11876026","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":65,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"a8568be8-bd22-4afe-966c-64525c262250","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":65,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"5bb581a6-e357-4a0e-b4a7-fe4a21a6fc98","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":65,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"aef03d79-27dc-46e1-963e-863e536689ac","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":65,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"373271be-fb76-4d5a-b6fa-47176fd034e5","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":65,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"caa45b2a-5170-4422-af49-79193a058f07","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":65,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"f3ea64bc-6888-4196-800c-e8d50de58c0a","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":65,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"ee24241c-c01e-405a-b039-dd7823756223","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":65,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"9098d542-2a6d-4dd7-b2d2-c20e193cfb0c","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":65,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"d1130929-e4a0-48cf-be2d-400821c362c0","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":65,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"bf28531b-0913-4034-9782-17211aeb1ccc","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":65,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"db2d5bd9-d160-4426-95c2-8650c6678b74","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":65,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"a4f090ca-379c-4679-aee8-d075cc38c6c4","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":65,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"3e43fc88-d052-45b5-bcbe-527cc76c0ba0","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":65,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"9b6a8676-555c-4045-8c3f-87dbe1b8fe7d","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":65,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"510d0d7e-052c-4de9-abcb-de70888e404c","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":65,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"2cd575a2-6647-496e-bfde-c0747b4982d4","block_type":"box","text":"state law.","page_number":65,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"36757e4a-2233-481f-a1f8-d79dedd4448f","block_type":"box","text":"Direct Lending.","page_number":65,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"f1e00d67-81c0-4b00-985b-dc076bf8c905","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":65,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"3f16ef40-2cab-4362-b632-6cc18e249788","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":65,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"15739bb1-a2ec-4328-afbd-f869e60a7a97","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":65,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"a674b814-6c51-4b73-9d42-7e66f6828973","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":65,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"27ee4084-877c-4512-ae81-e6966211b939","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":65,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"2733d9de-6a3a-48c6-8162-75b7dca4dc8d","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":65,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"f3bf4f5b-a282-4e00-9d7f-f860f9cbf2a5","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":65,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"1dad6db9-4b65-43a1-b07b-53e0f8f6a8f7","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":65,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"ad2bd158-726c-44fa-b611-ebf62342470b","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":65,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"f71b3446-a7ca-4300-8c86-f1bfa3463ce9","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":65,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"e36c65cd-7951-4fb0-9143-8b1ced1b7b26","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":65,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"98436892-a32f-44d4-8999-5a006f9420a5","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":65,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"cb2662dd-bc2c-470e-9c5a-fde5e5b759fb","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":65,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"8b429bda-d9d5-4f44-8a61-857b059f241e","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":65,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"0253e660-1650-42e4-888c-bda8bca4ec2a","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":65,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"5e935d75-dfed-4232-b021-e2be94e45158","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":65,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"6cc73833-edbb-43dc-848c-ef7fc5539ba1","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":65,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"b4a1a778-79e4-4188-b233-1bfe688c41bf","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":65,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"0f2005aa-9058-4595-a72d-31d6355dac40","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":65,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"49014732-8986-443e-9c9e-909fe266bef6","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":65,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"7b406a15-22a9-4d91-8535-46220adc790a","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":65,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"9271d8ad-1457-403f-afa4-fdfd386787ca","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":65,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"e4d12516-d380-4b92-8196-b8e01464b216","block_type":"box","text":"Credit Linked Securities.","page_number":65,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"aa36e5fa-e882-4bbf-9ee2-0ca7e673962f","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":65,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"7365639e-6d90-4b3a-ad11-14d7bca75602","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":65,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"3fdfd41a-a69e-4a5c-90a9-1ff5f3671248","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":65,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"fd372d9d-1483-47c4-b481-e67c8a2b5aad","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":65,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"16ef5c88-43b6-422c-ac55-e8835aec72bb","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":65,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"ea0f200b-9d67-4a59-8fa1-3dd527349011","block_type":"box","text":"traditional income producing securities are not available.","page_number":65,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"37c61ea2-6b4a-4d70-a4e3-bb8baa1aac9d","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":65,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"1b01015a-3c29-465b-9a7c-f735126dbfd2","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":65,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"1cdb87ab-bb4e-4353-98d7-7e21f75f8959","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":65,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"0be7c29b-a423-41a6-ba38-6c8dc658eabb","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":65,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"95ab55be-930d-4e81-b9a2-1f07101d3181","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":65,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"79db314d-0f37-4673-aedd-1cc0b0335acf","block_type":"box","text":"II-8","page_number":65,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bb835357-7936-4ede-9535-cc2c760fabdf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57356775-c2b0-4d56-a1eb-8a86c4f83288","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":66,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"7aff3b55-df23-499d-a4eb-0c02480e4f6e","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":66,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"fcfba21e-7988-47fb-88e4-314c842ca717","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":66,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"dd735364-869e-4a68-93f1-6051bb854ebf","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":66,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"4a2b3184-bea9-40df-be9c-551887a64de5","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":66,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"7b80f3ec-55a6-4b6d-97cd-047baecd75b4","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":66,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"7a98ac84-7176-4960-9571-eec8e0c7e296","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":66,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"24dce65e-b782-4a95-8e7a-ef10427c2cd3","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":66,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"c201d8f0-e7b2-423b-ac0c-4cfdd7edeb29","block_type":"box","text":"investments.","page_number":66,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"9432572b-33ae-45ed-8153-8b4881c7ef0b","block_type":"box","text":"Debt Securities.","page_number":66,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"210fa26a-731c-4e61-8a0b-00da8a0014d4","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":66,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"17f017fd-610b-4aec-a769-523ea5d09ce8","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":66,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"d4051aa1-f5a7-48ad-9dd3-7648dfd44973","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":66,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"360af4a8-5b51-436a-a2ac-19c15d7a4121","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":66,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"2bceb831-ce26-49f2-a7a7-3f9c6b37ee63","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":66,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"e89afae6-4e9f-4007-9dc2-f0e799c78109","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":66,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"7c69041a-d0f9-46a0-bbab-7249ea5534bd","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":66,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"d2fa6105-e5d8-44cc-81a9-5a84aa1b62bd","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":66,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"cb29e641-befc-4a4e-9788-b387ea06cf1b","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":66,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"c5944d38-4d2e-4658-94a5-ae2b6dc5a7aa","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":66,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"614a22d0-6494-4f3a-bdbc-1967a83a4798","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":66,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"63913e86-07c9-4b41-a597-947904ae36bf","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":66,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"9dfdd077-d568-408f-b088-82e5fd3529bd","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":66,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"d4918fc1-b727-4e01-aa0e-213f13b523f6","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":66,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"ffa487b8-febb-4e24-959f-091322149c45","block_type":"box","text":"lose value. This is known as extension risk.","page_number":66,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"52e8b491-f315-4a55-9a98-e4f3ba66cef9","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":66,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"c48888de-879e-4749-a9eb-c76cd7d3e7d9","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":66,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"29bbb60e-c56d-49af-9eb9-586401a34439","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":66,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"b42da762-223b-4d57-9e23-c176884db2d0","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":66,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"2f92cecf-3e58-4e28-9743-72455ddcf217","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":66,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"dfa6b3c2-4a84-4480-b615-207e3e162846","block_type":"box","text":"Floating and Variable Rate Securities","page_number":66,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"c15b839e-f699-448f-a175-83e1f883c4cb","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":66,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"fb93f7c6-5853-4388-a552-215e1d9e5e51","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":66,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"0fce7453-05df-4bdc-a2ee-259afc8a1361","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":66,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"db42e254-492e-4971-9bf5-2c6ed60723b7","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":66,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"00bd618d-c3dd-491d-8368-6d3ed6e1a7d5","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":66,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"cc2a1c30-ed61-4c87-8022-ccd3adedba53","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":66,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"c1c6c5e6-8482-4e46-a682-fb2b1e6c4992","block_type":"box","text":"market interest rates.","page_number":66,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"b05f8043-7832-407c-977f-b280f09ccdef","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":66,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"865f1993-0cf3-4fdb-901b-4d0f96cfe311","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":66,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"1c2a697c-f5e2-4312-be38-8d104708cead","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":66,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"5052a104-d06e-44c6-84d2-0e6ae865205a","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":66,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"bb9338e1-ecb7-4c1c-bbcb-688a3b1662bc","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":66,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"98fad85f-f7ae-4b86-a771-4a0ea9f3cfa7","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":66,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"2d2675b3-57bf-4e13-940c-e23be7d735c2","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":66,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"5c616192-5a4a-4ace-a84a-fb33fd169b3c","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":66,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"f20949c4-f7e2-45c3-ad58-e7aac2a8fd26","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":66,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"77b76e89-d6cc-4311-8424-cf55b748195b","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":66,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"beabfa7b-307f-4aa7-8855-81465e3b6166","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":66,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"96468e65-8b28-46bf-9f5f-751a1c7a4ecd","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":66,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"07db97ac-bd1c-4303-8934-f5f169c367f2","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":66,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"89c59d1c-ed6a-4ef6-98dd-66871b95bd76","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":66,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"7a8eac3c-d490-4ed7-8764-ce3548a0bcd3","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":66,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"568f5b4d-e862-42e5-aed1-589973995a20","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":66,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"916ce5d9-3fb1-4127-9fa7-95ae30b2490a","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":66,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"9cf0cdb3-8f04-4b95-ae12-47eaf68b7659","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":66,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"38cbe191-f251-495b-9418-4b10413090f5","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":66,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"62640c5c-95be-4d4e-8796-ed3fd094308e","block_type":"box","text":"II-9","page_number":66,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"83121a09-5cd2-463f-9e4e-ed4dc99060a1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c2693d0-5d88-4f52-afc5-13653394b33c","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":67,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"05e37fbe-0a4c-464e-ae27-65b674fde56d","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":67,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"883a26d1-c9e4-46b4-8b0d-b179eab95963","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":67,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"99836a55-8bb0-4868-a72e-5b88b7b2ab01","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":67,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"279feaf1-d222-4a84-a91e-7687fac59329","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":67,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"52f15f69-3b41-4c5e-a734-a19b4087cacd","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":67,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"063b6acd-8fe1-40ab-bd9e-1bfe27e1a549","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":67,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"4021552d-9f01-4522-81da-2d4dcfe04169","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":67,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"f25e4ba9-d8ce-4bd9-9469-72f50c003499","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":67,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"b893e6a3-24da-474f-b152-6d126d349a90","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":67,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"ade53eec-118d-47be-9eb1-7003258673ab","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":67,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"71eee82d-2dc4-4345-8de8-319709ea74b2","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":67,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"93cc5b35-6f48-429a-9cc5-316fb173cf36","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":67,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"a7efc948-2935-4226-9a30-3880a98202b3","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":67,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"8f4e0d95-9445-4ae6-9b39-af0a6971dd89","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":67,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"55fad6d1-5f40-49d5-81b8-3981ac8cb9f8","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":67,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"d68231b5-d902-446d-be4a-3cd55e0edead","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":67,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"b86fa176-e8b6-4885-ab6f-6ecb175af084","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":67,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"ea1704e2-36c9-4159-a76d-70e41509fda0","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":67,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"bce918ea-27e4-4bb8-97c4-70afc9d904a7","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":67,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"040bad85-6a49-4ea7-9e6a-e443bca58054","block_type":"box","text":"United States.","page_number":67,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"d3aac906-83e7-41d2-9d76-d89d5cfdcdc4","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":67,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"7121bb2c-863c-491b-bc7d-0ad840d15ee5","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":67,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"cd1b7bda-eb40-4c3c-9f5b-013ac6ad0e12","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":67,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"98a202fd-5e63-423a-9f29-ccb67a74f55a","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":67,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"9befc283-c248-466d-a539-eb8c9cb952b6","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":67,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"0304f6c7-d5e0-4810-ae83-1a6953b721cd","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":67,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"f65d5429-7921-4ad7-aa8e-c3f0d4041928","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":67,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"cb3e28fa-c0d6-4cf4-b0fc-06eecbbf2ad4","block_type":"box","text":"i.e.","page_number":67,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"80657683-fd55-4972-b319-fec1f174e260","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":67,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"5df1d2a4-2cdb-4060-ae44-068b01e83658","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":67,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"6d75a7e1-1d0b-4773-879e-7387ae73e823","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":67,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"d49b3bd5-4670-4644-bf28-16ebc9938d07","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":67,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"df215fa9-ea8e-4ba3-86e8-828ec7eee8c1","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":67,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"35c92ab2-c769-4ab0-a687-0d8fc046cab7","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":67,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"5b497268-1a41-4c13-a905-f648b79933d8","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":67,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"f3f1647b-b38e-4bf3-a3e6-f908b8bf342d","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":67,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"50e408a6-3157-4192-bbd2-550ecaebfdef","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":67,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"b52876e3-f131-4f7f-823b-a43d373c1881","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":67,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"9670e331-90d7-4549-91ac-08059690876c","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":67,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"dcc5669e-74e2-4abb-a859-4f33a4cb488a","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":67,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"2c80944e-1c7b-446f-a5c9-f9e7d37783e2","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":67,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"838cc88a-550c-4103-992e-a6d8976d0494","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":67,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"da832527-f5fc-4edb-aaf8-b0fdbccb82b2","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":67,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"0e2d0610-b357-4327-ba88-83da0b2da885","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":67,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"d90060b8-55b0-478c-887f-47e622101bc4","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":67,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"a2147cb4-17f7-4a40-8c30-0db8256825f8","block_type":"box","text":"risk than higher rated securities.","page_number":67,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"4c6142b9-bbbc-45a3-9f7d-b68f3a175eb9","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":67,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"b88070cf-ac96-4b41-b3b7-4ceab4f46996","block_type":"box","text":"•","page_number":67,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"4821a7f6-a45c-47c9-ac3e-0cd7415b2ac6","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":67,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"6a6360d9-1860-4f1a-9290-1512e6662ed1","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":67,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"4ede8ad8-6abd-48ae-b398-f0adc6b18319","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":67,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"f764a7da-96b9-4778-bf71-371f8986c72b","block_type":"box","text":"unavailability of additional financing.","page_number":67,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"e086c9a5-6b8b-4401-b0a7-fd470a6ff116","block_type":"box","text":"•","page_number":67,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"d54e8b7f-c02f-465b-88a4-bc79103a6a88","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":67,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"fb1ed5b4-d208-4cbb-b83f-d9641cf3d405","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":67,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"492feb77-386b-4261-9eef-7fa01abbb745","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":67,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"4a4a42b8-8a2f-44b5-b38b-ec5a9da671a3","block_type":"box","text":"II-10","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf0ed076-9392-4842-b2b0-2ba8a758ce63","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92a1190b-3c3a-4b92-a031-55f0be1f4f89","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":68,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"05949d9b-3fef-48b1-8262-18a2f67ba380","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":68,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"c3c1b74a-5150-4d41-9064-29218d60a8c8","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"8a903a3c-c57f-419e-8e2f-127611e0fbee","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":68,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"dda76be8-5cfc-45d1-946f-97392b82e4d8","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":68,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"be50d662-6888-414b-aa89-89c4384fa0f7","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":68,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"10f2544b-9fd8-4d18-a510-bb53fb6d1f01","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":68,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"d30f366b-ed23-44ab-85b8-67db5f3e5f05","block_type":"box","text":"investors in higher rated securities.","page_number":68,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"0d2799e9-19f4-4ceb-adc2-b08580435568","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7295544f-d69b-47c7-8970-a70151b816b5","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":68,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"1f0f41c3-7b8b-4e07-b7b5-f0ed6697e732","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":68,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"a1257a07-20d6-4ae1-8d8a-8938a8a4d5d4","block_type":"box","text":"lower yields and may lose income.","page_number":68,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"33e15d19-bf8f-4d48-8034-4e3c1e2346b6","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"570e5997-a036-45e5-902f-a0eecdd3878f","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":68,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"af3f7bc2-49b0-410a-9f2f-8262dc46e713","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":68,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"ee91f6eb-87c2-4065-a326-9554824e1075","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"1697a28f-bffc-4862-bc09-319bd4880cfc","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":68,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"8350b96e-fb9a-4520-b1df-f820114619c3","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":68,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"d12cc3ee-b228-4e1c-a258-f47406b62b6f","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":68,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"a28882e9-8579-4da8-8d57-8ee20fc81a04","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":68,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"1a77ca8d-e36c-49e5-8d35-f4cb808fa1a5","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":68,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"9a135458-9555-48c8-a208-8fbf2363a678","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":68,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"0ca8ae86-c040-407c-8761-c8531102c090","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":68,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"cf13ff3a-a70e-4c89-81c3-675763f0da3e","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"3f9a64dd-d108-489e-9101-75d709893f28","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":68,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"8d387222-72ec-4952-8e46-2aceb4d71eb3","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":68,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"5bab57e8-de0c-4c3f-863e-f9011559a79e","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":68,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"4c597b83-45be-4e15-87ef-f0c473e9070d","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":68,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"933c6a33-d150-42a0-aba9-d49d303426e1","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":68,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"811e6caa-b46f-497f-a9f1-4e554109991c","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":68,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"106c7055-cc1d-46c9-9b8d-647e55d0b52b","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":68,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"36021213-6971-4a0f-ac21-75a0ba8abcd9","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":68,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"76fefa79-3c3b-4b4e-8e8b-f88108ea2d4c","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":68,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"53dca46a-38f6-4c5c-8a60-14133f5d6f30","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":68,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"b23bc895-8323-4e42-8a43-0403d4857a3d","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":68,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"a1a54fed-1413-4aee-8515-048a0ca3326d","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":68,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"8b11b606-20e8-4022-affa-6afe4f50ddbe","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":68,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"7a48b802-26f2-450c-a01b-822e6a366a84","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":68,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"ec3ec5d1-d2c9-43aa-bcdd-5975b693a858","block_type":"box","text":"role in determining such valuations.","page_number":68,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"472f4929-64af-498d-b8b7-b9c27c4a5684","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"53773ab5-09fc-4d22-9d83-c9c00cfdc457","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":68,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"34b091bd-8ff5-4d84-94e9-37e385b92428","block_type":"box","text":"a defaulting issuer.","page_number":68,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"ee81b495-bf95-446a-8c8f-cba922f80fb3","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"7d8246b0-54a5-4d0b-a970-82bf0de8a6de","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":68,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"83022431-c2e8-4441-89f0-9df4a2f7a4ec","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":68,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"53946798-d839-4e44-86b3-6cdb2aa324e2","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":68,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"6438a9f9-5228-47b1-8304-753d4fcc7eda","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":68,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"3ed15ea5-08ae-4718-b605-3a55a4b6c1be","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":68,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"d074204a-0ea1-4cc6-a220-56e5cfd22627","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":68,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"3e3d3ebf-fe39-48a6-a646-cc4d1f386af1","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":68,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"09f648e3-ac85-4178-a224-5bdaf1644972","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":68,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"e80f167d-f43e-4b40-b2e0-eceb2115d6e6","block_type":"box","text":"•","page_number":68,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"f6010ea9-af46-480a-9ff2-b135cd56b401","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":68,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"697d13e7-6401-4d6a-9c3c-389e5b570d1b","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":68,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"df656803-78d7-4fd9-a18a-edb88c9acc2e","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":68,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"d157792a-308c-4e91-8a2e-994a026d6467","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":68,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"bafdef7d-eed5-4ee6-b093-3f9fc028f6c3","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":68,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"5f56d056-1e1d-4f3b-8e34-f6db0428ae75","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":68,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"939c097f-9ed0-4bb3-8b68-4b443bdd5d4d","block_type":"box","text":"higher-rated securities.","page_number":68,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"c84cd477-b304-4e13-b67b-fcee16e7ef8d","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":68,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"4715be3b-3bbd-4069-985d-86824f1f2785","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":68,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"450cee55-e0c6-4cbe-b6fd-20b0bfb29985","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":68,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"0c09e806-26d5-4e3c-89f2-284e1b985852","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":68,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"b1c21a4b-beae-427d-ac69-be39e586be13","block_type":"box","text":"II-11","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf0bdb59-f80a-4a27-b15b-a6bbb7b8188c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cfafec2-f1e5-4185-9866-f9bb78cd869c","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":69,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"cbcfe189-543b-435e-a6d4-4ed215541f07","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":69,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"f6e0dccf-590a-436e-9742-4d059aa73844","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":69,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"335b64ff-9f6f-4033-a5f8-daac5a269a37","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":69,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"c58708bb-a3e8-4108-a4b8-390a036d55a8","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":69,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"c9f4b137-d70b-4723-814c-80e370d978c1","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":69,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"f26bd63a-0177-47da-a966-c735027e9cab","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":69,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"75ec181b-b722-46a8-b02d-0976b0c6b0d3","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":69,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"80e404f4-b364-44eb-9d4d-a1a896aadc30","block_type":"box","text":"Mezzanine Investments.","page_number":69,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"2a04ee1b-9281-42e2-a70e-21eab998283d","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":69,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"2c430b1c-cce8-454a-b287-2d628e9cac98","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":69,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"20e97277-6114-44ea-b7b9-821aa8ccb6bc","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":69,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"4eaf6106-ca9f-455f-9f77-d021f8808400","block_type":"box","text":"e.g.","page_number":69,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"99a0b16e-11fb-4769-97bf-f0fe01d73485","block_type":"box","text":", with","page_number":69,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"5cc43f58-6828-4772-ac41-ace62e078bbc","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":69,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"577051e2-6ce3-4093-a7b2-1471c55c7bc0","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":69,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"353f7287-f6b9-4e7a-8041-d00bd2248a4d","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":69,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"60b8bba6-273f-4d8b-b84c-1d9961b71363","block_type":"box","text":"other obligations of the issuer.","page_number":69,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"5c27b7d0-c6d3-46bd-b81f-05de5b34e7aa","block_type":"box","text":"Pay-in-kind Bonds.","page_number":69,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"1c605dde-4797-4e31-9c12-a00902ae12c3","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":69,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"c949d528-d710-498c-80cf-995d974b73ba","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":69,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"bc8ee5bb-842e-4523-b666-61000270ab7e","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":69,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"67c284b9-c77b-4db7-86a6-5d6a1e72875a","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":69,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"359c687c-a25e-4b35-bb17-85d0b03471b8","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":69,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"6bdf9ec2-3b4e-4f36-9213-cb8a5343c173","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":69,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"56217a3f-45e8-4187-ae86-830c3b067214","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":69,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"02c91eba-1d5a-4564-b684-11982a602622","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":69,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"7532bef3-4cd0-4365-a2fc-d1aaec147edd","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":69,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"8bbe0b77-a8fc-468c-80e6-4bd5958feb54","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":69,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"7a1bcf22-37b5-4fc6-9a45-f0334db2693c","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":69,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"01bc0d83-d6e3-426d-b3eb-b4d6d7daba17","block_type":"box","text":"Supranational Entities.","page_number":69,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"e31e0296-e557-4497-b90b-8b8542672bf3","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":69,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"58038570-d407-4560-9b71-5a744b22f029","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":69,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"039c3570-e41f-4d84-92c1-cd06ca8c7118","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":69,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"54425513-5659-4b07-891a-31f6022a2225","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":69,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"3b12a724-aa07-4a65-ad1f-b6f3640db209","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":69,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"2d574539-52cd-4a0a-8edf-70ee2f265932","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":69,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"155d3be3-fd69-4006-a35a-d1b99ed07b9d","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":69,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"74059bc1-c172-4fa9-be7c-00da7faa96ab","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":69,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"11f4ebae-e1b7-44ca-953a-56f255f68414","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":69,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"b00ab600-1b47-4ff4-81e5-3d23c12fe35d","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":69,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"482da5b8-345e-454a-be37-4466f41445fc","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":69,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"4d40bd6a-65ef-47e1-b9e0-4eb284595493","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":69,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"8c5d56c8-59a0-4371-881c-8aa0e0779f2d","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":69,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"14e68a98-3fad-44ef-a364-05803eb108b1","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":69,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"16a6ee7e-b920-485d-ab54-26d81c13d64b","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":69,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"cb70378e-512b-47bc-b188-d56197f98524","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":69,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"2d482247-322c-4ba9-a780-71f368c657e9","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":69,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"aba7ca6b-209b-46a6-9328-3475b78aa041","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":69,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"c19cfddf-fe0b-4d33-b10c-4e956a20418c","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":69,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"dabb90c5-2c19-4147-846c-7599441f8173","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":69,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"71a6f326-ccbb-471e-84b8-6c5cde275cec","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":69,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"9d03c901-f374-4158-8098-35af5d43379d","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":69,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"a7865ccf-cd73-45c9-89f5-28544c055473","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":69,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"a0db4e04-549b-4a69-9651-85792cbfc874","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":69,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"3e543e16-b154-4514-a2e7-fce8d6f59373","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":69,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"64c4ae8e-547d-4bc9-ac15-5d0436ded3ff","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":69,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"21db0ec0-a696-4c1e-b49b-232d47eb1f0f","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":69,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"05a5606d-925e-46a8-8c43-a5f6bb6775cb","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":69,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"154025d8-5306-40ce-8bf8-4568f27e489e","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":69,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"f51f455f-4529-4671-a329-92b2776ca94a","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":69,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"97c482f2-bc99-4d18-8bfb-c183793f51e0","block_type":"box","text":"II-12","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37e6b1da-75ef-42f2-a322-80e76fa50343","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e45ec04-9a04-436d-9fe0-e97ef4ec89db","block_type":"box","text":"Derivatives.","page_number":70,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"dd7cb9ef-a1e8-4536-9b92-ebb4f1e472a6","block_type":"box","text":"General.","page_number":70,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"af686e61-d3b6-4941-920b-4ab9c74513d7","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":70,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"887733cd-8c4d-44f3-9ebb-602856f09aad","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":70,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"a45c56e6-8e5c-4c1d-b700-e316dbf4fcde","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":70,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"998cfa84-056b-4dd9-b6be-a9789a340720","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":70,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"a473f18c-4784-469b-ad75-ec06dcda3e74","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":70,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"fcc30dfd-aec7-4aa0-a09d-22fe7ee78267","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":70,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"ff3f0a1e-f96a-4ac2-a5ff-a73a348e8ec1","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":70,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"633b037f-ccda-43bc-b8cb-c56b311d050e","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":70,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"e5190262-f67b-44e8-a6d5-9e27a8cf9930","block_type":"box","text":"i.e.","page_number":70,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"2de569d0-a586-44d4-8cad-afdeeedae240","block_type":"box","text":", the payment","page_number":70,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"e58cb0eb-da71-43c5-874f-60d900b19adf","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":70,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"e1f90d73-b2b7-42bd-b516-9980dcf91173","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":70,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"6826585a-49ec-476a-8341-c7b1ddbf9855","block_type":"box","text":"Hedging.","page_number":70,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"57c5559b-984e-4f6f-bd62-2b00b997846c","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":70,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"3a48e3e7-1e91-411a-a677-a7b45876e65b","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":70,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"497701da-0002-434b-9ee4-4ad8c995e0bd","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":70,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"e9f4e70a-81f9-4fb4-b3cd-a384f5b118ab","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":70,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"a0ce1ad1-e9c4-493a-83ef-b03a032ffe19","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":70,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"8010b11f-ad95-45c9-a32f-07e0f195be1c","block_type":"box","text":"correlation risk,","page_number":70,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"17b8b83a-4664-4a25-86e3-376ea3a2a05c","block_type":"box","text":"i.e.","page_number":70,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"eb66e793-4b2d-47c9-bd68-5e69b15b3e72","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":70,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"1b96bbb7-9479-4f7e-95a2-dd60cb3a4e47","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":70,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"74eec858-2be2-4173-8861-614a3a684ae8","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":70,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"d9acf3a1-58c8-447a-ac9c-d4bbba4c893d","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":70,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"6eaa9acf-ed51-4955-85da-3424137d1cf6","block_type":"box","text":"Speculation.","page_number":70,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"ffd8225f-dcac-4898-9390-4165fdbe8efd","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":70,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"0a9dbef8-26f7-40f1-b5ba-a4d82d44abcb","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":70,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"81c60116-0739-46c9-ae6b-3193f27754f8","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":70,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"ab0920b1-2508-44d0-bd4f-add7915fd4a6","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":70,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"62dd4e13-e08f-44ec-871c-1659c5ec5040","block_type":"box","text":"in certain cases may be unlimited.","page_number":70,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"05da372d-8e11-4ad8-b1b2-0a5fbcf21104","block_type":"box","text":"Regulation of Derivatives.","page_number":70,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"52f9972e-172d-4c08-b6a3-7ff67d664c6d","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":70,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"d5d81548-1c1c-4ec4-95fc-97444a9af4d2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":70,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"1dbd66dc-a8db-4047-9e11-b3fb20f85d13","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":70,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"0e2aab8e-44fd-4b46-8e0e-c45d1092cbb1","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":70,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"75413790-539c-45ab-845d-c4289f07282e","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":70,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"e9c72b56-798a-4a87-b27b-c84c8f424bb8","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":70,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"4f12f4fb-3f0d-408f-8143-542433d2cebf","block_type":"box","text":"coverage”).","page_number":70,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"71033127-c54e-4c65-8763-3a94283467fd","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":70,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"0da60eb5-0d33-49c4-9c08-a41c739429f5","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":70,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"a89b0b35-455c-417c-bc7e-40e84efaa3a3","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":70,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"13b2170c-1089-4dde-b2c1-73a6a9ab21fc","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":70,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"5c14712e-d3d9-4b5a-acf0-ea632c547329","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":70,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"edd0dc1d-11c1-49cc-8b4f-4d82b4402558","block_type":"box","text":"financing transactions (","page_number":70,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"193c52ec-634a-49fb-a4a6-05a39d24e8be","block_type":"box","text":"e.g.","page_number":70,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"fdd53f2d-3bb3-43b8-ab89-a9351bed67fa","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":70,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"91a0d9e4-02a8-4834-b78e-7ba90f4fba22","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":70,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"5554734b-4862-47e8-b20c-a048b774c01d","block_type":"box","text":"securities (","page_number":70,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"12d4b717-cb38-4bae-9f2b-ad186eeeabbd","block_type":"box","text":"e.g.","page_number":70,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"9c50f61b-9460-482d-a627-6af99e1bf615","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":70,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"c79f45b9-b5ab-4796-8264-24f2d71875b3","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":70,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"09e7d477-d213-44da-aa80-47fc5d75341d","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":70,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"ac00e587-d0fd-43c5-99c2-4b9b660bccc1","block_type":"box","text":"Commitments”).","page_number":70,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"40a3e6c4-d48e-4b48-b7d6-c9da68548583","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":70,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"a8cc33e2-054b-4f64-8f50-56792f1b4747","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":70,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"163e283d-1ab7-4fe2-ad7e-06e0c8c8ede3","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":70,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"0296806a-5e7c-4ae0-aa7c-cae0f682b0e5","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":70,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"53d7534d-465d-4013-821c-bb97b3978366","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":70,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"076b8a29-95f7-4b3d-ba3d-6b1cb6520aca","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":70,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"d81320d8-2691-4d2e-8c4a-b0167b536319","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":70,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"0971b36b-c736-4fae-83d9-b14f32f3d41d","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":70,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"0ffcc7a6-01cf-4d91-8062-2fcede97fd6a","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":70,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"32741250-050e-4ce9-8ba2-7acedbc3618a","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":70,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"a81fd1d6-33d1-4a66-a414-7b62d17b6cf0","block_type":"box","text":"II-13","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc8bceb9-fdec-4ed4-8440-88f37e7522e8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15e04733-81c4-4e9b-8df2-c0fc5b781f9c","block_type":"box","text":"Dodd-Frank Regulations.","page_number":71,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"9317ee4b-5bac-4ad2-a379-6779c268fc73","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":71,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"807bc2cb-df24-43f5-beea-df5e0212c5a5","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":71,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"44530b52-973e-43e8-b628-a766fcb34120","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":71,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"a66d781b-de0f-49c1-be1f-3879b04c312a","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":71,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"db67e238-0246-4b03-b501-db9fda44fe92","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":71,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"62192402-519e-4d68-b73d-52f14cd485cb","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":71,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"f84f2e6f-21c0-4cb8-a1f8-d414aa40fcb7","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":71,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"aedf9642-4cba-4fd0-8561-e7b768eac7ad","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":71,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"64ca5d2b-8794-4796-bb86-e9272977fb37","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":71,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"48621378-8217-463a-95ea-a8a791752f74","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":71,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"eda5a721-b296-4b0e-809e-0ff1a752cb80","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":71,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"19a03d79-db28-4eae-92e7-9c7dc36d69e1","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":71,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"5d5e7154-08a9-4c1f-a26e-23b6782b2d54","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":71,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"ccd6f6ca-14c1-4a6c-b058-71c64c7ea1d7","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":71,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"e395ee08-7b70-40b6-911e-1e5e97f49bae","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":71,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"e6d1658f-a327-41d3-986e-0c1af21d2ebb","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":71,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"e1d31f37-ced1-420b-8b3d-f09c66ee60e8","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":71,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"a8500ca4-0231-48bc-bbf3-daba76f9f29d","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":71,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"ba5fe5b4-1e52-4be3-afc6-ac253f12d5ec","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":71,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"febfbedf-d396-4cc8-b59c-700710177d0c","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":71,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"9ab28fa8-7672-491c-8c8b-d293314fb0f9","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":71,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"53d9da72-ad70-413c-beb0-172481550bc8","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":71,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"0dea85bf-1fdb-4b8c-8b5a-6f14c05b2836","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":71,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"57dd5962-fd9a-4a22-84e2-22e9d66140d8","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":71,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"2c5f0d58-65f8-424b-83b2-12bd00cc5c82","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":71,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"41e1f763-39f3-4a71-9a14-485f03284ef2","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":71,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"9179e05f-fded-4941-8ce3-37db9f9fdc64","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":71,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"0ffaf882-9bd7-49bc-9964-fdef27254ac7","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":71,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"8ad768e6-e0b0-4aff-91d9-878fe8bd7ba1","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":71,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"94f52a1b-3655-435f-a27c-680625235a3d","block_type":"box","text":"member.","page_number":71,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"a72d24b7-e74a-48e6-bc41-942a2c30f81f","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":71,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"7c99ebb2-ad3a-4539-baac-9e6dcf9d20ff","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":71,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"bb6c6f24-c798-4114-887e-986d608acb8b","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":71,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"4b9e69e6-c90e-4e7b-83fc-2a9c3b352dbb","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":71,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"022f93a7-80f3-47bf-b290-67b4b5fa8cc7","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":71,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"8c66095a-590f-4509-8a74-bf2e948eb07e","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":71,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"21b27b1e-e061-4293-bee8-24ca66bc4d60","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":71,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"013dc5c2-5902-47e6-97ed-c80cf44a0343","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":71,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"b65067d8-e150-4151-bde5-6c4ed29f50ff","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":71,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"376137bb-0762-44a8-a929-d0f1a453ebd9","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":71,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"2114cd85-ef6f-46f8-96db-3681187ddb7b","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":71,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"bfe7598b-7bfd-4531-abf7-5c46e48860e0","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":71,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"f5fee9a3-d1a0-44fa-b381-783c0dbddfc6","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":71,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"e6115155-bac5-4763-952d-2e592aa5efd6","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":71,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"4e784cfb-86c1-4ee7-aad8-de2648711300","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":71,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"8f4fa910-01ca-4653-a611-0d10b6230df3","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":71,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"f214d9cc-4455-46be-b757-09611a268d5d","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":71,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"6cdd5024-1d39-4eb7-9223-d74f3d262518","block_type":"box","text":"and","page_number":71,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"5a94d4bb-cb43-4ad8-a821-e6d0c1e53b7b","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":71,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"080dcf08-336f-4963-9741-b9de16eb2927","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":71,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"263dc4a4-29c9-4ea2-9640-1ba5293532cb","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":71,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"a3c4c797-0580-435d-9e6f-1553121f583d","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":71,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"49cf2d11-d159-4eb9-b592-306e9f38af93","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":71,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"86ee04fb-52fc-46c7-b50f-62ec046a9c14","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":71,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"2981a457-dc15-4cf4-8e03-7b482efe497d","block_type":"box","text":"II-14","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46778176-0ab2-44c1-88b9-4cb48e5deef2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21a6a008-3946-4046-80db-be01d9b4186e","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":72,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"565fa949-88a5-4045-8df5-2606df9aac82","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":72,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"61f2ee4c-09eb-4f11-85a7-52453f99b712","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":72,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"1cc9909c-8ddf-46e5-9a3c-34ad5dc0e4d0","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":72,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"a619db8b-e6ce-483d-a8f7-63dd40ba93dd","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":72,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"ac1d2bb7-6ae6-4539-897e-aaade8f5bf1d","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":72,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"8f8513fb-c7b5-497c-9cca-f65423a88af5","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":72,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"0938d862-36dc-440e-b0d8-e9bce7091e21","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":72,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"23f0b380-6d20-4ed0-a605-dcbb790cafe0","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":72,"box":{"x":70,"y":158,"width":757,"height":11}},{"id":"b3b1631b-8713-4195-8bc0-297747472b16","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":72,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"3beca88e-6692-4d02-8cdd-80d9b1559f1b","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":72,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"a9ed48c1-5913-4207-b821-17f2a6fd184f","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":72,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"33ffaff2-26c9-4663-b96c-006a3b9e56ef","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":72,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"ff316fd3-f3c3-4932-b59e-92330e77e762","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":72,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"6fa465be-f3d2-415c-9c94-7e55546831bf","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":72,"box":{"x":69,"y":249,"width":787,"height":11}},{"id":"e2e6ed6e-8d17-48b0-9428-a5137d47370c","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":72,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"92d777d5-d19e-43c2-8ec9-2a9044010a53","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":72,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"9ae84922-73e1-4114-af22-89e64eeff77e","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":72,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"bab9d863-5a4a-471e-9799-79e47ed91af2","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":72,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"422ed39a-3c5f-44e8-91a2-aca363bd0f0d","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":72,"box":{"x":70,"y":324,"width":793,"height":11}},{"id":"117a3778-f082-46c8-afb0-38858aaa3e5c","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":72,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"45185dd9-1572-47f2-b1e8-283432e1f1cf","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":72,"box":{"x":69,"y":355,"width":720,"height":11}},{"id":"95726d90-81fc-436b-9c98-7de3bcbc5780","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":72,"box":{"x":102,"y":377,"width":802,"height":12}},{"id":"464d2835-4ef0-4983-ad13-148797af6b67","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":72,"box":{"x":69,"y":392,"width":762,"height":12}},{"id":"c6080b1a-71c2-41a5-b8f9-7e1a50c75234","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":72,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"ae667e47-101c-44f7-b07e-80fc687c5134","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":72,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"00f04240-6582-4a7c-8730-8f5d5578d887","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":72,"box":{"x":68,"y":438,"width":787,"height":11}},{"id":"c3514e9c-2602-4102-9efc-d8f395e7f7d6","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":72,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"6f709eac-873d-45ef-886e-d2e95b7cfae6","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":72,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"37004039-9d00-431b-8569-c21a33bf0b1f","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":72,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"7229182c-393b-41cc-af5f-eac97903f0ac","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":72,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"bc854587-5203-400b-83a0-87802119bab5","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":72,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"4003f93f-b400-4c5b-aefe-ef777f862e6d","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":72,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"5bbbc51c-6206-434c-9a68-bec701d5edc5","block_type":"box","text":"collateral received under such contracts.","page_number":72,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"8ec027ad-6854-4f34-b51a-e2d275d2738b","block_type":"box","text":"Risk Factors in Derivatives.","page_number":72,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"d8fa1d53-bd3b-4b79-9179-77e561e2199b","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":72,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"97ea601d-3f24-48d7-8b76-98e2f478199d","block_type":"box","text":"Correlation Risk","page_number":72,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"7dfc6599-470c-49dc-b314-a0709411e6be","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":72,"box":{"x":220,"y":612,"width":668,"height":11}},{"id":"97422e07-ef96-4392-b19b-70668956cc4b","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":72,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"d4ee65d9-f1f3-4ad3-92c4-4e28fc9d90e3","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":72,"box":{"x":68,"y":642,"width":818,"height":11}},{"id":"5fdaae46-d52e-40d2-8782-b9007feb0204","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":72,"box":{"x":70,"y":657,"width":806,"height":11}},{"id":"f7514343-5f22-4680-a57d-2d0a95952696","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":72,"box":{"x":69,"y":672,"width":725,"height":11}},{"id":"ce814685-72fc-46b3-b2c1-e5ff3807b3aa","block_type":"box","text":"Counterpar ty Risk","page_number":72,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"f4db936e-490a-482c-b636-4bf4c347eb23","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":72,"box":{"x":233,"y":695,"width":632,"height":11}},{"id":"c3ce8d18-1c3e-4832-88fc-3fa21583dc71","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":72,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"700b136b-1baf-4c68-9f0d-245e5b9f4e83","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":72,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"2104a337-0c83-4840-a393-49a6ac1f5623","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":72,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"a14406b1-78b3-4da5-b35e-f725165f9639","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":72,"box":{"x":70,"y":755,"width":831,"height":11}},{"id":"b8e49ebb-d3f3-40ba-bae1-a081bbad3099","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":72,"box":{"x":69,"y":770,"width":806,"height":12}},{"id":"e05e3eaa-439d-4f5c-9d8b-fe946b3831fc","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":72,"box":{"x":69,"y":786,"width":803,"height":11}},{"id":"47d22c3e-b7e5-4edf-a9f0-c93eb74be178","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":72,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"35e84a62-245a-401c-bd15-232fc0893331","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":72,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"827af02b-2317-4f25-a5c1-3889a05b5217","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":72,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"6466b1dd-6dd3-4373-97f6-011300be0c78","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":72,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"b366241e-6700-4f97-b9d4-76fef6bfaff1","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":72,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"069fa8ef-6f13-4077-b152-88ff6c379097","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":72,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"54aa2542-ec91-4c5e-a822-d9af20fbf414","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":72,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"6699f68b-541e-42ca-87e3-b570ff6df0ee","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":72,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"42b089c8-d065-4661-a250-eb348f13a4d9","block_type":"box","text":"II-15","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ec4e4a5-ec66-4825-842d-7cf54b86f259","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e80fbf5-66f6-4917-a6a2-cc66b047cc02","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":73,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"3324b9f4-1248-48ed-95d2-6fec9c86ae26","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":73,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"a4df6193-4a5e-4568-96e1-a98c204893ba","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":73,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"5b41bf38-b0cd-43f8-bdaf-6b1e6d8ea252","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":73,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"07a7a8fd-19bb-4146-a2bb-08d81774f96f","block_type":"box","text":"by the clearing member.","page_number":73,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"fe774e2b-1ca5-4daa-bb11-aace64e65e91","block_type":"box","text":"Credit Risk","page_number":73,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"6d524353-153a-4366-adb3-b228da5423de","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":73,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"5aacba9e-ac75-4d13-adc0-c411c36cde68","block_type":"box","text":"honor its financial obligations.","page_number":73,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"2f3e7742-6979-4b79-9f02-2a20b0105e2a","block_type":"box","text":"Currency Risk","page_number":73,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"6fdc01ae-caad-4f3b-b68a-f3165a4c21b3","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":73,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"db13e5da-57f5-494f-a5a8-2cd18542ea11","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":73,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"21e89856-0488-4102-9b24-ecc96bf23ed7","block_type":"box","text":"Illiquidity Risk","page_number":73,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"12133c6a-393e-4bd2-bbed-e24d14b9a222","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":73,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"99717a41-4033-4fc8-bc51-a96a1d6de8fc","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":73,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"51fdc751-d6a7-4cd0-becd-da98c942ee50","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":73,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"cadddefa-fcae-4aa8-9721-63f684a6ceba","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":73,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"4ba3ccef-abe7-461b-82fa-da1b455c56eb","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":73,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"8f26e505-5027-444a-b203-64170412331d","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":73,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"8a4f2e07-33da-43af-9a63-96fb2cb0a716","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":73,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"ad7d9b35-e1ec-4165-888a-d15078d6406b","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":73,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"e19e8916-e931-4a61-98cb-5dfe4a2885bd","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":73,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"ced757f6-d368-4b01-96b8-a0d86f58c637","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":73,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"b00b5a21-095b-4d9b-86e7-19f1d7b68fdc","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":73,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"2b9fe69d-0006-4846-9eb7-e2287906a635","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":73,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"65960768-c70a-43a5-850c-1fdc4c97e90d","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":73,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"33830539-6ec1-4e5d-a183-afcf8be79737","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":73,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"a9f739d4-522e-435d-9c28-f59065ae67a5","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":73,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"8297033e-10f2-4c12-a84b-4c9b01012737","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":73,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"1f2792bd-a6f0-463c-85bf-44f888ad1f79","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":73,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"b8b360cc-817c-41c5-9a0e-50ac96b977c4","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":73,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"1578b295-2927-4f3c-b939-154b7725eb48","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":73,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"93ded728-152b-4ca7-8baa-57a085acbaac","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":73,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"ba09de87-148c-4d6a-9d7f-5c31b0da110b","block_type":"box","text":"may be disadvantageous to do so.","page_number":73,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"6f9b1329-f4ef-4638-bbc4-c6f1abec8b04","block_type":"box","text":"Index Risk","page_number":73,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"32bfa66f-71a7-461e-921c-78f609aa1ad3","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":73,"box":{"x":179,"y":528,"width":714,"height":12}},{"id":"47761a21-abab-4db2-b6db-2f7a59cc815f","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":73,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"9050e81d-cb27-4929-a46d-a7aaae0c26c4","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":73,"box":{"x":69,"y":559,"width":678,"height":11}},{"id":"e1288ad6-21e3-47b2-897d-3371006e8850","block_type":"box","text":"Legal Risk","page_number":73,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"c377440b-d34f-4527-8b2c-537a588b7ee3","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":73,"box":{"x":179,"y":581,"width":717,"height":12}},{"id":"e0dfc962-f2b7-4d66-9330-955c6d6d81de","block_type":"box","text":"or enforceability of a contract.","page_number":73,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"9dedcbd3-fe87-4532-b3b2-0a8a84d7aac5","block_type":"box","text":"Leverage Risk","page_number":73,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"3060e17d-9fc0-49bd-833b-c2f74d282ecf","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":73,"box":{"x":205,"y":619,"width":648,"height":11}},{"id":"64284d93-beb3-4869-9ab9-83bd2edeb4d9","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":73,"box":{"x":70,"y":634,"width":823,"height":12}},{"id":"c5e21875-a893-48aa-99db-017a57d19ef7","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":73,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"64e66d85-5763-416f-ba03-06a0ed7de5bd","block_type":"box","text":"Market Risk","page_number":73,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"a526ac49-612b-44c8-b6e0-985be011f8cf","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":73,"box":{"x":191,"y":672,"width":716,"height":11}},{"id":"61e219ac-8037-4aad-8c4d-42a74172e14f","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":73,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"4b193de8-6436-45cb-8bd4-9b3e84978e5c","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":73,"box":{"x":69,"y":703,"width":794,"height":11}},{"id":"4c218957-5b9a-4394-81c9-f4e076114fb2","block_type":"box","text":"affected.","page_number":73,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"71d9543d-4125-402a-8319-3c878a14f5ab","block_type":"box","text":"Operational Risk","page_number":73,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"e958dbb7-614f-43c4-884e-1d0fc8f1275e","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":73,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"1ab7699e-8777-45cf-b152-34763cb8ff81","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":73,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"b950d42d-138b-4fd0-91c4-fc89e01f68d6","block_type":"box","text":"Valuation Risk","page_number":73,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"65c9c1a7-9173-4989-9e9a-8e3988bb523a","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":73,"box":{"x":206,"y":778,"width":701,"height":11}},{"id":"7e6220dd-ee08-4db9-9310-551c8db64bcf","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":73,"box":{"x":70,"y":793,"width":779,"height":11}},{"id":"f938e529-a9e5-4318-b5f9-770400768bbf","block_type":"box","text":"complex instruments or quote prices for them.","page_number":73,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"a5479a40-1d5f-449e-8758-8071f6b86568","block_type":"box","text":"Volatility Risk","page_number":73,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"fd4b29ae-f1b4-44f5-826d-298a7f4f086e","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":73,"box":{"x":200,"y":831,"width":652,"height":11}},{"id":"ee6fb162-cdbf-4635-8c66-be5172b8992f","block_type":"box","text":"Types of Derivatives Transactions.","page_number":73,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"919a0b5f-a84d-419f-b088-69673836df62","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":73,"box":{"x":101,"y":876,"width":771,"height":11}},{"id":"84e40365-3ccd-4dce-ba2f-b8607c8be03a","block_type":"box","text":"including the following:","page_number":73,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"6b55933d-7641-4d41-bd25-b0440cc53a3f","block_type":"box","text":"II-16","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b00756a-313e-440b-adce-8bee4282a393","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb840472-03ec-4ef6-9a27-d2dd02cf0951","block_type":"box","text":"Futures.","page_number":74,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"5dfa04b6-c4c0-4c10-8e71-dc7145d7b6d7","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":74,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"a263949b-4b97-4ea2-8c60-b85eb688da3d","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":74,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"bae726e6-4dd4-4740-88fc-153d23b676c5","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":74,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"7df982bc-de41-485c-9765-05fe765f89b2","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":74,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"4fc80ca5-85f3-4e65-9529-376569a366a5","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":74,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"3758a536-f17d-4a08-b7ef-d2e619a2b486","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":74,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"9a4262d6-3fd7-4cf5-badf-d3370ef97eb5","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":74,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"1011739f-ab9d-4b37-8bac-5735bdf1ab36","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":74,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"949bf05e-20eb-40bb-9e38-8c67793a0d21","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":74,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"07681b09-eba1-49cb-82d5-303867e1d950","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":74,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"bf49c054-80e8-4321-90ff-8d1538b04ed6","block_type":"box","text":"of the futures contract.","page_number":74,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"94f217af-772f-4046-91e1-322c75b1f97e","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":74,"box":{"x":101,"y":249,"width":756,"height":11}},{"id":"81c87ed3-816b-4ef3-a6fb-48f23cd89cd4","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":74,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"1fa9aadd-1a95-415b-bb4e-92fe36dc569d","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":74,"box":{"x":69,"y":279,"width":789,"height":11}},{"id":"7c15680b-8155-4e42-9bbd-1a5f0753cf13","block_type":"box","text":"relating to the futures position.","page_number":74,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"41bda2fc-41cf-443a-9b98-902cf2548391","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":74,"box":{"x":102,"y":317,"width":757,"height":11}},{"id":"9238ff16-37a5-45c1-93d5-95dda754cde7","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":74,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"efd65936-7dab-48f5-a263-3df96066c3ca","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":74,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"8e6df5a1-453f-42bd-bad5-1a444750a364","block_type":"box","text":"Regulations” above.","page_number":74,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"78b3d062-09eb-4837-b584-469221f5f6c3","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":74,"box":{"x":101,"y":385,"width":799,"height":11}},{"id":"7f0040da-3c1f-45ed-b531-d083dde5a22c","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":74,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"3b2082d9-8a67-4fd5-9429-13d1cdf6ad63","block_type":"box","text":"(","page_number":74,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"65574248-db75-4501-ab05-d2456eeb8ad6","block_type":"box","text":"i.e.","page_number":74,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"1110c572-da04-4212-92fa-7fcf831ab600","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":74,"box":{"x":97,"y":415,"width":803,"height":11}},{"id":"3675af72-ddf2-4236-83a6-f9e3cddf73f3","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":74,"box":{"x":69,"y":430,"width":830,"height":11}},{"id":"1f9ceb81-f1ab-4410-a726-3a0a19e37177","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":74,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"7556f85f-7070-4c07-9933-f18de0469a1b","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":74,"box":{"x":69,"y":460,"width":831,"height":11}},{"id":"688b6ae0-bf92-4b8e-beb7-eab15788e951","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":74,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"0a831beb-1c6e-40c5-b46d-972a740f3877","block_type":"box","text":"Fund intends to purchase.","page_number":74,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"b85b1496-c480-4754-92bf-a7279ca251a5","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":74,"box":{"x":101,"y":513,"width":768,"height":12}},{"id":"fbfa5cac-249d-449a-ab77-8b48dd7ea7f1","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":74,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"dc28a541-4b4e-439a-ae3b-804d9d538da8","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":74,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"01b5fbeb-2b43-4b9b-86c5-802277d2ab88","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":74,"box":{"x":69,"y":559,"width":773,"height":11}},{"id":"c94585f0-1c64-464a-b539-f7923918d4e5","block_type":"box","text":"illiquidity.","page_number":74,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"d3d72ee6-b207-4a05-9e02-0dfd1179bbee","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":74,"box":{"x":102,"y":596,"width":757,"height":12}},{"id":"ed0bee2e-3e6e-4151-999e-0c4e3b2d94c6","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":74,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"6c8d7c12-b896-4850-a1bd-6bc24b5e21ee","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"4b9f652d-e09d-4f86-b855-b6e7ca69d416","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":74,"box":{"x":102,"y":649,"width":791,"height":12}},{"id":"deaa7903-4007-4145-bbf5-d5cbb2e519a5","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":74,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"588ae8bc-3e59-4a69-ba8e-bcc6aaac821d","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":74,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"2275e31e-95d3-4560-b6d5-afa742129306","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":74,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"a7c67a08-e3dc-4701-8079-54002453c655","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":74,"box":{"x":68,"y":710,"width":657,"height":9}},{"id":"8695096a-ed75-4de1-9c3f-aba0c73234c3","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":74,"box":{"x":101,"y":732,"width":792,"height":12}},{"id":"085290f7-b7f2-4b96-9c96-87df60751d65","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":74,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"ee538b47-8cf1-4cc7-b243-e7153f0b0b74","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":74,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"069034e0-f7cb-4573-a9a8-af4728cbc9bd","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":74,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"dfd751f0-a20c-40f2-8fef-ef6c649071da","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":74,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"9b3c4dce-e34c-4b74-8b84-f9fa021d2770","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":74,"box":{"x":68,"y":808,"width":561,"height":11}},{"id":"1f50bff1-a3b0-4aa2-a539-df6a7e695b60","block_type":"box","text":"Swap Agreements.","page_number":74,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"c0423693-da68-433d-9a1b-0550c5be96cd","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":74,"box":{"x":101,"y":853,"width":782,"height":12}},{"id":"01434459-66ed-4d5c-a579-2475da2665c1","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":74,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"bcf4c490-5dc1-4243-998d-9f30d07882ed","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":74,"box":{"x":69,"y":884,"width":799,"height":11}},{"id":"95d6197e-b652-4521-a259-b29f33fca2f7","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":74,"box":{"x":69,"y":899,"width":792,"height":11}},{"id":"46b79a1d-76c4-4c35-b764-d66d7662e253","block_type":"box","text":"II-17","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"946150bf-b1c6-4b5d-80eb-a387a91b7ece","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a3bb419-df72-4e1c-9002-a0833a11dc57","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":75,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"81e274dc-53ee-4c65-bede-c54212ad3a4d","block_type":"box","text":"a “notional amount,”","page_number":75,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"5c5ff007-7773-4d19-83b5-ef66e5fa8066","block_type":"box","text":"e.g.","page_number":75,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"ffd08508-cfa3-4635-ac70-9606f6afbf8c","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":75,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"51063903-31cb-4efd-a895-f38b0c86a4f5","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":75,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"61c9fec9-3b4e-4239-a83e-0ab761d20f3c","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":75,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"4e27b72c-4166-413f-b101-f7f707e42537","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":75,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"2f71271c-344d-431a-845f-4f71a1ea6c6b","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":75,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"513cb5df-b731-4970-af67-f6d2b018256d","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":75,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"0e06e917-5227-4aee-ad01-43ff70c98a81","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":75,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"9e02239a-6b94-4118-9453-5e890857a50a","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":75,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"063df4d4-3a81-4616-9164-cfc4249fa06f","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":75,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"75f4cdf6-2296-4185-97cf-be511b95b692","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":75,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"188458fe-9e69-47c1-9c93-a10f01b3b7a3","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":75,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"c02f2cd2-f142-412c-8ef4-4f3f8f2d1675","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":75,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"cad91459-1133-46ac-964d-d3e663b2ee2d","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":75,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"256223c4-c724-4785-9f90-93288a319df5","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":75,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"218a5747-3f99-44cf-978d-2e372024bf93","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":75,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"759f15fd-b85a-445a-bec4-3a2122b40e24","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":75,"box":{"x":68,"y":279,"width":798,"height":11}},{"id":"bb5ebfb0-86dd-474c-bc1d-b6948d5f34af","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":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"ac11dad3-c73a-4cc2-83a9-2ce613bc1b69","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":75,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"23e984e1-d0c6-4e66-a700-72df87662515","block_type":"box","text":"index CDS.","page_number":75,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"5ebe0db5-ced1-47b8-bd56-6a98f7004fb7","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":75,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"ea290cef-c762-4c45-95f1-e99ead36469c","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":75,"box":{"x":69,"y":362,"width":806,"height":9}},{"id":"cd336b55-91db-4dbd-b752-d5a5ca3b6418","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":75,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"c8b25086-805a-474d-90e6-6e6586c14553","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":75,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"9d82eb08-b672-4aec-b65c-635ee5746ee2","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":75,"box":{"x":70,"y":407,"width":812,"height":12}},{"id":"8b0bca04-9ef7-4332-a1c4-374f1efbc7ed","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":75,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"82e74042-a7d7-4bb3-b8a4-08a06350feac","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":75,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"c1475f62-7abc-460e-b72a-e0b6e0775927","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":75,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"396e4e3b-29c4-4353-96d1-9359cb7b3554","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":75,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"e8fd9e10-6a16-490e-892d-6665e8808cf5","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":75,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"bdd288c3-c2a5-4d07-b23f-79d23eaba8c6","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":75,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"8636bcaa-5d1c-47c9-b5b1-b223645381e0","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":75,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"109a9c64-93d6-4c70-b705-a0b5adaf87b9","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":75,"box":{"x":70,"y":529,"width":834,"height":10}},{"id":"9382eb18-d137-418f-b7db-9126f9743f18","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":75,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"368b49d4-4635-4b72-8264-83a6ba6f9e81","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":75,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"d16586ad-e6c9-45a8-b244-0372d53cc555","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":75,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"5c6f0554-3c01-4219-a955-92a3731f24a0","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":75,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"3f5d99a9-2689-4475-85a8-3dda2110bb44","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":75,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"efa62384-245c-494d-acc7-e3e6de2725a0","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":75,"box":{"x":70,"y":619,"width":711,"height":11}},{"id":"870db080-cd2a-4dfa-b994-de86978a89e5","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":75,"box":{"x":102,"y":642,"width":757,"height":11}},{"id":"ee3e4b59-a948-4e30-b08b-7b41d8fb15f1","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":75,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"05a39ace-32a7-4016-94dd-65538121ea2c","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":75,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"010c1d2b-176f-4e9e-b851-7936a1a2b162","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":75,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"82d0c969-4629-422b-be5e-687461557809","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":75,"box":{"x":70,"y":702,"width":817,"height":12}},{"id":"378a8e7e-d32a-4aae-9b18-9cf541dc70b1","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":75,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"eb7574ac-6182-4ef4-af30-379936e86e06","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":75,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"01b6a529-dfcb-48c4-91d4-0a1138c5bd4a","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":75,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"f80cdef2-adf1-416c-a61f-2d98a39a26ce","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":75,"box":{"x":68,"y":763,"width":820,"height":9}},{"id":"57ec5e53-0262-477f-9cfe-e00cbd30b2a9","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":75,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"9cddf84e-d791-47e9-aa52-152e03a08c9f","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":75,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"f603d57e-309d-4535-9cf5-03d83a2fd54e","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":75,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"ecc060a1-eb48-44e2-9f38-32d45974b5ed","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":75,"box":{"x":69,"y":823,"width":766,"height":12}},{"id":"bbcc89e7-53c1-4ed3-8e08-d6a7710ac2dc","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":75,"box":{"x":69,"y":839,"width":840,"height":10}},{"id":"ba2a854c-a43d-46d9-ab58-601eb98d3113","block_type":"box","text":"conditions.","page_number":75,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"4e2e79d2-8b99-4319-9d98-863454475e3c","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":75,"box":{"x":102,"y":876,"width":762,"height":11}},{"id":"9913d285-7ae2-445c-b1f2-d3a6c5f9d398","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":75,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"fa724a27-cc77-45e0-8581-c805d64b697e","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":75,"box":{"x":69,"y":906,"width":727,"height":12}},{"id":"daedc88f-40f7-417d-a1f7-f5e05fca0f91","block_type":"box","text":"II-18","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"655c071e-c512-4c05-bc09-c58cda6dba3a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b919a4f1-cb0b-45ee-a267-5a758bf122bd","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":76,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"ac350bdb-ea49-4fdc-9d27-849a5cd02746","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":76,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"13ec4612-d7a5-4eaf-b8ac-77114863721f","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":76,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"e39da0b6-6290-4d96-846a-4503f5f6e6e0","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":76,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"ad746096-2f15-4bb5-8eb4-454f7e968173","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":76,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"4f0039f5-554e-407d-8c41-c77a2aeb9e54","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":76,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"61855e3f-30dc-448e-a2ab-e47788b2e52a","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":76,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"c9b048df-9cd2-42e3-94bd-6723d4e28e35","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":76,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"709c666d-6c35-452a-99c6-9253193e1330","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":76,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"e5e2b665-c51a-4e78-af2f-53e3e07a7c11","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":76,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"2da994fc-7fdf-4de3-b3d4-bdce7becc50c","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":76,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"ba6bd033-c0d3-4dab-a25a-1646253e2a63","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":76,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"0cb9ce31-8f52-43a2-8141-1fd04b6ea09c","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":76,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"56ae566c-e9e9-4435-be98-b370a2d43379","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":76,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"63ab3d8e-939d-43f0-ba60-9b4e6d547545","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":76,"box":{"x":102,"y":271,"width":752,"height":12}},{"id":"ab4892b7-4565-47da-af7b-2aa19aab0b3c","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":76,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"70c58721-83f1-4b2e-ba89-39ce258e3bbb","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":76,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"6ba6005a-9a1c-4441-bcb3-12338c5b5e3a","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":76,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"8160cb85-dd47-4dc8-8346-c1395b21dbfd","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":76,"box":{"x":381,"y":324,"width":515,"height":11}},{"id":"709306d8-295c-4413-965b-3f13988012bf","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":76,"box":{"x":69,"y":339,"width":755,"height":12}},{"id":"fc689fd4-c4af-4f6c-bec4-b6631737f04b","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":76,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"438c530a-1e2b-416b-817e-e54a6f136592","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":76,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"385db9cc-d318-46cb-b3b3-b7306346bbe3","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":76,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"050b9851-4c9f-4075-9345-847515615813","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":76,"box":{"x":102,"y":407,"width":748,"height":12}},{"id":"81a4c3c2-d041-4009-8342-0010df7f30ab","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":76,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"e3cfb844-8ab5-40be-aef5-60620ec1b9f8","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":76,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"5c995e94-45e5-48cd-b801-762da824fa5a","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":76,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"43ab4051-735a-472e-bceb-3baef59d4e1b","block_type":"box","text":"cleared interest rate swaps.","page_number":76,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"ca3ac199-8232-4099-bc58-bd8155e8c983","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":76,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"1d314b88-6e17-4322-8fcf-8ec3c748161e","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":76,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"d7583c69-68af-4fa2-baf0-9837739b2dbd","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":76,"box":{"x":68,"y":521,"width":830,"height":11}},{"id":"79ebb8ca-1398-4baa-9291-ce92d06bc838","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":76,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"22b6aee9-951c-4172-b8b6-bf752fe52185","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":76,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"f6dae9fc-a3f5-4584-9775-1820adf6bbc9","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":76,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"4e06cee3-98f0-42f4-aa89-f65015473d1d","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":76,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"e9912d69-e34f-49a4-b1e3-2490d1adad40","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":76,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"823320ea-f1d5-43d4-8897-4722fa86ac15","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":76,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"9626d5c6-ab99-468e-975b-5e0a31fa7060","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":76,"box":{"x":68,"y":634,"width":825,"height":11}},{"id":"5f20a0ce-6634-4b1e-ab09-ed121bf3109b","block_type":"box","text":"or variable interest rate, index or asset.","page_number":76,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"8de29cba-2fd6-4325-a79d-104e620a443d","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":76,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"86b8b520-600e-485c-b3ad-60ac8c2721fd","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":76,"box":{"x":70,"y":687,"width":805,"height":11}},{"id":"a7ce438a-0df7-479f-9e6b-3e85f93d8d62","block_type":"box","text":"such interest rate floor.","page_number":76,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"a0a029f5-3495-4461-a06e-48540ab32105","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":76,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"91714174-2939-40ab-ae59-b20f68d6dbe5","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":76,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"7d9d20d3-8973-4467-abef-273ec8263838","block_type":"box","text":"such interest rate cap.","page_number":76,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"8ccd698f-810a-4251-b84a-bbf5cb264fa1","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":76,"box":{"x":101,"y":778,"width":729,"height":11}},{"id":"cd235302-43d5-4a31-b513-541138324a4c","block_type":"box","text":"commitments to pay or receive interest,","page_number":76,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"98143524-6ffe-42e4-b851-95c219358900","block_type":"box","text":"e.g.","page_number":76,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"a8f96723-53e9-464d-bff1-c68c163a638b","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":76,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"a1b3b2ea-ec48-4656-bc04-f7cee0ba1f6b","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":76,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"67489468-63c5-49b8-a51b-c534eff7364c","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":76,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"a1231a2a-cdba-484e-9039-6ea1f6db34da","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":76,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"e00bd2c4-6215-40b0-b323-11a284a22e44","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":76,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"8bd672b5-4f1f-44b4-bac2-0289abdb8f9d","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":76,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"786fdb65-9247-4e1e-98aa-bc3890904b5c","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":76,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"2f54a757-38ca-45cd-b580-de31d9f41d35","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":76,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"81cb3383-0b38-47d2-8960-12fe53700f6c","block_type":"box","text":"II-19","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5db4d99d-105c-4ff8-bf83-c9c98eabc325","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa2fd5f2-f659-4692-8b15-123115a10ffd","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":77,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"175f8523-e763-4088-8f20-87a1623cb40f","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":77,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"7a1ac223-7c5d-48cf-90e1-e6e7625ce6b9","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":77,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"c733cd22-ac57-4fea-ab41-d0eee3883b7a","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":77,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"4c7591f5-b32f-4102-b3f9-8cdd1a8bdbb3","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":77,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"95105bea-2764-4200-9f0e-f0c3cfa887df","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":77,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"e3ddb2c8-70c1-44c2-9026-ffc36eae2d9f","block_type":"box","text":"Total Return Swaps.","page_number":77,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"a9ac53e1-d9ee-4e93-bedd-49dd8776daf9","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":77,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"4fa0a631-d4dc-48bc-bbc8-829a0222fd0a","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":77,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"5954bb11-2a4c-408e-884b-7ce5ba74b544","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":77,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"3010ef0c-336d-4f5c-9391-19c95bc9a830","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":77,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"789c047c-7705-40d2-890f-9952f0b4301a","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":77,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"c83fd13e-0c29-4824-9945-e4ded15eb5f4","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":77,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"799dd983-2b5c-482b-8860-e1e2dbee95e6","block_type":"box","text":"“contracts for difference.”","page_number":77,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"5705a8d6-a993-4836-b880-5c200b4da637","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":77,"box":{"x":101,"y":272,"width":770,"height":11}},{"id":"17223ffe-7f33-4b33-ad3b-5a3da4cdda8b","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":77,"box":{"x":69,"y":286,"width":780,"height":12}},{"id":"a8255c7c-5ab7-4ac2-821d-4fcdb4a67525","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":77,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"0ec600ae-abe5-4048-92b8-ead81d1aad32","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":77,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"e850f9b0-2a57-49b0-8a75-d442e057b29c","block_type":"box","text":"the notional amount of the swap.","page_number":77,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"e72b05d2-347f-44f9-b277-e95be6132adc","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":77,"box":{"x":101,"y":355,"width":746,"height":11}},{"id":"e42e9719-f427-4715-855e-be0e1ba7cd45","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":77,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"3c099767-59b3-4204-80c9-c1f84560676a","block_type":"box","text":"Options.","page_number":77,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"bac04116-efbe-4267-8eb0-d7e991cebeb7","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":77,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"65d85d88-728e-4b02-8626-02fe653c6fd2","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":77,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"95fe0f13-0bba-44d7-91bf-cdd0eeacdfe6","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":77,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"e45475ea-eb74-4ae0-992e-b6564160f215","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":77,"box":{"x":69,"y":445,"width":820,"height":11}},{"id":"323f1dd4-604c-4b8d-a6df-2f88451e7897","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":77,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"76f6f330-a682-4cd1-8372-3229cfa2e396","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":77,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"f07cbab6-f63c-48c8-8207-09556d60effc","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":77,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"f687d6d5-7a0f-4191-ad50-89c8e7b823d0","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":77,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"c7241ef6-2d16-4e07-89e5-c00ce1769f19","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":77,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"61ee2ab3-82f3-4693-9c36-0144ed7abcf3","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":77,"box":{"x":101,"y":543,"width":743,"height":12}},{"id":"fc228526-df4e-4826-bd51-b38ad6853918","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":77,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"83aad7a9-d174-4bf4-b6ee-0ba43ad623d4","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":77,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"af739862-067f-4ac3-a0e6-924ce56fc027","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":77,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"463afeb1-2724-4691-afa7-bb92a7a80c49","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":77,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"60fb21e4-0eb6-4d66-87cb-5dba148c6051","block_type":"box","text":"OTC markets.","page_number":77,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"91c00d47-30bb-4d60-b04a-bdd53718f5f8","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":77,"box":{"x":101,"y":642,"width":806,"height":11}},{"id":"166fdae6-f89b-456c-bde3-51c03161c4a5","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":77,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"26aaf8b1-ee92-42dd-a6e1-4cc3abef3699","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":77,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"fa48fe33-54fc-4256-b4eb-a352d530ef07","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":77,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"b1f93d17-0fa1-4b0a-b2e8-f3d797bd4fc6","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":77,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"1d50fb99-aacc-47b3-b48f-2915f9752163","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":77,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"a6616f0d-c062-43cc-aea3-b321a7740850","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":77,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"3a218d5f-0ad6-429c-8134-a082e6cdc409","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":77,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"7121f796-8fcc-4f45-9dec-2a50e15828cd","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":77,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"2a18d507-55d4-4ea9-9cb5-e5f00a6a027d","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":77,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"fd0c44de-6c79-4b1d-acfc-47d02647d73a","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":77,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"582def48-6d01-4365-8b1b-874e9bffdf0f","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":77,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"7fb61197-7285-4d73-b1f2-c2276bd63d68","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":77,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"ef390713-8157-42d9-8620-6010e6026e54","block_type":"box","text":"terms.","page_number":77,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"0d7c194f-3042-4a9a-aa5b-7be41b4b606a","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":77,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"4fffaa21-06a2-41c1-9290-5002efe74652","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":77,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"aa0d145a-87cb-4338-8643-312943f84a7e","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":77,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"a398e8f2-770b-466d-b97c-b7fe6c3a3257","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":77,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"1dfaf2d2-47a3-4658-8071-466b3200cfd3","block_type":"box","text":"II-20","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"083ace3d-86f2-45ed-a743-889bc60dd53f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3549fc48-db78-4be8-b493-55b596b231c9","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":78,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"3dc00867-d224-408d-970a-bfe4275bbe5f","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":78,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"215e4709-7506-4198-889d-c88f626821d6","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":78,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"21887025-40c9-4d99-8f76-7dd011643fb4","block_type":"box","text":"Call Options.","page_number":78,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"4bbae7d7-2c2e-4d4a-a2d3-fb26d8d53e0f","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":78,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"69252215-52c8-4103-800d-9db4ed123c1e","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":78,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"d0d5159d-2a90-4bc8-9493-7fcfd5665847","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":78,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"e6076664-aa54-4f61-a7e2-5c707e67063f","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":78,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"41951ed4-c569-4ce0-a6a0-98863f7ea332","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":78,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"b814d60f-5f1c-4586-9655-45db7283ca71","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":78,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"62df9798-5320-4a39-9d6a-1b2ca538639e","block_type":"box","text":"of the option.","page_number":78,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"a6d04e27-9f3f-4b42-8b13-74a8be99280f","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":78,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"3e2216ff-241f-4c9c-bf1d-8cea773f2243","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":78,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"debedb62-0bc3-4449-8e0c-df58498d08fb","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":78,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"2804d363-24ac-484e-bb43-b5731d03ad3d","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":78,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"c1c66d1c-37f0-4cbc-958b-0d029450e17a","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":78,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"bf249d16-fa76-4c81-8b9d-1d1de03aa5c6","block_type":"box","text":"A Fund may write (","page_number":78,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"9c447460-8f61-4d08-b49e-f2c7b1e52e96","block_type":"box","text":"i.e.","page_number":78,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"63d0dd37-6315-49b9-b961-51cda36de035","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":78,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"60b58a8d-01bc-4781-bc9a-c2d075b6c69b","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":78,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"289d1544-14b8-4e73-9339-eabdd8b662b6","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":78,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"749c855c-5b5e-4065-a3f6-319d8de056eb","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":78,"box":{"x":69,"y":339,"width":797,"height":12}},{"id":"5d76aa29-f1f8-479a-9b0a-2eecddc8b05f","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":78,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"2fda38aa-6b64-4a57-af3b-f3b535788228","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":78,"box":{"x":70,"y":370,"width":823,"height":11}},{"id":"84d56190-b7d6-41c2-a84c-b761aa99fb12","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":78,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"bd2e524b-8cfd-4df8-8655-73487102a057","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":78,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"9b7f247c-d033-4211-87b5-614aadbe9fb8","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":78,"box":{"x":69,"y":415,"width":792,"height":11}},{"id":"87b4d8ef-5bd6-4bc4-96f1-1007b8d023e1","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":78,"box":{"x":70,"y":430,"width":826,"height":11}},{"id":"5fc262be-a527-486e-921e-23a7749e586c","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":78,"box":{"x":69,"y":445,"width":760,"height":12}},{"id":"4df1bda2-35c2-4701-92e5-829026a86753","block_type":"box","text":"A Fund may write","page_number":78,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"d21a7278-e6cd-46fb-950e-1c9328686581","block_type":"box","text":"(i.e.","page_number":78,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"aab61bc4-b5e6-415b-bab5-d3d3d695897e","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":78,"box":{"x":256,"y":468,"width":628,"height":11}},{"id":"348df1e8-cecc-4ce5-b239-9b2d4937e6fb","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":78,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"e32fe814-2df4-43cc-98d7-e05ea9fdd727","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":78,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"999e5a67-3ab2-44f3-9660-bd6a886b663d","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":78,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"4c385ea1-c0f3-4914-951f-5c8f1268c0e4","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":78,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"a00151f7-7f51-49cb-af3d-93d118f6bd08","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":78,"box":{"x":70,"y":543,"width":806,"height":12}},{"id":"f5c4aef0-42af-4b3f-b6cd-9d038620f92c","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":78,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"802da458-e0b2-4544-b231-adc9c652f31d","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":78,"box":{"x":68,"y":574,"width":793,"height":11}},{"id":"08e5cf08-589c-492a-baca-11b8e391c883","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":78,"box":{"x":69,"y":589,"width":814,"height":11}},{"id":"e33988ed-8a7d-478a-84ee-4188ec093c5f","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":78,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"f39c6fe4-6de0-465d-968f-ad762c8fa64f","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":78,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"f4f64fa5-8bcc-46a5-9471-5b1f7d5c6c93","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":78,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"0875bf6a-872a-487e-b8d1-42176f5c5cdf","block_type":"box","text":"Put Options.","page_number":78,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"f94f891f-67d0-4d92-a3c0-2d9b9e82366e","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":78,"box":{"x":194,"y":657,"width":712,"height":11}},{"id":"d1996679-6952-4a91-b5b2-06811df60de4","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":78,"box":{"x":68,"y":672,"width":828,"height":11}},{"id":"e7955d33-46f0-403d-9e67-1827eb6842bb","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":78,"box":{"x":69,"y":687,"width":816,"height":11}},{"id":"c316f91e-dc98-405e-8915-d20eaae9ee31","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":78,"box":{"x":70,"y":702,"width":820,"height":12}},{"id":"f4301f00-7e80-4681-a12e-8fecc31b8524","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":78,"box":{"x":70,"y":717,"width":826,"height":12}},{"id":"027c24c1-02b7-4541-aed0-8c3d925e6b82","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":78,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"50db5923-65ba-4fa5-b3ea-5c048f7656ec","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":78,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"bc5a5ad3-eaef-4d4c-9149-1cb83c488d35","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":78,"box":{"x":68,"y":763,"width":841,"height":11}},{"id":"03d5153e-acb9-496e-87a5-bf71c680537d","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":78,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"c3a3b42e-7fc8-4a25-8668-00e4d6037bef","block_type":"box","text":"purchase uncovered put options.","page_number":78,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"15423a4b-9210-428e-adf6-0739d2789c1e","block_type":"box","text":"A Fund also may write (","page_number":78,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"dab8ffc9-a19f-48ad-b834-026e1fcabc8a","block_type":"box","text":"i.e.","page_number":78,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"141ee00e-57a4-46b9-aabd-94d133fff23c","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":78,"box":{"x":291,"y":816,"width":591,"height":11}},{"id":"dfc904bd-ab6f-414b-a373-05709881a0cb","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":78,"box":{"x":70,"y":831,"width":675,"height":11}},{"id":"817a5c9f-cb8d-4fb5-ab66-5b90f4ebd0c9","block_type":"box","text":"A Fund also may write (","page_number":78,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"8afd80d7-2cb0-4882-9485-7ddd2c36fbbc","block_type":"box","text":"i.e.","page_number":78,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"20e88575-e7fa-4ed1-a93c-1b77efbc641b","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":78,"box":{"x":291,"y":854,"width":593,"height":11}},{"id":"a3367dac-16b1-43f1-ac92-ab734dc7f6ab","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":78,"box":{"x":68,"y":869,"width":789,"height":11}},{"id":"38082188-c2df-4285-9da1-838edcf49870","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":78,"box":{"x":69,"y":884,"width":773,"height":11}},{"id":"b6c6af73-bb55-40ad-8904-28bec1b375fe","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":78,"box":{"x":69,"y":899,"width":807,"height":11}},{"id":"4814095f-e86e-4f49-8236-0a88b5bf1b4f","block_type":"box","text":"II-21","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1477bb2-4f02-48a5-920f-b300e17259ea","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eeb4fdcc-8547-4e2f-bfe5-a58b6284864a","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":79,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"86190b2b-54c3-4749-bb40-c87901497939","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":79,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"4acc5b9c-84ab-49a6-b62e-66d8df089927","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":79,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"cd478531-f7df-40e0-9f8d-55bbbeb8ebf2","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":79,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"fd5e0bd7-a02d-4840-81b3-a10f34d7a3ec","block_type":"box","text":"the exercise price.","page_number":79,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"3dfcc856-fb98-441a-9bbd-520193ad90f3","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":79,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"207f1144-e80b-46c5-ba54-f188200ad9ed","block_type":"box","text":"The following information relates","page_number":79,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"ded1056e-fcb2-4609-843c-96f36a1b59b7","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":79,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"329c1027-a4a0-4e3d-a20b-27c91ef0773a","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":79,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"46fa9c7d-23c8-48ab-a1a8-22adcb524c89","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":79,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"e21ec914-255c-422a-a64e-58ea45b13ea6","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":79,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"82bad2f0-2db1-4e5f-ad07-9b059567551b","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":79,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"6d249d47-664f-4ed3-a56f-49febe5689a2","block_type":"box","text":"market in order to maintain its “cover.”","page_number":79,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"3a6de103-031d-46d7-9b6d-f26984f41963","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":79,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"68825eb0-3ef8-49fc-884b-773d09fdd9f2","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":79,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"da0e690e-c7d1-40b5-8265-2eefef82548a","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":79,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"2322256c-ec89-4ca6-b4b4-c24dec5d4713","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":79,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"cc82e3b1-b343-4696-b1f0-44c4170787e7","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":79,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"cd018df1-3adb-42bd-97fd-9da103da8990","block_type":"box","text":"and incur transaction costs.","page_number":79,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"7efdffd4-41ce-4d00-a922-839d79e6b709","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":79,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"2a7073da-7007-4491-9e6d-aa117ccfce2a","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":79,"box":{"x":343,"y":340,"width":563,"height":11}},{"id":"b087eedb-ee66-413d-b772-976b8faa1e92","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":79,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"611344ce-3fca-4713-9239-5b26cb2ff6a9","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":79,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"c6009b56-5a8d-4411-a9cb-e1d255ddcd9b","block_type":"box","text":"i.e.","page_number":79,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"47113d3b-7b6b-4513-bc15-f3c7b7f7bf31","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":79,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"9fe1c141-8907-4f75-9b5e-f76c6dbce0cb","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":79,"box":{"x":70,"y":385,"width":826,"height":11}},{"id":"49356912-8de6-473a-b72a-300bbd9e9d74","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":79,"box":{"x":70,"y":400,"width":793,"height":11}},{"id":"ba419e88-0729-4582-b066-5955ae83cedf","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":79,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"d6a014e4-3d6b-4a70-b2cf-cd3ad79e21d2","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":79,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"4c612e86-73bc-4a06-b334-9dbd423905ab","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":79,"box":{"x":68,"y":445,"width":832,"height":12}},{"id":"e5ebb6c1-3a76-443e-899d-46e649de448a","block_type":"box","text":"required, to be cleared.","page_number":79,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"71d06a34-31f4-46af-b785-21993f54ee3b","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":79,"box":{"x":101,"y":483,"width":760,"height":11}},{"id":"962312aa-97f1-4510-9a69-2242161d3350","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":79,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"d84c2300-d457-4c6e-96e8-ef9e93323454","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":79,"box":{"x":69,"y":513,"width":706,"height":12}},{"id":"6de2d3bd-a88d-4c30-82c4-e8870692f310","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":79,"box":{"x":102,"y":536,"width":805,"height":11}},{"id":"fafa537f-7c71-43b0-bc51-9265e946d4df","block_type":"box","text":"Derivatives” above.","page_number":79,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"68958d29-bef7-4dff-bc97-1ca28e66b208","block_type":"box","text":"FLEX Options.","page_number":79,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"6fca6669-a074-47a6-9a38-735e6afa67b6","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":79,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"d2a64c83-1bd1-4b75-a147-a1f458600d42","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":79,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"8437f7dc-a544-41ea-a958-cca50f3ed3b7","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":79,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"0adca0fc-389f-4540-8f38-5e8902b8227a","block_type":"box","text":"exercise prices, exercise styles (","page_number":79,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"ede07c40-e96c-499a-886c-ae41a816cf8c","block_type":"box","text":"i.e.","page_number":79,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"3761ba03-5df0-4c86-8f3c-53645a928dab","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":79,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"6b9dc362-2b97-452e-aa0c-bb6969711bf4","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":79,"box":{"x":69,"y":634,"width":768,"height":12}},{"id":"12fdabf8-1601-43ef-a344-601455c80061","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":79,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"9a715390-be20-4071-b3ee-54e245d439d1","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":79,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"d806447b-8677-4c0b-b01a-7e37927fe742","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":79,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"15bb6e02-c00e-41ea-8748-eb6f2a703b15","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":79,"box":{"x":70,"y":695,"width":802,"height":11}},{"id":"271241c6-fa5e-4854-b09d-eb2d16c058ec","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":79,"box":{"x":69,"y":710,"width":806,"height":11}},{"id":"eb05763c-8a7b-47b7-beeb-3523c38a7856","block_type":"box","text":"FLEX Option’s expiration date.","page_number":79,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"a190e138-d7eb-4380-b7ab-e785d529da81","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":79,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"ffc26ed2-7dd5-413a-a5bf-2e784f0c53fa","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":79,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"3aa77d92-0458-467e-a9ac-c4c50fd9bdc6","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":79,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"56f0ee45-c45d-416b-a36b-b41d470eb0a7","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":79,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"0151e913-134d-4524-9a26-a754d94d0a38","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":79,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"aa984835-18b4-4925-b259-ded6b5e591c1","block_type":"box","text":"FLEX Options contracts.","page_number":79,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"cfb2009e-a666-4e08-917b-1236d6f68e39","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":79,"box":{"x":102,"y":846,"width":748,"height":11}},{"id":"c831665c-2ea1-4b14-abed-b3f348c2f608","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":79,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"f13e614f-a3a0-4ab7-8ca9-e199e2593fc9","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":79,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"a8c4d29b-bf6d-4356-9f7f-c8a69fac748c","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":79,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"b9ed41b5-fa7a-4d61-a6b5-3dcdabce9c02","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":79,"box":{"x":70,"y":906,"width":829,"height":12}},{"id":"f84afee9-9e7d-44ed-a5d8-a1d9be77671c","block_type":"box","text":"II-22","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54f0fcf1-2ea7-41a6-bd5c-137051f2cd51","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5fbd43dd-25ab-49e4-911b-f463c7147500","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":80,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"5b2c24fb-e352-4841-9ce4-aa6750ebf3aa","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":80,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"0bfea9f9-8d83-40bd-a94c-739854074ead","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":80,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"7326bd62-11f4-4e32-b003-9bfb85d3c7b0","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":80,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"9d8b525a-5d4d-474c-89a6-bddd1fe9e9ea","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":80,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"d6c4c9da-e5ae-49e3-8e78-64638a6164a4","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":80,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"60a2c64f-24bd-4267-874f-5c3915a1dc58","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":80,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"509cb31f-ddb1-4ec0-92de-f1f7e7487753","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":80,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"ba726c75-d837-4fc7-b71f-04daaef1df2e","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":80,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"d00d4c8b-51fc-4578-bda1-ab441aa5e487","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":80,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"be7e6100-451a-454e-baee-f65450c1c21e","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":80,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"29e3887a-6771-48bd-b07b-847a224db55d","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":80,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"54adad7c-94a3-43d5-a19c-1acb1a111ba2","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":80,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"8fcde6e6-3fba-4a60-a337-36701c6dccee","block_type":"box","text":"expire unexercised have no value.","page_number":80,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"39830af8-8876-4e9a-8f6e-de24c6dc4fa9","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":80,"box":{"x":134,"y":256,"width":747,"height":12}},{"id":"2fee3b2f-36e9-43d0-a4cf-f7762e3b0a73","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":80,"box":{"x":101,"y":271,"width":792,"height":11}},{"id":"9284bb4c-443e-43eb-beb2-da465f12e696","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":80,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"b9b71da4-6e3d-4829-aa8a-6eb1994af5ad","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":80,"box":{"x":101,"y":302,"width":798,"height":11}},{"id":"159bb97a-e1fb-4ce6-a87a-ee2d83f60f7e","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":80,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"46188241-a319-441c-b355-166c4d9acf41","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":80,"box":{"x":102,"y":332,"width":800,"height":11}},{"id":"1c1e4103-b536-49c3-a88b-bfa568162842","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":80,"box":{"x":102,"y":347,"width":774,"height":11}},{"id":"caf57121-fce4-4bad-b1d1-9d7360ec6f44","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":80,"box":{"x":102,"y":362,"width":793,"height":11}},{"id":"730c5498-93e0-459c-8921-e4755d5807b3","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":80,"box":{"x":102,"y":377,"width":764,"height":12}},{"id":"d64f4943-56e2-4631-a20a-35746b38d67e","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":80,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"32d1e2e0-c7df-4fca-acf3-794ee14c39a6","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":80,"box":{"x":134,"y":415,"width":740,"height":11}},{"id":"a7eb5234-d500-409b-b92e-ed4dbe70703e","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":80,"box":{"x":102,"y":430,"width":787,"height":11}},{"id":"ddec7d79-338d-4dbf-a735-34d041dad8fa","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":80,"box":{"x":102,"y":445,"width":790,"height":12}},{"id":"84000e14-2691-4a3f-8aac-19240844029c","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":80,"box":{"x":102,"y":460,"width":793,"height":12}},{"id":"8787c8f9-bf3f-4de7-ba3b-2d479c62243f","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":80,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"216efbaf-2bc7-42db-8afd-9920edc626a5","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":80,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"e78282f2-5a30-437e-b66b-8a22d066f540","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":80,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"4979594b-f9ce-48f7-944e-c3d7e8a98a73","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":80,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"96157a3c-22af-4ee8-8ad7-6b6eb509584f","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":80,"box":{"x":101,"y":528,"width":777,"height":12}},{"id":"d664ffa9-2fff-4a00-9dc5-035af0ef5f05","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":80,"box":{"x":101,"y":543,"width":753,"height":12}},{"id":"27f93175-81f1-4286-ac13-b53ffe609327","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":80,"box":{"x":102,"y":559,"width":780,"height":11}},{"id":"5cfc70db-c78b-4c06-8b9e-9bafc60a5151","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":80,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"ca1f82ed-96f3-480f-a387-95372d5639ae","block_type":"box","text":"Foreign Exchange Transactions.","page_number":80,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"b88f591d-5bb3-4a8e-ad0d-1b1b81993284","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":80,"box":{"x":101,"y":619,"width":807,"height":11}},{"id":"c3461c7a-e5c6-4e31-a1c5-2091b5cece55","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":80,"box":{"x":69,"y":634,"width":818,"height":11}},{"id":"4b699605-329d-4aab-8eb1-c07b11e4c409","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":80,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"691843ff-0e68-4ab2-ad2b-0b7353e214b1","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":80,"box":{"x":69,"y":665,"width":792,"height":11}},{"id":"d036bd92-4d23-48c1-b8d0-a193081cd629","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":80,"box":{"x":102,"y":687,"width":790,"height":11}},{"id":"849aa304-cf5f-43cd-8186-9a426f621a95","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":80,"box":{"x":70,"y":703,"width":830,"height":10}},{"id":"1e8e68ab-b0f5-4b9e-bea6-7a9b3381a438","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":80,"box":{"x":69,"y":717,"width":808,"height":12}},{"id":"401bcf68-1cb7-4170-8fde-234481c894bc","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":80,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"4f0064d1-03ed-4c5e-a33a-dfd34e3e6b75","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":80,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"92266388-ee58-4f89-b8a0-9cc197836678","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":80,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"5b333447-8ab3-46c1-b212-822c01fca5c2","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":80,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"b5183863-88ed-4b20-9778-a37e3579dd42","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":80,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"94cb5b87-10cf-4c54-8bef-a2f1093b86c6","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":80,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"cd5ce132-1468-4b17-9be1-9490339c6d59","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":80,"box":{"x":68,"y":823,"width":836,"height":12}},{"id":"a61dbc5c-6359-4a86-9b0a-c9dcede5dab5","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":80,"box":{"x":68,"y":838,"width":794,"height":12}},{"id":"b7b68522-c43a-4e4c-9905-f124e4c8bb4a","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":80,"box":{"x":102,"y":861,"width":805,"height":11}},{"id":"5271777e-8270-4513-97c8-94d05defdcfa","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":80,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"343f71e5-2872-4996-9ab1-7548ebcfcb5f","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":80,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"f4596d32-ae79-4a87-8a5b-1415195ecfea","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":80,"box":{"x":70,"y":906,"width":773,"height":12}},{"id":"d8919c63-853d-47a1-baff-ff116f762b3d","block_type":"box","text":"II-23","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4eee3c45-ee40-48d8-8812-491b89866254","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2780391a-b0ff-4bed-9fcf-cebfdb10f7e5","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":81,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"5baa5d12-07e6-49f1-81c5-3f78ac725225","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":81,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"63a35598-664d-42c1-8585-5199c524cedd","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":81,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"5a120c1c-4369-4d67-ad21-3f8e54af5173","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":81,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"80efda3b-ddc1-41e6-a651-28c53961d25e","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":81,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"5e2e393c-efc6-4ad1-8928-ff58b59e0de4","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":81,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"a43a87cb-c93b-4696-871c-200d7670d9af","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":81,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"a3fde6d0-f56a-46ca-b354-7eba8cfbc01b","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":81,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"858ee1ae-5939-4b0f-b286-8cb59e6001c9","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":81,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"d0d5cf1a-0573-4f04-9d3c-0856fc5e18d1","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":81,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"6f0564ba-f044-4e61-9ac6-3deac78bd59d","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":81,"box":{"x":69,"y":204,"width":794,"height":11}},{"id":"286b770c-b45b-405d-98b9-2a74db1d058b","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":81,"box":{"x":69,"y":218,"width":841,"height":12}},{"id":"75b9e085-8cdb-4b41-9b0a-3bbda4fa92f6","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":81,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"583f41c9-4df2-4d1e-857c-08a3c575079f","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":81,"box":{"x":68,"y":249,"width":805,"height":11}},{"id":"a0df109e-02df-4717-b143-3c2404cd48a6","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":81,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"3d977a8e-55ad-47a4-b5d3-d451497ecd53","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":81,"box":{"x":102,"y":286,"width":738,"height":12}},{"id":"75f028ff-1c14-4694-8a09-9f104fa9eb6f","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":81,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"aa7d92e1-0ee2-469f-a970-3e08611883be","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":81,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"f6143f8a-f342-49fb-83f1-27e96cf85703","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":81,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"7f4b414e-e2e8-4cae-b2da-d75dfccc2cca","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":81,"box":{"x":68,"y":347,"width":829,"height":11}},{"id":"77aa5ecf-bc8c-4f8e-8f1a-ad8b557d8b76","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":81,"box":{"x":68,"y":362,"width":753,"height":11}},{"id":"3ec7f006-6f2d-45f4-982f-ef8bd162b782","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":81,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"496f2c8c-7930-44c9-abcf-26fc7e4d3a12","block_type":"box","text":"involved.","page_number":81,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"11d4448f-0a02-4624-ac44-dec54e671676","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":81,"box":{"x":101,"y":415,"width":803,"height":11}},{"id":"700971e5-3f27-4df1-86f5-b6f4a3c4a5ab","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":81,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"b174d68d-59af-4e0c-a184-c8ec97e92311","block_type":"box","text":"denominated in such currency.","page_number":81,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"51a90226-ba38-490a-8ec5-bcd16aad8dc1","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":81,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"9644e624-b18c-43b7-a52c-7bd06183c903","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":81,"box":{"x":364,"y":468,"width":527,"height":11}},{"id":"11f30988-747c-4f06-896a-1178fc66a2a8","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":81,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"87d00d30-2856-4e62-959a-bac8ec6a0d25","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":81,"box":{"x":68,"y":498,"width":798,"height":11}},{"id":"68ddc236-64dd-4902-b053-7486aa476c87","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":81,"box":{"x":68,"y":513,"width":817,"height":12}},{"id":"4444555f-dbc7-4cb1-8e03-9118356b9aba","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":81,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"4519bd9b-9afc-4a55-9b1f-1c49b14da3f8","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":81,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"cecbde62-72cf-4073-b877-d7d78f76d9fe","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":81,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"2741f372-03cc-48ff-a29f-0957147c27a7","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":81,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"322def3b-cc9c-4697-9ee7-b54fcce3488e","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":81,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"42681065-defb-46ce-a0dd-e14eb5afb772","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":81,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"ad519eee-276e-45c3-9fbb-bd2ffda71b15","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":81,"box":{"x":69,"y":619,"width":822,"height":11}},{"id":"d4f0d1b0-5a03-4ef1-8210-61031367f09f","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":81,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"d9751f1c-7940-4aa4-b94f-dc2ad0c5d536","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":81,"box":{"x":69,"y":650,"width":814,"height":11}},{"id":"d47a0d65-7f03-4688-97ae-3efd89bb0753","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":81,"box":{"x":69,"y":665,"width":745,"height":11}},{"id":"abee4619-065f-4b20-b27c-321c71b99e35","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":81,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"eef869d1-ee14-49da-a07e-171cae18bc28","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":81,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"42e12e57-e430-4cb5-ae87-2d654e046312","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":81,"box":{"x":101,"y":717,"width":797,"height":12}},{"id":"b4792109-a9de-4315-875c-d49f591dae09","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":81,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"d1b61000-24cc-4409-a439-5bf425fbdc69","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":81,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"b8ad2761-f079-4ea2-bcaf-ec513636aa63","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":81,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"1e9d5148-3b54-4fbe-bbf5-25079a0311bb","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":81,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"f99a8658-53a7-4c3a-8ffe-633b42d1a0c7","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":81,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"169d7126-1862-4ec7-8447-e702026839fe","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":81,"box":{"x":68,"y":808,"width":798,"height":11}},{"id":"9c57718b-9205-4d86-8bd6-0070a108dfa4","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":81,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"f99e3ea6-d379-40e6-a78a-a20d609e2c42","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":81,"box":{"x":69,"y":839,"width":691,"height":11}},{"id":"b0d1f0dc-a33e-4373-b0d1-621ef277b723","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":81,"box":{"x":101,"y":861,"width":785,"height":11}},{"id":"4352089d-d855-49bc-b1a4-052884c7d0b8","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":81,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"c205cafb-38bc-4dd7-9191-fdf3a060ca21","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":81,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"5e9eff7a-8788-4d50-ac37-a702fbc70298","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":81,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"7f005464-b9ce-4f0b-bfa7-5de89380e2b3","block_type":"box","text":"II-24","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3263d0c6-625c-4ccd-abd7-7558c8983d12","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ba05d2f-548e-44f2-9db1-fb002a2237e2","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":82,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"071a94f2-5e4a-466e-8f63-44af7e7c1f46","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":82,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"bda563d7-1b5b-4d46-859d-ba985b83677d","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":82,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"a214a16c-24de-42e4-b496-09cda4b9ec43","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":82,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"b630fbe3-cb55-4bf8-b17b-a30c161679b4","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":82,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"c6ba25de-84c9-439a-b593-ff3c054e23d7","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":82,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"71de9108-3f78-4d55-9b3a-cea4c5ea12d8","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":82,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"1bf14e78-8d5b-406d-8233-925e9414838e","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":82,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"e0dff9e4-5a3f-42a9-8549-52c516196cbb","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":82,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"b33c4742-266e-4132-a306-47f746b1f033","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":82,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"f7f76a7a-48d1-4c9c-adf1-a8ad93e494b3","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":82,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"e800dce8-8384-4bd0-b01e-458ae53e99f2","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":82,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"0ff1dff9-3046-4acf-be82-002d946b2ac6","block_type":"box","text":"traded.","page_number":82,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"680cb6d4-d666-4939-8711-ec957dcbbd65","block_type":"box","text":"Currency Futures.","page_number":82,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"6669d060-5e45-4437-afb0-b6884ec6cd06","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":82,"box":{"x":232,"y":256,"width":654,"height":12}},{"id":"3d8b5ac7-40c4-4c50-97be-e941455ec1c0","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":82,"box":{"x":68,"y":271,"width":782,"height":12}},{"id":"6b792dcd-e43e-4e72-acb2-f019adabcc99","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":82,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"6010e752-1763-405f-ae93-447679ad3b4f","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":82,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"06c513b1-c6b6-454d-a03e-a6deac3922b5","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":82,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"4b692984-2f29-434c-ba0b-7c242815ffb9","block_type":"box","text":"Currency Options.","page_number":82,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"0ca2aecf-5213-458f-a39b-4f0917d03857","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":82,"box":{"x":233,"y":339,"width":654,"height":12}},{"id":"72436b68-c140-405d-b4ba-ada68c60833a","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":82,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"40d02145-b1e3-4306-a227-c2f4667903ad","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":82,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"b2015880-2a80-47e1-b6bd-257457ba340f","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":82,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"ce5cb28b-c667-449a-b71a-7e6efd37ed00","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":82,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"9fc3d5a0-937e-48b8-8cde-f8b32806d8fc","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":82,"box":{"x":69,"y":415,"width":824,"height":11}},{"id":"d8c691ec-f32b-483c-bbd5-9aa23486b034","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":82,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"a7632d95-64d5-471f-b0cb-dcd16d6be2b0","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":82,"box":{"x":69,"y":445,"width":813,"height":11}},{"id":"eb5360a7-2824-49ea-9616-748b515ef9dd","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":82,"box":{"x":69,"y":461,"width":826,"height":11}},{"id":"4a07fc2b-d021-4a62-b694-cde5c250b50a","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":82,"box":{"x":69,"y":475,"width":776,"height":12}},{"id":"69f89090-879a-4eaa-b087-c92f9a2fbdf9","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":82,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"013708b1-5339-4dec-9f7e-a94c24413e7b","block_type":"box","text":"Currency Swaps.","page_number":82,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"c5de1826-86bc-4fba-a3c7-58fdad4b6a5a","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":82,"box":{"x":225,"y":513,"width":652,"height":12}},{"id":"b592d5f4-dcb2-4e70-bf9a-147d7d2389a5","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":82,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"f1fcf4d1-e50b-42d3-869c-57b6ed862fe7","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":82,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"c3b1d068-175d-4f39-ab36-ea97b3375cea","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":82,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"8f504468-7bc8-4d17-bfd2-72d519def8e2","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":82,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"f19ecca3-fae4-45e8-93b7-fdf5e4e0b6f5","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":82,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"f0467361-6c00-4168-8c2b-0d0482804bb1","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":82,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"f898f2ed-b749-47df-a925-44ceaa1b9970","block_type":"box","text":"Distressed Securities.","page_number":82,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"de045cb7-5b8c-48b8-8f9a-e799fd3cec5b","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":82,"box":{"x":267,"y":627,"width":633,"height":11}},{"id":"64571cec-37d0-4ad3-ad00-a63e2df736d9","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":82,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"97b81dd9-6d33-4ff9-baa5-8774a1722618","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":82,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"5c73f371-d7e2-4344-bbc9-956baff8eb1a","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":82,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"0baba7df-a5b7-4143-80c2-c6b173dfaafc","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":82,"box":{"x":69,"y":687,"width":784,"height":11}},{"id":"20b5bb2d-2d1f-44b3-b957-10909c0ed5d4","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":82,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"0cdcf0c6-311c-4eee-ba4f-3c3f06985a6a","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":82,"box":{"x":101,"y":725,"width":766,"height":11}},{"id":"43a382a7-0ce5-4342-b395-420df12323a2","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":82,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"2990af66-20d1-4540-ab24-a374daeeeec9","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":82,"box":{"x":70,"y":755,"width":826,"height":11}},{"id":"3cd03a35-d32a-41da-b782-27cf9f9d46ab","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":82,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"084a90d7-5a0a-4fcc-9557-739f3704c4de","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":82,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"71ca777c-8da5-4c11-a953-618e747c8fb7","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":82,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"574371cf-c38e-446a-b76d-9bab30881eab","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":82,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"10e924a8-4c87-4364-b982-220ee3eb921e","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":82,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"7f6f0c3c-12b9-4c64-b7b8-9e864a36e322","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":82,"box":{"x":70,"y":846,"width":831,"height":11}},{"id":"cddd82b0-dad5-4d6c-b861-50c06f0d3171","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":82,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"cb251a62-17cb-43cf-9c56-a249f0c11c39","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":82,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"d166c7e4-e5eb-4791-a72f-3d595cd7c62b","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":82,"box":{"x":68,"y":891,"width":834,"height":12}},{"id":"e484b2bd-8503-4cb6-8ba3-6e491de2b832","block_type":"box","text":"satisfied (","page_number":82,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"06775af2-44af-45a4-a53d-79b9ad5139ae","block_type":"box","text":"e.g.","page_number":82,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"5e4294a2-63e9-480e-a474-12c86ccc7c09","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":82,"box":{"x":168,"y":906,"width":729,"height":12}},{"id":"a67a585b-e72a-40ac-92c3-41b1331ae523","block_type":"box","text":"II-25","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8afc0e81-1136-4beb-b171-ff7d0218108e","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c74fe31e-6bbb-45ee-91f1-57ac1641cb18","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":83,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"255f35bd-5f67-4a28-8252-434078fc6bbb","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":83,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"d48094ce-f37e-41f7-b235-a8a6748caa62","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":83,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"de6ed94d-c3bd-45e4-93ec-5c60e7f9dafa","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":83,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"eda480e3-d4f6-4d80-971a-3c9e9bc0a4d5","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":83,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"7d41bc3e-22b0-455f-b27e-38041e114e16","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":83,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"dccc8788-b8c9-43bf-8114-097bca91cfd6","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":83,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"9a890784-13a7-42a9-bb51-cbe916d0dc4d","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":83,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"ce8b868e-b1b2-4088-a2aa-6c0e0a24e84c","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":83,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"1840e39d-13b2-4aba-83a4-19a54fe6d99f","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":83,"box":{"x":70,"y":181,"width":787,"height":11}},{"id":"d3a52f0a-6605-4809-9964-6b56d16fe4e1","block_type":"box","text":"affairs.","page_number":83,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"9d7cda4d-e079-437c-b781-585f2ef79d34","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":83,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"4f8d1f73-ca13-4a5c-9f9d-cd8d41fd6f63","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":83,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"8e8fd82b-e97c-4053-b6ab-baada1716a24","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":83,"box":{"x":69,"y":234,"width":785,"height":11}},{"id":"f567474c-f4d5-4d7d-9e25-0a368f5478a0","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":83,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"8d03c1d1-af13-4533-b2f3-ecdfc9a3d405","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":83,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"ba740a74-ab90-4722-9bac-4feb83be2c6c","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":83,"box":{"x":69,"y":279,"width":806,"height":11}},{"id":"c3abea99-083e-4aad-8aa3-1907975ac7a5","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":83,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"2630ceda-43a6-4487-90b0-b2c8ea85ab2b","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":83,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"d8bc287b-42c7-4c7b-b463-60bccd585ff1","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":83,"box":{"x":70,"y":325,"width":800,"height":10}},{"id":"564f1aeb-467f-4a7b-9c4c-38d43301236f","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":83,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"027105e5-3cc6-43f1-9f91-57fbf18fc91b","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":83,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"8ca7096d-c7e7-4334-8a45-c14c0f0c6aa2","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":83,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"2b625a27-4f52-41c2-babd-23fba14a95ea","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":83,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"e6958c1e-eee7-452f-83e5-440b677cf991","block_type":"box","text":"Equity Securities.","page_number":83,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"383146e7-a3a7-4be0-9fb1-7278b7dfcb9c","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":83,"box":{"x":235,"y":415,"width":648,"height":11}},{"id":"9d5d5c86-19ca-4b66-97fd-3333d8588562","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":83,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"a374e552-00b5-4dac-bbd0-7c4921d71f10","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":83,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"3ac00f85-a38c-413f-a5b2-ef0b071a3532","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":83,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"73a6fdb2-d457-4b8e-9ddd-3c1ae3c40156","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":83,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"93e83519-4822-4fda-89b9-5e2039042a72","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":83,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"d8803d75-3053-4b49-8513-047f8947d912","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":83,"box":{"x":68,"y":506,"width":775,"height":11}},{"id":"5696a39f-86ac-469b-9e8b-ac240238de2e","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":83,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"057c2205-f44f-49e6-a2b6-406b17d4cb52","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":83,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"3210efb3-853a-4767-852a-c26349cf7023","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":83,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"94ef6705-19ab-42e6-9675-f85c98706da9","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":83,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"fca38a66-f25a-4dc6-9fcd-e2270c524af4","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":83,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"e15f89cf-242e-4ee2-80e6-a410b1f1404f","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":83,"box":{"x":102,"y":604,"width":745,"height":11}},{"id":"01348b1b-6b67-42cd-b50f-f4c948533da9","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":83,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"9dd560a9-6265-4628-af98-b82ba70d343c","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":83,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"895d56b2-da22-4713-97d2-27806d6ce700","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":83,"box":{"x":68,"y":649,"width":834,"height":12}},{"id":"89626a9f-c60c-4da0-a0da-b6c8f49fc2d1","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":83,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"fe95a7b1-c10d-4915-bedf-11a7c2cf4693","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":83,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"f2d30b91-f72a-4d85-b443-acfd6e003e71","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":83,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"c94e68d4-bd2b-427f-ab37-e37d7d723c97","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":83,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"ad13f2da-d727-4d04-b1b4-31c33fd99e4a","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":83,"box":{"x":70,"y":725,"width":836,"height":11}},{"id":"de0b5d9b-cca9-4eb3-90e4-da3bb5bccde7","block_type":"box","text":"initial public offering.","page_number":83,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"5cdc1684-f738-424e-bd59-19547de01185","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":83,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"de6acd6f-e75b-40ae-9a91-5a4ba3bb63cf","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":83,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"59161afc-c8fd-409b-822f-45bd91f0681f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":83,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"888799fb-360f-4a8d-8589-c3598c97bad7","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":83,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"7e155a1b-bce9-4e4b-adc6-8725ed6538ea","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":83,"box":{"x":70,"y":823,"width":831,"height":12}},{"id":"b3c55589-1d5c-405e-b4f2-b09f759e6b86","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":83,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"c1d23138-2412-4970-8182-f845cb209ffa","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":83,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"44f40f51-29e7-464a-8707-fca1b707b88e","block_type":"box","text":"more established companies.","page_number":83,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"49c5dc3a-540b-4d02-9c81-2fd6314fc060","block_type":"box","text":"II-26","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"06b44c22-8e24-4397-b2a4-fdbf471bcfee","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cec2f722-6d99-4cec-854f-bd159ec94878","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":84,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"434c1868-e390-4bb6-ba59-029bc1278fca","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":84,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"cb0f46ef-4491-4ba9-804e-05266cb1af6c","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":84,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"3adb5b02-670e-4627-918e-4e6cd947bc16","block_type":"box","text":"below.","page_number":84,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"3cb34c91-5fca-4f1c-abd1-58f5ea659b53","block_type":"box","text":"Real Estate-Related Securities.","page_number":84,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"41eeff3d-adc1-4869-846d-8ed42df6f01a","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":84,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"7eb1a2f5-eada-4c9e-93ce-b27efe53c1b0","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":84,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"60412709-e416-4a1d-9248-08588fe7274e","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":84,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"a5b82c8e-3b5e-4c0d-b0ff-5dd71fc740bb","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":84,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"0272235d-5d49-4aad-ac50-ea3732a16c57","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":84,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"728209a8-cd89-4295-aba4-d097c9080340","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":84,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"210f8c48-e5ca-4c65-bedd-d34cd4393d81","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":84,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"1ff83849-4499-4036-bc2f-b47c0af8e673","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":84,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"c3a1b02d-edfe-4826-a7ed-271c7cbb8710","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":84,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"dcd88f11-06c6-4065-9a7f-3d45879cf03e","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":84,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"532e49ed-e618-44f8-8839-8b4a55ba5d76","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":84,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"b18e1497-3fc9-4118-8a19-6a38fe3c7aa2","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":84,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"0363fd24-5fc9-4490-8ffa-f4152fe53b15","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":84,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"908fe4c6-d879-4643-946c-35e91ffa7b48","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":84,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"229e24b9-9528-46b9-a6ec-3fa6705af9d1","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":84,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"62251128-cb8d-4d51-9495-b22536ed6d28","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":84,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"12c89415-a924-4ffc-81f2-200b836e564f","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":84,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"4ff27820-e23b-4716-96b6-74f3e2a57b62","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":84,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"eb9955fa-369a-4662-aa96-7f77f647feab","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":84,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"326b5d63-9c14-46a9-a33e-d0ff8c886da0","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":84,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"44f7033e-dcc8-41a1-8f66-fae9d3ede46a","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":84,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"d6a4fd3f-6674-40f9-92dd-c2ba0d35e764","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":84,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"1dd05a1a-3ae0-4902-8969-9d1b0d4369e3","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":84,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"5cac6a0c-6f21-4991-b2d6-d4461657696a","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":84,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"d9dcd815-ba8f-4c2f-b10f-f346cb5d091c","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":84,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"249faebb-266a-472b-9dde-08a462135730","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":84,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"7d6ef901-7c70-42ba-b7ea-bffbe69b754b","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":84,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"a37d0aa3-13a4-4683-8098-7dfde0e15bac","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":84,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"004bb65b-53fb-4c9a-83d8-1dfafecf94cf","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":84,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"00db892c-9d61-4bd5-9d1f-5fcbe81b48b9","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":84,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"c76d7b20-ae15-4e16-bbd2-ed3301149015","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":84,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"3f22ef74-2723-43ce-8e91-b98123cabf6b","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":84,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"c57660a8-b532-4248-8dc7-e9c12661875e","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":84,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"21899042-c5e0-48e0-a1d1-ced3c2a88014","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":84,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"1f1d8ced-4c1f-4360-b2e8-dc4c30f5e9f1","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":84,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"94a636f4-1a72-4414-8caa-7184e50a72fe","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":84,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"683e0bd7-7938-4162-8536-ee08c7af28a6","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":84,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"4869f984-333d-434a-8269-5ab5fa028d33","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":84,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"0c472800-95b8-4a35-b621-eca431359257","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":84,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"944c9659-0184-4a78-9f90-186319e28163","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":84,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"06d642c0-58c1-4d33-bada-85011244c48c","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":84,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"4fded9cc-35fd-456b-b935-2018a048b7f3","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":84,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"eeead3f3-e25c-4031-a14d-3da27665614f","block_type":"box","text":"cycles.","page_number":84,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"c48e8403-fa3a-41bb-b152-62209d78afff","block_type":"box","text":"Tracking Stocks","page_number":84,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"a2cd9885-2338-477a-b2da-4b025c7d63f9","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":84,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"1a1c1098-136f-42a6-85fa-2179f307af0f","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":84,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"1bfec70b-4397-4dd0-bfa8-9b99a721e1c6","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":84,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"5f18cfa3-55d6-4fd4-bbee-267d9db65aff","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":84,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"d007b9b5-ed7a-4d01-83db-350a9653daa5","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":84,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"4d781805-f41e-494a-9cc6-6b9592ae4131","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":84,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"b2739d54-63d3-42d4-bc8d-69fba3eae659","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":84,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"79a3b8b2-5a92-45a0-b162-6dfe41af931c","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":84,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"4380614b-7b81-4e7a-8c31-cc61dd338216","block_type":"box","text":"II-27","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28bd01b1-11e0-4f51-8c9a-75c852790116","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e73897b6-d910-4fb2-b13f-e956a9eed228","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":85,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"0a869a28-35e3-44c6-abdd-e94aaf61de3c","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":85,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"1ab3ff5d-346b-4259-8824-0d4623d05046","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":85,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"0adce6d5-860c-4dbf-bcac-756ce3c066ff","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":85,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"c8909b77-33d2-4947-8498-e7ae552917e0","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":85,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"184238b8-55a9-448e-a6ac-103954b7d8a5","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":85,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"3b40ad7e-dc02-4ca8-bc17-42ffcb04d063","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":85,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"923180f3-3520-49a0-a588-cd0bbdd42957","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":85,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"5895df47-9b06-4aa4-945a-f8e9718eb31d","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":85,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"92118128-b0a7-4295-9bfb-6da5bbe99277","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":85,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"dfc10e82-3bd2-4e37-9f79-7c5bcfbe7ca1","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":85,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"aa09ca77-f2f9-4634-a85b-481890a08c86","block_type":"box","text":"ETN.","page_number":85,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"dd9faaca-215d-4f95-ab84-a6d4c5b3b25a","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":85,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"6feca8c4-0b59-4a2d-b3a4-4f3706f9f4a9","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":85,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"6af862ab-dc2d-471e-a3ca-3ae49d535602","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":85,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"33855985-3af9-478e-ac60-b1353e8df1c1","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":85,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"e6b68b9e-6212-40d1-9307-136969fe9293","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":85,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"f64a9330-0b08-4c8c-b903-b47f3c7659e9","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":85,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"a64ca9b0-ea4c-4030-a195-2562fc97eb9c","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":85,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"f8ff8fde-0773-4f77-be07-13d67d2d6138","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":85,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"93c2e664-3ff4-4ed3-84ea-8a35a55115b4","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":85,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"df1c7949-a7c5-4327-9dfc-25e2444330d0","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":85,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"b75a8dc2-3acb-4e86-90e5-d678cdad6fad","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":85,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"a9ae9335-2a5b-4b57-a6ed-34420b571780","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":85,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"d6becd21-54a6-45fa-924c-f3f121231af3","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":85,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"b7d81b98-4537-4bc5-acfe-9a08e92f0548","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":85,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"bf78d560-e4c6-4ae2-bc70-ddea9cf86798","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":85,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"543a2a70-c200-4676-9fa4-f2c688cd19c7","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":85,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"002effde-268a-457f-9e39-7b49866b50e0","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":85,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"dee596a6-70eb-45b8-9741-5573b4fddf01","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":85,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"af253f9e-752b-40c4-8fb5-97d7500c443d","block_type":"box","text":"Foreign Investments.","page_number":85,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"cc8a148e-b5d8-4f87-9247-9dbafce1c6da","block_type":"box","text":"Foreign Investment Risks.","page_number":85,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"6ff61363-2a0e-46bf-93d2-7c4714c806db","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":85,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"99dd0c62-9066-4f5d-b871-db1c1bf1cf16","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":85,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"abd8cd6b-6ab0-4720-9714-b035b8d6e42a","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":85,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"4bd758c1-54d9-411b-bd01-c42a6db62162","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":85,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"5392c357-e32f-4e1a-ac25-9c9d205231ed","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":85,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"7c3ae4cb-d38e-485a-af81-b0319e5a8611","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":85,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"1c5f207b-b79e-416a-b2f9-b3fc00b590da","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":85,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"81d25e77-c863-4463-b740-1edd07bd1c95","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":85,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"967cd595-5434-420d-ad7b-9327463ae480","block_type":"box","text":"benchmark index.","page_number":85,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"d96aba7a-179d-42a2-9d99-1c0deb6fe70c","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":85,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"6fe3a9f9-e43d-44ee-bc2a-bc61c4c40a7f","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":85,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"d4d326fe-e892-4c65-85f0-06e0c8dfe1fc","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":85,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"89c6863b-1e12-4772-a667-b5eb51385726","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":85,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"987942ed-b797-4bfa-b417-791c147e6b44","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":85,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"db6d177f-d0a5-4a84-b56b-f30e6d8218a4","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":85,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"567da254-f132-4149-bb7b-2d7497640dc9","block_type":"box","text":"securities and zero-coupon securities.","page_number":85,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"bbce24f2-133d-4742-b54c-04dcf79755f8","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":85,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"531ab0f9-3c8b-4490-8231-73f7bb3db359","block_type":"box","text":"taxes.","page_number":85,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"aa793a7a-91f6-4efc-8fbb-6b17f9e89f6d","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":85,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"d70eddad-387e-4fe2-87d7-a22e7197e850","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":85,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"9ba67427-16dc-4ca1-9d06-2f19ac7bf095","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":85,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"6f1a4104-240c-4449-ab8c-c56f4710f194","block_type":"box","text":"II-28","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"faa3e076-5015-4f68-8627-0c2f3c4d79f0","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"957d7bdc-661f-4404-b9cb-cee98888e293","block_type":"box","text":"underlying security (","page_number":86,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"a27ffb30-cb16-4e52-89df-0f3b0d273817","block_type":"box","text":"i.e.","page_number":86,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"74b86e1f-aaa3-49b6-8d0b-fdc821ce8e4f","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":86,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"014dcf42-0c2e-48bb-9e70-75850846e50f","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":86,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"79da4f58-4c35-4f1d-abd6-a6dd32f66329","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":86,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"cd181de6-0fde-4b98-984c-408fc21143c9","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":86,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"f24cb327-18eb-4566-abe8-f574d0624a39","block_type":"box","text":"Foreign Market Risk.","page_number":86,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"ed7a5b56-b070-49c6-9fd4-82c4d47f3b9f","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":86,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"57b4dc6c-0168-4033-a2c0-cf3f78f55745","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":86,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"7ebf5d62-5ae9-4e9e-8e7b-1becba454300","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":86,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"9e59f0bb-5718-4d30-916e-52ee465a0e9b","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":86,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"5ec0e897-945d-4a59-b44e-5d5bc2303a53","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":86,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"d986aa6f-3ea6-4122-b96d-2cbbcdf9014e","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":86,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"3b244f3d-72cb-46fd-97d8-26a9c09ce607","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":86,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"66dae837-b293-4ad5-a3ee-3595fc17b426","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":86,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"da8caee2-2da9-4088-a2cb-7d5e842d45c1","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":86,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"ea3eaf91-0d0f-450a-8fc6-faf6505eadb6","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":86,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"c8c0f92f-ed1e-44b2-8ef8-ee05518f348b","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":86,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"5951c2d8-0035-4a7c-af8a-0e2e8537c42c","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":86,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"bb831e32-50f2-4719-9b8e-3d058d695fa8","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":86,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"664c0196-096e-47ce-bf40-d87726395ccd","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":86,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"45c27e77-1427-4632-b926-50854bf1b27d","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":86,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"0e8dc69f-f876-488d-a279-93912498e008","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":86,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"69753600-e537-4d57-ae8d-ff95a80a009a","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":86,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"9a912e7a-15b4-4a8b-8b1f-07a460150631","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":86,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"73d7ef5a-edf3-4265-bfad-639d1638935d","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":86,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"a98522f5-97a8-45cb-a4ea-383bab96862b","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":86,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"235f7900-38ae-4ca1-ae15-bba6820006cc","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":86,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"4154e942-c3d5-42ad-b3f3-091fe3278851","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":86,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"70c57721-f88e-45ff-8624-e725a690e746","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":86,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"539cae09-9f31-4049-99f8-569c57178a7b","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":86,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"db4c074a-85c9-405c-a4df-5063b66edf07","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":86,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"fd872838-b3b5-4c35-8009-3d2ffbf22181","block_type":"box","text":"Fund’s operations.","page_number":86,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"2bdb401d-320f-4946-8bb9-a18a8621644e","block_type":"box","text":"Foreign Economy Risk.","page_number":86,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"18508b9c-2387-4829-b9b5-0f409a8b13a7","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":86,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"2942ff44-45f4-4577-adb2-2dc2f156e99c","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":86,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"1e9ace69-0ac1-42cf-95e9-e72e347c456e","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":86,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"9e6d6291-2786-4341-a40a-e71926a9c024","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":86,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"b3f1b6d3-2bf7-4511-bd22-decf8efbd324","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":86,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"74e5fdf6-0184-475b-9058-21ee6bce38dd","block_type":"box","text":"measures.","page_number":86,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"29807e2b-e76e-46b1-aad8-dbf449c4493d","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":86,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"6904f6ea-87e8-43eb-ae48-549244eadf22","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":86,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"1e106a36-8296-483c-aed3-21c93ea84838","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":86,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"7bf0b37c-0d02-4607-b59e-bdc0077ee655","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":86,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"751ea0a2-76cf-4e6e-95e9-b3999f84c3cc","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":86,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"85eaad23-2dd7-4f22-a7cf-12b39f26f1e9","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":86,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"47d67902-319d-4eb2-be42-4ba812572b18","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":86,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"6619da23-d689-4607-8221-7ba4781b3f7b","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":86,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"84274e78-d0d4-4aa6-95cd-4bf8b5f6b2ab","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":86,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"92b0c94a-893e-4921-ada8-85aeb1fbd8ea","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":86,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"f0404fb2-79af-4afb-8cba-c2f213a817cb","block_type":"box","text":"United States or abroad.","page_number":86,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"e77c3e24-6a9b-4efc-bd11-3e21b8f453ec","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":86,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"b0ae9d62-643e-42a2-8f2a-0c3f3781d434","block_type":"box","text":"Many foreign governments supervise and","page_number":86,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"cd68eba6-bdfb-4718-838c-211b496534c2","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":86,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"a70431b0-07ef-4486-b8be-a125c87fe66d","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":86,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"1b6deb91-d447-4bd0-95d6-3323001da6d9","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":86,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"5b539f4b-1311-4604-9236-30860eb9ace8","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":86,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"d363f50d-da02-4e7f-b64b-e70468a9241e","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":86,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"69682b35-23ec-4c37-9ffc-174fb8d3acbe","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":86,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"930fdbc8-3aba-48d7-b7aa-be129c084cb1","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":86,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"c109d91b-2660-4539-b7d5-70f89871a160","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":86,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"85320a7a-c4b7-4f31-bfdf-927cc5b56dcc","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":86,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"30cc2df1-5b6e-43c6-b456-2adbe1246ee5","block_type":"box","text":"II-29","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f196d57-5470-49fe-a5ba-a87dcf2d9783","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"889a4eb5-7768-49a3-b9fe-138028a844bc","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":87,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"1aace11c-f4e8-401e-a439-4ae1628a42ac","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":87,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"d360d61a-1ec9-47df-b3d7-999eb825f64c","block_type":"box","text":"investments.","page_number":87,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"341b0f7c-2af4-4b11-b4dc-e31f1f5faf45","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":87,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"ba6a7f2e-d88b-4444-9393-a1f617eb3c3b","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":87,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"67a24cda-5e8e-4d7b-ad8a-b5b882ac4e40","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":87,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"c3493dea-5a4b-4b65-a97f-4e9104063d26","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":87,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"6fcd1ef3-31ae-4cf2-a91c-aff675a07a26","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":87,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"cc1b8407-dd08-4aac-9d0c-bd63248b1754","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":87,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"af2d735a-0bc7-429a-8178-676b8675357c","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":87,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"7d40e86e-73a3-4dd7-a06b-2351c020a685","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":87,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"fe561449-39df-4bba-a292-f0a0e3e8edf9","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":87,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"942ab0ca-78be-462f-a4ef-3397bf46c409","block_type":"box","text":"States.","page_number":87,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"5deb7b63-5a08-4fed-842f-a244bc119c54","block_type":"box","text":"Publicly Available Information.","page_number":87,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"fd34dbe2-11d5-46d3-a846-757ff422aeae","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":87,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"5cd9793c-883a-4181-8b1c-5409c9560b5f","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":87,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"fa9619e7-7ba9-4688-bb53-57e519feadb8","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":87,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"0e040512-9a1f-43f2-a84a-3a82a58c3b6a","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":87,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"a7e95ddd-d65c-476c-b47d-3d412fa4cdf4","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":87,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"fea01960-f5f4-4952-9de1-2f33e2f81a3f","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":87,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"40a74e5a-d8f9-4404-a01b-bdb8e8c8231e","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":87,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"10e45aac-4056-4cf7-96f7-15a78ae06e61","block_type":"box","text":"United States.","page_number":87,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"82234c70-6a78-4712-8965-721dea46c44e","block_type":"box","text":"Settlement Risk.","page_number":87,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"28a73ec1-e11d-4cfb-95ec-db414c6bdbd3","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":87,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"ac30ba94-d536-4cbf-addd-2a31b9e998f2","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":87,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"8ec422d1-0545-4033-8d32-6ce159f72371","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":87,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"a3fe2a0c-efb2-45a3-8447-9ae8a7341651","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":87,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"8e878bb8-9200-486f-b761-c04b79df2017","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":87,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"159348f9-c22f-4ada-b30b-7edb89cd52fa","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":87,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"90648dff-0339-4d32-b6d1-493e113f9d15","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":87,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"8762d5eb-0d7a-442b-8d32-fce14b6f359d","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":87,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"0ac4e2e0-537f-498f-ab47-9ab95256954a","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":87,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"627d8c98-513e-43d2-bad1-4f0df5a3082a","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":87,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"43d0cedd-6e86-45bc-a75c-9c04333c506d","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":87,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"20c80de6-3b77-417c-b3df-515200f6612e","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":87,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"4859e71e-487b-4bcd-910e-2811521220fc","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":87,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"252c5305-02ab-4e4a-a532-5fabdcb3a479","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":87,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"16dd8491-d27a-4f27-9e29-1a6028927907","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":87,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"3eea0b70-bbdf-4a91-b1ca-43d7160324f7","block_type":"box","text":"Sovereign Debt.","page_number":87,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"bfce8d5d-0aad-4d58-8824-9d3ffda63794","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":87,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"212c7946-3ab9-497e-8dee-0ac17c58a436","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":87,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"7c85a055-c7b2-44e2-82c0-d9c6674d108a","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":87,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"56e9c1e5-8e2c-4862-91c9-dc161860e3d7","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":87,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"968b7f8b-0791-4aa6-a39e-7979872395d0","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":87,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"0fd74f26-b985-48c9-bb6d-2ceef5d9fe8f","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":87,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"b8ae6f87-99a4-4620-888a-0cfbeee97587","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":87,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"1e634b54-573f-4ed6-b8ad-c4b1b601ff32","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":87,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"91de429f-8d61-4bbc-8670-bbcd5cc11313","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":87,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"c67c9e32-eca5-4cab-b2be-bef1e9cb3968","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":87,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"8c0a5084-9706-4b55-a4cf-31a0bed85787","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":87,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"9f690c30-5ddc-4735-a3ed-bad3916ac968","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":87,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"f5703386-d11a-4742-b5de-27333b56622f","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":87,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"37c07b6f-7c95-4e62-bc32-e09f8e0f5988","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":87,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"3b6f7ae9-1f46-492e-9dfd-874519b2ec7f","block_type":"box","text":"debt.","page_number":87,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"e4e48c3d-602a-4c1e-8b82-809f59f09809","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":87,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"cb069db5-e204-47cf-b5fe-bc3d02f2c47c","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":87,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"0db6ae3f-af46-48cc-8a8d-8800fd08e06a","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":87,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"6ce50d4c-a256-4e49-8b02-ee10b18edc8e","block_type":"box","text":"II-30","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27dc4ee8-3baf-436d-b24d-6e8b025518dc","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"498cf067-41be-43b4-a6e3-3bf5a54cba98","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":88,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"7320c64e-c350-4a10-8403-563742766ff4","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":88,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"b35fce13-f22b-4f7c-91f3-b1e9ea98b6ae","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":88,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"719669a4-b17e-443e-9ac7-64fb2507cf85","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":88,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"f35b34e7-b9a9-452a-b219-7c24ca1029e1","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":88,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"f71264d6-a5bc-48bd-a9a0-c230a1857e46","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":88,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"2e10a810-3501-41a8-9cb2-d27f045c435a","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":88,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"3009ea49-4a40-4ab9-8e16-1d5a9abcf5b6","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":88,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"0b324a62-f4cc-4b54-82dd-b011a5915139","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":88,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"7664b407-caf4-4e4b-a1d5-862761711880","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":88,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"dbc75abb-8976-4eba-8327-31c67713c954","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":88,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"4d85eb62-f50e-411a-b382-69a41a1a5d33","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":88,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"dd51a0c6-3d86-494f-8c89-9f5cdda9fe7b","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":88,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"76403c9a-ba59-4f08-8086-edc0dde244e5","block_type":"box","text":"in the Fund’s net asset value.","page_number":88,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"c2f2a60a-872b-4e07-a412-9ac71905eba0","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":88,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"559340c1-762e-49ac-8b7d-bcf4ac0a5b56","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":88,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"573665a0-3547-47b5-af0c-68cc83d3a069","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":88,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"74c8f651-2d5e-4064-a5e0-5fa2e5e8c831","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":88,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"b4f829e3-3841-41ca-8813-726f4940b11c","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":88,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"0489a967-87db-43a2-8bc1-4eb6be39a63a","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":88,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"2d9b9800-f732-4588-8dee-dd27675ebf1a","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":88,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"34592952-a847-47c5-aa3b-4e273d323f90","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":88,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"2b6d4692-b071-495e-869a-c3af62be8092","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":88,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"9f092a44-d1cf-4afc-95f4-5bb9ea865992","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":88,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"b62ab041-3016-4bf2-9cf4-0159e40f2c22","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":88,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"b6e4a675-b586-4a33-bd56-314eec8f2f76","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":88,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"ed1d54a8-0047-42e8-8cef-26562ff53dbf","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":88,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"cabc4285-534a-4319-8fe3-09862e898bbd","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":88,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"7318ed16-826c-4384-97b2-f58b82aa7a90","block_type":"box","text":"Fund may invest.","page_number":88,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"c39a266d-0866-425b-9854-7eb872fba65f","block_type":"box","text":"Funding Agreements.","page_number":88,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"6f3b98be-57e5-4039-af24-23f900da235d","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":88,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"38f519b8-2181-48e1-b589-7af11205d296","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":88,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"92c03c40-3314-4fdc-9455-0ac0c54b29ac","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":88,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"18aa70ee-c37a-4f7b-ba6b-64aa2efb1de5","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":88,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"aed1b7bb-6dec-4f79-b430-b6432a3caab9","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":88,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"7bd8c10c-afeb-4109-8277-5c7a1223c766","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":88,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"622bb95a-8305-4b1f-a904-b5cfe5d1727d","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":88,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"1d2a3890-c2e0-4356-bda2-76399d9e605c","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":88,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"20cb467d-bb76-49dd-9380-6e9a95e01452","block_type":"box","text":"Guarantees.","page_number":88,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"c8acd07d-d183-4548-ab50-1b574c74b50b","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":88,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"4bdb28d9-eac9-4bae-b372-9fba2c29c25e","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":88,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"f32c97e9-b791-4bf5-816a-1c7bac72d25a","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":88,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"da8888cf-1418-4610-a39e-a4fce3ceb2a5","block_type":"box","text":"Illiquid Investments.","page_number":88,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"2f968b6a-ba0b-49b8-9178-e7f8f549c900","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":88,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"f94f6055-46a6-4b83-b2ed-15a578a9426f","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":88,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"d0fc255f-6bee-4740-b860-d5529282660c","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":88,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"c8c14826-4ca3-4369-8114-ece021ed39aa","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":88,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"5c4bb522-fe59-4cfc-b72e-e8b740f83aa1","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":88,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"e7203fe4-1095-4908-bc45-48b79a15eb97","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":88,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"25332996-419c-4ad8-8b42-a6013b65af34","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":88,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"07a21537-c748-4ca4-b6ce-8d845f869f2f","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":88,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"f9c54c94-2f6d-48ba-8db5-e273974a9727","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":88,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"ad061e0a-0cb5-4eaa-b178-53d7e8f19547","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":88,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"584929ea-61f2-4ded-bd54-e91654a04f13","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":88,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"2c49fb7f-3380-46ef-b2ff-7b29e3f21f6d","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. If illiquid","page_number":88,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"2e09be14-c7ea-4684-98a0-cf231663f880","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":88,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"628ce8cf-69b3-4b18-8033-6a765cb6a277","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":88,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c4aa575b-1093-4d3c-a8e9-eb9118bd9f75","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":88,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"152887bb-481f-48f9-93b4-957a7bc48c6b","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":88,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"242cebb5-4780-46b9-8332-c4bfb3d321fc","block_type":"box","text":"market opportunities. The risks associated with illiquidity will be particularly acute where a Fund’s operations require","page_number":88,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"fe5f6c12-cbed-4c1d-b939-81a9df88d4c8","block_type":"box","text":"II-31","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"825821d1-e303-4e0b-a2da-1eea4aa89617","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a06fe034-bdc5-457a-a05a-2a4fc60ce4ee","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":89,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"38765251-596d-4abb-8231-037b26ec740b","block_type":"box","text":"short-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":89,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"7525b3c9-bd11-43a1-bf69-bbfc87ebad5d","block_type":"box","text":"Index Funds.","page_number":89,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"b8ef8b29-e1ca-43f9-b3b7-8bd634584ee6","block_type":"box","text":"Cash Flows; Expenses.","page_number":89,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"5207c9fc-99f7-4852-b200-19bd0d1c6d78","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":89,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"9a590835-dfec-4b82-906d-c8e891322277","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":89,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"d9b6df87-6fbc-4312-a2d8-482a37ac3bd7","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":89,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"a808d9d6-952c-449b-90c3-0eb4fb84c7ad","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":89,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"c2e1d4ce-e638-4a5b-ae41-e90bc8b5cc90","block_type":"box","text":"the investment performance of each index is a hypothetical number which does not take into account brokerage","page_number":89,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"f6c48045-8e89-494a-8f19-f4966f14db7b","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":89,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"727e2c26-3ea9-45a6-b32a-a44896324803","block_type":"box","text":"(","page_number":89,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"07817c93-e6d0-43c5-a55a-a0304f5b564b","block_type":"box","text":"e.g.","page_number":89,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"c82ba657-07ff-4734-bf95-ad5be19d4f8a","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":89,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"a07ce115-07e0-4adc-a953-8e9c3abe865c","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":89,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"b0782278-c6eb-42e9-a193-38943a88128d","block_type":"box","text":"particular security as an investment.","page_number":89,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"23a2605f-9c5c-4267-a53f-2ca4f4e999a6","block_type":"box","text":"Tracking Error Risk","page_number":89,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"d13dbadb-a88f-4058-8311-0e99e2340a14","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":89,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"849f3be4-08a2-4516-8426-ae42438a1696","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":89,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"91e3481f-58a8-4d7c-ade7-b6b8e680a24b","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":89,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"186bbfa2-8abd-4881-8836-f7a7a76c235d","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":89,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"b26e2b61-e47d-477a-b629-ddf52fff3929","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":89,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"ab7c808d-7e81-4d32-9cd7-9349a4686c3f","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":89,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"4d33a5ab-a5bd-42b1-a434-999e09f32f70","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":89,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"fb1f9d88-e56b-4804-aad1-e87f89fc7324","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":89,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"08226b46-c501-4ce3-b351-92b3e10ad194","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":89,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"311d9125-c0ef-4f9e-8706-a75a2f5f8b18","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":89,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"a79b4632-7f0a-4dec-92f7-8392d53ad112","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":89,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"782a3061-9947-4c37-b334-e4d6a2617b10","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":89,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"28e77fa7-e452-4a84-8f73-0226bc5198e7","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":89,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"a0e578cb-aed3-4624-8e1c-2a4237e7ef76","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":89,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"6e088ac6-5e89-4a08-9019-65bca74729e2","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":89,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"c4e9b293-988c-408a-a74d-0f4179ef4735","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":89,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"5c2eaedf-04ba-4fed-a97d-5b319d57f7a1","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, alert the index provider as to the alleged issue. The","page_number":89,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"ae861079-31c3-4c84-902f-5a086c862044","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":89,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"63b21c2a-3735-47ea-b57b-163a6348d26c","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":89,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"ec8a35ba-0d1d-4098-9dfb-0495f43e76e3","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":89,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"d07c4576-7a51-4fd8-9cc9-61b28102831b","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. The application of the","page_number":89,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"953d4c46-0e93-4941-b646-e3ade4dce220","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":89,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"1ea7f008-4c4c-4b9a-b95d-74f8a1a52b70","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":89,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"a472d0dc-18d4-4526-929e-0dea1264a805","block_type":"box","text":"from an Underlying Index or a Fund’s portfolio, and the inclusion of such securities will result in an adverse impact to","page_number":89,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"cd8e2850-2d86-47b1-b327-a704d32332b9","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":89,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"650550ff-aa3b-47fb-bbdf-927d64b8f35a","block_type":"box","text":"S&P 500®","page_number":89,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"15c3ccad-5acd-4fe8-97b4-dd5d4c34205e","block_type":"box","text":"0®","page_number":89,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"69e5f99e-b700-43b0-a8f9-736575269884","block_type":"box","text":"Index (“S&P 500”).","page_number":89,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"eaf554b1-4625-41d5-8658-68da3a6574bd","block_type":"box","text":"“Standard & Poor’s","page_number":89,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"30e10e0b-7818-4a0f-9ae7-7d87051b26c6","block_type":"box","text":"®","page_number":89,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"293e0561-830f-4762-8695-41604800eb48","block_type":"box","text":",” “S&P","page_number":89,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"19e14325-ebf3-49e7-9ad8-41c3c901c4ca","block_type":"box","text":"®","page_number":89,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"0d9dd386-3862-43b0-a57d-b5cebed448d8","block_type":"box","text":",” “S&P 500","page_number":89,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"b0636525-ca90-481e-9f85-76d9c1c7a62c","block_type":"box","text":"®","page_number":89,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"43dbc483-29e6-46b4-bde3-b32dbb3e2bd0","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":89,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"755c6429-c839-4142-8463-58d834225236","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by certain mutual funds sponsored and advised by","page_number":89,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"5f5763c0-7933-4c18-b97b-1020335cbaa0","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":89,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"8c7fa681-9f23-42b1-bcb8-440c78dcc308","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":89,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"1b011a7a-d2de-456f-bee2-1af650cd07e5","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":89,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"efb7774b-d24a-448b-bc6c-b88ab586df66","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":89,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"1a4ddfcd-63d2-4cba-b2c2-8fb37af81f19","block_type":"box","text":"track general stock market performance. S&P’s only relationship to certain Funds is the licensing of certain","page_number":89,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"670c4f99-a2c7-4339-891b-7c9d4b9d5b07","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":89,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"8f21011b-cc65-4c4d-b89a-baa1f24df242","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":89,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"684b18b0-eafc-483f-9212-05686e16b6f4","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. S&P is not responsible for and has not","page_number":89,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"9e7db5a8-69fe-44e1-8faf-dac75eb74b20","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":89,"box":{"x":70,"y":793,"width":787,"height":11}},{"id":"d84cf150-8173-45f9-aa60-b3ceb75b9c7a","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":89,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"b21915ee-5aab-436b-a8dc-3bbd3b4fb6c3","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":89,"box":{"x":69,"y":823,"width":742,"height":12}},{"id":"95df2ca4-06f7-4c6d-987e-c7d5e04f9e9e","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":89,"box":{"x":102,"y":846,"width":761,"height":11}},{"id":"30551dec-141d-4fd5-9ff5-39ae16b2ccfc","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty,","page_number":89,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"988e058d-41f1-4e4d-a317-85a71b727016","block_type":"box","text":"express or implied, as to results to be obtained by a Fund, owners of shares of a Fund, or any other person or entity","page_number":89,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"3b8e63fd-0ce4-4920-af0a-aedf011218bd","block_type":"box","text":"from the use of the S&P 500 Index or any data included therein. S&P makes no express or implied warranties and","page_number":89,"box":{"x":68,"y":891,"width":815,"height":11}},{"id":"ca2d286a-1b1d-498a-8f9e-43f46b62db45","block_type":"box","text":"expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P","page_number":89,"box":{"x":69,"y":906,"width":840,"height":12}},{"id":"50a483b8-293e-4825-82e6-d1f838b7a52a","block_type":"box","text":"II-32","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"28e5e5f9-0034-4009-8624-1e2cb1b8fc9f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1881a3f-8db1-4067-a665-f66405a70577","block_type":"box","text":"500 Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability","page_number":90,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"7e0de2b7-5b03-4ef4-b0c5-502b1f1542cf","block_type":"box","text":"for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility","page_number":90,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"437454da-51b5-4d9d-8e36-2ae44eebec19","block_type":"box","text":"of such damages.","page_number":90,"box":{"x":69,"y":75,"width":125,"height":11}},{"id":"fcd49f7e-cae4-4ddd-8974-7e2ee492969f","block_type":"box","text":"Russell®","page_number":90,"box":{"x":102,"y":98,"width":52,"height":9}},{"id":"45a142e9-e65e-4598-9a4d-27a380c26b71","block_type":"box","text":"l®","page_number":90,"box":{"x":154,"y":98,"width":6,"height":4}},{"id":"99173f6d-edd3-447c-a583-c777061f18d3","block_type":"box","text":"Indexes.","page_number":90,"box":{"x":166,"y":98,"width":57,"height":9}},{"id":"70bc393c-0e70-4873-b11f-494473a82883","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Russell","page_number":90,"box":{"x":231,"y":98,"width":611,"height":11}},{"id":"52615762-82b5-404e-a422-7971ba143f17","block_type":"box","text":"Investments. Russell Investments is not responsible for and has not reviewed any Fund nor any associated literature","page_number":90,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"5c834200-edaa-4cd4-8ec2-1003f71821a3","block_type":"box","text":"or publications and Russell Investments makes no representation or warranty, express or implied, as to their","page_number":90,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"a1790f75-88f4-4647-831f-25a1b0ede166","block_type":"box","text":"accuracy, or completeness, or otherwise.","page_number":90,"box":{"x":69,"y":143,"width":291,"height":11}},{"id":"f7f83825-556d-41af-858e-dff31ac2d9e0","block_type":"box","text":"Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":90,"box":{"x":102,"y":166,"width":794,"height":11}},{"id":"50784dc5-b1a4-4369-9e59-6bfe1886b93a","block_type":"box","text":"change a Russell Index. Russell Investments has no obligation to take the needs of any particular Fund or its","page_number":90,"box":{"x":69,"y":181,"width":778,"height":11}},{"id":"d72c95ba-4467-489d-a702-724255378384","block_type":"box","text":"participants or any other product or person into consideration in determining, composing or calculating the Russell","page_number":90,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"331b6973-8624-446c-8ff6-e240e83567ff","block_type":"box","text":"Index.","page_number":90,"box":{"x":70,"y":211,"width":40,"height":9}},{"id":"67069b71-83ed-4b87-b85c-5788ce97ef20","block_type":"box","text":"Russell Investments’ publication of the Russell Indexes in no way suggests or implies an opinion by Russell","page_number":90,"box":{"x":102,"y":234,"width":766,"height":11}},{"id":"dfc0faeb-f8e8-4c6f-9078-af72531c9c80","block_type":"box","text":"Investments as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell","page_number":90,"box":{"x":70,"y":249,"width":833,"height":11}},{"id":"0d161506-35e1-46af-aba3-a542548b309c","block_type":"box","text":"Indexes is based. Russell Investments makes no representation, warranty, or guarantee as to the accuracy,","page_number":90,"box":{"x":70,"y":264,"width":765,"height":11}},{"id":"18725e65-f565-433f-838d-2f8dc3d82c6a","block_type":"box","text":"completeness, reliability, or otherwise of the Russell Indexes or any data included in the Russell Indexes. Russell","page_number":90,"box":{"x":69,"y":279,"width":807,"height":11}},{"id":"991bec75-7499-4a5c-a524-bf736f635dbf","block_type":"box","text":"Investments makes no representation or warranty regarding the use, or the results of use, of the Russell Indexes or","page_number":90,"box":{"x":70,"y":294,"width":826,"height":11}},{"id":"bb86c79f-cc81-459f-b5d0-f1e9990e204a","block_type":"box","text":"any data included therein, or any security (or combination thereof) comprising the Russell Indexes. Russell","page_number":90,"box":{"x":69,"y":309,"width":757,"height":11}},{"id":"3188a7b5-a828-40f5-9be0-caeb8989c091","block_type":"box","text":"Investments makes no other express or implied warranty, and expressly disclaims any warranty, of any kind,","page_number":90,"box":{"x":70,"y":324,"width":767,"height":11}},{"id":"6408d7a1-bbdd-4211-a2d8-5d2631dc61fc","block_type":"box","text":"including, without means of limitation, any warranty of merchantability or fitness for a particular purpose with respect","page_number":90,"box":{"x":70,"y":339,"width":833,"height":12}},{"id":"ca269ef6-dc3b-4306-8e95-5d3f0c2d33f4","block_type":"box","text":"to the Russell Indexes or any data or any security (or combination thereof) included therein.","page_number":90,"box":{"x":68,"y":355,"width":651,"height":11}},{"id":"28ced870-7d4d-4092-996d-da65f2ff25b7","block_type":"box","text":"MSCI Indexes.","page_number":90,"box":{"x":102,"y":377,"width":100,"height":9}},{"id":"839503a6-4f9a-419f-92e4-affee1e28894","block_type":"box","text":"The MSCI Europe, Australasia and Far East (Capitalization Weighted) Index (“EAFE Index”) and the","page_number":90,"box":{"x":209,"y":377,"width":696,"height":12}},{"id":"6bb64e4e-1f68-49c8-b1d4-74dc8b7f8c55","block_type":"box","text":"MSCI All-Country World ex-US Index (“ACWI ex-US Index” and together with the EAFE Index, the “MSCI Indexes” and","page_number":90,"box":{"x":70,"y":392,"width":818,"height":12}},{"id":"611140ad-66f7-4a4b-b414-38e37e73be0c","block_type":"box","text":"individually an “MSCI Index”) are the exclusive property of MSCI, Inc. (“MSCI”). The EAFE Index and ACWI ex-US Index","page_number":90,"box":{"x":70,"y":407,"width":837,"height":12}},{"id":"30c08d93-5ff5-4dae-bb7e-93d41dbec4f3","block_type":"box","text":"are service marks of MSCI and have been licensed for use by the Manager and its affiliates.","page_number":90,"box":{"x":69,"y":423,"width":658,"height":11}},{"id":"a6c02a51-dd87-4228-9162-ec231e0d8fb2","block_type":"box","text":"No Fund is sponsored, endorsed, sold or promoted by MSCI. MSCI makes no representation or warranty, express","page_number":90,"box":{"x":102,"y":445,"width":806,"height":11}},{"id":"2b0f216c-7d2e-46ed-b709-5b0c1649e3e6","block_type":"box","text":"or implied, to the owners of shares of a Fund or any member of the public regarding the advisability of investing in","page_number":90,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"7684975c-9600-4187-9536-172176682ce0","block_type":"box","text":"securities generally or in a Fund particularly or the ability of an MSCI Index to track general stock market","page_number":90,"box":{"x":69,"y":475,"width":743,"height":12}},{"id":"b6c04f9f-e07c-4fb9-afff-b27c9dc5e350","block_type":"box","text":"performance. MSCI is the licensor of certain trademarks, service marks and trade names of MSCI and of the MSCI","page_number":90,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"c8c59c6b-2fce-404e-8dd4-dbfb0c1f23d2","block_type":"box","text":"Indexes. MSCI has no obligation to take the needs of any Fund or the owners of shares of a Fund into consideration","page_number":90,"box":{"x":70,"y":506,"width":824,"height":11}},{"id":"11fef11e-ef89-4afd-9454-6ea168b840b5","block_type":"box","text":"in determining, composing or calculating an MSCI Index. MSCI is not responsible for and has not participated in the","page_number":90,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"0d36a8ec-d9d3-4dfc-ace7-92ad0f8bcf65","block_type":"box","text":"determination of the timing of, prices at, or quantities of shares of any Fund to be issued or in the determination or","page_number":90,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"53345df8-d7b3-4e77-887f-ae1ba4b928bb","block_type":"box","text":"calculation of the equation by which the shares of a Fund are redeemable for cash. MSCI has no obligation or liability","page_number":90,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"496209c4-b82f-4ee2-8448-698d5d916ad2","block_type":"box","text":"to owners of shares of a Fund in connection with the administration, marketing or trading of the Fund.","page_number":90,"box":{"x":68,"y":566,"width":724,"height":11}},{"id":"137579f8-f893-45b2-8abb-1a6bebeb0a39","block_type":"box","text":"Although MSCI shall obtain information for inclusion in or for use in the calculation of an MSCI Index from","page_number":90,"box":{"x":101,"y":589,"width":751,"height":11}},{"id":"76e8e4aa-895f-4807-b740-d569b1b1b28b","block_type":"box","text":"sources which MSCI considers reliable, MSCI does not guarantee the accuracy and/or the completeness of the MSCI","page_number":90,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"e261a0fb-d424-4332-81c5-5aa4543df8ae","block_type":"box","text":"Index or any data included therein. MSCI makes no warranty, express or implied, as to results to be obtained by","page_number":90,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"cab167e7-32c8-44b4-81f6-3bab99c89439","block_type":"box","text":"licensee, licensee’s customers and counterparties, owners of shares of a Fund, or any other person or entity from","page_number":90,"box":{"x":70,"y":634,"width":812,"height":11}},{"id":"a56fe3c1-6ad2-4e89-b033-d4416b1a96ca","block_type":"box","text":"the use of an MSCI Index or any data included therein in connection with the rights licensed hereunder or for any","page_number":90,"box":{"x":68,"y":649,"width":804,"height":12}},{"id":"fdc707bd-b71c-42b8-9d18-f188abfc2a67","block_type":"box","text":"other use. MSCI makes no express or implied warranties, and hereby expressly disclaims all warranties of","page_number":90,"box":{"x":69,"y":664,"width":758,"height":12}},{"id":"a51b9e48-84de-47ca-92a4-02376cfd131a","block_type":"box","text":"merchantability or fitness for a particular purpose with respect to an MSCI Index or any data included therein. Without","page_number":90,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"ecfc173e-dfc8-4acc-9f5d-bde41cddbb30","block_type":"box","text":"limiting any of the foregoing, in no event shall MSCI have any liability for any direct, indirect, special, punitive,","page_number":90,"box":{"x":70,"y":695,"width":777,"height":11}},{"id":"b5997b03-e203-4414-bea4-900cbddf817e","block_type":"box","text":"consequential or any other damages (including lost profits) even if notified of the possibility of such damages.","page_number":90,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"b915afd7-2444-4273-92a6-aff275838697","block_type":"box","text":"Financial Times Stock Exchange (“FTSE”) Indexes.","page_number":90,"box":{"x":102,"y":733,"width":355,"height":11}},{"id":"23371ae9-ad72-4527-a9bb-b92001f75476","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any","page_number":90,"box":{"x":465,"y":733,"width":422,"height":11}},{"id":"4ea98716-d369-406a-82bb-9ede96bebe32","block_type":"box","text":"way affiliated with FTSE. FTSE is not responsible for and has not reviewed any Fund nor any associated literature or","page_number":90,"box":{"x":68,"y":748,"width":824,"height":11}},{"id":"0e6b7ad9-5db1-47e7-a2a1-62dff98e0de5","block_type":"box","text":"publications and FTSE makes no representation or warranty, express or implied, as to their accuracy, or","page_number":90,"box":{"x":70,"y":763,"width":736,"height":11}},{"id":"98d6de6c-1587-40a1-bc0f-29892ed7a372","block_type":"box","text":"completeness, or otherwise.","page_number":90,"box":{"x":69,"y":778,"width":202,"height":11}},{"id":"6afd9680-6a88-4330-b67b-e56695a16c2f","block_type":"box","text":"FTSE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a FTSE","page_number":90,"box":{"x":102,"y":801,"width":794,"height":11}},{"id":"4ff51b36-7fb5-4b51-8435-17116e3f8647","block_type":"box","text":"Index. FTSE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":90,"box":{"x":70,"y":816,"width":799,"height":11}},{"id":"362af0f7-9067-443c-bbc7-e423cca3f878","block_type":"box","text":"person into consideration in determining, composing or calculating the FTSE Index.","page_number":90,"box":{"x":70,"y":831,"width":587,"height":11}},{"id":"de5d1b66-5897-4cc5-812b-8d2ab61cabde","block_type":"box","text":"Bloomberg Indexes.","page_number":90,"box":{"x":102,"y":854,"width":139,"height":11}},{"id":"5db6d275-6e68-4f67-af6a-cbe35b1143bf","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg","page_number":90,"box":{"x":249,"y":853,"width":636,"height":12}},{"id":"cda7ef26-b4a8-48ab-bb42-724d54deae74","block_type":"box","text":"Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for nor has it reviewed any","page_number":90,"box":{"x":70,"y":869,"width":809,"height":11}},{"id":"eaa5ea69-341a-46d9-bffe-afbc29b625de","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":90,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"b4669f72-1cc3-40e2-a0eb-cb685d4bde17","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":90,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"25c6949d-2208-4661-98f1-5db343580f50","block_type":"box","text":"II-33","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22f9c5f0-ce93-4465-82f5-f7ddfa3da877","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4ca1b58-a721-4ec7-b39f-4274be59d0de","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":91,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"755b80b7-45f6-42b2-9b0f-ad3c185e41ee","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any particular Fund or its participants or any","page_number":91,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"3aae8ebb-fdb8-4942-a3ba-504c07e2ac94","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":91,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"6660a814-dff0-46a6-872e-f21624a3aed6","block_type":"box","text":"ICE BofA Indexes.","page_number":91,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"952f2dfa-79dc-4305-a6db-10be8d6e3cde","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":91,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"1ffdd17f-fd07-42e0-aa8f-5f489cb799ff","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":91,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"b931b99e-3c58-4d35-9848-a9cd4d09a769","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":91,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"81a8a2d1-9186-4763-aff6-b0b606fd35d9","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":91,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"de7ebbeb-9608-46cf-83de-178f02422316","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":91,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"a91280be-6370-4659-bb67-8633feade7dc","block_type":"box","text":"completeness, or otherwise.","page_number":91,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"6415d362-1645-4afd-9c1d-c9a4e2b9940e","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":91,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"dcb96b85-7ed3-4876-9d42-d820df8eb461","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":91,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"252df498-8c9c-41c8-b3f7-b9ea67b7f77f","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":91,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"0b3138e1-4a32-42b3-9ffc-05472baee170","block_type":"box","text":"Indexed and Inverse Securities.","page_number":91,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"40083ce3-ef4e-4bee-b12c-89205876f1a5","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":91,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"8478355a-154d-4a85-9e70-a983d7de133b","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":91,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"9b30ca1b-9b81-4881-b778-03d384419762","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":91,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"fda480c1-8c09-489f-83ac-ead617ff51c3","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":91,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"50c48657-866a-4dd5-ac28-5dfdfbc002c4","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":91,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"1213ad95-2f37-41d3-9bcc-31f5f3ef6388","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":91,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"63f55487-1285-464b-a24b-dcee45535408","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":91,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"878f479b-a98c-4433-a1a7-5262bea7c270","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":91,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"dcf9a230-80a1-4d2a-88a8-0ae261d0b3e7","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":91,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"17d48943-efe3-4d40-b936-d01caf4dbb90","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":91,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"80a7f6ba-f340-47e8-832b-467432402f82","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":91,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"16679d78-b53c-4ccc-af08-78f086a02f50","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":91,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"9afc21e5-0439-4d6b-b86e-b31f2182cce6","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":91,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"fa773568-85fc-4c4f-ae56-300223515e1e","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":91,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"a2d1f794-a84b-43b0-b8fd-c186dfa36755","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":91,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"cea8ecf8-dac8-4b59-b0be-9aa615680cad","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":91,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"59689a16-2ec5-41c7-adf3-5e50e37603de","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"97cdfd44-0a22-4b4d-af95-3dfd0eba4b42","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":91,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"7c8d43f7-d455-411b-ac4a-172e37cd3f95","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":91,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"ce235980-e531-4235-8710-3a776a98efda","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":91,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"92e04850-f174-4394-bcd2-6ef9b8499aeb","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":91,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"0bf55f0b-d832-40cb-a7cc-4eb49f80ffce","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":91,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"64d6c6a0-8ed0-45f3-b85e-d8192772b365","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":91,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"b6cbc024-1339-4492-898d-436c95f390f2","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":91,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"0713e06e-387e-4250-a536-4986b769b340","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":91,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"86418628-3009-43ef-b09e-81ce5745488d","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":91,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"2f9ecfe1-825f-41f0-a178-af06432ab4e9","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":91,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"012bf060-cbaf-44ff-802b-eea7683d6835","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":91,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"06cf7729-527f-4e8f-a835-14131f1cd63a","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":91,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"4be5fee3-87d4-4052-82b8-59048feb6a3b","block_type":"box","text":"Inflation Risk.","page_number":91,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"f3a57e49-2995-42e6-b379-c22e7f46bc3d","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":91,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"daa1b381-3b3e-4fc9-8369-52add19b02c8","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":91,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"7970af8c-ebc7-42ec-bcd8-c589f8048fc2","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":91,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"2e6d7ca3-1460-412f-b395-bae2fb7c6781","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":91,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"aee5367b-7997-4371-8863-0d6055677759","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":91,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"e92833f8-d950-4e4e-859a-758dfc61482b","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":91,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"f1649808-e86e-44b8-bbf6-ec9e5156d71b","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":91,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"ae3ea0a4-feda-4173-a4ba-a1fa1c112b91","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":91,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"ee2feef5-438d-4834-8573-ba0fb51af7e9","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":91,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"fbccaa5c-108d-4b7d-8b6f-4916b82ac98e","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":91,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"fa74732f-e99a-4fb7-8e41-594eb91ccb9f","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":91,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"e7bdfa66-c0db-41b2-9734-7d95791938db","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":91,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"7ca00b85-5a8f-4492-99dc-2a1d2e9d2de4","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":91,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"53af5b8e-efc7-4cde-a896-d87e6ebbaf2a","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":91,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"4b2b67e4-9c4f-4bba-9e1a-bcd5a3300450","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":91,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"f1229100-606a-480e-aaff-e4cd39ee988d","block_type":"box","text":"II-34","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b4c3f9d-a173-4cac-b697-cd78a2018dd1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51253e84-8292-4d68-86ad-376bfe6fa4d5","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":92,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"dc800b1d-71ff-45f4-a6c7-960b783bc7a2","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":92,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"6b511d56-f46d-42b1-aefb-544755fcdad9","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":92,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"87820abd-69b4-4626-8dc6-115966c043c5","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":92,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"d13089ba-63e1-4b6e-8f1a-b74b815d9be4","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":92,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"98bd2e25-e6b3-4aef-952c-c06df241f18f","block_type":"box","text":"be available for very limited periods.","page_number":92,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"e64b5c6f-97b1-4890-b17b-b3df2d5d51b3","block_type":"box","text":"Investment in Emerging Markets.","page_number":92,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"17bf83c3-d8e0-4e74-a212-3b2cbd1fdff6","block_type":"box","text":"General.","page_number":92,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"1cfddcd8-88ce-42a2-a9d3-8500acd52719","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":92,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"db5ca9b7-5692-4f72-8746-e36f1f5f6c46","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":92,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"9efe3a0f-97fa-44c3-aa25-b32cbaf7ff97","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":92,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"6c133f7b-103f-4f5e-9c61-929b1ffd0d2f","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":92,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"125ec276-9dc5-4ee2-9591-f4fefa0906a8","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":92,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"b576e54d-9b81-47e5-a7fe-c63f40618ccf","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":92,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"410cbf26-a95a-4a64-91b2-26d2716ea97d","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":92,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"45400c38-d562-46df-bad0-be7ca80d0aa4","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":92,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"a9d18862-1c9c-4494-8159-4f084a28fb92","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":92,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"f664311d-98f4-47e9-8f9c-0e25064be348","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":92,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"2a81c29b-0e09-452b-b369-003866ece8c6","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":92,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"46c63fcc-fadd-463b-b86c-fa3e38d70c36","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":92,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"7c16c00c-d7da-4e3f-bd79-a4825cfe19bf","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":92,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"70b3f53c-9213-4391-b7da-602504746804","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":92,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"8153e623-daef-48bf-b3a7-8c2d3c3aab27","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":92,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"91e4b602-c38c-4913-b6c0-e2a1531db2de","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":92,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"968f0ad7-905d-4ce5-b27b-9af5bf6aee91","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":92,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"a1e2a976-3817-4ec0-97e7-e1b0ac9212d8","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":92,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"91ffce96-06eb-45a4-9c4c-77716053dade","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":92,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"b3e1bd2b-0806-4764-9c46-ba7fc31ac19a","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":92,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"3ae0cb13-f9c7-4d3b-a216-c96801597f3d","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":92,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"243ca001-a5bd-4f1b-a8e9-63a6582622e7","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":92,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"c84e0ab3-433e-401a-8294-ec6dea749a6e","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":92,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"ccf806f1-ec38-461b-8fe5-ceb86b982042","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":92,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"af1588cd-4e1e-4894-8125-30320b583414","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":92,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"2d73524f-c0d3-4346-89e7-8e302cc8c4ea","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":92,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"d709d2e8-d361-4875-9ebe-20f688d2a54b","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":92,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"30b0c4b8-f28b-4442-98a2-4d2173fd98e3","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":92,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"fe2698bf-dd79-4245-a6df-4054a4db1485","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":92,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"ef2a226e-f556-4b54-b38b-2425cb24a14b","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":92,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"31d6fdc9-7bef-4ca2-97b1-716545cbd2fa","block_type":"box","text":"volatile than investments in more established markets.","page_number":92,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"9a63f394-d7d3-4c5f-946b-9e5200d710f3","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":92,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"8a908233-dd1b-4626-b463-7b49452b8cd0","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":92,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"90b5c551-17e8-43ea-acca-a507f662cf22","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":92,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"34db7a50-6181-4224-9215-4c21eed7304c","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":92,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"53ce9dc0-3450-4589-ba3a-b775b01d009c","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":92,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"ce9a81b7-ece2-455c-a029-99a10021ee27","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":92,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"d4e6f1a0-0f2b-4324-99ea-99c05c18c0bc","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":92,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"65e9e009-8780-4ebf-92be-89de09ca739b","block_type":"box","text":"acquisition or disposal of securities.","page_number":92,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"39e2c7ba-846f-4bfc-8009-2f26942713cc","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":92,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"e099e530-5f46-47f3-b248-140b68c23ace","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":92,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"8b45daa1-8786-4172-99b8-7a88b17b71b1","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":92,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"df18455d-18cf-493d-b526-7bf5a0651455","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":92,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"a1002d36-29ac-4cd6-9802-0bd4c342a6c6","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":92,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"f98e2731-0dee-487f-a769-a8e3bb9150b3","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":92,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"a238f3f7-863c-4ee6-b465-be0f6bc2afe2","block_type":"box","text":"II-35","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3145e91-4310-4ccb-a169-df1f0122e4f5","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b03210af-d65e-44ea-a95f-5931c31d3d70","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":93,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"ef300420-a133-4da0-abd5-fd3242bcc92b","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":93,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"f61290c9-f694-46fa-83b9-8747bf92f21b","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":93,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"e67fe908-1d80-4dd5-ae78-941beabd01a6","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":93,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"171904cf-fe2a-445e-bd17-851c4f24a46d","block_type":"box","text":"generally less available or transparent in these markets.","page_number":93,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"23102413-cb6c-4870-84c9-f6d7a388b99c","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":93,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"537bd0ea-fee0-4feb-9c85-299f3dfe9dea","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":93,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"80ca496d-7c7e-4332-9c9d-409eb2d0a65a","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":93,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"f08166d6-1dbe-4a84-8039-29d60445ca91","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":93,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"3a13f0cf-ebad-45cc-a4f0-b6364a1aaa1b","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":93,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"1e98cd42-475e-46c9-bbc6-0adb5cb1cf99","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":93,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"257743bf-28b6-421f-a6a5-1843b6c40447","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":93,"box":{"x":68,"y":218,"width":740,"height":12}},{"id":"d4784063-938a-453a-b7e3-d31f77f5c6c0","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":93,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"97de6503-d4ef-4645-beed-f4dcfa657b81","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":93,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"99c63ad1-e9f3-4582-ab92-e3f0aaf55c75","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":93,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"96cc11de-c955-4657-9334-763f926cb018","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":93,"box":{"x":69,"y":271,"width":808,"height":12}},{"id":"78bb5dc0-68cd-4b58-b727-0dc8e2787484","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":93,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"2ef8e746-f072-4902-960e-cc6887028bda","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":93,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"7499a354-9954-4c20-aeb7-63ed9a70653e","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":93,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"cdeeacb9-5118-43f0-8d54-235c37912a9b","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":93,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"5dff5393-139c-4365-ba45-e360c2ecedea","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":93,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"2628c33b-adde-46b7-9695-f9118d9c5546","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":93,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"d770bb8b-3d67-412e-9939-a7961a708889","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":93,"box":{"x":70,"y":377,"width":766,"height":11}},{"id":"045c67d3-9fc0-4367-b19a-fcc956fb384e","block_type":"box","text":"performance of the Fund.","page_number":93,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"e4a57956-1642-4b93-b597-a760dd84246d","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":93,"box":{"x":102,"y":415,"width":784,"height":11}},{"id":"dfeff232-cc62-4bf2-9345-f03087d325a1","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":93,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"6c614cd8-8f10-44fe-878e-654aea9029fa","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":93,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"597e1c10-a7a1-48c3-86e7-2f7ee63dec1b","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":93,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"5d721fd6-8c49-40df-b192-bf6e3c8b5b07","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":93,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"b47d4a41-4dcf-4a80-b19a-49305e2161ad","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":93,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"772b736a-92c8-46a5-9e5f-8eaa5ef63fbf","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":93,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"cf19eeca-f4f0-4f7f-8065-a31e79e92056","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":93,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"648937a6-1a45-45c8-b3f7-751391ed20fa","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":93,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"53da02be-aba3-4f59-91b3-4f34f90259db","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":93,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"2abcd0c4-0fc5-4108-ad1f-cc8dbac86c60","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":93,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"101a1fb2-4dcd-4c58-a541-c1e1afa994b3","block_type":"box","text":"affected by a variety of factors.","page_number":93,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"f5ed1d19-ff19-43fd-ac9c-cee0e572d2bb","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":93,"box":{"x":101,"y":604,"width":785,"height":11}},{"id":"4292b842-451f-432c-98c2-571a829eb1a5","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":93,"box":{"x":70,"y":619,"width":789,"height":11}},{"id":"a168617e-5033-410b-956a-8a57e4fc0267","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":93,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"7d388799-d2ac-4294-b7e6-093c6a7a878b","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":93,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"7a423a3d-8966-4d58-9ca4-7715ff666d57","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":93,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"d84fa930-e273-45de-9077-9d630a23cc02","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":93,"box":{"x":70,"y":680,"width":652,"height":11}},{"id":"08ffce57-e556-40fa-9e19-3196e6effd22","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":93,"box":{"x":102,"y":702,"width":737,"height":12}},{"id":"de18b675-2e81-4fb9-828c-ce392ea61036","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":93,"box":{"x":69,"y":717,"width":803,"height":12}},{"id":"7b86887d-0205-44bc-ab5f-20a2834dd73b","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":93,"box":{"x":69,"y":732,"width":801,"height":12}},{"id":"671f8bc0-c837-426c-be91-0b8f374494bb","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":93,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"f057461f-5a32-4f60-a979-7613bc616ae8","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":93,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"13bd7ea6-2d79-4a1d-8e04-db2eadb91f9e","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":93,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"3bf069b8-12d0-458d-97ab-f9a08ad589a4","block_type":"box","text":"nations.","page_number":93,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"d2fce95f-951f-4bbd-96dd-2a91c17868be","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":93,"box":{"x":102,"y":816,"width":794,"height":11}},{"id":"a16c6d87-d58b-4efd-a273-290678cd2cf3","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":93,"box":{"x":68,"y":831,"width":773,"height":11}},{"id":"e248d30c-e26a-4be9-855d-1da833e2e0e0","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":93,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"7bf9ae0f-58bd-402e-bdb4-6d16881d89ea","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":93,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"b9a7e500-17a9-43dd-89f5-9334611fc0b9","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":93,"box":{"x":69,"y":876,"width":790,"height":11}},{"id":"0304b0d8-253e-4ad9-aa1b-45d71ac7bf65","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":93,"box":{"x":69,"y":891,"width":790,"height":12}},{"id":"ef5520f7-bd05-45ba-a2ba-5c512de9af2c","block_type":"box","text":"market Asia-Pacific companies.","page_number":93,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"264217e2-fb22-4db1-8b40-82cbdc20d6de","block_type":"box","text":"II-36","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4fb13950-6868-4f00-b0d6-917c49b109b1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b972581-018c-4a8c-afff-199c7b53a60c","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":94,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"e7ad455c-4dec-4f37-b1d2-d4c1d1a1e01c","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":94,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"e33169eb-d3be-4317-95f1-55612e34fd1c","block_type":"box","text":"services for such securities outside such countries.","page_number":94,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"09ad499f-6d3d-489c-91a7-e0f56a59f6d0","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":94,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"87b15bc6-27ce-4072-8fd4-257d8b0915d9","block_type":"box","text":"to commercial banks and foreign governments.","page_number":94,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"ee768506-09b3-4372-882e-a5188e758842","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":94,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"13a15e65-d63c-470a-9097-0fc3d1325142","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":94,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"f7f91fcf-b641-47f3-b5d1-f2e470032aa1","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":94,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"7417d1b1-6451-401a-9d49-2a65b82c6c85","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":94,"box":{"x":102,"y":188,"width":782,"height":12}},{"id":"37061f1b-b2ae-46b5-9821-8df6a62089c6","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":94,"box":{"x":70,"y":203,"width":819,"height":12}},{"id":"04a0b4f5-cafa-468f-8132-dd95b9632623","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":94,"box":{"x":68,"y":218,"width":711,"height":12}},{"id":"5d1c9315-acab-43f4-ac61-33f2a3cc45e0","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":94,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"f086f429-f1e9-4826-b6d3-f4e6bf1e59ff","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":94,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"eb5b2e35-7665-403c-b2e0-8a30e7c16368","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":94,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"a0ba3bfc-a9ef-4bb3-826a-9fc9e1fe3cf5","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":94,"box":{"x":69,"y":272,"width":836,"height":11}},{"id":"66cb21b3-df67-4baa-b77a-b9f47c846bb7","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":94,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"462beb07-1d3d-47aa-9c74-0795f12b8a19","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":94,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"736c6bf8-705f-45f0-9091-83ef688854db","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":94,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"b9223eeb-487b-4812-8c7a-714fd2d73617","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":94,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"fc488378-32b5-4074-82a1-e5da087c2454","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":94,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"ad47bfd1-949a-4df4-ab2d-ffe35f20edcc","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":94,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"99d0e660-aa34-4c17-8f15-96d507b8e491","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":94,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"064455ff-90ed-4d19-b29d-a9fb96a092ca","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":94,"box":{"x":101,"y":400,"width":787,"height":11}},{"id":"7e397d79-e566-462e-81f5-183c23524410","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":94,"box":{"x":68,"y":415,"width":833,"height":11}},{"id":"ff2265cc-63bb-42d6-b275-3a1c3192eab6","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":94,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"0565c3d6-8598-40f4-842e-cf84c1f933bd","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":94,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"bca1b640-d42d-4a20-b8d7-26046aed809d","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":94,"box":{"x":68,"y":460,"width":834,"height":12}},{"id":"dd38c6a3-4f45-4803-a92f-3d7c19bc9fae","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":94,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"c281b018-081e-41eb-a394-8a514aa71fe6","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":94,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"19a78d27-eebe-4874-a4d2-af4e4a588a80","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":94,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"84638808-da54-4d76-be0d-008392d8cfa8","block_type":"box","text":"investment at that time.","page_number":94,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"7f4614de-a041-4d1f-830c-3b16aa90a05d","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":94,"box":{"x":102,"y":544,"width":774,"height":11}},{"id":"ced40cc7-b5ae-44d4-b193-9ab95920e929","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":94,"box":{"x":70,"y":559,"width":803,"height":11}},{"id":"58de21df-d69f-45fa-b086-9be70ef08276","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":94,"box":{"x":69,"y":574,"width":789,"height":11}},{"id":"f4d699ad-2083-4701-b2fc-8527bf84bf11","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":94,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"c770792d-7136-448e-a37e-4e7f07476594","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":94,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"33f72b26-eae6-4909-9e7f-00a2877ba618","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":94,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"889a6a2b-2d3a-4947-a1e8-aabfa2348359","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":94,"box":{"x":68,"y":634,"width":800,"height":12}},{"id":"3ea46406-70fa-4c48-b5c8-b69147d3e490","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":94,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"1d0fca71-e719-4ec0-939d-0a22e984f28b","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":94,"box":{"x":68,"y":664,"width":798,"height":12}},{"id":"af98d3e6-e966-48f4-956d-a9455e0c940a","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":94,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"94c574f3-efee-466c-a1c0-f0252415a421","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":94,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"a310dd52-551e-47bf-9464-3d41c158b196","block_type":"box","text":"government).","page_number":94,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"7f80c785-6a1f-48cc-9993-6f54b859e6f0","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":94,"box":{"x":102,"y":732,"width":790,"height":12}},{"id":"f5772a8f-8610-49e5-b591-9c3946d31608","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":94,"box":{"x":68,"y":748,"width":828,"height":11}},{"id":"1eb76d33-8f45-4577-9d6e-7edfd9ca5d87","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":94,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"754cfbce-0d76-4c2c-a35c-eeb88de3e6d2","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":94,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"2930e27e-5641-4534-a582-eea9622118d6","block_type":"box","text":"foreign banks and other financial institutions.","page_number":94,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"7587fc88-1742-405c-9ccb-29249cf9b9eb","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":94,"box":{"x":102,"y":816,"width":767,"height":11}},{"id":"b2adfd86-ecdb-4928-93de-900b60a4ef3b","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":94,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"e5f4a31a-0ead-4e81-b327-c838d5cb9d4b","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":94,"box":{"x":69,"y":846,"width":809,"height":11}},{"id":"5970fefc-68f1-44e5-afd1-021c6e932159","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":94,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"8a008bcd-3582-448c-b77b-d76b9fa162d0","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":94,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"07fc0c76-1bd6-46e4-a22a-c2f662fea9fc","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":94,"box":{"x":69,"y":891,"width":788,"height":11}},{"id":"3ba8ad3b-53bb-44b1-ad50-70f0923108e2","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":94,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"50347086-74a0-4078-9285-102cf3b632cd","block_type":"box","text":"II-37","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6761f61c-4e34-4264-bac3-3269e196c906","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ff73c8f-9b23-4b0b-9f82-d53f2040a31a","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":95,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"8a690fd7-fba4-4bed-8423-2f29da73ddc4","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":95,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"06e63140-1f8b-43fb-8833-4feca36df159","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":95,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"eb2b8908-ace7-4fe7-9951-d544041cfdea","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":95,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"d5925bb3-4d91-4443-b0a9-f1edd5b3bc8d","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":95,"box":{"x":101,"y":113,"width":779,"height":11}},{"id":"1d6354fb-edc4-4a65-b798-f4a823d3fcf2","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":95,"box":{"x":68,"y":128,"width":840,"height":11}},{"id":"780225c9-9add-4ffa-928b-8d872b627269","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":95,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"00ed7611-5c30-4103-95ef-98298244a39a","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":95,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"3106735a-5dd0-4eaa-b3fd-37a744d05b89","block_type":"box","text":"foreign securities.","page_number":95,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"dafa625c-8e74-46a2-aa6b-e29340a1d101","block_type":"box","text":"Risks of Investments in Russia.","page_number":95,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"c05490b6-c8d2-47d0-baa2-3ed80010edde","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":95,"box":{"x":332,"y":196,"width":539,"height":11}},{"id":"1edf0a53-7edc-4fbc-96a2-08d459d50609","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":95,"box":{"x":70,"y":211,"width":826,"height":11}},{"id":"e5a61cd1-b09c-435b-81ba-81fa7d59d617","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":95,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"7b8a1759-0e20-4766-a903-8386b89f5cff","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":95,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"ad554927-ce3e-4e90-8fed-107f144639a7","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":95,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"db961cc0-4ba8-49dd-ad2c-f86a6f9ad75b","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":95,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"a43be9b3-baf4-4610-8d3c-61143f71c72e","block_type":"box","text":"developed markets.","page_number":95,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"2e604286-f12b-4495-8ec6-2fca3100c051","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":95,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"aa194f8a-beff-4497-af4d-a17340c06a67","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":95,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"7f4c7ff2-99ca-4610-ac0d-56b8c36dd590","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":95,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"76f5d39b-87cb-4a6e-a6eb-906a77326a0f","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":95,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"d2726b16-c12a-49b2-afca-128a88b8ac2e","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":95,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"89bf32f9-bb9f-4350-9080-6f9f2c75af16","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":95,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"d2f72b2a-4de8-4cf6-83c2-302549b95166","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":95,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"49adb6bb-7d63-4f6c-9ff7-1d820ea5a122","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":95,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"81f8e56f-42b5-4934-b2d5-91ecd70ca9bb","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":95,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"219b310d-09ba-4793-9a43-752d52d56fc4","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":95,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"2a79d83e-7fc6-4b95-acb7-5ae0714e9c2e","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":95,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"daab47d9-124d-4775-a298-df3b7caff460","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":95,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"ae5e516f-0cb2-4321-ba4c-9baf34a7112e","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":95,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"3db0da7a-d705-4673-a4c0-0e9803aaf807","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":95,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"2e1710ba-0123-4f3d-ae15-d0ed5d798921","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":95,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"44c123d8-35c7-470a-a2e1-f29bcbe72301","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":95,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"0b1aedcf-fef6-40a8-b4fd-4389abfe5c33","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":95,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"b42f8776-d355-45e5-abdf-288450c6132f","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":95,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"691a03f5-1d70-4ce5-b789-b2f09538f268","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":95,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"0e735fc4-4d8b-4b2c-8810-af395e5fe1e7","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":95,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"d144828e-1c70-4852-b540-6e6b01d342cf","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":95,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"23be971e-97da-49e5-bbc9-9a037d59f18b","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":95,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"215baf17-b5a0-43b4-ba15-2b39e224d0ee","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":95,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"353262ab-d463-4046-a028-cba0dc5c3e1a","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":95,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"f5cbc039-7dc0-4822-bb95-9f98090daa45","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":95,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"2bf64acb-ec50-4616-a8ac-6123d76e86c0","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":95,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"9f0aff28-6538-49bc-803f-de6f9229607a","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":95,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"9b60f6eb-aaa9-49aa-8149-e66493dc2a7c","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":95,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"c34283ec-c486-48de-8ab1-a9ebcf3d1ffe","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":95,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"d08fb5da-dbe3-4749-86ff-8b3c26fef09f","block_type":"box","text":"sectors globally.","page_number":95,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"531f3c98-a50e-416a-b417-7a0a3bad3e2a","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":95,"box":{"x":102,"y":778,"width":745,"height":11}},{"id":"75ffedcb-eabc-4eeb-88de-8891efdf1ae1","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":95,"box":{"x":70,"y":793,"width":826,"height":11}},{"id":"7d7408f1-6c3c-4680-a92f-77da9e93e321","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":95,"box":{"x":70,"y":808,"width":799,"height":11}},{"id":"566290b9-e8db-4e82-84be-212eb8e9cd3a","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":95,"box":{"x":70,"y":823,"width":788,"height":12}},{"id":"52445958-37a1-4536-96ea-82bc6b54bd9a","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":95,"box":{"x":69,"y":838,"width":807,"height":12}},{"id":"339c0169-6b8c-4aa7-8c03-2b51bc8a3860","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":95,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"2bed356a-4078-4a00-839f-bfda822719ef","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":95,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"bd21fb55-7756-4ed9-b9af-2853b26794df","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":95,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"5c58c087-a61d-4e68-bf42-061aabeefd86","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":95,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"3eb5db59-1d5d-48e5-9cc0-6ad6b5315b05","block_type":"box","text":"II-38","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e050fc91-a4f8-454f-937d-68b8268681d8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"383ef7e9-54c0-4a68-bd09-5cc17a6c7aca","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":96,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"3ee38627-dfcb-4c2c-aec0-37fbe396d524","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":96,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"9e8933a5-12c9-4e17-a2d5-1ad7fd054d92","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":96,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"651b4155-d562-4e31-9f14-04f4d8e1ae29","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":96,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"8f2693db-c334-417b-adf8-4ea548163a41","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":96,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"a5aa211d-a2cd-4adc-a125-58b15c6ab16b","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":96,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"a5297497-ea50-4366-8dac-1ab10a245a75","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":96,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"715470b6-a8b4-4b04-9ab3-0e3afb395c3d","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":96,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"afb33c01-f626-42c7-bf5a-41706e28cf25","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":96,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"fbd76830-830f-4e75-ae22-a9bfdde01ebb","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":96,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"8671d958-558b-4234-8a2a-b72683b049a8","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":96,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"88f3830f-c8a5-4250-9040-ad45943a391f","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":96,"box":{"x":69,"y":203,"width":765,"height":12}},{"id":"3f9a3ef3-9d11-46b4-bf0f-a8c4c40365cb","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":96,"box":{"x":69,"y":218,"width":838,"height":12}},{"id":"c017cded-2bbb-4422-9d76-c365c109783e","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":96,"box":{"x":69,"y":234,"width":805,"height":11}},{"id":"f1b182b4-c9b5-4981-b248-e379e5363d26","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":96,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"cb61a5eb-a459-4015-a23a-ef86a0449ab2","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":96,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"42bc6ae9-9e69-4228-a87b-7a03027138b6","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":96,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"9ef9367a-0d5a-45f6-82c7-a2146ac51b8c","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":96,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"576a3ebd-24e2-49e4-bd10-365f53af8ed1","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":96,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"11ff509c-1b12-42fd-98cc-d3f64fae5869","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":96,"box":{"x":68,"y":324,"width":781,"height":12}},{"id":"392f608b-f5d4-4698-925e-97c1f6c6dbb2","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":96,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"f3450a02-e56f-49d9-a70e-9e8b19636e9b","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":96,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"59f4217f-2747-4119-ba3d-9d100177d9fc","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":96,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"42adef87-7de0-47cc-bc8c-e3eee9d3d7e9","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":96,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"ed0e1037-94b9-4c54-ba24-5ce3d32b48e2","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":96,"box":{"x":69,"y":400,"width":791,"height":11}},{"id":"73dec4f4-1d4c-4dff-aa70-5e0d744f3408","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":96,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"a888e15e-a24c-45e2-87e5-4dbbfcada05f","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":96,"box":{"x":68,"y":430,"width":799,"height":11}},{"id":"cd719109-7ee8-446a-aca4-6a9b99f2859a","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":96,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"9d6024cd-0c39-46f8-910b-d78f40a73549","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":96,"box":{"x":68,"y":460,"width":818,"height":12}},{"id":"227868c1-b53a-4bba-ace5-def8c3d88d07","block_type":"box","text":"impacted.","page_number":96,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"5ab33f5d-88cc-42fd-b811-16368cd39a1a","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":96,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"b4f6b82c-50f2-437a-982e-4e71ff65200e","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":96,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"5db65dbc-9af4-4d44-81c2-0f949beda166","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":96,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"448d2515-0058-438e-8d63-b8def665beeb","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":96,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"60ce5202-c5db-42c4-889e-796834f872ba","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":96,"box":{"x":68,"y":559,"width":826,"height":11}},{"id":"956af580-50b5-43b6-8229-76b0ab31c4e8","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":96,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"343a990c-51ce-41aa-a938-02ffbe414a10","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":96,"box":{"x":70,"y":589,"width":790,"height":11}},{"id":"7be6876f-2711-41af-8d3e-73c7554386e9","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":96,"box":{"x":70,"y":604,"width":798,"height":11}},{"id":"9a3b92b9-6a96-4205-a978-9a08d6da582a","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":96,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"345e4171-af87-40b8-a06d-d02bce6351dc","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":96,"box":{"x":70,"y":634,"width":836,"height":11}},{"id":"0f84fa2b-d497-4f4e-97cf-ea6876bddba5","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":96,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"1050340b-ea87-4126-8873-e2a874205693","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":96,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"3c189528-2bdc-485a-82ff-79062c2c971d","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":96,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"27326b78-1b24-455c-932d-30e216805462","block_type":"box","text":"economy.","page_number":96,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"ae785a5d-9aff-41b7-939b-4dc252fe0095","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":96,"box":{"x":101,"y":718,"width":747,"height":11}},{"id":"6b53f5fa-9184-48c0-bd51-e4dca606e098","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":96,"box":{"x":69,"y":733,"width":776,"height":11}},{"id":"1ee2930b-737d-4034-8c65-6b5eefcfea5f","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":96,"box":{"x":69,"y":748,"width":836,"height":11}},{"id":"29528681-f426-462d-a2ca-62e2d6428a36","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":96,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"d01858de-b0c1-48c9-83fa-2a0af6edb51a","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":96,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"50701641-c4d4-42dc-afd1-fe6db063bf39","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":96,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"0bb2c591-d346-4743-9b35-0b81c05f1e59","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":96,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"24bdf6ad-b73a-4e65-be74-c39beff69657","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":96,"box":{"x":69,"y":823,"width":826,"height":12}},{"id":"79fcca24-d424-4130-8324-707fe220cee7","block_type":"box","text":"typically the case for investment managers.","page_number":96,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"d539e3d9-2374-4df9-a00b-84a6deab85c6","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":96,"box":{"x":101,"y":861,"width":806,"height":11}},{"id":"09b26d7d-95bd-4510-aa19-902fc3612ded","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":96,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"8144eed4-e1ad-4fd3-bb6b-e48ae869c717","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":96,"box":{"x":70,"y":891,"width":777,"height":12}},{"id":"5e0996a8-a9ed-44b8-bceb-520a8ce1e7f0","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":96,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"9bfa3bab-84bb-4c9f-8579-74fc76473d8f","block_type":"box","text":"II-39","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ea898a5-8420-443c-a1c9-71401f1e7760","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"389af27f-2908-448a-8ccd-f00544da0acf","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":97,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"cceb00e8-79d0-47d3-902c-997fde47431f","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":97,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"c84d8678-18f6-48dd-b68c-584d9eaad11e","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":97,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"d672431c-3197-47ea-9889-842f51faafd1","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":97,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"269de3e2-bb78-4dcc-b9d5-a6349513c0e0","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":97,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"f69a5a51-7981-4b96-a4c2-551bc8405773","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":97,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"a334a00e-39f0-4707-9790-8e7055107811","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":97,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"b17e4436-507b-4ea0-88a5-a2f814cafd59","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":97,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"d16b7a1e-8de7-4855-9389-4caea2050e0b","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":97,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"1e51ed76-92a7-43bf-be3b-6d68705d38e6","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":97,"box":{"x":69,"y":181,"width":510,"height":11}},{"id":"7bf04e86-03fa-4f4e-8c86-63a86a836cd4","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":97,"box":{"x":102,"y":203,"width":773,"height":12}},{"id":"cbffcba4-9bc7-4a23-aee4-d1558e2931ae","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":97,"box":{"x":69,"y":218,"width":820,"height":12}},{"id":"b52a4c17-0f63-46fa-b595-8475107e4d8e","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":97,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"d328aa71-7570-4fcb-9121-b84a3a6e0b17","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":97,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"34e51bd0-3c89-4030-8365-c5b5af3d7b08","block_type":"box","text":"will be indirectly subject to those risks.","page_number":97,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"de551670-ca3f-4ad8-8471-8c41ba2d44a4","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":97,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"07446cc3-4c4f-4c47-a701-4c2f68fe0426","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":97,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"89bf55f8-5a2d-4cfd-b6f2-829cba742ab7","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":97,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"17480c47-027f-4e60-b265-462b01732af0","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":97,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"42ca3ecf-7516-4116-999e-e0c96d967153","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":97,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"66a197be-1724-4575-bb71-5767caf6c399","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":97,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"766b73ae-0805-43a2-b8f3-e6c9a4859244","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":97,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"43d3b24b-297d-4707-9d2b-b886b4e6cc69","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":97,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"a46d6e08-af12-4c30-b26a-cde3c22d325b","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":97,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"0dae0174-1564-4177-aabe-b23692f4e763","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":97,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"4b47e51c-a284-47b9-a6ca-419495946136","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":97,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"43b5aade-877a-4a20-90df-4dc171499046","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":97,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"aa5d1e0a-94de-4fb3-b610-ec32ce215e35","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":97,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"ca8598f7-66b1-46fd-b02a-1c6505a88907","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":97,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"6cc970eb-dc39-4f08-9d3f-735ba2ace405","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":97,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"66e8e1f7-ed36-4d5f-9ac2-e7da6d83a075","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":97,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"535baf98-9df8-43eb-9770-4e66db58e5e0","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":97,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"c38015ff-6db2-4439-bacd-4f9615418de7","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":97,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"375e9588-f9bd-4625-b31c-6810485999ae","block_type":"box","text":"impact on a Fund’s investments.","page_number":97,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"0dae2b04-fd07-46ef-9463-b5e2dbfc29df","block_type":"box","text":"Brady Bonds.","page_number":97,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"0cf30f5f-2e7a-4ab0-a693-5b1943918df8","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":97,"box":{"x":201,"y":566,"width":689,"height":11}},{"id":"2ffd54cf-4e16-42a5-8bf0-25b4cf4276ad","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":97,"box":{"x":69,"y":581,"width":815,"height":12}},{"id":"b03db877-97f6-4503-9883-2d90c364abf9","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":97,"box":{"x":69,"y":596,"width":766,"height":12}},{"id":"5130a46c-6fc6-49c4-8168-0cef776caef6","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":97,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"352a0793-f1f0-4fbd-8b92-be31e34cdbce","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":97,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"79f8ab62-f5d4-4760-86bd-de24c8879db8","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":97,"box":{"x":69,"y":642,"width":839,"height":11}},{"id":"c0d6bc50-6f6d-4c86-8471-e8b0ed0dcc3f","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":97,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"25507383-7950-43a6-b507-020dac7c0fad","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":97,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"f79f8d00-48af-4a31-91f8-b6345bff061f","block_type":"box","text":"Venezuela.","page_number":97,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"f88052eb-4c6c-4437-aa8f-9c4e983ed2c6","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":97,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"5574fb05-7b4c-4fe8-a593-18140423070b","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":97,"box":{"x":69,"y":725,"width":780,"height":11}},{"id":"5d60618f-1a2f-4742-9e4a-1cb05610c4f5","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":97,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"f868a971-d845-4a7d-922b-41d7f93ecd79","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":97,"box":{"x":69,"y":755,"width":796,"height":11}},{"id":"b6b3cbf7-2c52-497f-911d-2dcb4019924b","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":97,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"0eaef8cf-268c-4338-8fba-15817044d7f4","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":97,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"5bc96acd-60fb-404f-a852-79327d40cf22","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":97,"box":{"x":68,"y":801,"width":833,"height":11}},{"id":"95784d36-d8f4-45b5-9ed8-26842ff2e06c","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":97,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"9738282c-8d3b-4cb2-9b57-7158fffc7e8f","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":97,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"85acfc06-9b85-404d-91ab-eb4b3b289c00","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":97,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"9d26c97b-53f7-4349-915b-5e2d2f53cf3e","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":97,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"cb2c82e1-5aff-43fb-9a13-58fb454780ff","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":97,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"9f8597a3-67ca-4b2b-822b-8d34ddb9eef5","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":97,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"355dd1e9-8614-477e-969a-a226be13bb58","block_type":"box","text":"II-40","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6e9d286-4f89-4c7f-8698-a2b06968c39c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2820c724-07b9-4a10-9c40-c83eacd62ba5","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":98,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"49191a87-0da4-4a4a-b136-107cae54b2d8","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":98,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"23b1e0c8-d63a-42d6-a78d-4d90c568ec44","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":98,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"540889b9-318c-4f16-ae61-9849e8cec178","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":98,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"bcc2d7f9-ed84-4e15-81f0-5e5119df1a3e","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":98,"box":{"x":68,"y":105,"width":841,"height":11}},{"id":"bff90c08-1dd6-46a4-ae3b-8e5ac970b5ee","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":98,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"f33d182f-a69d-4822-9684-16db6b421efd","block_type":"box","text":"China Investments Risk.","page_number":98,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"c533eae9-4e2b-483f-8a92-da14f0063dcd","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":98,"box":{"x":102,"y":166,"width":763,"height":11}},{"id":"1927fbf5-4909-4790-8635-90b200e6405e","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":98,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"9c6736c4-0d8b-4350-a308-55bb438f7f2b","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":98,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"c77d31f4-3dfc-4bb1-bf94-b323f1171782","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":98,"box":{"x":69,"y":211,"width":809,"height":11}},{"id":"93afdc34-7201-4157-b5a7-33b38032de8f","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":98,"box":{"x":69,"y":226,"width":713,"height":11}},{"id":"4a107272-63f3-4c66-96ea-a0b81cc8590d","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":98,"box":{"x":102,"y":249,"width":762,"height":11}},{"id":"18cc0788-70b8-404b-9890-582db4f5930c","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":98,"box":{"x":69,"y":264,"width":800,"height":11}},{"id":"ef636519-c2e0-4853-bc49-fc3513adef54","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":98,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"61702e7b-d708-4fd6-8730-16524c35b476","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":98,"box":{"x":68,"y":294,"width":777,"height":11}},{"id":"584c043b-5ebf-47cf-bac4-b4fb545777aa","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":98,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"ed1af260-92f6-49d8-bf29-c229a692e932","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":98,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"009464cb-c4fd-4e47-aa3e-7979ca363194","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":98,"box":{"x":70,"y":340,"width":770,"height":11}},{"id":"433d7dc3-7e75-4c09-9b23-933ed82b9720","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":98,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"21726257-7c40-4ed5-be76-ca84aa3b121c","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":98,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"56b960c6-f9e8-4b9c-a9a8-e39e3fe15006","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":98,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"d0f561c4-d044-42bf-8abf-353b3a9588de","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":98,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"c77e3e80-2504-4678-b080-7528065ef6ef","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":98,"box":{"x":69,"y":415,"width":769,"height":11}},{"id":"a73e749f-d838-4dbc-b348-28fc857be237","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":98,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"4f2dd42c-25d1-4b01-9898-feebecb6a7b1","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":98,"box":{"x":68,"y":445,"width":810,"height":12}},{"id":"085bc3f4-207e-4ebb-8d42-693edeba696e","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":98,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"5462261d-54d4-42ff-a7f7-4cc3102434fb","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":98,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"6263cc39-b388-407e-b4f2-76cfc438c16b","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":98,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"38567a8f-7577-41c8-b82b-538785ca95cc","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":98,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"27436bbf-c3e0-46a3-87c3-dc21973ce6d1","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":98,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"ba9e2819-8e6d-4f0b-a122-5f412af9b2d0","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":98,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"10ba9972-a6d3-40c5-ab63-0e11bce9fcfb","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":98,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"d830ea57-1ed1-4010-9ed7-17578871f418","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":98,"box":{"x":101,"y":574,"width":792,"height":11}},{"id":"81981b72-8b02-4eb7-b565-7f7d59ad4df7","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":98,"box":{"x":70,"y":589,"width":818,"height":11}},{"id":"8da18f59-b87a-4399-87a5-e6f4a15e1b1e","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":98,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"bdbbe006-7959-4b83-bbb4-20bc3c180d9b","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":98,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"0b18ac08-f9a6-4329-aa5c-dbd406869ca2","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":98,"box":{"x":70,"y":634,"width":763,"height":11}},{"id":"98850c4d-d805-4609-ae7f-aa7c7ed1fec9","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":98,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"d84b1c9b-04f5-481e-987d-53398c420816","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":98,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"fa3d7eea-59c7-47d4-87e6-00dbce75d639","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":98,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"8651eb50-5b62-4f70-bb6a-9aca981347c7","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":98,"box":{"x":101,"y":702,"width":783,"height":12}},{"id":"77aa1d6a-08c3-4761-a033-b023a0640417","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":98,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"b32e70b0-bcee-48e9-b19c-9c1ce3928775","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":98,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"cfdb705e-5418-4ef3-9c71-cdc5411fc6ff","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":98,"box":{"x":70,"y":748,"width":821,"height":11}},{"id":"15788825-a3c3-46f7-bb6f-e8b7b21ee2c1","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":98,"box":{"x":69,"y":763,"width":683,"height":11}},{"id":"3cf5d440-8f6d-4dba-928c-9bb845701d71","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":98,"box":{"x":102,"y":785,"width":797,"height":12}},{"id":"a5cd76e2-e711-4fd7-85d6-efbc1b873e99","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":98,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"ddc32931-0f71-4faa-9952-857cd70a0630","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":98,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"72678813-f112-4952-9949-0e8fe9116e12","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":98,"box":{"x":70,"y":831,"width":836,"height":11}},{"id":"5fa0303e-291b-42bc-b061-c6806daf4b61","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":98,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"a4df57ca-695d-4fb7-8d15-28c9316ab399","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":98,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"62cd45ae-259b-4666-a0f0-768c5a9870f9","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":98,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"d918272d-808b-4998-b3fe-89bbeacfa22f","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":98,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"5e2d8f2b-e41a-4514-bac0-58b640ebc6a3","block_type":"box","text":"II-41","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae267f93-cd71-47de-b20f-83fa33a05b87","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5406d6e6-01af-40fe-97d8-1e50ba736f72","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":99,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"b0a8e143-cc4f-41bb-b6c4-2892abd84494","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":99,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"59c1f5cf-fc31-44b0-823f-3393b90d8aab","block_type":"box","text":"sub-custodian.","page_number":99,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"caf76806-9dd1-45db-ad4f-9ced34629987","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":99,"box":{"x":101,"y":98,"width":801,"height":11}},{"id":"c4842056-cb31-435c-ac90-6e6dc1653110","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":99,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"6774b39e-20e6-4d50-a1d4-357fcbf08d01","block_type":"box","text":"on investor protection considerations.","page_number":99,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"1b48ea72-0a72-46dc-a451-2a9a5681fc70","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":99,"box":{"x":101,"y":151,"width":806,"height":11}},{"id":"573fc1f6-1c31-4a19-92df-778fd81824fd","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":99,"box":{"x":70,"y":166,"width":829,"height":11}},{"id":"7dff0a16-165d-4dab-90bd-80a7aac05772","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":99,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"d1e5aca0-acd6-4dbf-8f08-09203df65a17","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":99,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"4a821c7e-1e65-4aa4-8ffb-be6c1d1b29df","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":99,"box":{"x":68,"y":211,"width":774,"height":11}},{"id":"a0de8c6b-118b-4aeb-9470-c43f29b85eb0","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":99,"box":{"x":69,"y":226,"width":760,"height":11}},{"id":"8ca23e81-f326-4c24-a08d-116bf4ef2f92","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":99,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"d8f14b42-7592-4070-af89-022f22c44abf","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":99,"box":{"x":70,"y":256,"width":822,"height":12}},{"id":"6e74d3ff-e191-4bd9-9cc1-32207f8a1145","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":99,"box":{"x":70,"y":271,"width":821,"height":12}},{"id":"3b4acc9c-9caa-4a31-9926-04cc82385344","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":99,"box":{"x":70,"y":287,"width":820,"height":11}},{"id":"064f1085-0ded-496a-9f70-820207c54862","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":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"8ca69c47-7b79-4b7c-8658-0078c403528c","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":99,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"6658f273-55f3-4c8d-bf78-e25d0d4724dc","block_type":"box","text":"accounting firm.","page_number":99,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"820eecd2-e02a-42d5-8c3e-b587be616607","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":99,"box":{"x":101,"y":355,"width":780,"height":11}},{"id":"4f5b137d-1da9-454b-b42b-1087ff68ecc6","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":99,"box":{"x":70,"y":370,"width":815,"height":11}},{"id":"8cdd08b3-fa85-49c4-aaf1-e5b7141e9602","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":99,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"9a328588-894a-422f-b9f6-01dd2bcece4f","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":99,"box":{"x":69,"y":400,"width":787,"height":11}},{"id":"5ff2cdf9-72f2-4a0a-acbf-9d435141e9c7","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":99,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"99c334e2-8314-4de5-95a1-81645c0075fe","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":99,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"1aa9da73-3236-4c38-83a2-e8eb07c198f2","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":99,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"39a28609-f9c6-4bc8-affd-5d06467d713e","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":99,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"dcd66281-fab6-4dda-bd6d-4b5698e82b7f","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":99,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"af5f48c8-de16-494f-9246-d3602435046c","block_type":"box","text":"RMB (“CNH”).","page_number":99,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"a9510f59-16f8-4f4f-aea9-a19652f83adf","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":99,"box":{"x":102,"y":513,"width":802,"height":12}},{"id":"e9e2966a-d2a7-4f2a-a290-1df779284465","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":99,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"58e1faea-62ed-429c-8239-64c4fd21a9e4","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":99,"box":{"x":70,"y":544,"width":822,"height":11}},{"id":"8b42027f-469e-49f8-996d-308e2a398a7d","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":99,"box":{"x":70,"y":559,"width":775,"height":11}},{"id":"c6c82c62-6999-4e4a-aa7d-4038f66a7e15","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":99,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"d327423a-24bb-4daa-babd-277618b913eb","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":99,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"2318b1d0-00a1-42ce-bfe9-21a9b8729463","block_type":"box","text":"represent equity ownership in the operating company.","page_number":99,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"44eb09cd-1c3a-4c0d-b0e0-e558f7e177af","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":99,"box":{"x":101,"y":627,"width":801,"height":11}},{"id":"f08dad0b-627a-422e-98cf-07999d4e9e53","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":99,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"6df873f6-9612-4980-a49f-6b3be1e602ab","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":99,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"60c6a429-33b1-48a3-9fcb-84da4fd3b6d0","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":99,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"a1307f52-385b-4601-a62d-844d7e281571","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":99,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"c4d3e2a2-7c12-46f9-9dca-fcaea7188a12","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":99,"box":{"x":69,"y":702,"width":770,"height":12}},{"id":"fb1e7e42-e8b9-4f56-aec4-b2ef703d92b3","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":99,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"20e1234a-23cb-492d-b565-9ad50ae79a26","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":99,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"b507311a-eccd-4a85-890d-f36b4e271d4d","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":99,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"5e5b6b17-b42c-4db6-b305-694989fd75ac","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":99,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"c1f78e25-f67f-471a-9d86-0669072dbbbe","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":99,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"492b39a3-2b95-4bad-8c19-24285c912794","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":99,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"67aa8ef5-fa1a-4f33-bc1c-6a3d3aacd34a","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":99,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"f91c347b-3eef-488a-b2c5-a4ab29686276","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":99,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"bd21ef82-8dde-48fd-99f5-c09475d1ba18","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":99,"box":{"x":70,"y":838,"width":833,"height":12}},{"id":"684fbd8e-d0d6-4525-b2d2-24200ade5b7a","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":99,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"0067fb0a-6c38-41d6-80dc-6c62a9e95760","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":99,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"67d08965-2344-4659-ac96-765d3af14153","block_type":"box","text":"losses to a Fund.","page_number":99,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"bdae9c70-e827-496a-9854-138718f793cc","block_type":"box","text":"II-42","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9450576-a81e-49f3-b63f-52d751e80496","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae933616-c3e1-4981-a82e-7bd473c9e37a","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":100,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"9be64643-8130-4187-95a5-ef2d1d10191d","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":100,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"569a45bd-0bc3-4630-9bff-db2574299140","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":100,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"eb627139-6325-441a-af27-ba4fbb85fbde","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":100,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"480355be-5901-422f-a103-a726fd815c83","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":100,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"b356c5ac-dcb6-40b4-b1de-045b03a7e4d9","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":100,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"83a51675-811b-4e52-b550-87e70dce6821","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":100,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"d0c307d3-b4e0-4dce-9d11-0af1b6486903","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":100,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"3f21e87e-f4ed-4081-a399-beb7a688cc62","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":100,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"923c8cc1-bb41-40bb-bebb-e4395f5b8e77","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":100,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"9aa94cc6-686c-4e5f-a961-6d8708147646","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":100,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"01259212-367b-4f03-b6c9-b259b6b6bf8f","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":100,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"ee52427b-16fb-43b0-ad96-9a807fdfd608","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":100,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"b485c3f6-0f43-4cde-a624-ec089c0adfbf","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":100,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"57f0f488-e516-43b5-9a4b-f6da336f7a2f","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":100,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"956cfd7f-23d5-4f6c-bc83-44c2cc3f4fbf","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":100,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"0f333765-8d6a-408b-90f3-39e5dfd2319f","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":100,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"22cd5b06-bb40-47e2-b2a7-7afa09171702","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":100,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"204aacea-0ab3-4cef-9148-192e69672dd2","block_type":"box","text":"such companies.","page_number":100,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"fcb948fc-5c13-4888-a8da-ac09ec2a5623","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":100,"box":{"x":101,"y":339,"width":792,"height":12}},{"id":"6652f078-4cb2-4a4e-9aff-e81a6b454b19","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":100,"box":{"x":69,"y":355,"width":840,"height":11}},{"id":"1fbbf8e9-8327-4c4c-9862-9dd6631deb30","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":100,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"d2b3e18a-d67a-4fbe-8e81-56f4001cfe71","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":100,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"43d8545f-3996-4834-8fcd-c81e90f0513d","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":100,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"126b1a20-f9bb-486e-bf88-f2f983305eee","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":100,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"b982a0ce-3161-40e6-b94f-80bc636bfbaa","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":100,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"3c04e67b-e858-4bf2-a9c3-9ddf9850faf0","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":100,"box":{"x":68,"y":445,"width":773,"height":12}},{"id":"7693e5fb-1413-4bb5-9583-c1b4fa549d1e","block_type":"box","text":"standards.","page_number":100,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"134e3ae3-04dc-48fb-9983-2ff1bb486908","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":100,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"52c20b7b-cc03-436e-b11b-bff4948dfefc","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":100,"box":{"x":69,"y":498,"width":792,"height":11}},{"id":"50c9cafc-898a-4337-8aeb-ce9ea6c34ca7","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":100,"box":{"x":69,"y":513,"width":803,"height":11}},{"id":"1762eae3-956a-46c7-b802-725bd98f2f84","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":100,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"b17fd010-0b5e-43f4-8414-2b6ea2b41203","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":100,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"bf6e0044-5c52-46c6-8323-64e7c282400b","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":100,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"59834f77-61bb-445d-8f77-2ad2b0517c6b","block_type":"box","text":"General","page_number":100,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"72a89671-d1d1-4565-a5fb-63ac68d3cb06","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":100,"box":{"x":158,"y":589,"width":704,"height":11}},{"id":"ad38aba5-0c2e-4b2f-9c66-5a2b5eb48407","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":100,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"22edcd3e-db8f-44ae-bc9d-4d792c482ffb","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":100,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"0e3f37cb-616a-4af8-913f-2df8c008194f","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":100,"box":{"x":68,"y":634,"width":833,"height":12}},{"id":"45b8d63b-9fb5-4b51-89de-62d006f90602","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":100,"box":{"x":69,"y":649,"width":744,"height":12}},{"id":"f00814d6-43ac-42a5-ac2f-047ceaf72f1d","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":100,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"6da8dd71-0cda-48d6-bc56-3f252ea653ca","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":100,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"44d96cac-1faa-4032-904a-92dc78aa821a","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":100,"box":{"x":70,"y":702,"width":834,"height":12}},{"id":"71c742d8-818e-428c-8ce4-f367659343ea","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":100,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"325c18a8-b4f6-4694-bfcd-ffff7c7938bf","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":100,"box":{"x":70,"y":733,"width":819,"height":11}},{"id":"20b9ee30-d256-4293-8d16-f2c1e4f334da","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":100,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"8e7c5bac-1c29-425e-8b0e-6996da8e8ea2","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":100,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"96c4745c-a8e7-458f-91be-83eedb89998b","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":100,"box":{"x":68,"y":778,"width":824,"height":11}},{"id":"d7724a87-61ae-4f08-b1ad-ef7ae5afcc4f","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":100,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"81400f79-019a-408d-9edf-3ba4d4dc7a0e","block_type":"box","text":"company established by SEHK.","page_number":100,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"071c3287-e791-48ee-869c-3f18703f5663","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":100,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"6a640504-c291-4e86-a224-c38cd1f6c21b","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":100,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"20e92469-ab4b-431d-a482-db2da375b67b","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":100,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"04320b24-b0ba-489b-945e-954606035a64","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":100,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"6fb4da74-927b-4b30-9755-e9d27f565a04","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":100,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"1ce38aa6-013a-4131-bb79-3fffb0254c67","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":100,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"e94ce1f4-25e7-45d7-8016-fe2c9cbf7fed","block_type":"box","text":"II-43","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"21381937-249f-4a66-99ee-2b43a3c23c85","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc4d3e46-b201-49f2-bb41-8fc7ff8ac1bc","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":101,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"2a5b0966-6cbd-419c-a0db-3dcd6de7838a","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":101,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"32571efa-438d-444e-981e-2cbc432b4a9f","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":101,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"989da1b5-da35-4d33-a0d5-dbb7681162c2","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":101,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"b5e64bb9-6d4d-48ae-9880-0f67f405817b","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":101,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"dfe75059-dc13-4811-bea1-16d95a72b570","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":101,"box":{"x":69,"y":120,"width":820,"height":11}},{"id":"baf81688-f0fe-4ac7-ae10-a31cfb30e6d8","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":101,"box":{"x":69,"y":135,"width":820,"height":12}},{"id":"dddc685c-c450-42a1-857a-91ef52d5e023","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":101,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"4e4a438b-1650-4c4d-849d-d2a048cbfbfd","block_type":"box","text":"i.e.","page_number":101,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"3d2b741a-82ff-480e-a984-74a60a412652","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":101,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"7a347054-e874-475c-a087-6952031cb643","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":101,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"026b6cb7-453e-40c8-a601-8ef04ca9d6eb","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":101,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"a67fe687-e5e1-4131-be54-3494a72beca6","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":101,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"e605e2b0-3c55-4e5b-82ca-853a9517f157","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":101,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"ae8d9c46-fba5-49ec-ad94-1c9943d566fe","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":101,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"1d1f5ffc-5c22-497a-9755-2c2022b04f69","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":101,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"ea5a54f6-a3b1-4130-9e48-c355d5a8e67f","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":101,"box":{"x":68,"y":256,"width":820,"height":11}},{"id":"fd773f58-bab9-4ced-9438-3adc96a41647","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":101,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"b7f765c5-9913-46f8-8c80-6b499cbe9dc7","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":101,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"ac220150-f210-4a9f-b3c5-3705d4e1bedb","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":101,"box":{"x":68,"y":302,"width":815,"height":11}},{"id":"b2dfe88a-afe9-45b5-8d23-016c812c7808","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":101,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"6581d473-efd3-494f-974e-8d6b2b48b0fc","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":101,"box":{"x":70,"y":332,"width":777,"height":11}},{"id":"0f65a630-0a01-4301-a68b-b0c1aada939b","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":101,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"1cf52b23-e91b-440d-b843-fee1b889dc49","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":101,"box":{"x":102,"y":370,"width":802,"height":11}},{"id":"aeb10b25-ca9c-4127-a1f8-a3172c3c4b60","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":101,"box":{"x":69,"y":385,"width":784,"height":11}},{"id":"de907db1-0205-4a13-95b7-b46fd436c952","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":101,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"3e33e78a-c91b-4bfb-b4fb-66c213d72d1c","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":101,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"b5c103d5-453f-4262-8609-9d5fd284759b","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":101,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"b870e1de-e11c-4a64-8d06-33286be6b8d4","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":101,"box":{"x":69,"y":445,"width":805,"height":12}},{"id":"9aca1a91-50ab-449b-8b44-71a37e548d5b","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":101,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"274a8576-40df-470e-859f-32c84b8a3f64","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":101,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"f0ce6908-1c2c-4633-a63f-3142495ebaa0","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":101,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"7f8bc77a-4eaa-4a25-8056-7ef11fb8dce4","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":101,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"82a29a38-3379-4e40-94f3-f003fdaacf1d","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":101,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"d06c8e17-fb6a-4088-849a-a0c85c83d9b7","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":101,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"3ef7d6ae-bf6d-4976-8618-bfe221520952","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":101,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"67187c49-c83a-450d-94a1-1a77bbf65e13","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":101,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"a6489cb1-2fdf-46cc-96ad-2844010ae738","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":101,"box":{"x":69,"y":582,"width":811,"height":11}},{"id":"e7178d7e-058f-4104-8728-320c24e813ee","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":101,"box":{"x":70,"y":596,"width":783,"height":12}},{"id":"db32f62b-8396-4c11-8583-730598e586c9","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":101,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"e8513e65-545f-4b56-9dda-e8ca4cebd9eb","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":101,"box":{"x":69,"y":627,"width":752,"height":11}},{"id":"7dc44c05-965c-4857-aebc-d53091bcc909","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":101,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"8ec1d9a2-12be-440b-8cca-0b7c0da794c1","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":101,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"c9ebd3ec-b997-43b2-be24-357fb6e973b8","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":101,"box":{"x":68,"y":680,"width":769,"height":11}},{"id":"78e896ae-36a9-4c7b-a498-48d3fc4ba801","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":101,"box":{"x":70,"y":695,"width":809,"height":11}},{"id":"a6c7dd4a-45b7-4c40-92f9-6c08faaba768","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":101,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"adf47ea5-9ae5-403d-acaa-3bdbfb9e3f8a","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":101,"box":{"x":68,"y":725,"width":822,"height":11}},{"id":"247d8c24-700b-4e58-9797-bc04a2327fc7","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":101,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"cf643c0b-7d2b-438f-b16f-4958b5c4f1fa","block_type":"box","text":"PRC.","page_number":101,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"3f46b0ac-9fe6-4e57-b93f-fe84e7c75cd3","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":101,"box":{"x":102,"y":778,"width":796,"height":11}},{"id":"bda1392b-32e6-498c-9cf3-31e0922b7c65","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":101,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"0745b3dd-f6c2-447a-9a9c-0bb410fcbcba","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":101,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"d85fedff-1a94-41f4-b7b5-3a56407eba51","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":101,"box":{"x":68,"y":823,"width":818,"height":12}},{"id":"895a687d-93dc-4136-9ca8-4dd0f5e1cd23","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":101,"box":{"x":70,"y":838,"width":813,"height":11}},{"id":"d3a2ef82-75ff-437b-906f-393df4d2fa13","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":101,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"fc527aef-12d9-49a4-99ac-87d218b0509b","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":101,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"557627b5-3e8e-4b3a-a6ef-7ebee1f1d8a6","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":101,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"000f376d-3b42-47fc-a122-be55a09f45dc","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":101,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"33eac772-ec92-480e-b790-729840963de3","block_type":"box","text":"II-44","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27c6f65b-51d6-40d4-baf3-faaffccc65a0","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"846110ec-32c8-4bb9-b2ed-eb1e4828def6","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":102,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"4c1b0283-2b87-43a2-b1ce-1a3c75c77e91","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":102,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"b7efeadc-b7a6-41bd-8821-d689a49affd2","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":102,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"baef769d-6b55-471a-ae3d-eb2eb7a47752","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":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"d729f2d5-da4a-46ff-afa8-e18de549ea31","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":102,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"7ec4d82c-1cea-4bf4-9796-1006a1f65637","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":102,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"9c92b605-801c-4adf-b6ec-04dfb339cfeb","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":102,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"1c96c5a6-620d-41b0-9992-b74f053573d5","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":102,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"7917bea9-6e36-466b-b3fa-98930485a420","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":102,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"9bf2776c-5791-4d4e-894b-f29b8580e0cd","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":102,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"e0e0327f-d1f3-49df-a5a3-8666ce99d8b0","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":102,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"09927a7c-bd15-4dda-9a1e-3cbacab5c10d","block_type":"box","text":"Suspension Risk.","page_number":102,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"88bb5132-b359-494b-8d6a-d34fbcc7feb8","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":102,"box":{"x":231,"y":218,"width":675,"height":12}},{"id":"f2bb62b7-d851-4a34-bccf-abd09c8e5014","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":102,"box":{"x":68,"y":234,"width":829,"height":11}},{"id":"38ece7f2-a3ef-46f2-907c-7c1f15353dd9","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":102,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"7e91c95c-8f6d-4fce-8fe9-b7339d84d90a","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":102,"box":{"x":68,"y":264,"width":831,"height":11}},{"id":"3f598998-5b18-4bd2-a046-5ee601dd6a35","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":102,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"8eb595ff-01ed-4add-b02b-9d86a5253c5c","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":102,"box":{"x":68,"y":294,"width":791,"height":11}},{"id":"dd56c0dc-145b-44d9-ba0c-3a5ae5556d83","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":102,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"db293fbc-c860-40c5-badc-071dba0947e0","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":102,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"32413b21-ce77-4d7f-934a-142400c23640","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":102,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"7353e0d5-e241-4c14-b6cb-0abac44bf713","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":102,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"e0802186-5935-4d3b-ad45-76a87a97c035","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":102,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"f1b9dd2e-d050-4af3-93bc-820fdc5a7d55","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":102,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"a03ce48b-36c3-4b7e-860a-1fd8edc56fb5","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":102,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"229076af-0473-4b43-89e6-bb1581f06b4f","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":102,"box":{"x":69,"y":415,"width":563,"height":11}},{"id":"63d9c148-8631-4ae1-8341-7aebfb4f885f","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":102,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"94307c2d-c98c-40eb-a5d6-2f1d2e32a263","block_type":"box","text":"A Fund may invest directly in the","page_number":102,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"dac6c603-5fc8-4595-81d9-938783a7e77e","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":102,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"c52c1609-b930-47e4-bb12-6fe8026fcd7b","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":102,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"2827e7c6-a00f-459a-b111-e84cd7051245","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":102,"box":{"x":69,"y":483,"width":803,"height":11}},{"id":"83117684-6aed-4bdd-80b3-192c911859fc","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":102,"box":{"x":70,"y":498,"width":832,"height":11}},{"id":"a735a31c-da97-4cca-9fbc-6c2b2994ec79","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":102,"box":{"x":70,"y":513,"width":821,"height":12}},{"id":"2d2bf9db-8297-4fc6-a872-60c7bfff3abc","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":102,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"81cbf309-00c5-48a5-88de-3a22c22d7008","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":102,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"e7564bd9-165c-4d93-ab0b-9499c6998b89","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":102,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"b174b81d-6506-4fa3-a9aa-27e067160a8e","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":102,"box":{"x":68,"y":574,"width":786,"height":11}},{"id":"50b8f1b3-e317-435a-a112-69e15a216956","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":102,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"e06b9f47-f377-42ef-b85f-b6ffb46a5099","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":102,"box":{"x":68,"y":604,"width":788,"height":11}},{"id":"883c95ca-3327-4ebf-8214-e05182dc710f","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":102,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"8883f595-f375-4b26-b545-35e9ea073efd","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":102,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"07b46fc2-052c-4a6c-9bc1-128f8fa2a3a5","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":102,"box":{"x":101,"y":657,"width":773,"height":11}},{"id":"a574b29a-b836-4cb2-abc9-0aa20b991f3e","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":102,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"9b23c49b-d581-4640-b11d-43cf18dff385","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":102,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"240314f5-5edc-4910-8f0a-34346b544587","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":102,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"a28ed171-27a1-4902-93c1-4bb9041067c8","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":102,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"f6f1bc26-ee6c-40d6-aed4-eed23b93af9e","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":102,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"f6a28bf9-af52-4c04-aa7c-d7fc69d8014b","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":102,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"fb7f631b-7537-464c-844f-f67ff8598f2e","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":102,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"090c62f6-7bd2-4df9-8032-3e745a26d93a","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":102,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"3c6f4ce8-5369-4ddc-aa70-2164c1eda774","block_type":"box","text":"i.e.","page_number":102,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"8c4066c3-6bd2-42c1-b46a-db19f13c1fbb","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":102,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"75236c8d-dfce-4e6d-8657-30798ba06663","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":102,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"25415c5e-95fd-4bf0-8518-6a830c6984f3","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":102,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"f2c39aee-8136-4264-9f07-322429808412","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":102,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"e0245859-de7b-4185-b200-24108a23b329","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":102,"box":{"x":68,"y":838,"width":822,"height":12}},{"id":"9706ba21-df0a-4b14-8bdd-07c8eaef5af3","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":102,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"901a6078-5895-436c-a1cf-452ab590cd1d","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":102,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"69e30c02-be3c-49cb-8de8-0b4fd24e80ea","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":102,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"ae14abcb-980e-484b-97ea-99dabf486f76","block_type":"box","text":"parties.","page_number":102,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"5da6d445-829e-4271-aa70-733a17cf72f5","block_type":"box","text":"II-45","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e452b7b-3222-4d34-8578-b2abdf39007d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5226a57-f745-4d06-ad40-0aa5c376780b","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":103,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"426c65f2-a61f-4924-845d-d1eae0dd8763","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":103,"box":{"x":70,"y":60,"width":785,"height":11}},{"id":"00ae9439-923c-4911-b57c-d1f423518042","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":103,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"aa128af6-e73c-42f0-8ae8-30ce29923084","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":103,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"0f39b4ab-d70f-4d1c-8cbc-12ce07cec032","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":103,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"93f011d0-6ffd-4df0-b492-04cc6f075931","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":103,"box":{"x":102,"y":128,"width":793,"height":11}},{"id":"23cfc2e6-2bd9-429d-b04d-9c48e5dd8929","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":103,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"28d6ea2c-488b-427f-956b-3d74a29e5045","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":103,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"698640b8-2bc8-403c-9b1e-31e6284ce34b","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":103,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"d5199935-19ac-4592-a4d1-0cf31430d4dd","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":103,"box":{"x":68,"y":188,"width":798,"height":11}},{"id":"836c7135-63b5-4cea-91a8-620a48ed0b3d","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":103,"box":{"x":70,"y":203,"width":556,"height":12}},{"id":"7b789427-7a78-44e0-bed7-4beb8586cc3d","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":103,"box":{"x":102,"y":226,"width":762,"height":11}},{"id":"06c6bc39-cbda-4286-a689-7112d9531b86","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":103,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"eca1d0bd-b002-4b51-b162-4fbfdaf33ece","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":103,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"6889f180-2e66-4857-8ae1-b368c3e5ba8a","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":103,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"828c0078-e2bc-40ab-abd0-d4fe219dbaf3","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":103,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"d3bcf34f-c1d6-4bc8-9499-6424dea76822","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":103,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"8720ae84-c9fe-4b96-ad18-524af2537749","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":103,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"27028538-dd24-48dd-ab2f-ecb2e2a73301","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":103,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"0c0b17b5-e855-436f-82b6-04d0d938ceb4","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":103,"box":{"x":69,"y":347,"width":789,"height":11}},{"id":"a0a14cad-7cb2-4662-980f-c74bb759c8c2","block_type":"box","text":"performance.","page_number":103,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"702330e1-b642-4426-bc56-0efcc6c5e101","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":103,"box":{"x":101,"y":385,"width":803,"height":11}},{"id":"07e79edd-5a71-4d7b-81d3-56a793f3f991","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":103,"box":{"x":68,"y":400,"width":776,"height":11}},{"id":"7d4ef957-c833-4ebe-bd20-bcd0b8c08071","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":103,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"5fc4a400-b5d6-4f6b-90d1-57fdf0242ee1","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":103,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"8b4c72d5-ebba-4f7c-ab5d-232bb8828cdb","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":103,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"a3878842-ab44-4813-8277-172e40be71da","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":103,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"a1e323c2-8ca7-4ec5-947b-cd8d38ec3470","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":103,"box":{"x":102,"y":483,"width":755,"height":11}},{"id":"c5862032-c408-4da7-ad82-0b30c7d4dd9c","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":103,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"a6fc715a-e0fd-4a1f-a905-e1948dfbf651","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":103,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"d16b1fd2-c97a-4c47-854a-ab77c8a369a9","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":103,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"6d707074-3241-41d5-83b1-062d7cebc9b9","block_type":"box","text":".","page_number":103,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"8ec2c9c4-d2f3-49a3-a3fb-aeddbb084a26","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":103,"box":{"x":101,"y":559,"width":758,"height":11}},{"id":"81e34611-6f05-41cb-b291-c2d058f075a8","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":103,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"1a8cb716-102d-47e9-9497-3c7b4c04efe1","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":103,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"ec4453d8-d920-4835-b5f6-fa748dcfd360","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":103,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"4c1ed372-09ef-4cdf-878c-0c42bfe0e7a7","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":103,"box":{"x":101,"y":627,"width":697,"height":11}},{"id":"21885ae3-95b3-424c-8fc5-2fbaeba583d2","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":103,"box":{"x":102,"y":649,"width":803,"height":12}},{"id":"71214064-2cbb-4d09-9dee-7cf508614190","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":103,"box":{"x":68,"y":665,"width":822,"height":11}},{"id":"6afb1780-7e20-4f00-9247-6bde62fce356","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":103,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"5fc6e99e-cb4f-4830-9909-33df930871b9","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":103,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"3de7d6e7-42c5-42f2-b9d5-2941a5bb0a6f","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":103,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"6e14d55a-419a-43fd-b042-7b9b04324197","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":103,"box":{"x":68,"y":725,"width":783,"height":11}},{"id":"e4755768-f822-4aec-8fa9-b3c84f7b3ce9","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":103,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"cbc53ac5-37f0-4542-9257-e25f9a96235e","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":103,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"f4efd29c-4a5e-4e25-adcd-e46973e20c05","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":103,"box":{"x":68,"y":770,"width":818,"height":11}},{"id":"41840532-dcec-4a40-be03-d4e3d85b14e5","block_type":"box","text":"without notice.","page_number":103,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"64e574bf-2485-4ade-9322-894bd383ece4","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":103,"box":{"x":102,"y":808,"width":759,"height":11}},{"id":"a99bebae-6aae-45fc-9c48-ab80b73e76b7","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":103,"box":{"x":70,"y":823,"width":827,"height":12}},{"id":"578f350d-de14-455a-bb68-18ffce91d0f1","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":103,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"7bf94e8f-f44b-4baf-a7ee-c9bf1c442fe0","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":103,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"bc6978c5-df44-4eca-bd58-bd363171f100","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":103,"box":{"x":69,"y":869,"width":473,"height":11}},{"id":"9dfa85b0-dbc2-4f70-b46f-0b204482ae9e","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":103,"box":{"x":103,"y":891,"width":225,"height":11}},{"id":"d9d09433-f496-4551-ac8b-74e5966522e1","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":103,"box":{"x":333,"y":891,"width":569,"height":12}},{"id":"e54f3eb4-ccb4-412e-8bcf-90c8dcfb7b7d","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":103,"box":{"x":69,"y":906,"width":528,"height":12}},{"id":"be0da5b2-a261-4bae-93da-e4321104ffb5","block_type":"box","text":"II-46","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0cae2b63-6149-42c5-a5fc-0f4ca048b7d8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"749d0383-7862-417a-9444-1f652b41f659","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":104,"box":{"x":101,"y":45,"width":697,"height":11}},{"id":"4f705fdb-d47a-44fa-80bc-b0a2120c3967","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":104,"box":{"x":101,"y":67,"width":789,"height":12}},{"id":"e051a552-e3a0-4a63-8eb3-88e280e222b5","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":104,"box":{"x":69,"y":83,"width":565,"height":8}},{"id":"d1f91e9a-7153-454a-b3c8-38e3aa5e8ab6","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":104,"box":{"x":102,"y":105,"width":749,"height":11}},{"id":"0a16b4c6-cbde-4b13-bc28-1f7880636066","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":104,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"cc27b823-a01c-45a2-a0d6-b630c8b4b4fb","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":104,"box":{"x":69,"y":135,"width":840,"height":11}},{"id":"087f39c6-a73f-480e-ae2a-2e8a832d7c1e","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":104,"box":{"x":70,"y":150,"width":766,"height":12}},{"id":"7b926a69-bfaf-4739-b7d5-a2df741d7fd6","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":104,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"7d719e5c-0b32-4d90-9fcf-89cf9f4ea0f8","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":104,"box":{"x":70,"y":181,"width":772,"height":11}},{"id":"bdb310f8-b414-4527-a4d3-721df81ce959","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":104,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"f67b3b84-4e31-4be1-b6e7-80de036f3311","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":104,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"892f2f96-ff7a-42a0-b6b0-c5320f5296f2","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":104,"box":{"x":70,"y":226,"width":820,"height":11}},{"id":"8af58393-e11a-4af6-8734-de77f779c8a8","block_type":"box","text":"issued before August 8, 2025.","page_number":104,"box":{"x":70,"y":241,"width":216,"height":11}},{"id":"8a268078-f469-4f12-bbbb-49a87b6ea4fa","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":104,"box":{"x":101,"y":264,"width":801,"height":11}},{"id":"fd40177b-44e4-45c1-91d8-75740069b084","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":104,"box":{"x":68,"y":279,"width":821,"height":11}},{"id":"4f3b0766-c7db-4ed5-bff2-331f7ae81ac0","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":104,"box":{"x":68,"y":294,"width":808,"height":11}},{"id":"83f56203-18ab-469a-8467-163f00d34045","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":104,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"33a942a3-b74e-4734-b38f-e53fe4090f67","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":104,"box":{"x":68,"y":325,"width":829,"height":10}},{"id":"1ad90623-bbd8-4765-9d1c-7e0393a3ea67","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":104,"box":{"x":69,"y":340,"width":819,"height":11}},{"id":"a8016e4b-d64d-4fbb-9e41-aa0da21a42b6","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":104,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"6be5dafe-9919-494d-9939-a7eede5bf0c5","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":104,"box":{"x":68,"y":370,"width":474,"height":11}},{"id":"eef96fcb-9750-41a3-91ee-d3eeb3709c60","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":104,"box":{"x":102,"y":392,"width":777,"height":12}},{"id":"784edd6c-e625-44dc-94c1-816d6bfee412","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":104,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"4dfdf47e-c6c5-4750-a8b6-e1094d48cc4d","block_type":"box","text":"the PRC in notifications.","page_number":104,"box":{"x":68,"y":423,"width":171,"height":9}},{"id":"eb2e94f8-37af-4cf7-ae54-0ae211cc6873","block_type":"box","text":"Investment in Other Investment Companies.","page_number":104,"box":{"x":102,"y":445,"width":320,"height":11}},{"id":"65c99349-c86f-45c0-83a1-e9e2517ff325","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":104,"box":{"x":429,"y":446,"width":402,"height":10}},{"id":"66fccde3-3826-41a0-bddd-9b320922a3e9","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":104,"box":{"x":70,"y":460,"width":818,"height":12}},{"id":"c50ff59d-81ab-45f5-95f1-d3a5fdfc9002","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":104,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"2d9e4364-113c-443e-bca7-c0da80cf34e1","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":104,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"19e103cb-803e-4613-8c11-79c393bc1fdb","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":104,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"a44d341d-d4fb-4f81-8388-0ee8ac408813","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":104,"box":{"x":70,"y":521,"width":793,"height":11}},{"id":"c8ae5b2d-aa6c-4719-98ea-30436d0aa0e0","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":104,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"e524a2a7-9a52-4618-80e5-84f47673c305","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":104,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"3d3bdad4-d7ae-4b6e-8901-76b7e7dcb174","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":104,"box":{"x":68,"y":566,"width":812,"height":11}},{"id":"5a67eb68-1600-49d5-b961-426396394878","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":104,"box":{"x":69,"y":581,"width":829,"height":12}},{"id":"081ada5a-343e-40c0-9efd-985479893ab9","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":104,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"35769e23-dda0-4a9f-8866-2355130bef3b","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":104,"box":{"x":68,"y":612,"width":821,"height":11}},{"id":"2c4af5d2-62f3-467b-8631-c938ba6a378f","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":104,"box":{"x":69,"y":627,"width":817,"height":11}},{"id":"36b162d5-be33-4739-a13a-b95c6b14320b","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":104,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"a0007418-20fb-4ca8-be2a-e7ad19134c00","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":104,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"9cea01a9-b28e-4882-b00e-f03fe7f2b1ff","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":104,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"f75619aa-54ce-47fb-a467-15a4b4aac18f","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":104,"box":{"x":70,"y":687,"width":829,"height":11}},{"id":"549ac110-c451-4eaa-be02-a95e710a38e3","block_type":"box","text":"subject to certain conditions.","page_number":104,"box":{"x":69,"y":703,"width":206,"height":10}},{"id":"ab10e37c-5ac3-4e47-a1ff-59fb197ec702","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":104,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"467822e5-e75f-4146-a477-8106d15413c8","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":104,"box":{"x":102,"y":748,"width":779,"height":11}},{"id":"92caa490-6a61-482e-8f56-461cc37acb30","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":104,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"0d7404b4-216d-411b-92d6-e143ba6c91f0","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":104,"box":{"x":69,"y":778,"width":836,"height":11}},{"id":"16edc7c5-6964-4a96-929d-fa00b2de7dce","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":104,"box":{"x":68,"y":793,"width":839,"height":11}},{"id":"347a2dfb-1de2-4508-ab1d-89105f3647c6","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":104,"box":{"x":68,"y":808,"width":806,"height":11}},{"id":"a51d2385-5c73-4985-97ca-4a7a5fc19e70","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":104,"box":{"x":68,"y":823,"width":810,"height":11}},{"id":"12b19372-9a98-4847-ba6e-4cd867828194","block_type":"box","text":"loss.","page_number":104,"box":{"x":70,"y":839,"width":31,"height":8}},{"id":"46e0ff25-fbda-4e75-9970-e846bcce2fb1","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":104,"box":{"x":102,"y":861,"width":758,"height":11}},{"id":"5b89f67a-37d0-4bfb-b36c-93e4abca220f","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":104,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"c9aae3bd-c226-4a24-962e-19a061d871bf","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":104,"box":{"x":70,"y":891,"width":835,"height":11}},{"id":"cc3a9940-75d4-4f02-aff2-26841a43a3bb","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":104,"box":{"x":69,"y":906,"width":816,"height":12}},{"id":"a1519721-052e-4adb-b8c9-b21008d085f8","block_type":"box","text":"II-47","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef52d98b-8cb1-45ad-aa62-948776431279","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8e161ed-6e0e-4eb7-93cb-054fdcec2622","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":105,"box":{"x":69,"y":45,"width":768,"height":11}},{"id":"1920b506-ef7c-45f0-a01d-99fe20ad54d9","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":105,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"03ac9d6d-cb45-4876-9c92-a97e0ae40b12","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":105,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"6ad58119-68b0-4ea7-8aa7-15fa721337d2","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":105,"box":{"x":68,"y":90,"width":804,"height":11}},{"id":"7e520a2f-561a-4a90-8237-cea948b84566","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":105,"box":{"x":70,"y":105,"width":778,"height":11}},{"id":"900f1ef2-8bdb-43b4-ac42-74e5cc451afb","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":105,"box":{"x":69,"y":120,"width":796,"height":12}},{"id":"cb58a3b4-1be8-418b-ac22-56fec8b7e839","block_type":"box","text":"assets.","page_number":105,"box":{"x":69,"y":136,"width":51,"height":8}},{"id":"dc14d707-e31e-48c9-a73e-fb2e12d9e867","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":105,"box":{"x":101,"y":158,"width":776,"height":11}},{"id":"e0b97b51-5d52-4079-8e8b-5d9f26f3f795","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":105,"box":{"x":69,"y":173,"width":313,"height":11}},{"id":"b235cd1e-548d-4082-a45f-aea2b13961df","block_type":"box","text":"e.g.","page_number":105,"box":{"x":384,"y":175,"width":24,"height":9}},{"id":"a9d20dc2-039f-46b2-af2c-6aaaff7fdb96","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":105,"box":{"x":411,"y":173,"width":491,"height":11}},{"id":"35b63c66-9a2f-4674-be8f-913f9526f631","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":105,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"291bb832-5bcf-4319-87e8-aa99e2e4e4a1","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":105,"box":{"x":69,"y":203,"width":472,"height":12}},{"id":"d79e3c87-8991-4365-b30f-973a5aa13964","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":105,"box":{"x":101,"y":226,"width":790,"height":11}},{"id":"726f7055-a8f5-4acf-a6b5-357f49557dd5","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":105,"box":{"x":70,"y":241,"width":818,"height":11}},{"id":"354f525a-2fdf-4fd0-a844-2131978bb9aa","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":105,"box":{"x":69,"y":256,"width":791,"height":11}},{"id":"2acb365a-ea41-406d-bdc3-8ee7ff60576c","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":105,"box":{"x":70,"y":271,"width":795,"height":11}},{"id":"e5478338-9144-4ad4-8995-c42668dd1a7f","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":105,"box":{"x":70,"y":286,"width":807,"height":12}},{"id":"dd0940eb-9f46-4513-b9c8-51d4a936f01e","block_type":"box","text":"countries.","page_number":105,"box":{"x":69,"y":302,"width":69,"height":9}},{"id":"c31ca224-d351-4dfb-b5fb-d49a6829e02d","block_type":"box","text":"Issuer Insolvency Risk.","page_number":105,"box":{"x":102,"y":324,"width":166,"height":11}},{"id":"fa295d50-6507-4534-8908-6e1a4644a781","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":105,"box":{"x":275,"y":324,"width":631,"height":11}},{"id":"f670cb77-d7d8-44e8-89b7-dcdd5e7c5818","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":105,"box":{"x":69,"y":339,"width":832,"height":12}},{"id":"854379ab-5c73-4ac3-b16d-8cbc338acd8d","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":105,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"12923b70-899b-41af-8645-444eb610ae40","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":105,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"7a14292c-aa51-40cf-9d73-1ffebb92f3fe","block_type":"box","text":"issuer uncertain.","page_number":105,"box":{"x":70,"y":385,"width":118,"height":9}},{"id":"b207d8bf-f837-4ae6-8d97-e5ec0350a5cd","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":105,"box":{"x":102,"y":407,"width":788,"height":12}},{"id":"51f3d1e6-1fa0-46ef-b39a-e0b7095e45cb","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":105,"box":{"x":68,"y":423,"width":827,"height":11}},{"id":"4fd93f3b-eaf6-492e-8003-2483e515dd29","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":105,"box":{"x":68,"y":438,"width":779,"height":11}},{"id":"bc7dfa15-9325-4389-bfdb-37a4a343b664","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":105,"box":{"x":69,"y":453,"width":829,"height":11}},{"id":"7973c7ce-56f8-4bb6-8e21-7503a677ec56","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":105,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"d82fc837-929b-4908-a182-26c25a480515","block_type":"box","text":"eventually be satisfied.","page_number":105,"box":{"x":69,"y":483,"width":162,"height":11}},{"id":"94ed2215-3274-4ec4-b427-37b42bed6413","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":105,"box":{"x":102,"y":506,"width":805,"height":11}},{"id":"06bbdb4c-f74e-45f1-a85a-ba29df4ba825","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":105,"box":{"x":70,"y":521,"width":827,"height":11}},{"id":"0401a513-665f-4371-9573-bda6138e9032","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":105,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"09c0c001-465d-451a-8853-36d1f18fc254","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":105,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"531873b8-0e3b-40cb-9c6d-0853c62ed489","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":105,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"30cb0f67-fd88-4254-ad52-1ba0a59e7e71","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":105,"box":{"x":70,"y":581,"width":805,"height":11}},{"id":"c955618f-2059-43ee-aac0-608cdf09ab66","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":105,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"e148f1f9-000b-40d7-912b-bc1e8768be8a","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":105,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"76ca9d0d-8f55-404c-8e1a-5c30dde02eaa","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":105,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"9322da78-ee89-468d-a255-af5eaef355ea","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":105,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"754092e5-5e19-4269-8746-55842c3e950b","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":105,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"216a1c05-6054-4a06-8d16-d30e47c643ef","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":105,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"a300dcd1-9d81-4fb2-903b-462010d39eb4","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":105,"box":{"x":68,"y":687,"width":826,"height":11}},{"id":"23a5e115-9a71-49dd-9186-fc3c5d13f063","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":105,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"d00c6800-fdc3-4206-bfa9-da0f2b992ddb","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":105,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"9f953a7a-937b-456d-acb4-82c3d848296e","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":105,"box":{"x":69,"y":733,"width":741,"height":11}},{"id":"18c42622-0c60-458f-b92a-b58584f7ad3f","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":105,"box":{"x":101,"y":755,"width":780,"height":11}},{"id":"5d420136-6e1f-4e24-bcd8-85a662aa9c06","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":105,"box":{"x":68,"y":770,"width":807,"height":12}},{"id":"1f7241ba-84e1-49ab-a195-0b4e3889d0dd","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":105,"box":{"x":69,"y":785,"width":795,"height":11}},{"id":"8dae350e-a98d-4d70-9c6b-4f3679424c7d","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":105,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"3a7b9d2b-3f50-4ee6-8e59-ce47fd90b29f","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":105,"box":{"x":70,"y":816,"width":439,"height":11}},{"id":"9690fa7e-9aa0-4411-98ba-a7216818f585","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":105,"box":{"x":102,"y":838,"width":806,"height":12}},{"id":"0746a363-4f84-47aa-b301-7f50d47dd30c","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":105,"box":{"x":70,"y":853,"width":829,"height":12}},{"id":"1b38fd80-bcb6-446a-847d-fe8a7cfe5453","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":105,"box":{"x":69,"y":869,"width":767,"height":11}},{"id":"dc3a31a1-b740-4d1d-8dc4-c663cb479ffb","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":105,"box":{"x":69,"y":884,"width":771,"height":11}},{"id":"a70746ba-21ca-476a-9b54-a232fa4dd242","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":105,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"fb90d8ce-6f41-46f4-add4-17d2a0de63f7","block_type":"box","text":"II-48","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14c992f6-0a77-427f-babb-33551b2b85de","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ce4ce42-5f10-43f1-adf4-9d435c376bc3","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":106,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"792e50d0-460a-42ff-ac46-94b6ae9ef384","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":106,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"705969bc-c3b1-4692-af65-3784d37f3e67","block_type":"box","text":"that assumed generally by an investor.","page_number":106,"box":{"x":68,"y":75,"width":274,"height":11}},{"id":"d0187e31-259b-48e1-88e0-8ed39c350884","block_type":"box","text":"Lease Obligations.","page_number":106,"box":{"x":102,"y":98,"width":133,"height":11}},{"id":"f2779fdb-212b-4feb-a443-c5d4b445866a","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":106,"box":{"x":241,"y":98,"width":653,"height":11}},{"id":"47678d93-803c-476b-b8e3-8380fd24a3e4","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":106,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"7f150e06-9181-4a59-b566-8e0c289cf4db","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":106,"box":{"x":69,"y":128,"width":602,"height":11}},{"id":"9c70a6bd-aa7e-477b-a1c9-b24b9a3bf4ac","block_type":"box","text":"Life Settlement Investments.","page_number":106,"box":{"x":102,"y":151,"width":210,"height":8}},{"id":"dad6d909-45a8-4b29-9b8c-90878f603012","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":106,"box":{"x":318,"y":150,"width":589,"height":12}},{"id":"71f7c8a9-5fcb-4496-a0ad-cdf8de138434","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":106,"box":{"x":70,"y":166,"width":838,"height":11}},{"id":"a9565536-e5e2-4152-869e-ec65721abea9","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":106,"box":{"x":70,"y":181,"width":834,"height":11}},{"id":"cd15ef2c-45a6-4ac1-a2c8-ead6637396c8","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":106,"box":{"x":69,"y":196,"width":808,"height":11}},{"id":"a76d0a07-b49d-4699-be4a-10a08fc04edc","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":106,"box":{"x":70,"y":211,"width":797,"height":11}},{"id":"991df56f-a472-4cd2-b233-52643420e0e6","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":106,"box":{"x":70,"y":226,"width":775,"height":11}},{"id":"809b30d4-20a3-42f8-9d53-8eab6f82cb08","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":106,"box":{"x":69,"y":241,"width":805,"height":11}},{"id":"179feffb-721d-46ee-88dd-b86f7ee8e842","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":106,"box":{"x":70,"y":256,"width":789,"height":11}},{"id":"96859100-6f57-4bab-85ba-25f4d5a4880e","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":106,"box":{"x":70,"y":271,"width":829,"height":12}},{"id":"f2bddb27-d9c5-44cb-affb-5d58917d644d","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":106,"box":{"x":70,"y":286,"width":813,"height":11}},{"id":"61a011fc-33d4-4ac2-8bd5-3d0a1590900a","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":106,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"894afdd5-6662-45e1-89d5-949bcd01b111","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":106,"box":{"x":69,"y":317,"width":832,"height":11}},{"id":"6e2c5cf6-925c-4112-9618-57b0e2161b43","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":106,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"8e26a115-9b0f-43bf-94a4-6cb3ba4e6336","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":106,"box":{"x":68,"y":347,"width":809,"height":11}},{"id":"7db71cf3-1922-4ccc-be3d-ee31707b6b9f","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":106,"box":{"x":69,"y":362,"width":730,"height":11}},{"id":"415b0b99-f8fe-46f4-ad8c-728eea68991f","block_type":"box","text":"Liquidity Risk Management.","page_number":106,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"c6cab42a-617f-4df5-b305-bbccf97c9d98","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":106,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"817624de-3442-4e12-b46e-2d998226b141","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":106,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"4c4f872b-8327-47cf-8ed7-667c84d21448","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":106,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"7bc30e8b-5352-4e7c-b4a2-240aba68d5a4","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":106,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"86df848c-ca0a-46ae-99e0-67178501506f","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":106,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"a699b011-48f6-4aba-a640-7547665a8d15","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":106,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"f55b2f42-309f-439d-9c22-d379f4c43eac","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":106,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"5add1a4a-a0b4-41bd-81b5-88d2f94c2ea0","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":106,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"61d8534a-51f7-4742-8694-0de9749145cb","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":106,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"cf1386f0-78aa-47cc-8b24-7bcdf0e41670","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":106,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"7924c846-4b77-4355-bce7-59ec61f7c868","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":106,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"170b994f-43b9-4baa-aa61-139568434ecf","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":106,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"5333287d-6fa9-46f1-a9e8-ecc03d30f5c5","block_type":"box","text":"Master Limited Partnerships.","page_number":106,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"4acda7d5-e62e-45dd-b75d-0ded197bee1d","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":106,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"51786dce-cfa2-42f2-ae10-749e86fb78c3","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":106,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"cb0d3758-b0d1-4d58-a692-e2b98c8b2452","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":106,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"c13ed69f-8105-4ca7-a50d-b95e204eda91","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":106,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"506d3ffa-33f5-4fc3-ac6a-00131673e4d2","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":106,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"cd7102fe-acb0-478f-9af9-1cea655d7c77","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":106,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"083176e0-8cc3-465b-85fe-d8de3dcfb6a0","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":106,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"4fb0a9a6-9116-4beb-8dda-667266b78b61","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":106,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"5a8deb44-d844-4c32-82ef-553c8900d24e","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":106,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"cb81263e-f289-4ed4-bf16-8136577122ab","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":106,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"a8ae1827-ecdb-4770-9918-a82620c2dc8d","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":106,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"8f7e5796-3ae9-4cf7-90bb-87b5ae4d40ed","block_type":"box","text":"in the partnership’s operations and management.","page_number":106,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"56bd3c89-2621-43fa-be3f-6c476519caf9","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":106,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"a344e25b-d9f2-4674-980b-69a325c5a74b","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":106,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"c1e77456-6d00-4434-b19f-a8e6ee4eb41a","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":106,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"ba1135cc-b58f-4c05-92d9-446b2cd58efa","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":106,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"4d1b7caa-99d3-4d70-835a-c37e4ee82cc3","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":106,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"9ad31292-54a4-42d5-9b36-9b13176d0637","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":106,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"e6382b0d-65bf-4529-b39b-dede9dde16b9","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":106,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"42c7fdc2-34a0-407d-b711-9c26237314df","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":106,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"32c21ead-b820-41a0-8a52-a20b39a303e2","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":106,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"b6a9153c-ae2e-42a7-8f39-598da733c846","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":106,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"cfe96c62-0a00-4f4c-95ef-e4aee37f2353","block_type":"box","text":"II-49","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8cceb130-756c-4347-b6d4-4a540e485771","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0432500-14db-4c98-8c4e-54953a4f8888","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":107,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"a47ad83b-e988-4b1d-82ea-b789a85f8d56","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":107,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"ca256a9a-4dcc-4860-90ee-25046fb347c6","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":107,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"886c8697-b97d-44df-9f98-88dab4cd51f9","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":107,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"769504fa-8548-4b37-ab52-0f07f0684d01","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":107,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"2c9010dc-ada6-4dce-af1a-47ab0ace7bd9","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":107,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"1c99cd8d-4be8-408a-a009-5e9c1ace9d04","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":107,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"5b704979-aa21-42c1-be60-034c7fbdea1b","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":107,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"a31a1b17-b152-4cd2-aac0-9cf362b228f0","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":107,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"0e4072a5-7c3a-4714-9487-cbb04b55a054","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":107,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"e41db7ad-c54f-4aea-82db-296fc07936b4","block_type":"box","text":"Merger Transaction Risk.","page_number":107,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"61da81b3-e2cd-4340-b403-714a2a4c32d8","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":107,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"41e5e6e5-2a04-4da4-8f20-0db7cdcf95d9","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":107,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"be7c3d87-1b2f-4460-9d0f-6af1b7edadfe","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":107,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"73e4916d-842c-4ea0-9728-d8af7e8df295","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":107,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"bb848ffb-ba19-4993-9635-fe636f863b87","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":107,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"2b8386f9-f37d-4762-947e-0c475c840ea1","block_type":"box","text":"the Fund and may lose significant value.","page_number":107,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"5fa19499-5530-445c-9eb5-f03796d7c1ef","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":107,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"51fde1db-715b-4cbf-b3b4-bed5cb9d8e5d","block_type":"box","text":"Certain","page_number":107,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"048aef73-2a78-4681-84b0-c375abc4cf69","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":107,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"b996331d-0623-40f7-9349-593b332d6c7c","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":107,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"a0e7d6c3-ddae-410f-9ece-e6d13e8d4d5c","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":107,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"c3578ef4-3edf-4ac8-8154-00624a1c9107","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":107,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"cbf91dc6-718d-433a-aff9-3abfa62d3cb5","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":107,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"0826b822-55fa-439a-9b85-6279c19150d5","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":107,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"7c37098a-a298-46df-b5c3-a43af2614bdf","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":107,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"276b4f78-92e6-4795-b9ae-59ac3532a896","block_type":"box","text":"branches of domestic banks.","page_number":107,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"bd60cab6-f55f-4848-9887-a9ba55be1f7e","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":107,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"fb1996ea-ad9c-4fd5-96f4-d5337d9c1e83","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":107,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"1690fcfd-a84f-4836-b549-d4e97689e74b","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":107,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"e044840c-8d8e-4305-99e9-7fe89d6bd9f7","block_type":"box","text":"paper of a foreign issuer.","page_number":107,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"8b35d0da-eb93-4aef-94ad-057455ea38ed","block_type":"box","text":"Money Market Securities.","page_number":107,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"5aae9676-3e9f-47c0-91b8-6d5e9717686f","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":107,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"71a71a1f-4e97-4918-8629-57a1df765a4b","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":107,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"416553b9-641d-44fc-a548-abc3b4c26008","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":107,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"d7b652c6-894a-4fa7-8c18-92fda35d80fa","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":107,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"42f070a1-4b3f-444d-820f-7d57ef6f1687","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":107,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"c8c5e7bf-f09b-4432-91eb-6d83b3f41708","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":107,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"63ef89b2-b286-461b-be46-b8c0a58d609f","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":107,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"9870a42e-7ff2-4d15-99ee-9e045a549aaa","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":107,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"4c9871a8-f879-435f-947a-4a52ea9fc8ea","block_type":"box","text":"agencies;","page_number":107,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"b343ea27-b302-4117-bc77-e6cabbab4fd9","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":107,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"089bd5a3-0f72-4e15-a81c-f81281be7985","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":107,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"c628c852-42c5-4861-bcfb-a12466d61725","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":107,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"65e60777-56fb-4abd-9eb0-a611f74c07bf","block_type":"box","text":"obligations and credit card receivables);","page_number":107,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"fe4d7c95-8ee5-4cac-b402-dcdcce8427d9","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":107,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"df5d119d-9c81-47b3-be73-1be376dedd3d","block_type":"box","text":"authorities and related custodial receipts;","page_number":107,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"6298fdb3-4edf-4f77-bba5-d5eba5bb1514","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":107,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"8086188e-c14d-4e0d-9f72-7cf719661f21","block_type":"box","text":"agencies or authorities;","page_number":107,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"bb04be23-877b-45e7-beda-b7a2439c66f8","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":107,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"3b469ada-742e-41f1-9f8a-1af31376b628","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":107,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"35e9d0f1-c8d9-4d95-9efc-4d64664a5af1","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":107,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"859e50d1-519a-4d4e-b8ef-d0999906d8b3","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":107,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"79b9d2c8-2a7e-4ab9-afcd-ab4232d4a0bf","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":107,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"29307edc-f932-459a-acc2-cd5012e14073","block_type":"box","text":"States;","page_number":107,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"f6ecaef0-9a13-4641-bed0-72cd06d624e9","block_type":"box","text":"II-50","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aea8c3ba-517a-4980-91c7-492ce1c1a809","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25cc5c91-89af-43d6-bb11-e19b2cd381ac","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":108,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"ac739b5a-3bf9-4b6b-ae4d-5d6c185227f4","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":108,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"97660654-1696-4400-bc19-08e5ab850f23","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":108,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"5aa812e3-ba5a-4c68-bcea-2a80d4167bfe","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":108,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"3f160505-5a93-47b6-91b9-067f9eae61c2","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":108,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"fcbaf9dd-279d-4070-97ba-460d4df34eaf","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":108,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"2759f04e-0bde-4c55-90d7-6fb71cd2f36f","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":108,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"2d7ce7ea-ecab-4456-8af9-8158372c9b01","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":108,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"d5413ea7-613a-448d-a6b0-fd7aa321f807","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":108,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"45a9c20a-ccf6-4bbb-b7a6-e98ca72fcd75","block_type":"box","text":"States.","page_number":108,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"9fc38537-232e-4447-b0fb-e97bb21611aa","block_type":"box","text":"Mortgage-Related Securities.","page_number":108,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"d58f0e73-4dec-488b-a1c6-12badeceda08","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":108,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"0e3938cc-cb81-40b5-8bb2-ce6ed46219a1","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":108,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"3f0d1cfc-a4cd-43ee-a85c-ff01eeba87b9","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":108,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"532cf211-b1e8-4d43-bcaf-53551e60fa55","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":108,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"a145991f-5b80-4a96-89c3-d37165110818","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":108,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"80ce28ac-5624-4c53-be0a-830fb4851945","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":108,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"e7484403-66da-459a-b73f-579488348b07","block_type":"box","text":"maturity or specified call dates.","page_number":108,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"e173bede-6263-4649-96bd-1ef33cf4e9de","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":108,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"313d682d-7854-4660-b498-a28f372b3136","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":108,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"494b0d9b-a93d-45f3-9dc6-3850583dffe0","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":108,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"5557b573-f118-4a3a-8bf1-71689a8a37b1","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":108,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"9da00c11-197d-4dea-9fe2-5c05a6215c35","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":108,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"bed16815-9518-42d3-ae23-d80b3ba1b8bc","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":108,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"c495c163-b3ea-4b3a-8ab8-b604022c3764","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":108,"box":{"x":68,"y":435,"width":837,"height":11}},{"id":"b854ad5a-c2e0-4cdb-ad7c-0c555fcac7c5","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":108,"box":{"x":70,"y":450,"width":834,"height":12}},{"id":"2bded31d-a27c-4c45-91f5-0e44f8ce47a1","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":108,"box":{"x":69,"y":465,"width":840,"height":12}},{"id":"be5bf48c-d0ca-4445-91c4-f4aba0b30362","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":108,"box":{"x":69,"y":481,"width":827,"height":11}},{"id":"383f4900-477f-4d75-9ff2-baf008842b8b","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":108,"box":{"x":68,"y":496,"width":805,"height":11}},{"id":"b5dbad47-22d1-4819-8a5e-bbca7a78de75","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":108,"box":{"x":68,"y":511,"width":834,"height":11}},{"id":"f49252a9-fa3c-45f5-b8dd-c9e33fad831e","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":108,"box":{"x":68,"y":526,"width":791,"height":11}},{"id":"c2249f63-9158-4ebe-ac82-1753750f3a6a","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":108,"box":{"x":69,"y":541,"width":816,"height":11}},{"id":"53879ea2-4116-47d5-a2e6-ce03bf03b001","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":108,"box":{"x":69,"y":556,"width":819,"height":11}},{"id":"b9d13230-e36c-4577-a6ad-91ceb214a768","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":108,"box":{"x":69,"y":571,"width":761,"height":12}},{"id":"b6527bdb-f05d-4e06-8da0-e487656aec14","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":108,"box":{"x":69,"y":586,"width":791,"height":12}},{"id":"c2fd70b5-6820-4e33-ab9c-230fed173f4e","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":108,"box":{"x":69,"y":601,"width":602,"height":12}},{"id":"5c6d93af-380e-4290-93ef-2fe4bb5848b6","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":108,"box":{"x":101,"y":624,"width":761,"height":11}},{"id":"6382c136-0fdb-477a-935d-f920d2a7818f","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":108,"box":{"x":70,"y":639,"width":800,"height":11}},{"id":"a5e0d63b-5fd9-4781-8ce5-bfcc1ea3165c","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":108,"box":{"x":69,"y":654,"width":833,"height":12}},{"id":"43499465-76ed-4e9e-91d8-1e49f9c4fd86","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":108,"box":{"x":69,"y":669,"width":809,"height":12}},{"id":"c14ab483-1778-4457-b6df-c30aaa2a09b8","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":108,"box":{"x":70,"y":685,"width":801,"height":11}},{"id":"7c6827a3-ddb7-4602-b481-bea01f85a479","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":108,"box":{"x":69,"y":700,"width":778,"height":11}},{"id":"f9c269f9-bbb5-43f9-8d09-8a91d7e0780f","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":108,"box":{"x":69,"y":715,"width":831,"height":11}},{"id":"51e843eb-b734-4cc7-b9ca-7144a5ba3d2f","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":108,"box":{"x":69,"y":730,"width":773,"height":11}},{"id":"8095ce60-9b77-4bf3-8e8f-988daca11090","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":108,"box":{"x":69,"y":745,"width":818,"height":11}},{"id":"7c580d14-40df-4b05-b549-1e0c3154f2b7","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":108,"box":{"x":70,"y":760,"width":822,"height":12}},{"id":"c501b6cf-e803-4ae6-a023-cc59de098456","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":108,"box":{"x":69,"y":776,"width":399,"height":11}},{"id":"c58fefea-1bcf-4030-9322-2d1751654839","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":108,"box":{"x":101,"y":798,"width":802,"height":11}},{"id":"780e5af9-2891-4936-b003-e4441361697f","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":108,"box":{"x":69,"y":813,"width":830,"height":11}},{"id":"f337e85c-5c80-4920-8386-9ee4917acdb1","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":108,"box":{"x":70,"y":828,"width":818,"height":12}},{"id":"ac1d8c8c-962a-42c6-97f9-066ad5a86bf6","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":108,"box":{"x":70,"y":843,"width":766,"height":12}},{"id":"b2712524-291f-4c52-ad2a-96b4d54859e7","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":108,"box":{"x":69,"y":858,"width":808,"height":12}},{"id":"b6a1926c-e565-4682-af55-304c2959ab17","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":108,"box":{"x":70,"y":874,"width":825,"height":11}},{"id":"27a898af-9c74-4597-bba8-cfa51b024912","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":108,"box":{"x":69,"y":889,"width":761,"height":11}},{"id":"dfc706c7-8680-4c23-9ea1-a013398b1dda","block_type":"box","text":"II-51","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07692155-da0b-4df1-9764-e7d8ca5394a2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2697fbb-9175-4835-a341-5a39dc2e1d4c","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":109,"box":{"x":102,"y":45,"width":743,"height":11}},{"id":"a9df3cac-6aee-4788-84ad-dd8782caafee","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":109,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"4c27620e-a11d-4dbd-b036-06ee2fbc4dfc","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":109,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"661d7037-d5bf-4993-a2fb-8637d82958b4","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":109,"box":{"x":69,"y":90,"width":737,"height":11}},{"id":"bc771fb4-2525-4d2b-8996-aad4f0a75346","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":109,"box":{"x":68,"y":105,"width":814,"height":11}},{"id":"631e8ba2-d750-4fb6-88bd-098ec49213da","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":109,"box":{"x":68,"y":120,"width":794,"height":12}},{"id":"d3c3c911-5222-430a-a3df-508b86a97604","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":109,"box":{"x":70,"y":135,"width":828,"height":12}},{"id":"6feb5d00-9bdd-4369-bfe0-61c29b4f2604","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":109,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"c39f4c6b-a1b1-438a-ab50-b5cf3ae14203","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":109,"box":{"x":68,"y":166,"width":798,"height":11}},{"id":"5e61662d-2fa3-410b-a18b-f3120af6cc60","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":109,"box":{"x":70,"y":181,"width":788,"height":11}},{"id":"9f62cfa1-86c2-4a37-8df0-1c2e7112a083","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":109,"box":{"x":68,"y":196,"width":840,"height":11}},{"id":"e84fb1d9-0061-4000-afdd-86a6b3afe22a","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":109,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"dd870abe-66b9-47cb-be7b-d018d51bd39b","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":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"540e24bb-0752-4f27-8d57-a4df365df0b3","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":109,"box":{"x":70,"y":241,"width":770,"height":11}},{"id":"10818bdd-0bd1-4b72-b1e0-1ae9d4f9ab70","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":109,"box":{"x":70,"y":256,"width":812,"height":12}},{"id":"e897d313-e1fc-4ee7-b557-76b883e6fa4d","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":109,"box":{"x":69,"y":272,"width":829,"height":11}},{"id":"913faac7-d4c6-45f4-a4bb-8fa19b865d46","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":109,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"bd313fc6-687a-438f-8530-a3144f8e5c92","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":109,"box":{"x":70,"y":302,"width":792,"height":11}},{"id":"294cec03-b12d-4dbd-b7c8-1b06c108947a","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":109,"box":{"x":68,"y":317,"width":819,"height":11}},{"id":"2fc71faf-3836-4894-95df-c4b0fbddf151","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":109,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"b57a713e-49f3-48bc-ac2a-6726496f540c","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":109,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"88f2a4c1-91c8-436a-a941-70112f6c8a32","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":109,"box":{"x":70,"y":362,"width":401,"height":11}},{"id":"9697f575-88e6-465c-9200-740426c2e892","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":109,"box":{"x":102,"y":385,"width":786,"height":11}},{"id":"afff2fe3-86dc-42fd-8948-6bf76840e9aa","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":109,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"de3401b1-2b7b-4bce-8094-cb969c58f3aa","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":109,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"849c63a5-2b51-432b-861b-7b807070918a","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":109,"box":{"x":102,"y":438,"width":802,"height":11}},{"id":"dc2ff15e-3ff3-496b-bd01-34046e7fca3b","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":109,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"edba9c11-e7c3-4de4-b0da-f1dd38194101","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":109,"box":{"x":70,"y":468,"width":814,"height":11}},{"id":"328c7103-4cb2-4e21-b4bc-74e01496c1af","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":109,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"a899e3b6-a157-4cf7-9ad3-e292686cb73d","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":109,"box":{"x":70,"y":498,"width":789,"height":11}},{"id":"401e993b-29f4-4178-a2e2-5354eec9e8a8","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":109,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"720b05e2-c90c-4947-b6ae-135af55092e8","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":109,"box":{"x":69,"y":529,"width":838,"height":11}},{"id":"f4f55105-1d37-424a-9bc9-852cc957501e","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":109,"box":{"x":70,"y":544,"width":810,"height":11}},{"id":"edba1e1c-dc49-4982-a18f-5434ffde357a","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":109,"box":{"x":69,"y":559,"width":820,"height":11}},{"id":"1838cf27-2965-4f04-a064-6aab71ae7773","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":109,"box":{"x":70,"y":574,"width":812,"height":11}},{"id":"140fe468-b356-4836-a81b-3b4654e56b0b","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":109,"box":{"x":69,"y":589,"width":790,"height":11}},{"id":"8004cf52-ca7b-471c-948c-f796c5c93108","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":109,"box":{"x":69,"y":604,"width":604,"height":11}},{"id":"869109e6-1b96-4291-b6a1-fb7587c15451","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":109,"box":{"x":102,"y":627,"width":774,"height":11}},{"id":"90008ba8-6718-47cb-b281-deeb1beec927","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":109,"box":{"x":69,"y":642,"width":791,"height":11}},{"id":"7cd907f5-7bcd-43c6-8635-dbc1cadd3322","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":109,"box":{"x":68,"y":657,"width":832,"height":11}},{"id":"b417b158-d2c6-409e-9844-69508d9fec7d","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":109,"box":{"x":69,"y":672,"width":742,"height":11}},{"id":"a37cb7c8-cc8c-4592-a81f-9dc1ef6ca3db","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":109,"box":{"x":69,"y":687,"width":831,"height":11}},{"id":"6fd7d544-e343-4e8a-9295-9a96238935ef","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":109,"box":{"x":69,"y":702,"width":840,"height":12}},{"id":"5a638665-efc5-4056-9750-8d3714f73786","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":109,"box":{"x":68,"y":717,"width":809,"height":12}},{"id":"b82bab1b-c992-4aa6-ba19-3c621d9a1039","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":109,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"737d8c37-1b5b-4ce3-b676-b1a8b582651b","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":109,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"90a815a4-96ca-41bf-b3d1-89d139ecd08c","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":109,"box":{"x":70,"y":763,"width":810,"height":11}},{"id":"627066c5-8c81-4aa1-b097-f717cb605970","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":109,"box":{"x":69,"y":778,"width":804,"height":11}},{"id":"8fa377a1-2fbf-407c-9bfa-654c44319ba9","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":109,"box":{"x":69,"y":793,"width":669,"height":11}},{"id":"3fbf6e14-74dd-4988-95d8-f838aaeab1b9","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":109,"box":{"x":101,"y":816,"width":754,"height":11}},{"id":"967090ec-b116-47b5-aca7-0977ec10a4b9","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":109,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"fe4377ec-a407-439f-a82a-f89917268d3f","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":109,"box":{"x":69,"y":846,"width":812,"height":11}},{"id":"5050d314-f7c4-454e-80a7-6d211bf32b04","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":109,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"255c0d71-bf5f-4630-ba6a-cf274aedd19f","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":109,"box":{"x":70,"y":876,"width":361,"height":11}},{"id":"fed5004a-3e52-45ab-b931-dac9d8a83638","block_type":"box","text":"II-52","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a36b445d-1c81-4161-868a-7220bd0b8c28","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"055d2bba-b919-40b8-96b2-836c35a5856b","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":110,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"d5454d73-7b8d-4ce3-9ee0-1c9ec6b6378d","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":110,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"ce1df451-de89-4f3d-b7a8-08c611c26292","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":110,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"5458bf3f-b9bf-47fa-a385-7eaf1ad4f962","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":110,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"60ac2374-7248-46df-869a-ce2f1a9c1f3d","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":110,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"73995c52-b6b9-45f6-a66f-9f6cc5aa3c09","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":110,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"51c3750f-94d6-41e8-8430-93838ef38469","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":110,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"c0ea75d4-2611-4955-9100-a22b8919455f","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":110,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"323a11af-d892-422c-a1fc-c7756295ef9f","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":110,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"66d68be3-f042-4071-88fe-c6fb9cbeba7a","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":110,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"e968d3e3-8393-4190-9748-c53a0e050251","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":110,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"1be7cbd2-fe64-418b-bc9c-38bdf57f13ee","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":110,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"7e86897c-5271-413c-b8f2-22b2d31f457e","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":110,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"ac82813c-e9f3-495b-abc7-369cfdf60b8b","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":110,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"50256874-6bfa-4aeb-9607-6c91e266ceab","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":110,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"dc73614f-1141-44d1-9394-30ee50a81556","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":110,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"6cba8b23-1e55-4e7f-b85e-c6516ae00d74","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":110,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"ead1c309-389d-4957-afd3-ba136a0f3a34","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":110,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"1122a6f3-f292-43ac-800c-074aacd0d18f","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":110,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"9a7cdb8e-d653-4ad5-a3ac-5df2396d4268","block_type":"box","text":"of principal because of the sequential payments.","page_number":110,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"47de0c75-8f72-4ff3-82f1-00a3dd1c1e55","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":110,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"70506b89-ab90-4e2b-8376-8c2f8a001256","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":110,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"dacf014e-9be7-4246-bfb8-cb719a7b195e","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":110,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"919508e2-7cb0-404e-8610-d8f69c858afc","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":110,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"e516a492-01d6-4b5f-b3a0-20897491d611","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":110,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"8067db21-f144-43ab-be81-9545b74f6342","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":110,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"1c11d98c-e370-4438-a34c-c9ec89b39809","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":110,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"f20343bd-bcb1-4dba-9a75-a312c84d8d31","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":110,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"351acee1-7e95-4dc5-97cb-36b84af99fc4","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":110,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"13964312-7722-45fc-84b9-a4b69a111b42","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":110,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"4fd1b8de-fdcb-4913-98a0-81c2fb9d4ca5","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":110,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"d31aba55-605c-425f-bc33-41c41d510322","block_type":"box","text":"securities of any single such entity.","page_number":110,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"0aa712fd-2d93-41b4-a163-e1fcaadfa0e7","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":110,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"a017eb6e-0ee3-4ed1-bac2-e0f70417d485","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":110,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"21b09370-5dea-4c27-88e5-bd25fc4b236e","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":110,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"fad051f0-a530-4785-991c-1d62d8c73408","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":110,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"e5a73889-ccba-4bc8-8bd4-8b87f699c656","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":110,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"201f2b77-6c01-44a6-add3-5b6e53168f25","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":110,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"89eaf7f0-cd85-42ea-b089-e91af2907b0b","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":110,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"cf0a6950-a5d6-4d94-a484-7d8bb4954703","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":110,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"0724739d-9c06-4466-9304-0ce2bb588721","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":110,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"57bcc51a-ba4e-4d0c-a819-9d031e34e2ed","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":110,"box":{"x":69,"y":680,"width":708,"height":11}},{"id":"baf85603-fa8b-4aac-a2ea-46dcb6c9085d","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":110,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"141a0512-e988-4221-8874-4c5213f89b3f","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":110,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"dbce1e47-3db5-4961-80a5-67d7a0da4eca","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":110,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"30d31f71-ec40-4c84-b53a-213949f96a5f","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":110,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"ec763fb6-fed4-48da-b575-8130c8ab5677","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":110,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"a1f347cf-8987-4f2e-a0ca-09d01614a76e","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":110,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"273270f3-9fd3-4583-a032-bd6ecea05127","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":110,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"549a73d2-b9e0-4dbb-b418-f740596d1ed2","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":110,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"9232496f-74d5-4881-b252-87628f5daf96","block_type":"box","text":"classes.","page_number":110,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"785a401d-5635-47ec-b716-c7c412d65813","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":110,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"c8639fed-e546-4a0a-b81f-94cd2f793db5","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":110,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"dc897101-e6ee-4152-aff8-8a5493a37b2b","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":110,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"260ba53b-061c-4b16-b3ba-3f07594e2d28","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":110,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"6ddc781a-f025-4243-ba9a-9269d638fd91","block_type":"box","text":"II-53","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc5a14de-ee68-408f-8cf1-d98eee90fa55","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7b74a8c-84ff-468b-ba7d-849c599c8841","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":111,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"31617d7f-4700-401a-8711-28605800e058","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":111,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"76439631-728f-48eb-b89a-143b8e922a58","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":111,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"cfa00d89-e34e-4297-840c-a3bf199e7c22","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":111,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"9ce67630-eef8-405c-9951-38f681080106","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":111,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"0098b5df-6efb-42f0-8c3c-ff5fa2f2c176","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":111,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"fd90b448-ea0f-40ba-b230-0db7d2990e5e","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":111,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"2ae817f8-87e6-451f-8dea-3874797621fe","block_type":"box","text":"to a designated benchmark index.","page_number":111,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"2bc277dd-60ba-4512-ac7c-addc4eafdf22","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":111,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"ff61d634-1093-41d5-9518-78b965444967","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":111,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"1d9be8a5-0c34-440c-a39d-1a75d2731e8a","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":111,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"a10e0400-151c-4b79-be02-e7ad97fcdb0f","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":111,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"98538137-ada4-4cd8-b061-0c7cfa3f44c1","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":111,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"56578146-4e57-420b-81b2-cded9cba4970","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":111,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"2c6e2200-c34c-4501-9117-ce45201f0721","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":111,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"c1f99277-f555-4fc3-b1f0-9f8c15bf4dce","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":111,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"04703040-5f72-4de0-9835-fdacf310a92e","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":111,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"831d1c9e-dea0-4274-937e-37f5e01df9f4","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":111,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"11ab239a-9892-4733-b35f-a5dc717ca792","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":111,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"015fff95-e003-4bca-ba93-4b248d17acfc","block_type":"box","text":"CMO Residuals.","page_number":111,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"1123ed57-27c5-4187-98b3-d1968bfcb08a","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":111,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"db704d83-c15d-43b1-86db-3a04ec5c4edb","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":111,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"0578277d-a9fe-4ce5-8174-dd1ceadc151a","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":111,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"a7b6ebce-b311-4902-aaea-ecdb800f82d4","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":111,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"367c6530-0818-412d-8538-51dfc44b83d2","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":111,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"67eac81a-70f2-4379-8344-fcd9dc974e40","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":111,"box":{"x":69,"y":423,"width":827,"height":11}},{"id":"c9e7ad26-5eb7-4acc-b997-3948889a30b8","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":111,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"2cf54959-0092-4873-a6bb-02226c41c098","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":111,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"6a945912-6602-4155-9593-88eaefbee113","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":111,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"200dc903-4914-4a63-a0dd-3222447c72e9","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":111,"box":{"x":69,"y":483,"width":798,"height":11}},{"id":"e35f3569-8862-4e3f-9364-111674ae4380","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":111,"box":{"x":69,"y":498,"width":813,"height":11}},{"id":"dab6a2be-38f3-4276-bff5-09e8d5bb869d","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":111,"box":{"x":69,"y":513,"width":790,"height":12}},{"id":"57255a95-18fc-47ba-a8f9-453bafc86e4f","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":111,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"e06be94b-577f-48fa-ba5d-4c69f814278a","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":111,"box":{"x":69,"y":543,"width":828,"height":12}},{"id":"13caef08-abb0-4aa9-bc4a-4491481209e5","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":111,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"a510e487-0cf1-4fa7-a62c-e05446796777","block_type":"box","text":"a CMO residual.","page_number":111,"box":{"x":69,"y":574,"width":112,"height":9}},{"id":"54fa4173-8b0e-4c7d-bd97-a5957a570053","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":111,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"e777da53-7f53-4785-9086-30790b4b1887","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":111,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"be8688d8-f1fa-4e2e-ba23-c97ac7fe70cc","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":111,"box":{"x":69,"y":627,"width":769,"height":11}},{"id":"752f3734-ae9f-438b-8560-19bbf5ad1094","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":111,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"80a7ddc4-8841-4495-abbe-1f5f7043e404","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":111,"box":{"x":68,"y":657,"width":820,"height":11}},{"id":"8d715f08-206d-4218-bc25-cf7897e58060","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":111,"box":{"x":69,"y":672,"width":650,"height":11}},{"id":"520a0f17-92d8-4bc1-a123-6e272beb3490","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":111,"box":{"x":102,"y":695,"width":267,"height":11}},{"id":"659d27bb-3206-434b-af74-fb884bbc9965","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":111,"box":{"x":375,"y":695,"width":493,"height":11}},{"id":"ef43e784-7a32-4008-9863-69776b94fd90","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":111,"box":{"x":70,"y":710,"width":798,"height":11}},{"id":"98f80999-e07d-43f3-9e13-92e58776585b","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":111,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"e3b468a9-f8ce-48e5-873d-34163f55554e","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":111,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"6681381f-2f99-46a9-84f0-4ef00211c961","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":111,"box":{"x":70,"y":755,"width":821,"height":11}},{"id":"c3a224a1-d8dc-449f-8f6c-1b040f5e8b34","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":111,"box":{"x":68,"y":770,"width":826,"height":11}},{"id":"85c802c9-ef1d-4ee5-b936-7819131d0c0f","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":111,"box":{"x":69,"y":785,"width":822,"height":11}},{"id":"72e958f6-c0bf-4910-aeeb-64e817ded686","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":111,"box":{"x":70,"y":801,"width":834,"height":11}},{"id":"37c5047d-5051-481e-9f1a-cb4d7f7a4f76","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":111,"box":{"x":68,"y":816,"width":800,"height":11}},{"id":"cb7e243f-e456-4a89-bd2d-0a83fe3ae3cb","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":111,"box":{"x":69,"y":831,"width":786,"height":11}},{"id":"169680f1-faf5-4823-88d5-041759b509df","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":111,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"1bda8ca2-631d-4c52-b40c-5857e1b7cff3","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":111,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"63e94ae5-5b9e-4a68-847f-7bc97537c3a1","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":111,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"b776914c-513f-4426-a919-d698e85ec654","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":111,"box":{"x":70,"y":891,"width":800,"height":11}},{"id":"d514523c-0cb8-43fd-b48b-7fdb4eb98c64","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":111,"box":{"x":69,"y":906,"width":818,"height":12}},{"id":"6148b117-71d6-4a96-9fe8-036a2009df35","block_type":"box","text":"II-54","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30002ae9-fe75-4b31-9a1b-38a5f5c3ddb9","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc6d5f25-10a9-45d2-ada0-38c3eac679fb","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":112,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"1796cd8e-a4b5-4414-8a83-9242f2beaca8","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":112,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"fe27a4cb-4eb3-4fd2-a15b-2448062d6769","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":112,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"d93446c4-55b2-4026-84ed-9a89fbe3a0e8","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":112,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"2fc2089a-a534-45a2-84b2-54d386e6f879","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":112,"box":{"x":68,"y":105,"width":683,"height":11}},{"id":"66f042bb-c6bf-41ad-b453-b4cacbd4e73b","block_type":"box","text":"Tiered Index Bonds.","page_number":112,"box":{"x":103,"y":128,"width":138,"height":9}},{"id":"4930b353-2e67-4ac3-86e6-52a3645f5939","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":112,"box":{"x":247,"y":128,"width":638,"height":11}},{"id":"27040f15-908d-46c2-8c0c-a1f157331dc5","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":112,"box":{"x":70,"y":143,"width":825,"height":11}},{"id":"cd4e5cf4-96f5-47f9-8c47-efe4557a83db","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":112,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"084ce4f4-fbd1-46d1-b22b-c13e271ff8c0","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":112,"box":{"x":69,"y":173,"width":738,"height":11}},{"id":"83ad5f56-8058-42c8-bbcb-446e15779c7a","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":112,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"86b347c9-b7e7-48a1-b4fa-3b4e7a008bcd","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":112,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"c05ecd2b-62ab-4893-ba51-d0ad8808e291","block_type":"box","text":"that of a fixed-rate bond.","page_number":112,"box":{"x":68,"y":218,"width":174,"height":9}},{"id":"96e308ef-3198-4573-8f5e-c66f2d199e4e","block_type":"box","text":"TBA Commitments.","page_number":112,"box":{"x":103,"y":241,"width":133,"height":9}},{"id":"2a22eb0d-96d4-4185-862d-c46ea901a5f0","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":112,"box":{"x":243,"y":241,"width":653,"height":11}},{"id":"89b63313-8191-4e76-a7b8-bfc4990945dc","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":112,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"78fc4a85-48f7-4f78-ad67-8d138899b6f8","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":112,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"8399017c-3b11-4266-810f-02be14e93728","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":112,"box":{"x":70,"y":286,"width":793,"height":12}},{"id":"52e22de5-57f8-4b79-96f5-18eb19e9455a","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":112,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"3988f14e-1502-4108-a11d-1d5f5984f849","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":112,"box":{"x":70,"y":317,"width":804,"height":11}},{"id":"fe86aea5-53ed-41ba-9097-cfc284e0271e","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":112,"box":{"x":69,"y":332,"width":779,"height":11}},{"id":"7b81866b-377d-4927-b52b-4e9ad0ad12b5","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":112,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"36a0a6ba-2178-4561-bcce-b17479a94c2a","block_type":"box","text":"below.","page_number":112,"box":{"x":69,"y":362,"width":43,"height":9}},{"id":"94790e4f-1cbd-4da5-bd31-9a5d100d4449","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":112,"box":{"x":102,"y":385,"width":157,"height":11}},{"id":"8b85caf2-d024-4d00-95ca-c2b97357c52e","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":112,"box":{"x":266,"y":385,"width":634,"height":11}},{"id":"1d593ea1-a11d-4561-8b6d-a0b73be03203","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":112,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"aba253bc-04a6-4702-8660-835f1d8154bd","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":112,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"d9c01fc4-8be4-4565-92cc-8394c11886a8","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":112,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"c20f102e-7120-457a-85fa-f0501e10a52d","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":112,"box":{"x":69,"y":445,"width":820,"height":12}},{"id":"d5afd9d4-d4b1-48e2-bc2d-6fe9405e4724","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":112,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"cfa1a118-8d6f-446d-baed-4a87535105e3","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":112,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"18899a59-68f3-47a8-80f0-f2b0b6580bcc","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":112,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"223cdb47-c3c6-447e-9abf-afcf36cac3ba","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":112,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"a888d32c-722a-43f8-a73a-a582bd073cae","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":112,"box":{"x":69,"y":521,"width":607,"height":11}},{"id":"90868a08-2e5a-4c44-9fdd-64e6407d72bd","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":112,"box":{"x":102,"y":543,"width":744,"height":12}},{"id":"a25ecf27-208c-4038-a450-bdfed51965bb","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":112,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"6b457b38-d337-4057-a3be-6d31b159ed01","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":112,"box":{"x":69,"y":574,"width":433,"height":11}},{"id":"1856204b-44fb-4960-a694-48dc7d750f1b","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":112,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"3ddf1687-242e-4c26-bd08-dff718b453fa","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":112,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"927530d3-daae-4814-8b33-15e09a3548a5","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":112,"box":{"x":69,"y":627,"width":774,"height":11}},{"id":"04ba4e81-cd9d-4f8b-a3bd-eeb98179b3e6","block_type":"box","text":"securities in the forward transaction.","page_number":112,"box":{"x":69,"y":642,"width":261,"height":9}},{"id":"16de321f-a51e-427f-a976-f1401c4e847c","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":112,"box":{"x":101,"y":664,"width":785,"height":12}},{"id":"378e253b-1c8e-452d-af2c-8523b49c4a39","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":112,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"db855529-6f75-4ce5-ac07-60fed915f5c2","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":112,"box":{"x":68,"y":695,"width":824,"height":11}},{"id":"c1e78b8f-1cd4-432f-b10f-c33d04231fa4","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":112,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"1fef9eb5-5fb4-431f-a17e-5d4a84f88db9","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":112,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"fb7bfd4a-9e0f-45f2-9bbc-9ad128bf9894","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":112,"box":{"x":69,"y":740,"width":430,"height":11}},{"id":"3996fdea-b18f-4bf6-8d0a-8a066149a53c","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":112,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"1f75c85c-770f-4b13-a9d8-aa6408fd1933","block_type":"box","text":"securities (","page_number":112,"box":{"x":69,"y":778,"width":78,"height":11}},{"id":"7ffa3629-1659-4e19-a9ff-6440af2253a6","block_type":"box","text":"e.g.","page_number":112,"box":{"x":148,"y":779,"width":25,"height":10}},{"id":"89c64a86-0a3c-4b4a-afe5-2fa6188b9515","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":112,"box":{"x":176,"y":778,"width":681,"height":11}},{"id":"daf63a01-fa9e-4cd8-9d62-c82d30ed60d8","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":112,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"eafd7c00-e259-4f8f-a255-2feb5e85a0fd","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":112,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"891379e2-b148-4176-a829-36b6f2154cfc","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":112,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"05968049-91e9-449e-a885-ef5a30c00ec4","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":112,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"0a9af966-c18b-4a8f-b220-8beff4c5b624","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":112,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"6598f6c0-a8c5-4874-b90d-cc1fb65a7ca5","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":112,"box":{"x":70,"y":869,"width":489,"height":11}},{"id":"cdd95774-601e-4a49-bcc3-b53f94de83ff","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":112,"box":{"x":102,"y":891,"width":260,"height":12}},{"id":"a7d7f31e-45c8-4d53-a620-229674fa7587","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":112,"box":{"x":368,"y":891,"width":473,"height":12}},{"id":"dd69a97a-c93b-433c-9ed2-c15c0811a4bb","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":112,"box":{"x":69,"y":906,"width":768,"height":12}},{"id":"6e4d46d5-8bdf-49c1-b402-95d34b129c34","block_type":"box","text":"II-55","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"543afc07-0614-48b2-81f8-76c222244656","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5336769-76de-4d90-932b-649fed6b0d44","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":113,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"242f7f13-dd65-49ac-8fe1-07dbe945436a","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":113,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"588cf0b3-a005-4140-9a40-ee7cc2af564a","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":113,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"3232b2ad-b499-496b-9379-0a1aabe17a33","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":113,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"6238dc0b-7c94-4212-9c86-61cf24395e9f","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":113,"box":{"x":69,"y":105,"width":764,"height":11}},{"id":"6a6c669e-8f9a-4e3c-8276-e0c13bacb019","block_type":"box","text":"Municipal Investments.","page_number":113,"box":{"x":102,"y":128,"width":169,"height":11}},{"id":"c3441d55-4acc-4b10-b690-8f8246898413","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":113,"box":{"x":102,"y":150,"width":763,"height":12}},{"id":"418b0b3d-936f-4172-bfe5-b98beae20a25","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":113,"box":{"x":70,"y":166,"width":783,"height":11}},{"id":"91c80539-7269-4b1c-a7b9-2fa35fc3a84e","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":113,"box":{"x":70,"y":181,"width":833,"height":11}},{"id":"129a1e1c-40da-4783-a6b0-fef0f54a74dc","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":113,"box":{"x":70,"y":196,"width":813,"height":11}},{"id":"ec2bacf1-4dbb-4121-83a4-e0a3be080c81","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":113,"box":{"x":70,"y":211,"width":836,"height":11}},{"id":"a3411fb8-a808-4aa2-96b4-a054c39c2ffe","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":113,"box":{"x":69,"y":226,"width":779,"height":11}},{"id":"fdc58330-12c5-429e-9cdd-d82120ff79e5","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":113,"box":{"x":70,"y":241,"width":838,"height":11}},{"id":"10b7c8ef-4bf1-48ad-8c8d-c50cdd2528a3","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":113,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"d4f77992-f0cc-4f16-9e82-f6b05b5aff2a","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":113,"box":{"x":68,"y":271,"width":834,"height":12}},{"id":"5b137fcd-ec4b-4442-bef6-409525443f81","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":113,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"83cea93b-6a06-4f53-bbcb-2ee33909bd44","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":113,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"3ca1752a-7462-4865-9aa0-3e47ff1d8d78","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":113,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"8ecf2037-ba51-47af-b823-7a7243488dcf","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":113,"box":{"x":70,"y":332,"width":809,"height":11}},{"id":"f9b0a0c8-1a02-47a1-baab-c9300c523671","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":113,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"ea2eaeb2-a9ba-4785-9e37-40c8c0d561b4","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":113,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"4ae79420-0061-49e5-8e4d-65acb0779dab","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":113,"box":{"x":70,"y":377,"width":800,"height":12}},{"id":"10ada8b7-0c45-437a-bd1a-cf86d26bd6e5","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":113,"box":{"x":70,"y":392,"width":819,"height":12}},{"id":"e7e44075-4b37-4705-b1df-f2efcff95568","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":113,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"0b6fb480-5b22-48cc-820b-b1d253f9f81c","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":113,"box":{"x":70,"y":423,"width":805,"height":11}},{"id":"5a5be8de-0cbd-4cd4-894e-213a7220c745","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":113,"box":{"x":70,"y":438,"width":721,"height":11}},{"id":"f3aa161a-272f-4f73-8de0-81cdc3cc55c2","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":113,"box":{"x":102,"y":460,"width":495,"height":12}},{"id":"ed437e7b-690e-4be6-afa3-8de130eaf6cc","block_type":"box","text":"The risks and special considerations","page_number":113,"box":{"x":603,"y":461,"width":260,"height":10}},{"id":"0b9c06ad-95b6-4d1c-ab92-c7553ae5c945","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":113,"box":{"x":70,"y":475,"width":806,"height":12}},{"id":"3e0e12fc-2e5d-4fdc-b49b-5bcf376f7e8e","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":113,"box":{"x":70,"y":491,"width":810,"height":11}},{"id":"378989bb-ab89-4d1b-88e6-ac543fe04844","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":113,"box":{"x":70,"y":506,"width":544,"height":11}},{"id":"54ec55e2-1574-4d93-862b-421bdc2706c1","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":113,"box":{"x":101,"y":528,"width":799,"height":12}},{"id":"9e669d39-3f2b-416a-bb19-bd1ca6b16abb","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":113,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"0b327abd-f77e-48e6-9853-816cc3056755","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":113,"box":{"x":70,"y":559,"width":814,"height":11}},{"id":"70dcfff6-a5c8-4124-bee1-c0243ec99946","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":113,"box":{"x":70,"y":574,"width":802,"height":11}},{"id":"39f5d7d5-a2a7-4d03-980c-a3c8dc7652fd","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":113,"box":{"x":70,"y":589,"width":834,"height":11}},{"id":"fb5db13f-0bc7-45eb-8599-b236dc535ae9","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":113,"box":{"x":69,"y":604,"width":761,"height":11}},{"id":"8918c283-ca18-4d5b-8eed-aa38f9674fb9","block_type":"box","text":"II-56","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d70eaf0e-ec19-4ad8-aeed-742e395b8bbe","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"569b149f-9ae1-4620-bc11-ecabae0ce9fd","block_type":"box","text":"Description of Municipal Bonds.","page_number":114,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"e5e8bc13-db55-4cc9-a754-57b11c32e196","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":114,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"7055c5c4-f52a-4c25-afdd-8d040aea6af8","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":114,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"902e82f3-0325-4405-8b64-88ca92e89fed","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":114,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"544bfa32-95de-49de-9686-a1ad179d2b0a","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":114,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"a1bcdc17-b2ec-400a-a501-c6ba29ca4a62","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":114,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"26172f6c-f791-423b-af24-268888b58a24","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":114,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"198e1209-74cd-442f-9663-ffd8ae92a932","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":114,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"0b629cf9-5ee9-4aad-8527-02642ea7f93d","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":114,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"b051a787-cc53-467c-bb67-c6b67e4ff2dc","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":114,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"d8b6a30b-a3ff-403c-9c49-8253638c98e0","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":114,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"b62076f0-3665-4884-884e-6f8603234cc0","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":114,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"be26119a-7f73-4c8e-9d02-2ae84973fc06","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":114,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"de0c6b9f-10df-4072-8f8d-3a77784477dd","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":114,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"d57a294b-be46-4993-b6de-93a0f52b8dda","block_type":"box","text":"General Obligation Bonds.","page_number":114,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"b5396dce-0a8a-4fc1-9fdd-edbd7a03425f","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":114,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"0e66d9a9-2294-411e-a2ba-d95659e47ce2","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":114,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"be1e8267-fbef-4834-9c98-d293d1fddc37","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":114,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"9a9d39c7-da58-466c-ae6a-eafbe37390d4","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":114,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"c938f104-db26-41ca-9097-b4d810ec1e49","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":114,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"eaf3fa0b-844f-44e1-81d5-d8b1eee1523f","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":114,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"be8b53ee-ba76-441d-8e1a-fe927629cf1f","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":114,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"ade960a2-3e8a-4994-9584-af1e9a7c46fa","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":114,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"0db97803-c403-4bf2-abe4-b422c5396c5b","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":114,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"d9ca467a-ba0a-40fa-907e-4fd15ce3a126","block_type":"box","text":"Revenue Bonds.","page_number":114,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"f3971cf8-ed6c-4e9f-a204-664f47df9419","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":114,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"309b5677-6a35-4840-aa9a-ba66f970b39f","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":114,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"1f02e894-e694-4262-bbef-c43a1f3bd79d","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":114,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"77871bb9-57d5-4e4a-ad55-d89732e8c1f5","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":114,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"39bca05a-3449-46fa-9e9d-a0529f5b31df","block_type":"box","text":"viability of such facility or such revenue source.","page_number":114,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"7318e4d2-86d1-46b2-affd-4288ccec24b4","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":114,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"797ccbee-22c5-4f80-bd84-6c498b75c321","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":114,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"bcd8f975-0c43-4311-a7dd-1b8a938f0066","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":114,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"bbb65489-acaf-4dc0-8b20-9b22ccf5c839","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":114,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"d8ff0cf9-b87a-499c-8762-9e6bbeff8afb","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":114,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"ddf107ff-4ddd-4376-8e84-668b59bb8073","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":114,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"47b69898-2117-4b58-94fe-99950202799d","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":114,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"4b2dda30-1184-40bf-a0e8-2a541da84d8d","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":114,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"d390ddc4-9e05-4ebd-9857-5651fd91469e","block_type":"box","text":"PABs.","page_number":114,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"8446c0d1-0ec1-4b1d-a4e4-9cacc61f5564","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":114,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"b93ae2d2-3fa8-4427-a9d8-48668e9c7bf9","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":114,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"e9a41cde-f6ea-452e-8547-540b9a41f130","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":114,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"0c262b34-6362-4461-867c-e551b9ce917d","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":114,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"3e380557-c6a2-4670-a6fa-be4d61bfdab0","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":114,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"9c2fab62-a8dd-45c6-ab1e-16171cc6636b","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":114,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"ac2b748e-71e7-421e-b704-b0c765d1566b","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":114,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"2a74968a-5d77-499e-ab86-a08478fb2678","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":114,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"34214740-6f13-4569-835b-36fa6891fe6f","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":114,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"d8a39e0b-d6f2-4bcf-b641-515a3f07d87f","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":114,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"d69a2a2e-1101-43b2-83cd-787183342ac4","block_type":"box","text":"the particular facility being financed.","page_number":114,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"114ef834-0ec3-49d3-bfe8-9cca556fb5a2","block_type":"box","text":"Moral Obligation Bonds.","page_number":114,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"a8d85c42-642d-4895-b6f6-ccb2b9e1c56d","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":114,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"f36667ca-4c9d-41cc-8ab4-ff9e89849373","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":114,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"5c85364b-d5fb-4638-aaa6-d34619c752ff","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":114,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"8e112d43-0721-4e96-ab9b-4bbc05f7b37b","block_type":"box","text":"that issued the bonds.","page_number":114,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"fb688475-25d7-47b2-9442-268cb1fc29bd","block_type":"box","text":"Municipal Notes.","page_number":114,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"419c3aa8-f2ff-4f9a-957e-b327dfa3645e","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":114,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"65dd0e6c-49b4-43c9-ab48-0b40685eb3aa","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":114,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"7d359098-5acc-45cf-818e-ad4b4eac8807","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":114,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"cb654b09-da0b-4db6-9038-5f19a7559cda","block_type":"box","text":"II-57","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94a1b35b-145e-4d5e-870c-99abcef380bf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d18a30a9-e230-4b74-9bbf-b9a1580a56e4","block_type":"box","text":"Municipal Commercial Paper.","page_number":115,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"09fbb83c-1c68-4195-880e-6b6e1b246f49","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":115,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"b9a46408-af09-4a5f-ae08-25d5805b9818","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":115,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"b3f72b9d-dc01-4be8-8428-007df424fb4c","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":115,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"9b85b244-9589-49ab-8785-96336d1c7d07","block_type":"box","text":"Municipal Lease Obligations.","page_number":115,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"db80a1ff-211a-4c6d-aea8-e5b4ab5c91fe","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":115,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"b69890c6-77fa-403a-9c00-b4de3dcf70e6","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":115,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"19f9e567-704b-4262-8329-9b688159da42","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":115,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"0c945c2c-9d79-41f8-91aa-95df5a8a5a15","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":115,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"14ea430a-93b0-4d85-92ec-1dd6a5b68a68","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":115,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"eb86bf32-e561-4425-ad5d-b570d379e698","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":115,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"50cda8c3-29a7-42b0-8d93-844ec3501bc6","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":115,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"ff75d6bf-1181-4a0d-8948-4a8e2a8642ee","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":115,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"04ce9610-54fa-4df3-9dda-05a02716fce4","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":115,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"40495a88-b725-484b-ac64-0c40bcabffbf","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":115,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"cca439e6-2174-4c0f-8048-8fb514200aaf","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":115,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"a65b81e3-64d0-48cd-835b-03fd46ca8441","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":115,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"f6d4fcec-cab6-4072-8aa5-8eb5da74b0d9","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":115,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"4f1cf85a-3d80-44eb-9cfe-38c6401d636b","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":115,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"ceeda350-6ca7-4022-b5ad-1f394ac28ef0","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":115,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"d1ca3f71-6cb5-485a-abad-2a649d93c89d","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":115,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0f4d0ca8-8708-4bfe-be43-0786d97bb434","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":115,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"92ca7820-9aa3-4f6f-8ea9-46d2a3c8fb8c","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":115,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"6e6843c7-c657-4179-bf03-7ae146912b14","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":115,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"2ddc809c-e5ba-4134-a371-4b86e7cf3c6f","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":115,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"2a2fffd4-3b3c-4500-9d64-7965d8dc0544","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":115,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"8de86030-d8c3-4ff3-8df8-0cc310a57c14","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":115,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"1f721f1c-b949-4ae7-ac08-52b88934cb95","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":115,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"802f3fe3-f7de-46de-b088-9cdce1d86e70","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":115,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"6ac28442-e4e5-48e9-8533-45c75df82ed5","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":115,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"b86d66af-2830-45e9-8780-1cb321d574ca","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":115,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"be2aa9fb-1975-454b-a7dd-b104282e3485","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":115,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"16692b7a-0a7d-476e-af64-e148de4a325b","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":115,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"8256b69c-99d2-48fa-81b6-29ca34b15385","block_type":"box","text":"Tender Option Bonds.","page_number":115,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"7a6b70f4-d99c-4770-a0ba-c95c73e2ccf3","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":115,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"4edeac1e-adde-4c77-a9e0-50c5e42fee28","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":115,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"b5c5ab18-bbfe-4eda-82e5-c72fa3e37559","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":115,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"e6572de9-c0c2-46b6-adf2-7a737b9c3117","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":115,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"f75081ce-8fe3-4ce3-9588-95ca3f263453","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":115,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"bf8e3627-872d-4461-b942-2466d8ba8769","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":115,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"860691d4-57eb-459e-8e27-b517152309e6","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":115,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"96e87392-0f71-4393-ae0c-917a907a90e5","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":115,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"99c14607-825c-4bfb-b9d1-8057a3b103e7","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":115,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"86fd19b1-9c04-4a3c-9dc0-7d9064b316d7","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":115,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"1e5a9fd7-9b21-42da-9a4d-61a17817aa87","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":115,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"92c19997-2b76-4671-99ec-fcd8085d8395","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":115,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"17618e5e-8384-4c9c-9f59-1096a8507872","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":115,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"5556424a-3e10-43ad-b8c5-6a53e513cba3","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":115,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"9b17c854-8508-40aa-b06d-e4f4f070bc39","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":115,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"99acd587-aa69-46e6-829a-fa7e8500a45b","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":115,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"9b43aebd-d75d-45e5-bbaa-8a0e7765d699","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":115,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"0b876463-a1a6-4597-ac99-c60d4d19a5ca","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":115,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"8b3b818f-9d00-42ba-b50b-71c81d8cdffc","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":115,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"3147c4d3-3b0e-4a30-b8e9-4b9ada53ba62","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":115,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"2023cfaa-d101-4db5-8c29-d98020f50178","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":115,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"5149d18c-38f7-4f48-90f7-c3050f912381","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":115,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"7ea1f9e5-83a0-4ce3-af08-91d35dac659f","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":115,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"d95758f0-4c8e-44a6-a45a-8316c4135e47","block_type":"box","text":"participation in the TOB Trust.","page_number":115,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"ca50a532-1a3d-4111-a9b6-ee2a8ef1d618","block_type":"box","text":"II-58","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5bf72a8f-cf0b-4f66-925d-6c8420b0d392","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c75c3f33-c797-4d83-ac71-710dab48e63b","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":116,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"76ceb661-0277-4b5f-9c04-2d6bb1a9926c","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":116,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"6a581800-666e-4528-a870-f5462c4310c4","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":116,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"da998fe3-f34c-4bcc-a7a3-a9674b744156","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":116,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"adaeb1eb-eb6e-41e3-a852-837c3a55e502","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":116,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"decb9c1e-d05f-47be-b873-799085f1f78b","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":116,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"63776c59-72e0-4900-bc9b-b120dfa3ae83","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":116,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"8922b697-0489-4a0f-8ff5-4f0e77e0fc82","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":116,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"1807e82a-8c31-44ab-b3b8-87a31361eaf2","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":116,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"c5ceca0e-1bea-412d-86a2-cbaa4f54e7c1","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":116,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"af42f65f-e454-41c3-abbc-2dc137fe8a3d","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":116,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"144ba040-6356-4a1e-a12e-31f003c0059d","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":116,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"0e2eaabd-2ccb-4133-8144-4fb57df097ef","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":116,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"5cbb4781-cc14-4996-acd0-9f22640c22f6","block_type":"box","text":"issues.","page_number":116,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"59ccd8ce-be82-4267-9295-586a34d4b087","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":116,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"cb80d1bc-a2f4-45c2-9ac0-68c8fa501863","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":116,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"5f89d5ac-2d7b-4812-abed-eef6c36764b7","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":116,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"9c6b58ac-fbdc-4350-8975-983a693924fb","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":116,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"a4757e55-9857-43cb-9f5d-66b519ef5540","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":116,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"81b34fc4-9953-4148-aea0-ca111887cdb6","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":116,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"ad6af9fa-4e4d-4ea3-ade5-3ecc86c331b6","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":116,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"07cb0931-b573-46f7-ba51-f0f4a5193fd2","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":116,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c5ea34da-aa7c-4500-b760-eba39065772e","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":116,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"6b7cef58-2c1b-4967-97cc-70e8f62b1b97","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":116,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"fd53cb77-34df-4145-bece-27852ba933ed","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":116,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"5b94b8af-906b-498b-8597-47ac1ec392e8","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":116,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"957d64ef-1ddd-4a27-a6af-ce2e07c9dfcd","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":116,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"631f3fef-bcaa-40f3-b988-64b6b23b0bdb","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":116,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"78681529-3133-48a3-bbf9-80d3b2485836","block_type":"box","text":"i.e.","page_number":116,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"7df6d1c5-c8eb-499c-ab4a-eea7c1bbbe3e","block_type":"box","text":", the Fund). In contrast, in the","page_number":116,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"fd4e2ca4-eb0a-4c4f-b3b5-ebe47aa0a664","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":116,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"0ec2652e-d40c-4f3b-815f-979109375995","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":116,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"d81c7aab-9b8c-4137-bcb9-5e5a6b8a81e9","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":116,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"29c4ac79-900e-481f-8d2e-e972b1123d7e","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":116,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"f990c9d8-b1f3-4492-b3f9-66436d53a686","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":116,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"f912511d-c8b4-42fa-b815-535108267eaf","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":116,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"9ccad4af-6609-4b01-9aec-aeba76e83ebb","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":116,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"08c708a2-c36b-4714-81c5-0d659645e1ca","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":116,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"f8e77eae-207a-4fe4-b1bd-3a9b15a6b583","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":116,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"eca68186-b71f-4231-9547-1bf7c7f45fce","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":116,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"19220455-91c9-4fa4-86f5-03aeb83890ff","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":116,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"fe852a4a-ecfe-4d10-936b-600376d93dd7","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":116,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"91198410-9ec3-4d48-857e-cc15cf57837f","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":116,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"06b36a50-df84-4cbb-9952-44bd3c5d3b93","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":116,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"105ce690-8f47-40a6-af7c-c0dcdd057a4c","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":116,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"ea6c1f41-3947-481e-95e7-f7f166e67eff","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":116,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"ab047209-b31f-4aa5-a2c9-52d3a893de70","block_type":"box","text":"Trust.","page_number":116,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"05a40606-8064-4718-9aa1-557f67e236cf","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":116,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"99868184-6599-4314-8043-d0d0b43ae1ed","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":116,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"337c3f16-5a7f-4c6c-b957-f0be73102180","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":116,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"22bb229c-f4dc-494b-b32f-004aa38c44e5","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":116,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"0866fa93-d5a1-46b9-9c7e-ddbe7ff1e2b1","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":116,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"2cf30de7-34d4-4a70-80e6-a2b1b0fb8446","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":116,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"1fd98ac5-67c1-44f0-8494-74a0f822708c","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":116,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"bf43111d-4c61-45f6-afa3-9e1081ead5d3","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":116,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"3482cf10-b123-4212-b890-3e4bec7ab467","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":116,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"5aef3233-5a45-41f8-9672-1956f5360eab","block_type":"box","text":"II-59","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e10240b-1ac0-46ed-b067-57e256c4c984","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df13aa50-33c5-4c11-b38b-d52512004fd8","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":117,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"5341f8d5-0aca-4d0c-b5e2-9100721f13b6","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":117,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"406d320d-95f0-4354-b30a-85f989bc01f8","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":117,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"11308458-3f83-4af5-8708-a2e5e8282f63","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":117,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"df3efe8c-1dec-443f-9404-895d7f27a8a9","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":117,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"3fa5ff71-f8a4-4d99-a3c4-0a3a5abdff03","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":117,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"27cea5b0-c294-4f14-814c-327e62af4e64","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":117,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"f1e6fcdf-1cdd-482b-9805-0bf6cd60a806","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":117,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"b8f6f29a-f501-4833-82c3-5a5d162e2762","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":117,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"7ddf63f0-e9ab-4d66-ab94-c29ce120d334","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":117,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"d30a6195-306e-4a75-91be-53d81c6a2911","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":117,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"9e1df464-f28a-439f-aae2-80ab7150b384","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":117,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"2e47b608-0f68-490a-a706-04fc80b0dfe5","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"a0eb14f5-5075-482b-8914-b07c00c6af3b","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":117,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"8c3b2667-48a3-4993-b02e-a51eabebf487","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":117,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"09bb3ad2-2ea0-4d98-9f00-955e5549beb7","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":117,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"ee7602c8-9079-4bdc-85e0-5bd04315fb21","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":117,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"f76bd3b6-3c4f-4d3c-84ba-6fb4e59de8a7","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":117,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"f909238a-f449-4b04-88f8-0094ee80ef94","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":117,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"dc1f34aa-c87d-4ddf-9181-d2bdfd254e93","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":117,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"a20f67e5-85ff-499e-abea-8a3364beb904","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":117,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"f5b87270-3779-4dda-90a4-1a1cc30e6e60","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":117,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"ff78e272-2d0f-45fc-9c76-db3570d1c4fb","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":117,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"da39875c-9e9f-408c-aa57-a4f05ac82466","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":117,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"e76291cc-fd98-4fa7-8f07-3f31d2dd1c0e","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":117,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"8bf02a5f-276f-43ff-af9a-62a0db816101","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":117,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"169f1013-61ee-4916-9685-3e756ebffa16","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":117,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"dbaa08a3-a486-44f0-8711-2d14f5e88699","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":117,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"1388d9a6-285d-4a86-ad06-0324c0da6187","block_type":"box","text":"i.e.","page_number":117,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"5e4feb9f-601b-4b5a-bc39-7bc4c93c6c06","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":117,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"3ceed29d-cc8f-4e53-aa9f-6626d1f44daa","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":117,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"2f6fce45-6f7b-4a53-aebb-0bbe2d2183c9","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":117,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"8f8e7f5c-fa85-4888-8e67-da61ce99e779","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":117,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"26aa8543-5304-429c-8ffd-e0bb8f95c8ed","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":117,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"3beb6e42-8d50-4e6f-b7d7-c336366aa346","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":117,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"d44e6a87-a232-48a9-a706-4f2af2100a3c","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":117,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"94053f1e-4cc8-4189-b83a-650ba92c6ee4","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":117,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"aa430a90-bc43-4871-9321-9f2b56f94d3b","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":117,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"e5d05a21-8830-44ac-b7f9-f28f69bc2da9","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":117,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"b3dee77a-dc62-4b3d-9835-226503030764","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":117,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"06a598ed-9a67-454b-99d8-8e056bc89669","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":117,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"365a2d67-81ee-4e68-872d-b7bfb2f24fc2","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":117,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"5a7bcd4f-f96e-43aa-8103-4e26e84a92e3","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":117,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"8b08b0bf-cc16-488b-bc53-7d35e61cbe8f","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":117,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"a42d6a86-2e00-48eb-8d33-cf2c54d75dd5","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":117,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"ba56c198-93bc-41e8-8f47-060c739d977a","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":117,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"67c31981-cf2a-484f-bf40-7a214faf2be5","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":117,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"ed4f0384-5469-49fa-bd86-fa1d9e6e46ce","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":117,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"ef89a1c1-4c05-499c-8ad4-bbf39641b8c7","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":117,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"d6f1cfc9-b0ec-449e-8e58-6fc012fd3fae","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":117,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"13b1a0f7-226e-4e43-827d-b3e09a35d6ef","block_type":"box","text":"market is not yet certain.","page_number":117,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"7488749f-37c6-4742-90e6-e1be3c85685e","block_type":"box","text":"Yields.","page_number":117,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"3457c6c6-75d5-4178-bff5-606f5cf84a69","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":117,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"81c95028-8b81-4747-a583-e5f04f00c7a2","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":117,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"985ff3f6-3f09-438e-9e11-213691370db8","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":117,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"bd0ed4e6-1403-4429-954c-4a35f374911d","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":117,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"74b65f72-7ed9-4bbe-9d3a-5203d550d166","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":117,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"1806a31d-bca9-4ff7-b1d3-adcb0d59d6c6","block_type":"box","text":"II-60","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8775842c-5ebb-43ce-918d-f37c3d1629da","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d436887c-fe15-410c-8645-4b58cb236c3e","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":118,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"8408a153-b4bb-4a37-bf6b-0b4493e74ced","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":118,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"81040b66-ccf6-49b8-b7ae-2f5620319dba","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":118,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"62026e97-3344-448d-ad52-a04117c0a928","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":118,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"2c65b497-63aa-445c-aa10-4c3d50d50df8","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":118,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"8a31e062-5e85-4db3-9e9f-2ba15c6adfa4","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":118,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"13fbac27-28b9-4e36-8285-cda665954ac2","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":118,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"b66a0832-80e9-41cc-81ac-cf8851d91fee","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":118,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"e42257ea-2be6-4624-8ea9-7ef8900a746d","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":118,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"f95de9af-6ceb-4e53-8af5-4a150315a901","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":118,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"db0f1545-7a49-4a74-bd39-828fa4d857ae","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":118,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"e7da9cf0-cc14-46f7-b29b-c398ec1fe6d2","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":118,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"ab7f56e7-1d51-430e-8574-cef7699f8e4f","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":118,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"a68b473b-1b0f-4eab-864d-e8d9fee742fb","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":118,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"ea541639-36bd-467e-aa08-51cf5691cb0c","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":118,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"c0cacabd-df02-48cd-bd8e-acc39415e1b0","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":118,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"afefa2f3-82bc-425e-b13b-16334fd999ef","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":118,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"cbd114d2-b98b-4395-8ddd-92ef0b5981a9","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":118,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"0cbf4d20-7212-4196-8d89-c7400e4dd692","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":118,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"e6809fd7-7a85-4c08-839f-ea01a86a18f1","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":118,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"7b650845-3ce9-4fcd-ba23-262064460a8d","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":118,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"8fce75c5-0ea5-42ee-9490-3f9655f6b521","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":118,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"5143ef38-a6cc-4c57-9c90-42b89fceb88f","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":118,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"db50e988-4ecf-4968-b5ad-a9ea5ef827b0","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":118,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"2c2adc80-417d-4662-9408-a9194732da33","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":118,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"157689bf-25b5-4a17-9591-46d7b67cdc82","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":118,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"87971088-112a-45ea-a7ee-79e64db7ad62","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":118,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"d86e0854-a146-4747-82eb-1cfb04e4070a","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":118,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"642ee6d1-8b05-4e36-ba1d-c42b73cd67e6","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":118,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"d6540c32-8e5d-41c6-b09c-9239aa6e5063","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":118,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"a2f4edef-5a3a-4013-b52a-1c31057be07c","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":118,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"70c70cf0-ec13-4667-8501-5d2e238dedd8","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":118,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"bf4b6ca4-e72c-46dd-9282-590093390705","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":118,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"33a6e3a6-d742-4669-a70d-c2b9249b73e2","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":118,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"acd4e085-e62f-4428-87c6-01e4a93eb327","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":118,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"9478b0e9-8c55-47cd-83d9-a5d6e1d6fcbc","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":118,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"c4c43683-3c4b-4829-9665-064c88bada67","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":118,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"bf47e3ac-9d1f-4d07-894c-ee7d692de074","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":118,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"0e806018-b7b8-4888-881b-4148a7113da5","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":118,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"cad30f8b-2bd9-48f7-a5df-a5d7bbabdbe5","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":118,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"3da3cdba-f2ab-4f83-804c-77ac520ee93f","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":118,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"a6e1ca84-602f-4db2-ba72-7484a76ca84c","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":118,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"de648bb6-63b8-44c6-aac7-a3eac29781a8","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":118,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"6791d409-66c2-4f2f-be94-db16826db00b","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":118,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"a1d64760-0751-476e-800a-3af1e92e8c27","block_type":"box","text":"Call Rights.","page_number":118,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"c795032a-804a-4dfb-8632-6e6fef72880a","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":118,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"f622c70e-7286-4eb2-a10c-e68c6ac712e2","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":118,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"bdb74359-2513-478b-8ee8-9f53600c5b74","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":118,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"fcb5afb7-43f6-484e-a491-b5db258c3a60","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":118,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"dba52b0d-6882-45a5-84b2-e01e8ad6ecbb","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":118,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"5cdd8145-0c4b-4fa3-b5d0-807404e41aed","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":118,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"84514ae9-78bb-4cd2-bc46-f3e9880e3bd8","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":118,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"161af887-5390-4739-935e-de0135837947","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":118,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"19cd95de-4a55-4c6d-b12a-4725252d51dc","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":118,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"45dd9fd4-20d4-475f-8c5e-00036c65adb6","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":118,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"b6302d51-9517-4bf6-95c4-2eb5133c8c59","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":118,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"a19dd74d-be2d-4fb5-9873-84e4883716be","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":118,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"b7a290df-ef6c-4b21-a4ca-0d99bc5bec54","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":118,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"0a40d508-c3e8-481d-992e-1c4b2eba8039","block_type":"box","text":"II-61","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c42505d-94ca-4d98-bacb-79053e96287f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"353b08ec-b6f6-4a5b-a0c3-61d14ad329e9","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":119,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"aec12697-c0c0-4cf3-9129-f746f00a41c9","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":119,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"ec74faf2-411f-4f69-bd79-f528d4bbb3dd","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":119,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"e69a3466-ccfc-4bfb-b20d-3cad43d72dc2","block_type":"box","text":"i.e.","page_number":119,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"71b3e4a4-2ed8-4936-9fd1-ecdd69a7b680","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":119,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"f4ed0533-ccb6-4d14-a09d-a21262607d78","block_type":"box","text":"rates).","page_number":119,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"40eaf64b-0099-49fe-98cb-f10cf7046147","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":119,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"31a5b8e9-e5b0-46ed-bf7b-def8e01fab61","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":119,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"d21f2563-8a24-4cde-90b2-4fda402fbe62","block_type":"box","text":"e.g.","page_number":119,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"e46fbb57-31ea-4911-b34f-fc8cbfef7018","block_type":"box","text":", an exchange of fixed rate payments for","page_number":119,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"c0347e95-b4cc-40ba-bb62-6fb14fb892ab","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":119,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"10c1f1ab-b1f1-4024-93d5-667071ca161c","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":119,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"31774db1-0a54-4650-88d4-e5c6e66fb23d","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":119,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"b7bc8b07-f955-49ad-af88-70f3e762ff54","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":119,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"bdb4d38d-ad3c-45e9-85ae-31a4d867cd40","block_type":"box","text":"with the same attributes as the swap (","page_number":119,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"a1cf01e9-b96c-4268-bee8-7c1596dea81f","block_type":"box","text":"e.g.","page_number":119,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"eb3c2e5e-7b6c-4e3a-8843-96cfff7d32cc","block_type":"box","text":", coupon, maturity, call feature).","page_number":119,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"d12d0959-d7c7-4c4b-a3ea-e25275127c4b","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":119,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"6a2897f1-9184-4544-8d9f-5726b09610e0","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":119,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"39dbf7e9-b6b9-4109-9338-9f0bb374e8c1","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":119,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"133c6622-35a7-419d-85c6-c9e82776eda3","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":119,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"e6a3d893-c3e7-44de-86e6-ad96bf160818","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":119,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"50003a09-ab51-4bb5-9fa6-095491d90997","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":119,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"5168c1b3-ab1b-42c4-ac99-196c355a20a0","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":119,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"56ee3769-8b94-4de6-bdd7-669aadb96df5","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":119,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"6364b2e1-f62e-4709-9413-baf036935042","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":119,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"0063529c-ff90-44b2-9ccb-643b170d9986","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":119,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"38bbf3bd-ff8b-4bbb-86b9-194830cd8afb","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":119,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"33135034-4358-4500-87ee-9d91de7ab20a","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":119,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"e2de35d7-e33b-46e3-b642-f76ffaaf00be","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":119,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"91412eae-3f59-4e9a-b07f-242d89199940","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":119,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"8d038345-95f2-4643-9416-c6f627df561f","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":119,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"60c0463a-0522-467c-8deb-ba5d145d2c3b","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":119,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"128448c8-7fb4-4ae2-be35-8211e3cc0ec9","block_type":"box","text":"Insured Municipal Bonds.","page_number":119,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"cd157ca2-6005-43b4-8819-bfdd4a04a005","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":119,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"148d9c9b-591c-4eb4-8688-a176829c5095","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":119,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"39dd14fe-290d-45da-90c4-52d603e76cfa","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":119,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"54f20aad-6134-43ce-a471-7b4a037f6a40","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":119,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"29d728b5-d869-48a8-8a2c-af909fb38792","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":119,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"7b900044-bfee-4a6f-9369-7a87a74d3906","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":119,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"b446c72f-b09c-459b-a24b-711141b2ebc2","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":119,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"b303e41c-1b34-42b5-a670-3127932ee80b","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":119,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"f086c29f-8d64-4986-b653-f53abe090ce0","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":119,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"17bebde3-4030-4b3c-af76-214c5e8f2955","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":119,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"55d45357-2713-4570-bec6-6263f94e284c","block_type":"box","text":"bond could drop.","page_number":119,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"e44f085e-4279-4f59-869c-2ed404dc5b6e","block_type":"box","text":"Build America Bonds.","page_number":119,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"d94c3a3f-ea1a-4101-bdc8-d93de92c74be","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":119,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"f59cb076-bee7-4226-8482-2c85b99ba8d3","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":119,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"2c419085-7871-403b-a627-6b9860173e0c","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":119,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"54d13447-d9ad-42ed-b40a-0659fc3324bd","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":119,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3c86c90c-d947-484e-ae56-40b7e702bf18","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":119,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"e3b9c7e9-4d64-4f5b-8b47-6a01c55c9f0c","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":119,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"db0899fb-3de8-4dbf-b4b6-81d878f263fe","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":119,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"dbaf3d38-5d68-4ec6-87dd-7ec85fb64e9e","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":119,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"1d6074db-ba25-4256-a5f8-dacd4508b55e","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":119,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"994c2773-4e84-4a18-b39a-68547746765c","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":119,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"84be1295-5dde-4bb2-9d20-5d9c3727ea77","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":119,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"d0c03dad-ad2c-4743-8afd-e52c6d0e6222","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":119,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"8bfc636f-1140-4fef-8fcc-422796d9c8cf","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":119,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"2f5e7c7d-cb97-46af-af64-31b98a1fa61d","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":119,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"0acbbcee-cc6f-4633-b6ed-ff34d44e2287","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":119,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"2601f505-4a78-4b73-a038-f4e43bcbc208","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":119,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"270f33eb-741e-436a-b477-66dfb3854f20","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":119,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"fcbf0737-d312-435c-bb8b-fba09c76ea49","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":119,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"87577733-2c12-4301-ad12-9776e748534d","block_type":"box","text":"II-62","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf12f807-0042-4e38-b1bb-f8f3aa2b0f8f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b6f828a-4300-4a56-b0ea-280188ebfb70","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":120,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"94235685-133a-41f2-be30-172998b8fd33","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":120,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"ae43d22b-d44d-483d-8bac-c05a34439fe1","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":120,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"5dd03e5d-31fd-4947-a832-ca91b34c534f","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":120,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"84462324-c184-4eff-8869-4284f1c0a4c3","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":120,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"05d6bf88-db20-460b-b9f3-96f263140fe3","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":120,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"1de08552-5c5a-494d-aaac-95a4e5382f5b","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":120,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"03c00d36-5b0f-44f9-827b-7a6aeae4a0ab","block_type":"box","text":"their face value to the sponsor (","page_number":120,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"fbc87905-231f-4382-bd8c-6f9a43ba7b5b","block_type":"box","text":"e.g.","page_number":120,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"1fbdb772-d880-4359-872d-06f3e5045f8b","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":120,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"7c9604cb-9492-4be4-8bb8-b60f7d861197","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":120,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"a6c58cde-1690-47c5-943f-b5dd526d3347","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":120,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"258a084e-e55d-4e0a-85f4-79b8ad096e3b","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":120,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"06fdfc73-7d7e-4855-9644-ec50d830c6fb","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":120,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"5b5a3f93-21e2-414f-b24e-1deb271f5a40","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":120,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"762204fb-84ab-4c3d-ab6d-beb162973db8","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":120,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"d5351357-3462-4b26-b60c-f22ee53988dc","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":120,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"c9a64b8d-84e3-4f88-b257-eacaed3d49c5","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":120,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"24abbf0f-9e94-44c1-b02e-00ec625e7d6b","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":120,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"6736ea45-9b1f-4aea-a20f-7b01acd98cfe","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":120,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"6144d2e7-8d60-48fb-8e78-dedacc4bf3e2","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":120,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"9e8b9437-8a7e-4b34-ae2f-e8edfa85bf2f","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":120,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"c2c7d9b7-41f4-47b4-baa3-42ea26fd2891","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":120,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"790157f0-0227-4c7b-aa9c-1d9518bb1d1d","block_type":"box","text":"such opinions.","page_number":120,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"ef6b34d8-ac62-4910-9e58-83abc0cd282a","block_type":"box","text":"Operational and Technology Risks.","page_number":120,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"f44ba9f6-ec3d-4f36-98f3-5df541cf9bc1","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":120,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"0591ae36-2681-4a93-8b75-e082686e7e6f","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":120,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"21c4a667-3214-40d0-b3fe-4945f72b9fc0","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":120,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"80a6a06d-5d80-4006-a52a-2e7c33db9188","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":120,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"b1b40335-b7ae-4a83-8769-f8094c08602e","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":120,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"f5d1e13a-aa9c-4bf3-ae77-51f2071729f8","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":120,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"1c743f37-9ac6-47be-b8c3-1bfd74a1c0ec","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":120,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"8337c960-a8e7-49ab-aaa3-6a5804b5d037","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":120,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"7d21e7b7-7544-490f-bbb2-e67476ba09a9","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":120,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"e7c97895-dcaf-4220-92f0-411f865e220a","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":120,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"28588134-6b09-4390-97f5-232303d1bfbe","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":120,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"68e8f31c-aa2a-4833-b528-369bf5d097e8","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":120,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"555ea7cf-b2b2-453b-ba85-8f17c0079f2b","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":120,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"39fbcf8f-17bd-4cca-9186-b7d13797f1f8","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":120,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"7776526a-5090-4a29-8517-c2ae51e8f542","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":120,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"bdfe573c-be46-4d17-abd3-72b945a53d65","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":120,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"44739dbd-8915-44a9-8999-b4467d52667c","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":120,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"41f7efef-fa56-424f-a6f4-9f5a9165d70e","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":120,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"627b2b2c-11f5-4e73-90b2-fcdf539cd93f","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":120,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"5a03e5d4-62ea-455b-a24a-3c7fc2e1e7ce","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":120,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"febeb459-eeae-4ae1-a405-abba01c24c4b","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":120,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"975966b6-8f79-494e-a8d6-47c90192b178","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":120,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"3b43fce4-50ea-4e5e-b897-3f155b37d142","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":120,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"219fb510-b395-446f-948c-64ee03b8fc1a","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":120,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"b6af3bfb-423d-4cb8-89fd-9619d639f632","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":120,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"73cff757-5a57-4912-a199-b9bc9056d67c","block_type":"box","text":"Artificial intelligence (“AI”) refers to computer systems that can perform tasks that would otherwise require","page_number":120,"box":{"x":101,"y":801,"width":766,"height":11}},{"id":"b5fc429f-83fc-4443-b69c-5ed1d60ab573","block_type":"box","text":"human intelligence and encompasses various different forms of artificial intelligence, including machine learning","page_number":120,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"aa12fa40-c38f-4026-9a12-c1a97c8580a5","block_type":"box","text":"models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve","page_number":120,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"2a2e0212-9699-4dc8-86dc-4d72436a68ae","block_type":"box","text":"problems. The risks of increased use of AI technologies, such as machine learning, include data risk, transparency","page_number":120,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"15728595-cf24-40b9-a425-6cc06b8dac40","block_type":"box","text":"risk, and operational risk. These AI technologies, which are generally highly reliant on the collection and analysis of","page_number":120,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"7cb1bbc2-f5c5-4ffa-8f68-f9a931546b0c","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":120,"box":{"x":70,"y":876,"width":832,"height":11}},{"id":"31de7dfc-0c59-436a-846f-da6375b926a3","block_type":"box","text":"all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":120,"box":{"x":69,"y":891,"width":765,"height":12}},{"id":"67cd010f-441e-4ed4-a56a-4ba882dd95c5","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and","page_number":120,"box":{"x":70,"y":907,"width":835,"height":11}},{"id":"97a51d23-d223-4ed2-a449-874ce06d1c61","block_type":"box","text":"II-63","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18734c5b-7cd1-4b14-8dfa-bb4e4205b0e6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e760c40-aec1-4ca9-a06b-bc5b66aeb122","block_type":"box","text":"how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":121,"box":{"x":69,"y":45,"width":773,"height":11}},{"id":"9a0a1f12-a2fe-448f-a094-d090f55d1504","block_type":"box","text":"infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":121,"box":{"x":70,"y":60,"width":807,"height":11}},{"id":"7d773532-9577-4213-af9a-7591cac497eb","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":121,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"06f3878f-7011-4c39-b97e-33398281750f","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":121,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"35f50059-72e2-42ff-b824-4aa0f70d8fc8","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":121,"box":{"x":69,"y":105,"width":542,"height":11}},{"id":"9640ce3e-b7e5-4f11-a868-9d1d1708ac29","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":121,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"5b6463e5-f093-42e3-b30d-9637e7876349","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":121,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"91534e2f-26c7-4766-b23b-df5db3a2bda6","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":121,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"0d66de99-38e1-4eaa-9c40-651d82c55e1b","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":121,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"cff745de-c730-4ef9-ad68-e102fe8338c2","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":121,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"235aba59-1f4b-4038-802e-6afc5da75eee","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":121,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"1e61309e-159d-40a1-9f3f-03ea03281da9","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":121,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"493355ec-291a-4cd5-a860-8d349200e7aa","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":121,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"22e3d878-d0b1-4fe6-9028-6e4e75d96b28","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":121,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"8bad58d8-a677-424e-8b5f-ff3a2cc7d934","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":121,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"1f7d8576-348c-4007-a48a-69064763f3fa","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":121,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"6bacf4e3-5c73-4f62-8588-507719ea5354","block_type":"box","text":"Artificial intelligence and its current and potential future applications, including in the investment and financial","page_number":121,"box":{"x":101,"y":302,"width":785,"height":11}},{"id":"a29a1c6a-71ab-4541-9dcf-665840b6bd42","block_type":"box","text":"sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is","page_number":121,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"13ed9102-61c2-4332-a2a0-417ab32d0e94","block_type":"box","text":"impossible to predict the full extent of future applications or regulations. Regulators continue to develop new rules","page_number":121,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"1ebeaf77-bae2-4879-aa17-9075d41bc337","block_type":"box","text":"and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":121,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"bcfac26d-c9ee-466a-ab5f-d37c68fb492f","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes. Ongoing and future","page_number":121,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"d63810cd-5e78-4fd9-bdaf-0c41369ef191","block_type":"box","text":"regulatory actions with respect to artificial intelligence generally or artificial intelligence’s use in any industry in","page_number":121,"box":{"x":69,"y":377,"width":793,"height":12}},{"id":"6d4e56ee-b5d0-43d2-b1a5-6c3d04838728","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":121,"box":{"x":70,"y":392,"width":783,"height":12}},{"id":"2e984e51-1d5f-462f-81bb-108ea48246bc","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":121,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"a45e3384-c6f2-4ec5-b0ec-2cebb8924d0b","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":121,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"1c5a4fab-37df-47b6-a457-8d904cbed6da","block_type":"box","text":"which it invests, service providers, or other market participants to continue to operate as intended.","page_number":121,"box":{"x":68,"y":438,"width":708,"height":11}},{"id":"20c87ee2-3760-4b50-a94a-0d280e0783b2","block_type":"box","text":"Participation Notes.","page_number":121,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"052955b6-4d72-49c2-8b69-2f5a77698ec5","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":121,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"c66858f0-0beb-458f-99af-aa62ad6af4b1","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":121,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"12eab7f5-792f-4354-8fce-47d69bd478a0","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":121,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"50b33eba-4c97-486b-8a22-4a56d9c3a0cc","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":121,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"805358f2-96b8-4360-8921-d94c43e704e8","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":121,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"bdf56cc1-d5cc-4e20-930b-93315c89f9aa","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":121,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"a13c3196-0afb-4f10-8f8f-5619ec291d37","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":121,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"88c03dad-bd3c-4272-b362-7f597542301a","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":121,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"e8467aa4-c4f9-426a-a564-9c13ad162379","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":121,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"2724275a-0422-459c-8c2a-adc0c04619e6","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":121,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"d7da2306-37d1-4660-91a4-97fcc58a9a81","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":121,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"9e0c3d4f-d293-40d9-bb72-a8c2a0ba8e9c","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":121,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"53b79b31-0c48-4cc4-8c4f-f54ed83d1609","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":121,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"b18a158f-7b65-4942-8d0c-41f9f8554af4","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":121,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"4db3625d-1c42-4bb1-b24d-10215ed82d88","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":121,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"5a9ace84-7d0f-4342-9bec-e189570cf03a","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":121,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"5b8914ae-004d-4518-8b93-c1360909e0e5","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":121,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"e5d6985e-8cc7-40b9-b80b-fcdd8a142239","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":121,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"24f7b504-8286-4f2d-af8d-6f35ba78bcbe","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":121,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"a7c20745-6599-454d-9bf9-0a782157605e","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":121,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"e2cf47d5-5d3b-41be-a1a7-cfe1d4daaa61","block_type":"box","text":"Portfolio Turnover Rates.","page_number":121,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"81cb15ca-0c7d-4f63-ab52-0eb636502095","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":121,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"5433bd61-a03e-4295-bb3f-619da63a0cba","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":121,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"8a9a19b5-65a1-4134-856a-73f2cade2cdc","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":121,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"ec373ff1-b99b-4c0a-8039-14bbff8698b9","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":121,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"1b204a25-76e8-4066-b6fa-8f9713ffebe9","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":121,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"ffc707ac-44b3-4ea8-b88f-524cd6c8ad27","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":121,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"21ee6f60-1ac9-4587-bba8-cc02cdc6b48f","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":121,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"9749133e-8ad1-4c5d-bc2c-395e5cd8ef94","block_type":"box","text":"i.e.","page_number":121,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"d8db148e-9f6a-426f-8700-a5daedad64f3","block_type":"box","text":", 100% or more) may result in","page_number":121,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"9c4195c7-0919-4264-8f3e-8c0c6fc030bb","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":121,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"5a9573f2-8501-46b0-8794-d157639b5fb9","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":121,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"5eeaa797-4937-4a70-989d-932b35c02fff","block_type":"box","text":"II-64","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af1e04e9-fdaf-4ded-ac76-35b92c1a9ba6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86539825-d669-4fc7-be12-9bcf5346d746","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":122,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"f681cb1f-1a6f-46f8-9195-dfba31916855","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":122,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"1259789d-d413-426e-8b10-a642482e4dd2","block_type":"box","text":"Preferred Stock.","page_number":122,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"a388ac22-2b17-4b36-8779-4a112da2b330","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":122,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"a7e2ae19-c306-45a9-933d-2f108c0cafee","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":122,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"a21497ee-777e-45ff-b268-29da2f8d9009","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":122,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"fc7415d4-6572-436a-b3c8-4479e18a370a","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":122,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"691978d3-e173-407d-a1fd-9bc7b5b30168","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":122,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"3825d0b3-dbf2-4309-b365-b9158fd4f299","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":122,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"1a9363f2-2a95-4a82-b0a5-105432b6f1c5","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":122,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"4bd9d7ed-bb91-48aa-91f1-b136713711bd","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":122,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"9babacba-1f42-457e-bd79-99ea932a467e","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":122,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"0a2640cc-d08b-44ee-b426-6bab5b48ee8e","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":122,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"3bec5a5f-2534-4b66-8192-617225352096","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":122,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"2fae55b6-b341-47f7-a302-086208ca4439","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":122,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"b8459445-7cda-4e00-b0af-5aebef28b5d5","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":122,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"f23ef798-3386-45dc-9200-bade907cfa99","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":122,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"cd220b31-fb45-485c-b063-fc0de2b58c36","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":122,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"20292004-c6e4-4c66-8456-f327a9876581","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":122,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"9b6998f4-6559-4bb0-bdfa-b5e88692a679","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":122,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"361b61bd-646a-4dc6-8ddf-0edf2cf0f393","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":122,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"bc863b60-8dce-42d9-9a19-2cab6f6be4f7","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":122,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"bde395cc-af2e-4e63-9aef-cba9e7e99793","block_type":"box","text":"Trust Preferred Securities.","page_number":122,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"d1d37f4f-8b90-49b2-8956-d3636c5fce7d","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":122,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"df633da2-048c-4a9b-b2a8-b7fe4a4b286d","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":122,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"3c7b4df8-5f4e-47f8-952b-a64b6affd29c","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":122,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"9abc1e7d-0bbb-4828-91f9-3e4c87f800b5","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":122,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"2e2b63eb-7c9c-4818-92dc-812fad05b691","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":122,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"6b6ead0d-e933-4602-971a-7cbf096aaf37","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":122,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"8092d1e4-68de-4d90-9eb7-0a81fe1dc4e3","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":122,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"6355e627-b079-40d0-95ed-44b178a24395","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":122,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"839d3de1-771e-4e46-8735-d52310cc2b50","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":122,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"f44401f7-706f-4274-aae3-19dd34f3fd3d","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":122,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"a92c8939-00f5-401a-bb03-6a96f9a2cd61","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":122,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"fadd88a5-3aa3-497a-8eee-ddd878926f2e","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":122,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"1e236e67-3923-4944-96c6-96e8248ba196","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":122,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"624aa756-0b62-490e-9639-f18c1e6d6274","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":122,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"ea8b7c31-2751-49c9-8f6f-eae4bfceea36","block_type":"box","text":"®","page_number":122,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"1ace1054-e28c-43ff-8f1d-83bfbb875e49","block_type":"box","text":"”); monthly","page_number":122,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"7dd70c25-8f2b-4eb5-b30a-36f567ea7d0e","block_type":"box","text":"income preferred securities (“MIPS","page_number":122,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"97995d5b-1287-4abd-b87f-4fe4fb0cec53","block_type":"box","text":"®","page_number":122,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"d8e8c798-72cc-41e5-a9f7-b0b0bbcde117","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":122,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"a385d52a-c8b0-4888-8f42-dd5e27b25a16","block_type":"box","text":"®","page_number":122,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"ca924ec2-df92-45eb-a520-6bf79b5d896e","block_type":"box","text":"” ); quarterly income debt securities","page_number":122,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"9a4ebd25-3c6c-4bf9-a6c9-027d94a25939","block_type":"box","text":"(“QUIDS","page_number":122,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"29705dc9-d0a3-4efa-b4b7-46b774e56534","block_type":"box","text":"®","page_number":122,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"0870270f-85a1-4bf1-a01e-0bb8a10d0306","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":122,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"d3cdc690-7afa-4c6f-9ccb-b705b1aebaf1","block_type":"box","text":"SM","page_number":122,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"68fdd71a-e01d-481c-bb27-47d21d7010e8","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":122,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"931058a6-4782-4783-8094-8af67c6450e1","block_type":"box","text":"®","page_number":122,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"a5d1ebc4-8061-4aaf-b6b2-1fb769b892aa","block_type":"box","text":"”); public income","page_number":122,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"f4688bc4-9081-45fe-bdc8-d3fdd47990a2","block_type":"box","text":"notes (“PINES","page_number":122,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"1c27dbf8-9cad-4d93-b86e-ab418d95fb7a","block_type":"box","text":"®","page_number":122,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"d3b53567-0462-4f32-be08-ef7a7db1b433","block_type":"box","text":"”); and other trust preferred securities.","page_number":122,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"8dc02581-4791-476b-b458-1df917d34b6a","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":122,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"aacc24ee-5abb-4c9b-adca-4c57e20e5fda","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":122,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"582f8cf8-80fc-40f8-ba3b-9ed162eb8178","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":122,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"16b7d25f-a85a-4acd-a9f4-496b0e121a74","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":122,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"726f0b10-fb67-4c4a-886c-f713c0720f65","block_type":"box","text":"regard to whether all payments have been paid.","page_number":122,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"9c272a5f-429b-451d-b62f-5f05c119f447","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":122,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"c32e047e-5d11-4651-b818-fb9f5576d0b1","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":122,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"12e3beb4-3468-4d2e-833a-67ef642966ef","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":122,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"0527c366-a185-406e-ad98-40d3a330a09e","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":122,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"b3f9b5c5-3f21-4885-b886-030afde80ea0","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":122,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"3b612bff-cff9-4979-9e6c-e21755b7f507","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":122,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"d08309a6-c87b-4e92-9228-f2da282f062e","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":122,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"4bb644b2-c62b-4f46-af64-13365abc3fbe","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":122,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"2485a1d4-fd07-41e9-a6f3-478cb676081e","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":122,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"7c089a4d-d615-4b52-bb1c-400ddb8aa1da","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":122,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"1ce8d48e-1da6-49c6-8432-64cc1465ea0b","block_type":"box","text":"II-65","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d339cbb-2783-465e-b5e6-5db174586ea6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a25543b0-1a7a-4f0d-b6a1-df6152d76d31","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":123,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"573f7882-108c-46ff-beb1-32504c31b90c","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":123,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"c83da1c0-79ae-419a-aaca-2296ccca2f98","block_type":"box","text":"debt securities.","page_number":123,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"663660bd-1992-4939-915f-8dea9cdb9815","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":123,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"27971c72-dc4a-47ac-b7dd-0f0c786216c7","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":123,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"46a558e4-53bb-439a-8f45-d7d2b32805cd","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":123,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"e4ec78e4-a8e1-49dc-bded-8784fd52b277","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":123,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"3fd56339-a45f-408e-b13d-ce9c55faa835","block_type":"box","text":"geographic areas or in specific property types,","page_number":123,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"9ce805d0-7e5c-4b37-903f-78457ce144df","block_type":"box","text":"i.e.","page_number":123,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"4a909dbc-d9b2-4857-80f1-92b68ff6e27f","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":123,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"35176f6d-5908-46fd-a692-6e2a900161b7","block_type":"box","text":"buildings.","page_number":123,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"c2373b8e-4f3a-4977-8cfb-9518cdc64996","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":123,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"3ea1d452-c15e-4629-a237-1ed02abbca5b","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":123,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"90fb76a3-b131-4bfb-90d8-7b25da983cbe","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":123,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"34477f60-240d-4c71-8d4e-5407dd94e2d0","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":123,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"c2d943d4-81ef-475e-988b-ed86cf3581c9","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":123,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"6244989f-90f5-4f29-8f9c-1b28f215a9c6","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":123,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"881d96c8-e949-429e-aeed-78201182485d","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":123,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"509c8509-2240-42dd-b473-38ec34816d24","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":123,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"8bd4f861-c063-4ac3-8aa2-dcf5dfc199b1","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":123,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"2278fffa-2115-4aed-9831-59f27b4395fa","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":123,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"55228188-694e-42e9-a4d4-32372c720a6c","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":123,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"89962a8b-3fd3-46fd-bbae-8b90061151ee","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":123,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"3a06befa-b51c-460d-9859-f614d6ec2346","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":123,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"f832a03d-7f92-45d8-8f6e-9da121b3b885","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":123,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"fede9ce8-98db-4e75-9b38-11dab2fef646","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":123,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"262dcc79-b83e-43f2-9ef3-9a5164dd35d8","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":123,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"29d2108a-3498-48ae-b905-2146ec45ebb2","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":123,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"b5bcff20-3ac9-418d-a269-8b5aa1eb4e5d","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":123,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"65872796-38c6-4421-92c1-3212e22ddfef","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":123,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"03e74a80-1bd6-4187-9d21-00f8e9664e49","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":123,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"0934585b-0097-4627-b907-aa2dece4a17c","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":123,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"253d48cb-b4fe-4544-8f4f-6ae0a81ea427","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":123,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"0200d640-706b-4434-89a5-fd8a27accc77","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":123,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"3d19c316-66df-42bf-802a-f5b250388d4f","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":123,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"4eb94891-e79e-437f-8ece-3664cc9872e0","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":123,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"0cadb2eb-9f8a-4332-87ca-bcd01ef45b75","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":123,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"ef81c9e4-e4ac-40a8-a122-e8fb21ccfc18","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":123,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"c509d924-c6ac-4a1e-a2f8-22d2f9654b86","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":123,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"06a13b9d-9e40-4353-8f1c-44598b3757b7","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":123,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"a01de9f3-6f6a-45af-9b11-15e71d496624","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":123,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"d39fb765-14f2-47c3-a53f-90501a6713b7","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":123,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"134137bd-af5f-4975-9ebf-7c7706f02317","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":123,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"a98b01c0-c221-4220-b7fb-0815640df2cb","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":123,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"89526cbc-1170-4540-85bf-52ce8bf19026","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":123,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"2fac8fd0-0dd7-41e8-a14c-5eb253f43c88","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":123,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"ee78ca24-f63a-43b4-95fa-47605570a47a","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":123,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"5f1b6a1b-0313-43e4-8e57-b72a81b29f24","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":123,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"7a29222e-8856-4206-8713-23ad11eb41d1","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":123,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"8eb6d873-9887-4062-a6cc-d0a1d8ac0db2","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":123,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"77124ffd-f3e4-45ac-b1fd-9115ea807596","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":123,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"ab3cbd80-0f01-415d-a065-1eb1dd1ea957","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":123,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"cf669f5d-7106-490a-91ba-c5eeea70123f","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":123,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"32025176-1c41-464e-806a-3490d7bb1c6f","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":123,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"78b07db0-8397-4a4f-bf99-e203f8d4ec9b","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":123,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"b9104a2b-5671-431a-ab90-1d3f614f7d20","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":123,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"299b77f0-7552-486b-b703-b88d247516e0","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":123,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"c40d4d56-0c9c-43d6-955f-b4ba31a2cd58","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":123,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"3b8ec25c-8c4e-40a1-b4ec-1d138a8cdaa9","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":123,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"d922c53d-915a-4c58-b9bb-5ce00a9044ff","block_type":"box","text":"II-66","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6a109d02-c860-4dc7-9387-a3e95b2ce40e","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"429cbdeb-b91c-4842-a62b-596efc787f1a","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":124,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"babd2554-c972-466f-bf78-d22604cc924a","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":124,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"a4abb9f7-1f48-481c-b815-ec4e2819c867","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":124,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"039d3c27-fbca-4620-b354-eb102825eb15","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":124,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"f1987bcc-40e3-477b-919d-40b9889e4a33","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":124,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"60b2549c-d49b-4d4b-b6cc-7f5fce367c20","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":124,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"903ca019-aacd-42b6-ae7b-014c06ab5534","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":124,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"17b12809-9143-418f-bd96-8a72b2759638","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":124,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"92dfca6a-530b-431f-bc29-1d8cb6eb8790","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":124,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"6b408f6b-866f-43ab-aece-6497fdf3bff1","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":124,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"49cef945-afca-4046-8eff-44deda85623c","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":124,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"bb9c1af9-b7f5-4ded-a1e1-7b09ab8c6f26","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":124,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"73e47e69-0b1d-4fef-9951-6e6d94342e47","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":124,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"8cda2dd3-783e-48a4-8039-1a4dfd29640a","block_type":"box","text":"conditions.","page_number":124,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"5b9cfd1c-96ce-4987-9a7c-5911e1a27740","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":124,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"d94c3630-a3c2-4eb8-bcb4-e314b6595371","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":124,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"af63c90b-c88e-4a8a-ac7b-ded513623e12","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":124,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"92580e30-ee91-44f0-ab0f-fbdbc4fbabe7","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":124,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"3ec67350-527e-4b9a-9a72-4a6a1dade05c","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":124,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"8fdfa73f-6941-43cd-8c89-d3c48624a1ee","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":124,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"a658f690-8df7-41b4-a4b4-821b76e5a678","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":124,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"6747fde1-0601-4767-a1ba-85510a266bb7","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":124,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"989d122a-429d-45f0-8652-73bc72381631","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":124,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"49ebcd2e-a64b-4408-b23d-ad49d72cae9b","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":124,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"f59d065b-00cb-4786-b156-a3ef321e2271","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":124,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"43c9e9a6-ad49-4b32-b3f7-ff94d4349f43","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":124,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"7fb9abba-9005-4f0f-9224-6abc04d5312a","block_type":"box","text":"affected by such events.","page_number":124,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"32006fba-391e-44c9-83b1-fcebf52b8ffc","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":124,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"748b28fa-d0dd-4f24-88ce-f319b2a20680","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":124,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"04d955a0-0c50-44ab-9864-34d01291250f","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":124,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"b4e4ffef-5e1b-4412-a1ca-c53f30e6056f","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":124,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"c4ec130b-cba4-4c26-b39a-9430fb6874f7","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":124,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"f4925bf5-c15c-4a21-97ae-628731c0ebed","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":124,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"61d5d5d6-59df-4a3b-a377-f1652750056b","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":124,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"7a9541c2-4ca2-4c6d-962d-52e73b2a7a9c","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":124,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"8aa7abd9-598a-4df3-b4b9-c0676c17d76a","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":124,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"de4be0cd-45ad-47ac-86d1-4b38d2e75549","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":124,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"a474fc82-3b58-44d0-9bfe-b5e11d4b8f8a","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":124,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"cffaee2e-b76e-456c-a07e-368653209521","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":124,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"9b62caed-6d3d-425f-aa86-46276f077f0f","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":124,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"885d9c80-7d4b-4b6e-92b3-f5d98dd57e3d","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":124,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"b3babda8-7b20-4583-8994-d106ab552dfc","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":124,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"17226960-9292-4e00-98a6-5a2d112bb032","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":124,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"4c827f15-7ad8-4b1f-b037-e271dd689b50","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":124,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"47dc5b27-6f70-42a4-a44e-5c8cf19a611c","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":124,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"9793367f-0038-43e2-91c9-5abf5c8a501e","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":124,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"0fefddec-73ac-4f9b-94d3-18d0374407f5","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":124,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"0fdf4caa-bad3-4a56-b62b-ff668cd2d009","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":124,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"6969f7df-abbb-44be-aa86-842d6912c6c3","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":124,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"b8fe665d-79b3-4c90-a9aa-475302aebda2","block_type":"box","text":"investments.","page_number":124,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"8b97980e-ff6a-4c65-bdf4-8626834ec3e5","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":124,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"fe17b8a2-15b2-4540-aaa9-3b3c82df5668","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":124,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"74d49155-8835-4275-8556-df162b557ba9","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":124,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"671958b4-1221-4aba-b143-8520e4d6e0a9","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":124,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"f408eab9-f137-4226-a5eb-11ff7e9e4525","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":124,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"6c819dfb-677f-4e5f-8544-35c51257e203","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":124,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"d2e521fa-84b1-4637-847f-a9430221a1a8","block_type":"box","text":"II-67","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9e7bc57-0db5-4987-bf04-06e23132f4cd","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc19bda0-c731-4c26-8b6e-4f4a2b370e4c","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":125,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"3d34ff1b-30fb-43d3-a4f5-512ede9057bc","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":125,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"4af91560-9506-4c8e-8c11-7f649a1ea2fb","block_type":"box","text":"Legal and Regulatory Risks.","page_number":125,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"3a928d3d-88ac-494a-a05a-901b9b525510","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":125,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"9b6cb480-4203-4e4d-8fb5-116362a5fc33","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":125,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"c82338b8-9c07-4cfb-82e0-a5e6dfc44d25","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":125,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"d0e337ca-f0e2-4847-8c9f-2aa69534494c","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":125,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"6af38b56-0671-4ea7-ac5f-e10011667fca","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":125,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"46d98603-5eaf-4e13-b9ec-be7856e20a96","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":125,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"a434e5f4-21f9-4c15-8721-fbbda531baec","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":125,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"26ba03be-779f-4642-8b81-8b5de9289dad","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":125,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"8dbffee9-2829-4939-a473-752837749b3a","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":125,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"c3b1c50d-189e-4d5c-8da0-bce16be418b5","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":125,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"5d6f775e-ab16-4f9c-bd96-0f701cb13b04","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":125,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"81b55369-3730-4389-8df4-979cf44b15ca","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":125,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"ee07ca5a-61b2-4b49-b37f-e3300040eece","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":125,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"3109ed68-c56a-4de1-9309-084d64c11b2c","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":125,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"8b8b814c-cd86-4c28-9d98-6b530420da70","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":125,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"a2b6bd2c-43ff-4787-b868-c327aab8d303","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":125,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"47717a89-88ba-40bd-bb2c-c0c3a42ded00","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":125,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"8d9e92c2-eb0c-47b3-b3be-b2266d1ee84d","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":125,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"027c898b-16d0-468e-9432-1f8bbf4c9e3e","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":125,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"a68a3b08-8b38-4632-94d7-29a4d5b7e79c","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":125,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"fadb45ad-434d-4962-ac0f-918d679269f9","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":125,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"3976fcc2-c69f-40eb-9dd8-0783e33ffa68","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":125,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"a24a8e24-1bfe-4cb0-814d-dfb7170c9cd9","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":125,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"d49ba26f-4b93-4048-b001-3f83ede90be3","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":125,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"b198e2e4-c6c8-4007-ada8-dc235cdcacf6","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":125,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"6ac37844-3a91-4b47-9f01-f48047832a30","block_type":"box","text":"Geographic Risks","page_number":125,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"6e21d2ed-0041-4a31-85c7-a8a7aaf516f1","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":125,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"d88729d9-7321-4bb9-a592-6c647a22123f","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":125,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"6d5ebe0a-eb85-4652-aa98-78eede6477d0","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":125,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"647a205b-d36e-40fd-8e32-14c404c444ed","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":125,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"9d9df9ec-8ad1-4460-9992-d93b5b17f783","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":125,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"4438ed98-c0f4-464c-ab3d-f696a9e92010","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":125,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"129f4227-2371-460e-b997-762637aaed76","block_type":"box","text":"Fund.","page_number":125,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"c42ac30b-ec1e-41e5-b744-8e195dc5b209","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":125,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"e9f64e29-dbfe-497d-919e-8b5d24406766","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":125,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"15857c62-d125-46d1-885c-f97555c6af09","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":125,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"ad1a78e1-9798-43c4-b3f3-9ad1208f305a","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities,","page_number":125,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"fc311e42-b9aa-4a39-be1c-e6a84117ce88","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":125,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"bac111f7-8896-42c0-88d8-e716d73b2736","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":125,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"d8cea119-4fc2-4c23-bbd6-d03181c6cbb3","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":125,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"b90e6c4f-d2a4-45be-8273-296ef614866d","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a result of","page_number":125,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"54b30865-31ba-4494-925d-69ef4ee35941","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":125,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"ef0b8258-fcbb-4066-87ed-fbfb1f9da95b","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":125,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"61e99d52-5254-4f22-a61b-d2d6d04831cb","block_type":"box","text":"continuing to develop (","page_number":125,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"586d2988-7ed5-42c5-93ec-c93b3b77ca44","block_type":"box","text":"e.g.","page_number":125,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"d2f00cbe-eb68-4797-ac97-fbb5988ac54a","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":125,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"4001b4de-2520-44b3-8da8-1aa8001b5288","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":125,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"b64335ee-5811-467c-835a-e390aa83fb75","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":125,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"5e612993-f673-4be0-9683-4f735f4941b0","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":125,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"bc4a385c-a4ff-4903-b5bd-793833c89df6","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":125,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"2792b3a7-b9a6-46ef-822d-b0927b9d1730","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":125,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"5c424e03-8900-41c9-bfea-4080121c2f7e","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":125,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"da2d9242-cbea-49f1-91fd-683a5033a71e","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":125,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"5022d1e9-1583-4107-9a26-12cac213b4dd","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":125,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"ff268550-3b66-4837-b94b-47474c86ff9c","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":125,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"59ade509-79e7-4928-8da9-5b0583b6c2b2","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":125,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"cef9009e-88a9-451f-8089-dae1b5cf6140","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":125,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"9f3da185-c669-4c11-9041-441a3de40e5f","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":125,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"c6eac0bc-cab5-40e7-8b28-24ae93eef3d3","block_type":"box","text":"II-68","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46c25b05-ba99-440a-85b8-71214e4cb9ad","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21556565-8fdd-4156-a8f0-d158cd008637","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":126,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"e5b3bab8-bf51-4f39-88e5-da747d668f4e","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":126,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"f9d031a5-6ec1-4ff3-b425-873964ed59cc","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":126,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"2e6d7c06-ff28-4b18-9597-8a4ccf0486d7","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":126,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"5cc2564b-20b1-4e85-9180-5c6258fb863b","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":126,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"56244006-707d-4502-85cb-efac6cb38fa0","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":126,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"5c6e93b6-2025-4bff-9023-f196116c72c6","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":126,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"12073712-a6ba-4fe6-bd69-8ed0242738bd","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":126,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"53bcb509-414c-41d1-a6e7-a32100d90348","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":126,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"7d1db2be-e591-49ba-889e-8c0a85aadf79","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":126,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"cb009778-c319-429a-ab52-1bed0c8077b9","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":126,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"3422026c-cfa8-4be9-b3ce-3e95ad03d0db","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":126,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"a58a7610-7c4a-4e57-9861-51902cc5ddc4","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":126,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"29983855-ab0d-4d8c-a7d2-af2d532976f9","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":126,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"e25876ec-e4d2-49d0-9bdb-a0a64309a665","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":126,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"6a248532-f20b-4113-b4e5-36ec5f8d729f","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":126,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"d2c0c676-f05d-45ca-ab80-5ad445f50997","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":126,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"2f52ba13-304b-431e-a9f5-5dab91628795","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":126,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"1fdf36a3-4f07-4d99-9bd6-cdea135e4db8","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":126,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"d337daaf-1ea8-42fd-bdb6-9d042eab1516","block_type":"box","text":"consequences which cannot be predicted.","page_number":126,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"abebd038-6a97-4829-9fbf-748a6fd6fab7","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":126,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"0df7fee2-0365-4891-ac58-e24997e90eab","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":126,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"fc4c1539-d721-4a53-bcfb-71bea99e7760","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":126,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"703b9cea-032e-4ed9-8ba7-ca13169e97a7","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":126,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"4dd9f0ac-e309-4e37-93e4-57566c7761ad","block_type":"box","text":"term of the agreement.","page_number":126,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"318e31d6-12db-4835-9ac1-73f22b8d5306","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":126,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"dffe97b7-76f1-4ca5-a767-26549d16ef72","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":126,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"96e9ce18-cc05-4a61-86db-4693a6b1fe41","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":126,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"a43bfd4c-6558-4492-acc2-cc36a7e1f13b","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":126,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"ed8203d4-a0c9-41bd-8ee4-ea13698af8f0","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":126,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"8ef1c99f-cc56-4842-a545-a11afdf26453","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":126,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"ae466cfd-dc38-4829-9aa0-c60d667f5148","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":126,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"31d28187-57a6-4782-87e6-1902de1541fe","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":126,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"d4f7f8ed-5368-46bc-96c6-a5b4eb541979","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":126,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"30396210-f225-4f80-9ace-11a4465f5588","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":126,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"fb43882c-f42a-4c5b-8ef7-971f3b23512d","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":126,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"f8fa50da-e287-4d54-ae42-f2a259f16033","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":126,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"016b4dbf-39b5-4bb2-8dcf-eedc9188ebd0","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":126,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"0ebae9f2-c071-436c-a638-7879191a2958","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":126,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"d58a926a-f6c5-4f8d-9f3b-af6fcf01f289","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":126,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"46a2f520-c168-488b-8c10-19510a744549","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":126,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"9f1e0465-d920-4625-81ae-9fc82a79d66c","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":126,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"4a35290f-841d-471c-b84d-41645fb4e145","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":126,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"cc446f22-28be-4111-a51e-2511b2379994","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":126,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"1912cf1a-a722-45ef-9158-a965c90fd853","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":126,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"958b05b6-cd03-404e-bf43-b4a5159431cb","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":126,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"812fa18f-29c5-47e5-969a-266b7fb2f95a","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":126,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"511f0247-052a-4435-a00b-c927aae970bb","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":126,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"a7077f9e-5866-482c-88e7-265f6c08e5d5","block_type":"box","text":"or by another authorized securities depository.","page_number":126,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"05fd0bb1-b310-41d4-8c7d-07b9b56f9df1","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":126,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"832776c8-7fc9-42a8-b19f-dcb5335dbddc","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":126,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"026d9091-8135-4446-9dee-98901d7ddfe7","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":126,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"2daa713a-fd11-4ca6-b473-ec3c4c4c7152","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":126,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"56e15ce9-eccb-4fe6-8729-3df67ab191a9","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":126,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"3975f8a8-8fff-4bbd-af30-584fd95c1465","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":126,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"773cce8f-2940-4cd4-bba7-664179a51043","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":126,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"efbb0f1a-eee5-408c-b600-ec7f60e32711","block_type":"box","text":"II-69","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16a7692f-fe6c-4ab3-a81d-fbec7cb751ea","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"585b1ae6-0ae2-40b8-a1de-f27074d87640","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":127,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"8599a4a9-43b2-4c7d-9bb4-a7bb8786f8c7","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":127,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"313e89fb-b5ae-47af-a566-f804ab72b7ee","block_type":"box","text":"the repurchase price.","page_number":127,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"3f8f1fac-3f21-49ef-b7dd-f0148dfa014f","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":127,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"51c04188-2738-4360-96d2-ca5444ad9acc","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":127,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"ca59eab6-6131-4a77-af7b-9769e54d60b0","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":127,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"2a6daad6-065f-4a72-83d4-84f60d5c3c0a","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":127,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"8125b938-c96c-492c-a070-e816967b9f00","block_type":"box","text":"strategies without the repurchase obligation.","page_number":127,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"8e5a0c97-0f96-4749-a666-5300c163a489","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":127,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"b42300a2-6264-4686-8aa4-939c5303be94","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":127,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"9be47b2f-d092-47b8-b9d3-91d71ad41788","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":127,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"cb97accf-1f94-4f86-90e8-6da0a45abe91","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":127,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"e2bb1837-abd6-4dc7-aba5-838a6a313cd9","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":127,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"c675eb52-abcf-463b-951b-20a2434a2b25","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":127,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"c20a3779-3ff2-42f5-bb41-838d27e66035","block_type":"box","text":"i.e.","page_number":127,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"bdb03035-ed89-4131-9320-cb73b635275c","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":127,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"08cf9d40-e827-4905-b498-f52b681ed17e","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":127,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"8b5e2fb5-242f-4587-9f1e-c3ffcd91a206","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":127,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"9b25c52d-b2af-4feb-a773-996de6cadd52","block_type":"box","text":"and income involved in the transaction.","page_number":127,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"2249021c-6852-4a90-8fbf-32afc75ecce8","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":127,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"ff0500a4-7323-4e97-9d01-c1751f021a83","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":127,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"390a6ac6-1596-4e7f-9aea-72de85b6a45e","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":127,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"22b2b4a5-cb7a-4d92-82a9-f670ed121e3a","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":127,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"032352ae-caf7-4f2d-b5e0-7901eeb493c2","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":127,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"8f28577b-334e-43d1-809e-a3b7f2855bb9","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":127,"box":{"x":68,"y":400,"width":783,"height":11}},{"id":"f21d7d23-de80-40aa-8910-aa645c04f909","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":127,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"5eb20e6a-cc9f-41fd-b8a5-dcb85e2079d6","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":127,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"83fe6be1-b648-4524-b676-2ac4550210fb","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":127,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"b64c7318-0855-45f9-b871-b07ff3e207de","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":127,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"7baa965d-6344-4c41-843d-4fd1fb71954a","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":127,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"e2a17fc9-9212-4754-8811-c1f1f4f0b0f0","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":127,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"935d90be-a453-4146-8f9a-351c8beb3096","block_type":"box","text":"Restricted Securities.","page_number":127,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"4ee94fe3-f70d-4f7a-b3fd-f0ddd189cd37","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":127,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"d06a03c2-8622-452e-975d-150714137b31","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":127,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"6702c052-dcf3-46eb-b0c6-1aa4e5147bbd","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":127,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"b0a0ee89-2fc8-4de1-82a9-43c96f34ca54","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":127,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"77b1daa1-15de-44bd-b2f8-f139ca91ed5d","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":127,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"2b44aa1c-6739-4d9f-865a-f1acfd434dbf","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":127,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"385918f0-f260-4f7f-8675-ca9e2a7252b1","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":127,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"b8ab46ba-e2aa-411c-818c-72809d9b7d03","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":127,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"e9e7fc09-3c2b-4be1-87af-a73d55260de8","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":127,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"ceec8adc-8a79-414b-84b2-7aab22fdac55","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":127,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"74d9f65e-bc8b-4b2b-9a8c-d8b1d1bb5aa4","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":127,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"402e2f7c-f221-4143-b440-31a248b3213c","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":127,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"861adbb1-9dc4-4e80-bbe7-6bd167b3444c","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":127,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"d8e4e351-7e3c-4af0-aa5d-fd5d477a9be3","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":127,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"a578e479-1163-4482-a06b-860a5a59559a","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":127,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"ffdca1fa-6cf3-496d-a0ab-0a0e751a1258","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":127,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"bb9e7011-2342-4237-bba7-3ca6ceefae3e","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":127,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"4f30a7ac-86a0-45d9-8a1e-e563ac05465b","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":127,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"47377a57-8da0-43ab-b37e-ade303ffbcd6","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":127,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"295b9c62-8d6a-4e8b-bd31-e49b6799f87f","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":127,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"a1b571ac-20df-423f-81dd-5768554fa975","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":127,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"5fc7c8c3-e958-4b8c-9e6a-f33ea5aa7064","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":127,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"b5b8d5ce-4e50-4e02-b354-c776225bf8dd","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":127,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"584de890-c0ee-48ed-b4fb-176897c05226","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":127,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"2740b6c2-e75f-4e9c-83b9-ee3f17efea73","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":127,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"3cace1cb-dedc-484a-b0f6-8385f388ce38","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":127,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"47f307aa-ec49-450e-88e7-48f7fb7e1f98","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":127,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"9995a306-66e5-4d5b-a956-24654afc38e9","block_type":"box","text":"II-70","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a3cadbe-93d5-49d0-890d-bb31aa468c30","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d88e3848-05da-46a9-bcd8-7d8fab8b7236","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":128,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"ac67f54d-7d76-4baf-93bd-61f35ff797f6","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":128,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"01d1879e-b769-4ad4-bba1-20edc41eb8c3","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":128,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"da81fd1e-d678-4dc7-b688-8c86702e6c05","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":128,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"3e15127b-ff95-4c64-800d-eb34fe1c6a8e","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":128,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"a47f39b2-f3e6-4ece-bfbb-5aee397a961f","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":128,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"cb5b160f-10d0-48f6-b08f-88f5a57ed255","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":128,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"1a93faba-0e46-41fc-a094-b3ce68c7f9bb","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":128,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"35404ff3-ed03-4d2d-bc4c-a5364026c2ac","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":128,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"525ae93e-7069-4730-ae43-db2fd29d6601","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":128,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"2ebe8683-7771-40a6-8fc9-92f9e7cbaa79","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":128,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"86a9ca75-15c7-4256-9cfc-e86059c427dc","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":128,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"e624e936-377d-4322-8fe1-1204b83f27a6","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":128,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"d8ed5299-15ca-438d-b858-1875f3b6d36c","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":128,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"f6d4dbd1-d1ed-46f9-a0ce-e37d52a1110a","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":128,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"c34bda0e-3c9e-414f-a610-ddc5983bbaf2","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":128,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"b3eafca3-dcd1-4f18-8bcc-c39787f0f6c2","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":128,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"32046579-fb5d-40a9-8898-199e35ce870a","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":128,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"07acecdf-1523-407a-814a-d7bddb77198b","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":128,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"984856e3-e736-4d40-97cc-1ae79bc32e0f","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":128,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"3f564749-b16e-47a8-931c-3ac01975ba4e","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":128,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"179249d2-6dc8-46f2-816e-84c5ef57deed","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":128,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"b6d68776-1c1f-4c24-972b-bb451a77aa7e","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":128,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"c9dc1e97-0973-47d6-805e-cf52ab05950c","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":128,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"46ffe326-bb01-4ad0-aaa2-cf23f7d227f2","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":128,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"f9b3a884-d564-43c2-a7b2-29f2efaf6095","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":128,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"c2e1d59c-15c8-46ec-8798-f642dee35c37","block_type":"box","text":"especially as that Fund grows in size.","page_number":128,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"12b37799-3f8f-444d-9080-d0ac30108e38","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":128,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"3f912b38-13b5-4b8d-9639-c06d98206eec","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":128,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"925616c4-4a61-4693-9ebc-33b655d48464","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":128,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"8ea54f6f-b267-49a7-a14a-052f960b09c9","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":128,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"766da726-6ce7-4287-9a9e-9e9893e8950b","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":128,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"6d0ba20c-bf2d-47b4-b9b1-b7757a95ea7f","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":128,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"1cedc6d7-5d07-4a31-8443-ed8bc23c91c4","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":128,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"521a256a-5af9-454e-a043-d2507d997d59","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":128,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"23441c6f-e6e5-43bb-a23a-5004d4b15370","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":128,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"f267c3e3-ffae-43a7-b421-25b282265ffd","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":128,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"4b7fbba4-e7ae-42a5-ab07-b6fb6a4fe1c1","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":128,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"d2316eaf-9a7d-48c5-ab99-7760f59c9a4e","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":128,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"bd133e48-6e81-4665-985d-900ccbc23b94","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":128,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"0439de0e-8ea9-4240-9432-9db64f8f0ff2","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":128,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"6cadab93-43be-4d19-9da2-2f06ec556361","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":128,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"fb771755-cd22-4549-a904-271c58cde0bc","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":128,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"bdad9d83-eee8-426e-8127-8714f8f7d61a","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":128,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"51a5543e-dd90-4193-b484-decc6db68db6","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":128,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"9e2c5928-98e6-4484-8f4d-fe7b2fdb8302","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":128,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"8bd0ca9f-a454-4015-96bb-51f6fbad0397","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":128,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"d0d64ae5-0cc4-428b-8594-1c2f856b3af5","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":128,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"0e56023b-235b-452a-8dad-8e2cf00d365c","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":128,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"cad13d51-5b7a-41d7-a410-ab9fb8209125","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":128,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"bb3a73b0-1411-4d2e-8cf0-7c497aead0e5","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":128,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"0bcb0cf0-4f2a-449a-aab7-9ea96a1b0b25","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":128,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"257951bf-e658-476e-9f26-660dfe4d52ad","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":128,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"8818f408-eea4-42b1-a9d7-de91b018901b","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":128,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"9b8ad720-f260-4bfb-bcb2-0711b678464d","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":128,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"6a0df13b-56e5-4b5f-82cf-d5de3754331e","block_type":"box","text":"II-71","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5da70f6-e7b2-4282-bbce-e99ceeb4927b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b12d7244-0c6b-434f-9998-061e5524a5e3","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":129,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"2a8ef215-f9f2-4b89-87db-f68f9902dc3d","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":129,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"adf83db1-756e-4e0e-bde3-5cebfbec1507","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":129,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"82dab954-fa0b-4a9b-b924-2f1037c9060f","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":129,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"0a8d4fcc-24a4-4f19-8420-db630b496dfb","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":129,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"c9b8c456-3a19-4c78-aa22-75b43ad5846d","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":129,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"c5a501f6-3355-4ffb-805e-8b83e1f7c7d0","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":129,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"f08e525b-bfaa-4f3b-93a7-2e14e642acd9","block_type":"box","text":"similar financing transactions (","page_number":129,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"049dfcfb-99e9-42bc-8879-5c6f36516982","block_type":"box","text":"e.g.","page_number":129,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"74e9cf35-2469-4990-a1f8-398117dffb7b","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":129,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"6b1c04c5-dd11-4575-b4e3-f34dbfd0bc48","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":129,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"088577a4-36aa-4d65-920c-0a1a766106fe","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":129,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"5350fca0-401e-47f2-bd85-4ef2eac39f01","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":129,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"f5e703ad-1afa-43b3-899b-5247c048b3e4","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":129,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"1db2e745-45c9-4e0b-a551-2a9334cbcea2","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":129,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"51f13db4-a8fc-4a6f-b735-2713408ac5bd","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":129,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"cc9c2868-c6da-4938-8bbf-9ed586f121eb","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":129,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"412c2ded-3002-4d52-a85f-a246a02bbd28","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":129,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"2703613e-424d-4598-9dd9-4f75d7ac71e7","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":129,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"f2a1376d-05a6-47a2-a39c-eeb82420c995","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":129,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"752a504e-a777-4d5e-91da-3c41332c4394","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":129,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"bf5d74f9-1967-4298-bbc0-8b4b74994207","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":129,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"14fe05e2-8b10-475a-8b96-2f3cfa3964bb","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":129,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"52eedb6c-dac6-4405-89f6-7bdd24338a69","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":129,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"36944792-42d4-43c1-9f7d-0ad0f78254e1","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":129,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"ce963b2c-b0a3-48b0-b4e5-db50dccb7598","block_type":"box","text":"amounts to be received under such agreements.","page_number":129,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"28fa6183-78a3-48bc-b362-cc9d33338c92","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":129,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"95fa468b-feb1-4117-aaa3-a82e0752cb6f","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":129,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"836d417f-6f49-4c91-bcb5-d0305b14825f","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":129,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"6fa36230-5497-4c7e-a5bf-f698534b029d","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":129,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"6dc06da2-5238-4fae-aed1-74895546c644","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":129,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"cbe95045-2480-4dcb-9195-ffd10bf6bf97","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":129,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"341536b3-3d7a-4a1e-89cc-fe5dd1e5fa3a","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":129,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"50f11397-f168-4d45-9275-3e3d71dcd0fe","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":129,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"0f2620d6-60c5-4bfd-acae-81c7887e9370","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":129,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"d7dda4ce-199f-49c9-9324-cbd45326a1b8","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":129,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"d939cd6a-90d4-40a3-9166-79f2f4506aa9","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":129,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"bcdd50eb-9a74-496a-9dfa-2c8782d5f596","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":129,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"79f15a2a-55ba-4b3c-91c5-7973c48c4b47","block_type":"box","text":"Rule 144A Securities.","page_number":129,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"b7aa8313-b637-4a0a-9ff2-27d32fa53072","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":129,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"a34e3c56-ff3e-46d1-83d9-65cbd8008ec5","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":129,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"95037a9e-3034-4950-babc-9be75972dd52","block_type":"box","text":"Securities Lending.","page_number":129,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"5396bc20-f4a5-43a8-b714-bdd7aef19877","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":129,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"e0923124-b670-4608-b448-78886d073ca8","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":129,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"3ab4624a-8f68-4edd-ad35-b0956a5255d5","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":129,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"45e3eefa-ea61-4f04-a7e4-dc2e43c3e15d","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":129,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"d9235d50-f494-451d-9eb1-3c5e58ecffaa","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":129,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"22c61a75-22ff-4a5c-bc63-7e8688ad8ba4","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":129,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"87fa94d4-cdbd-46ed-8be3-86cfa3bba834","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":129,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"245c178f-b9b3-4e1a-be22-48ed2063b939","block_type":"box","text":"the securities were not on loan.","page_number":129,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"70fcc9bb-15fc-4d1c-9a13-7723771f1a13","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":129,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"5b51a972-1614-465b-a4c7-64dd548ef361","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":129,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"5ab47e83-7e7f-4977-9c15-6894bd5cdcd0","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":129,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"7837961c-067d-4776-b124-cbd48ad665a8","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":129,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"898f796d-6a28-4b35-acbb-72f0beac78ed","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":129,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"a0833dfe-27cd-48f0-9ec8-effae68652f4","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":129,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"cabf9fc0-be07-4349-b50c-6880222d5fba","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":129,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"65950ed8-687c-4115-b146-315dd62dc6be","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":129,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"97a34c66-276e-4f49-89db-1a1d652af7a1","block_type":"box","text":"i.e.","page_number":129,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"4f2ba7da-dc16-48a5-8275-46a34b9214f6","block_type":"box","text":", the risk of losses resulting","page_number":129,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"197f1e71-09fc-4360-8a07-925bd300fbf9","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":129,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"b1c6ef4e-96b7-4c44-a1e4-63ceab55cc87","block_type":"box","text":"i.e.","page_number":129,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"e783f4c9-4908-4a70-9543-ee7a297e9909","block_type":"box","text":", the risk of a mismatch between the return","page_number":129,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"d59f4d7a-6c85-419e-bcac-de7242d3e65e","block_type":"box","text":"II-72","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"074c28d9-6d47-4d15-ad7d-9d25dcbb59df","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5737c2f-7e57-4f0b-87e9-317ec0709544","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":130,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"ee2a0e61-b1a8-4b07-89b8-329b96b182d0","block_type":"box","text":"i.e.","page_number":130,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"8f9ab81b-6f8d-4b15-b3a2-5f8d2f0dcc7f","block_type":"box","text":",","page_number":130,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"77d01a4a-ff7c-4818-8578-201d4c755be5","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":130,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"c8be14df-c046-4b0b-bbf4-3fc3ae9ecece","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":130,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"5b1c41bf-bf9a-4aa9-af21-ad0f6e0ed081","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":130,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"f5a77cb7-bb6f-4242-bdda-4d67ee10c8a9","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":130,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"1b74e030-2038-465d-8a12-068855ce505b","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":130,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"b51b3017-0bb6-434c-9002-419536c1955e","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":130,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"776d4ab7-9778-474a-850f-15f70067dccb","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":130,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"91a31e3d-2ed4-4fae-bb64-2c602366d7d1","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":130,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"7df4089c-f7ae-4365-a9fa-e554abf7be9e","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":130,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"7b9d7108-b6dd-448a-b2ec-3f8003c13807","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":130,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"32393c23-0f87-4082-bc1a-b67244b9a6c7","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":130,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"7082fb9f-c4de-4d53-a719-d945f530443c","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":130,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"ca29987f-7684-419b-a69c-79130fb62229","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":130,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"d5cbdbb6-965a-44ba-aaa4-31e4f2f9a767","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":130,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"57101f7a-b9ce-4277-8d1b-2689976ce280","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":130,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"6510c719-a854-4cf4-8aa4-da6a596da1a4","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":130,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"245476dc-b593-4375-8ee2-760f119d2ffb","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":130,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"9b517ec8-7949-4ace-b263-1960b78c5a72","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":130,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"24008763-0899-4f88-ad39-69c280d478d1","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":130,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"9f827fa1-d462-46c6-b323-71fffb36aad1","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":130,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"2571abe4-a287-49d3-a510-d32ec1f7a19f","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":130,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"8b495d99-a9ea-47c1-9d5b-fb653b450f35","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":130,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"c900d5ff-46ee-46e4-b319-ba15a613eebc","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":130,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"d7a8cfc7-bb03-4db3-b250-279aec8eb4e0","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":130,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"a0ecdb53-b907-453e-85e1-9425a6479a2b","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":130,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"ac68c8f6-c928-4f41-a98a-72b5ab408236","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":130,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"4459d95f-871c-472e-a554-4ab7fb417317","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":460,"width":800,"height":12}},{"id":"2f602e86-9098-4a7c-8b98-63f4b1239e0e","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":130,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"2542e122-f974-4607-a988-fa859788251b","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":130,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"a5e34200-41ab-4c77-9ffd-71ea689b600b","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":130,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"4faa543d-9285-4e6f-8f10-13cdfcb86614","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":130,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"bcf30e1c-ade6-4021-925f-e13908e9ba4b","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":130,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"2c5a519f-8c3e-4251-be14-7035c4844067","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":130,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"17f22a3b-03fa-4607-8443-60ea99bf8660","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":130,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"fcc6f89d-370c-42e3-bc51-ef94e2ef634b","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":130,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"141730e1-3110-40c6-9ae3-cc8961d6c02c","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":130,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"88d791ef-c952-4e2b-8909-3c08197e69e6","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":130,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"bf9da277-df85-4831-a5be-c3097684e288","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":130,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"9a1bfab5-c068-4a37-96db-59f89c8ae606","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":130,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"ff338bd8-4eb1-4907-b80f-fa4525424bb3","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":130,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"1c01a3e1-0b2a-4e24-916b-395efc3d3c5e","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":130,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"342daed5-af1a-4d07-9af3-79ea0bb5d304","block_type":"box","text":"Short Sales.","page_number":130,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"5ca9fab1-ddc4-4627-8d8a-6a622c9fb284","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":130,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"ee15edc7-34f4-494d-bb21-8e1b9db948ee","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":130,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"f5e902a5-d007-4855-a2de-9ceaa3da5666","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":130,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"f8584d21-3366-4447-a7a1-8d663c74c358","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":130,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"7547cb5e-244d-4dea-b95a-d35169441f2b","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":130,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"eba8815c-334b-4aff-8628-bcf1612ac2e9","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":130,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"366dfbdd-bd12-498e-ac1e-cde7171a6a2f","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":130,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"b402c552-b6ca-4483-a605-18e4731918d2","block_type":"box","text":"securities to the lender of the securities.","page_number":130,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"65f5dd3b-d9fc-4604-a144-6a781603234d","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":130,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"ef4c35ba-69c0-4e12-839e-a8b6c192027a","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":130,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"3aeaf181-556a-43ac-aa0c-02cebd6fd2a6","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":130,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"af7d24ca-c83f-4387-985f-1a76ed79ad34","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":130,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"24237b2a-42af-49c9-846b-2e0dc88e2083","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":130,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"9baf5dd6-0ff6-4693-98dc-f27374abfc3e","block_type":"box","text":"II-73","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"143fc3eb-5645-481d-96af-34d3c355fee3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0526648b-5eb6-4bae-87db-ea52c2c78682","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":131,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"d6fd822d-6431-4a11-b270-0829dea11356","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":131,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"41c6b38b-a4db-47b8-b932-989cd6b8cc6a","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":131,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"ee58652b-b445-4163-87da-e3c7eb2d513a","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":131,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"00418933-d53a-4620-93f6-f6523cb721ce","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":131,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"e2f1eb62-7b35-4f3d-9f36-749debf495e6","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":131,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"6822949a-b568-40e5-9b00-da3d55c94549","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":131,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"c4c4a63b-3903-4ee7-a64d-97c9252a13b1","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":131,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"83e3d8ef-cee8-41e7-8759-004646d504b0","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":131,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"5aacfd4b-fe42-491e-8b88-d5fdbd9f4289","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":131,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"917d063c-0146-4ceb-bc3d-6129a1162667","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":131,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"a6fd15b2-da48-4645-b09d-c9a6a76ac8db","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":131,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"112a826f-6c08-431e-acb8-934ad0134837","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":131,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"e5daa58a-744c-426b-bbc8-6e8fae8af22d","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":131,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"b7367a84-4b1f-489b-b3ae-6e6146d8da56","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":131,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"093e8456-4e49-4d63-97fb-cb405a3709c3","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":131,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"d450196a-2a6a-46d5-8fd5-24b19ddd61f6","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":131,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"b8cccdfc-3974-4790-b771-b7f963c697df","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":131,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"7388cc0d-ed43-4ba9-b141-ddb0455cac03","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":131,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"3c1e8b5f-4883-4791-9682-eed025b62671","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":131,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"36db6d6f-7d65-451f-b455-71a27a319830","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":131,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"822b354f-9dc9-4c8c-b5be-76324bdf543d","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":131,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"28845fd8-6291-4db2-986d-fe80969b22a8","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":131,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"f874fc5c-6409-4418-af8e-374ad08bc0e3","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":131,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"c4a0642f-c276-44e6-a74b-169d1a2a8562","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":131,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"034a9096-f77c-4a3c-8abf-5955fbdf7999","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":131,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"d6a125e0-b470-4631-9aac-e7b46971ad88","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":131,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"486d51dd-a002-49bf-8f8c-ca7123cb1488","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":131,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"5b5723d2-765d-40cb-b08c-c230cf262be0","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":131,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"2c7162f4-ffdf-487d-be35-169cf2e04d58","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":131,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"1cb77ce1-b9a0-49ff-a814-022b74bf1068","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":131,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"2506400f-5311-45b1-a068-1dec5d4ba5ca","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":131,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"e451e9f7-3679-4384-bbbf-97a575f5c992","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":131,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"63ca07e0-4fd8-437d-b303-94d9a31efb0b","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":131,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"a5d89254-a2f3-417a-ab85-50f3b7099038","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":131,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"5583dc91-d67c-4287-a334-506e3a3124a8","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":131,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"d38a7edb-da5b-469c-b6a4-e09ccb072de7","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":131,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"38ed21d9-7abe-4e8e-8380-f01d8e202026","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":131,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"188ff85d-4118-434c-9a9c-5ca07c574f20","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":131,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"d039db46-dad2-4d90-83e5-b3f728883652","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":131,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"0a48764b-ca7e-4ce3-91bf-375375dd5b21","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":131,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"8869f25a-48a6-44f3-94fe-82fc3b68bcd5","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":131,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"078b4d03-720f-420f-92fc-4967b9a49641","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":131,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"3cb4d36c-5aae-4b3e-b664-99a8cb6444d5","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":131,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"8207aa00-4794-4502-8a73-1d59acd34852","block_type":"box","text":"Standby Commitment Agreements.","page_number":131,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"a2446f87-eaaf-4be9-b793-8ffc11e30de4","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":131,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"92ce1a79-3a65-45c4-9936-45788a3e4c4f","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":131,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"e9ecc026-4a0f-4b75-8da3-72e3c9f3f1cc","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":131,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"11894ea7-52b7-4225-8987-d2575339b79a","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":131,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"2195ec6e-7f15-4984-a472-bdc9968601da","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":131,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"74ec9e66-db2a-4adb-b8f7-4f4dcad0f515","block_type":"box","text":"advantageous to the Fund.","page_number":131,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"660251d5-0d7d-4ba7-a669-09d61b907850","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":131,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"8bbdf7b7-3b1a-4dd4-85bc-d9bac2c4b11f","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":131,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"7f981cdf-632c-4fef-83cf-5132ecd14e38","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":131,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"abed46ec-8e01-488f-af14-86124a757491","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":131,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"389d0699-90b1-4307-a080-6359a7f71ecc","block_type":"box","text":"II-74","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3edc92e-19b9-4ee1-b252-d2057c68a5b1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04389d7b-48a1-455b-aaae-b6b7ce05ddcc","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":132,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"763a4633-2d43-4912-a95e-6b957fab716e","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":132,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"a93c3f2d-7f2a-4b16-a4a0-a9ad918141de","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":132,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"8a585b1e-5a7b-4198-a47a-a6edbfc32613","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":132,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"686bba0c-caae-4aeb-a19c-aa79ec920bd1","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":132,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"2c0c18da-7817-4ecb-8db7-6cf56d48693e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":132,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"e0d15767-28cd-4ab1-9ad3-1dde0e038fb9","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":132,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"5e344049-a132-4b57-83ff-674e48afa2fe","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":132,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"1d155702-7902-4404-bb15-7b1f76510925","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":132,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"5cca7d49-ea28-4f85-8da3-c073c7afb89d","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":132,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"485a39dd-5524-4ba5-be1e-9c7c68afc92c","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":132,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"fd43cfe6-ea6a-4ca3-945b-782f08c49ae3","block_type":"box","text":"Stripped Securities.","page_number":132,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"fe627d51-49fe-468c-a32e-bf2436206802","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":132,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"5a55c73d-a893-4a0f-bf5c-cf4c96deda7d","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":132,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"a3655127-53dd-4168-b64d-ad6ef1cce94b","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":132,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"5ffe7189-cb94-4ef5-bf09-df41c13dc7c4","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":132,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"5f407a86-a591-4521-ba98-bba2c37c9ebb","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":132,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"95be2e0f-3da3-49b4-a12d-793cc8215478","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":132,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"27093554-31bf-48cc-b6ef-13d47f96c934","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":132,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"48534b90-d21d-4c8b-b5f2-44fe8b6a7998","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":132,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"b80bdc10-1a81-4396-bdbc-15406407406c","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":132,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"b828526e-f2a1-4d94-8293-d656ed8bf698","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":132,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"2259b45f-2e68-44d8-80ff-6e1f0faa091e","block_type":"box","text":"Structured Notes.","page_number":132,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"19ba3f6a-dd20-408a-b543-930cc233ca29","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":132,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"f366b215-e182-4539-93a1-bde17466fae2","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":132,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"2be3acea-0dff-4544-9972-0d536df9cc6c","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":132,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"f9c3aa7d-e6a6-403b-9ef4-778687c2dde8","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":132,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"972dd414-5bb6-4868-a817-b3a9e5543472","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":132,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"f86aab2d-7e94-49eb-b196-ea9baeee6bc2","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":132,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"66725093-897e-417e-a946-4e5cfcc1067e","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":132,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"1dc05564-36e9-4083-a724-6e5017bba167","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":132,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"132f9bd8-0ff5-4a08-96ea-de949626145f","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":132,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"4e205e97-5bac-4417-aa8f-c3cd20a4faef","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":132,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"40be83d2-5932-44f8-8545-908bf722845f","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":132,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"08c5f2a7-c42e-411b-9347-7d0a7a93100d","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":132,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"3915db78-3991-4371-a8cf-b4415b4ea4d4","block_type":"box","text":"the risk of loss.","page_number":132,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"4dda4f93-8997-4215-b7f9-daafea4f1322","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":132,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"0d51da6a-90ed-4ae1-9854-5b28603853d5","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":132,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"c8cec2a0-c25a-4c98-a96a-562ffc14477f","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":132,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"7091ca2c-2905-45b8-925d-ff8ae97d0a0c","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":132,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"31836c5b-9ff5-425f-af86-458147d56ee7","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":132,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"6b33826f-9167-45a2-b3ac-104deb01de5d","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":132,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"ef6e7395-5252-4b86-ac11-415456e09e27","block_type":"box","text":"Taxability Risk.","page_number":132,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"536d276d-c0bb-4e50-ba83-4b04eb96c065","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":132,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"faca3de3-7239-4ec0-bc8b-de679aa8afb3","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":132,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"d90d0066-6b59-4321-9493-b7eae6753cdf","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":132,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"c9bda393-3fff-463a-ba39-f6156f7d0cd6","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":132,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"580ee508-1df3-4a90-ab1b-f107e9b9a3f1","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":132,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"ef87aa5e-ac4a-4212-9ea3-0db769895fe0","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":132,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"335abe3c-9642-413a-b8b1-9080bcbfb718","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":132,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"db94e3ea-6810-4a1c-94a6-7e65805dee3a","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":132,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"90f9b07c-6be4-4d14-8762-e3f926d8d914","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":132,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"ce928781-557b-4c80-97d7-516867c0eefe","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":132,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"cedc2b50-f833-49e3-a8a6-b90d02650204","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":132,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"a06b96fd-bb5b-4c1e-b8ad-0d9a25485f6c","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":132,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"bc5609cf-218a-4f20-8d7d-95b113d4b702","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":132,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"24984837-d29b-4b26-84bf-a10a9712ef00","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":132,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"a79161f7-9ae6-4ac7-8980-945df1303d28","block_type":"box","text":"II-75","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"afcef9d4-55bd-4aa0-b05f-3b845fbc4270","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"719e06a6-1452-4b4e-84d5-1a9d40a40b86","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":133,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"bb667313-2aeb-4740-95bc-608e50a3ad48","block_type":"box","text":"the value of an investment in the Fund.","page_number":133,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"4877cfa3-1c58-48ea-9cc9-dfdb9fec3de2","block_type":"box","text":"Temporary Defensive Measures.","page_number":133,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"dc22a136-5651-4671-a22c-8a7a2e4a8205","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":133,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"22fbac15-fc8a-4f3c-8adb-3aa701e8ad88","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":133,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"abc716c7-d1d2-4d40-aa27-b8dc764f33f1","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":133,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"e101c443-faec-46a1-8767-84e4dadad929","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":133,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"0b53054a-e463-49b5-b159-3e61a66028be","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":133,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"5e9e5ce4-2b43-48fa-9719-eede81971783","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":133,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"018d890b-a66d-4bd0-b646-e411dca0c80f","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":133,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"ce37c992-a73e-4651-bcfa-8a5466a08ca5","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":133,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"de3cfea1-9ea2-4332-b745-556e68fa7fe7","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":133,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"8eab42d4-d181-40ee-9cf7-dd3b7d6a3938","block_type":"box","text":"its investment objective.","page_number":133,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"b8be4f07-920b-4393-b0e4-ec5f8e3ec34f","block_type":"box","text":"U.S. Government Obligations.","page_number":133,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"cfc758af-8564-4fa1-8490-a02e361f0604","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":133,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"5ee75758-1119-43a1-92df-dd875afe284f","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":133,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"a99e3722-c52f-4b02-8120-ceacb09c0445","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":133,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"b123bc48-feb0-41ed-807b-6f14d77ec106","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":133,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"58f89f07-6faf-4512-a78c-0c29d381313c","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":133,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"3a8e2c8a-37ef-4f4b-9f6f-56452e29e9ec","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":133,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"5afa69a3-702d-4bfc-aef1-e1df1354ab4d","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":133,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"b3dd0d8f-b9b8-4681-9fe3-b90392662791","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":133,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"b701c5dd-d503-43a6-9651-76edfe13fb6f","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":133,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"450bff47-40d8-477a-9a59-9cd976edd41c","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":133,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"ce367798-589f-401d-9eff-63922f6a36a7","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":133,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"64527e9d-d837-426b-ba1a-e49cb579372e","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":133,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"20127524-3cf4-4e2e-9e05-5fd0b2beee80","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":133,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"93f8121d-01cf-4ecb-ae12-4ea21b4f1c64","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":133,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"ed6e184a-661e-41c6-a464-bbc7b64f7eb3","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":133,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"63ef6bc5-572a-48e7-9ae9-b1fec324b945","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":133,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"e05c4e77-19d7-471e-81de-b0596e07cffe","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":133,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"9e833693-4b87-427b-b022-e971da960f98","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":133,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"a9ac25d6-d464-4c4f-92ab-028097a860f1","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":133,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"89038bea-1283-4da9-b995-479131cf79f2","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":133,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"b81816f1-0b98-459b-a782-c033a5541210","block_type":"box","text":"U.S. Treasury Obligations.","page_number":133,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"133c70f3-dfba-408e-949a-8f3422c22d64","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":133,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"dff9baae-9e7e-4455-83c3-e100cc43c6f5","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":133,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"057b1030-61d8-45ad-ab84-311f4d578c88","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":133,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"bb93cff1-cda0-4177-a43a-c1fab98d933a","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":133,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"59f669cc-e4c3-4024-b616-3f00ca82212b","block_type":"box","text":"do so.","page_number":133,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"91d11c16-4a2a-41ac-9f11-61535abf338f","block_type":"box","text":"U.S. Treasury Rolls","page_number":133,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"268c4222-9d30-4ace-adbf-d32d8ef2afd6","block_type":"box","text":".","page_number":133,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"11d88473-b741-46c8-9049-e5ac354878a1","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":133,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"7567bb3e-e3be-450c-8598-bec1b7bb2b38","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":133,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"433ab114-ca68-4e28-8666-1bccedea4d34","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":133,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"59909922-d8c6-4d92-944a-1130c6f9e1d7","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":133,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"83061e36-45dd-4c7c-8e46-e84026f0bc08","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":133,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"171d7b4f-2bb0-48ea-ae78-eb76655e758b","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":133,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"870dad57-eae6-4bc3-95d2-7ac8e067f2c1","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":133,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"8fe546d6-df7e-47a0-be4c-1046049b6fd6","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":133,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"98e1848b-cee2-4a19-b8a7-3c28dee324d8","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":133,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"7ecd1773-fdc2-4681-9cae-8275dfe49797","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":133,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"3d4139ee-865b-46b6-b60b-c85ce8cd1853","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":133,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"72732648-30e0-4f64-90d6-8513fd6c6eb3","block_type":"box","text":"Utility Industries.","page_number":133,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"ee3ced3b-e7a4-4953-883c-0516e2f0cb60","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":133,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"99650d8e-4781-409e-8f26-4ef586edc8fc","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":133,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"7a797789-13d4-4fd8-9b5d-194a9ad750f6","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":133,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"3be08bc5-c20b-407d-adcc-8fe817f4b818","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":133,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"8dfbfd96-c205-418c-af3f-d96ee947f123","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":133,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"3ffd4f3a-64c7-41e3-ae05-e5f728ad1719","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":133,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"fb9839e3-a46a-41e6-9a22-471d712d0949","block_type":"box","text":"II-76","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0086164-22f8-413e-9889-ec54e7b42840","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"130f0acc-042c-409d-9108-c964489bab9c","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":134,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"138bd60e-fec1-410a-8558-80491b871451","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":134,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"1df95261-6ecc-4fe9-ad6b-a433f6075455","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":134,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"c41a940d-9054-471a-a0d8-f4233e819533","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":134,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"857a656a-a952-4858-801f-58daef6fcdd9","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":134,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"56d01403-41e9-4655-825c-7545ece12ffc","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":134,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"e20fd795-f6c6-4dc6-8daa-53c6ff20a80e","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":134,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"b9c880a7-4ea7-4291-aa3c-2b054ebed6ba","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":134,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"a42c40c3-73f8-48b2-8ca2-8370a7fb60c9","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":134,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"1a747283-e19e-4554-b274-6d442bb16919","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":134,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"f28a73db-f3c6-42b8-bf7e-c704576b56ec","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":134,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"788e55e9-6d6e-4482-b41b-9ed6cba7bb6b","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":134,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"a4a81fc0-b4b4-4593-8786-c5e4353268c5","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":134,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"b10c312d-6351-4b72-aea7-6f153e48dd55","block_type":"box","text":"utility.","page_number":134,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"f218dc91-8c33-46d5-8720-39c86f2fc078","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":134,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"f13a4a3c-91d9-4ec8-b1e0-8328d2526b0c","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":134,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"bedb0413-6301-4a79-9da7-cfa936834210","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":134,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"fcf52b6e-850e-45d2-9ace-ff4cdc37ef2c","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":134,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"555e10cd-afbe-4e5d-b9e2-b463cdc53ec3","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":134,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"f9d48a70-4d1e-4dbb-9d68-4befa5e41c84","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":134,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"ee7d4b29-6309-4423-8bef-e910cdb097b5","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":134,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"4dcc9295-6659-4dc5-a29a-be7c99b7eb8a","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":134,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"160df657-6708-4e02-bba9-89f7cfabfbe2","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":134,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"5e38d1a0-a446-4087-a231-d5dd53555541","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":134,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"c674012c-fd94-44f1-b94d-9f49fd324915","block_type":"box","text":"continue in the future.","page_number":134,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"4c5e4f22-1d15-4111-b464-5868f3ff4f70","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":134,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"3ee15db4-beb4-4eb7-89b0-5d301d34f689","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":134,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"d322dcc3-7dc7-4e0a-879e-2583765d0828","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":134,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"38c036fa-7df7-4012-9a16-0d2f4628b385","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":134,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"9570b830-732a-4cca-99a9-82d8b6d783c1","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":134,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"42fa1d2c-c076-4d3a-b608-085444d87461","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":134,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"f11f9b62-ca3e-4963-9e54-298d8a8d5ef9","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":134,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"2f87dded-df7a-45e8-9a97-a60f5dbcba84","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":134,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"bc826cfb-1352-474f-b1c7-3b84ade28bb2","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":134,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"9724121f-ccd4-4e2f-a703-b52af3576bc3","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":134,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"dc8919fa-2f15-435f-92a2-56292dc049a6","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":134,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"0edeb49e-4ae3-4da8-943c-f62271aa82aa","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":134,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"74e7241a-a3f6-4724-b505-3c2d98565d37","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":134,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"9ce5e2c6-d4d7-4eee-8693-09ee3a537e30","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":134,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"263a00c8-ce52-4230-abc2-53685f7e4c11","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":134,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"0d1f3ce9-a7ef-4e57-9d6f-b6909eda0c8c","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":134,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"cb91cf34-5570-4ab8-a12b-1f7532ebab99","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":134,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"14ea6627-21ad-4da9-b112-034da05021a7","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":134,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"00a84615-f85c-4b8d-9ebd-9e1d8b718be1","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":134,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"47fea3b0-3750-47b8-aa05-bad23eb020b9","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":134,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"d8156448-516a-4b7c-883a-fb2147135b0b","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":134,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"d237a23f-b77d-4bcb-bc58-eb148366c668","block_type":"box","text":"ways different from regulation in the United States.","page_number":134,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"32dfebff-18ca-411d-bd6f-0257499b45e4","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":134,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"5f62e282-c360-4019-ad60-b95fbe7fd2f1","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":134,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"1b53ea31-a5a4-4d01-ae7c-2c568e0fd662","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":134,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"2194a25a-204e-4095-ba51-918d989535a8","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":134,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"a76391e8-f0ab-493a-9e0c-e97671a3d4af","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":134,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"b302ce30-7243-4590-b739-b4276facef44","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":134,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"52f53ec5-3335-4fd8-99b5-393f80b4401c","block_type":"box","text":"II-77","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f227cfb-f9d9-479a-81af-131a6394bf53","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5cd2ab4c-290e-4a29-884c-57c09dca89d1","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":135,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"ae1824d4-47b2-4c73-a081-ae611dd70f45","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":135,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"1c91813e-149e-4715-b73c-33ddbeb48dbb","block_type":"box","text":"increase.","page_number":135,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"054fe54b-b48b-44b9-9014-25562048adf0","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":135,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"5b32d7e7-208f-400a-8f08-eaeae629521c","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":135,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"7d891cdc-870b-450d-bbdf-c864a81a25db","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":135,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"f0013e93-8e58-49b1-970b-844b5317e2d6","block_type":"box","text":"Electric.","page_number":135,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"1faef0bc-cdbd-4076-a4ab-86bb681a4aed","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":135,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"a975e219-9be8-4b0f-9b81-32b6465e0371","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":135,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"174e67d3-e448-46b2-868b-7e708ddba725","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":135,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"a6bd26d1-c820-4f7a-8b59-2671f7830b9b","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":135,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"e739e9b7-1284-432a-a731-800ef4b1673b","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":135,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"ab1a49bc-9778-470c-9e18-86fc8f5d4b35","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":135,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"fbd7f5d0-b31e-41d5-af21-d74bebe5308e","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":135,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"4f097697-fab4-4889-982c-33a2d764e8f0","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":135,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"b180ac5a-17ec-4ca1-8aac-b902904082b3","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":135,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"c03d7c8e-e4f4-4b94-b2b3-c6143d1daa69","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":135,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"2c0fadf1-09f7-4b5b-92d0-7ad3b59e2981","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":135,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"72a230e6-40ea-4d23-96b1-f774ae27bed5","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":135,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"e16cd752-4691-400d-af30-05eff040a55c","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":135,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"c56925a3-a628-4c32-bdef-22b13a06ee20","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":135,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"5b93bc67-4a36-41ec-b3fb-bf976a383929","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":135,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"2c51c09d-ecc7-4f81-a013-eb7967266402","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":135,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"5cd446cf-16d9-481b-a217-d48c608b6e07","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":135,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"0b651c03-a132-432c-9dd6-bc6f1bfb87fe","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":135,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"fb1b79a0-cb59-4ab0-8360-b9845124e420","block_type":"box","text":"and for decommissioning such plants.","page_number":135,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"f4ce62be-7e41-4e2a-9f6b-3fa336954aa6","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":135,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"71a6cc21-21fd-42fe-8a23-32480159b6b2","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":135,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"9bc71d59-42ab-494a-91e9-aa0e1de2546c","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":135,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"9865e555-6781-4aa8-a2ff-08ceaee6f713","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":135,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"cbc21dd0-b356-47e2-8ae8-a54a4b2389ef","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":135,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"3a892388-deba-4d2d-9f57-46b3ba2ead54","block_type":"box","text":"greater predictability of cash flow.","page_number":135,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"7a10080a-ed77-4e69-9819-8edefd8a0a8a","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":135,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"8613c42a-9ce1-427f-abfa-bcd9a71380db","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":135,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"f98a2d8f-1aa0-4a8e-b802-aa83e83a84d2","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":135,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"f7b24be0-a1ff-4e48-9e3e-a119ca240b75","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":135,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"9167e430-1673-48a3-a800-411126d7da1a","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":135,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"ea8c710c-f5e2-487e-a1d3-dd997cb72e56","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":135,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"20547dd1-2c6e-4e10-bd1c-9937b92c46ad","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":135,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"a1d17961-bf05-4eaa-a6d0-0722c2f3ca49","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":135,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"c4e7d957-99e4-4e8e-9897-46b77f5d83bd","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":135,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"659b3229-c901-451a-ba26-9b3fdf19d8f8","block_type":"box","text":"Telecommunications.","page_number":135,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"4c3e4fc5-6a9e-426c-abf9-87d50fd4a040","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":135,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"62d353e8-678f-4a00-bca5-58a43c95e0fc","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":135,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"3d180583-39dd-444a-a863-a94025e51f72","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":135,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"6c76f749-a134-49bb-9284-9e2495a1f376","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":135,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"030870eb-6d9b-4694-bedf-7edfcba337b5","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":135,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"42af5d97-dc4c-4da5-86ed-dda7a66670c6","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":135,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"fdd8a2e6-d204-4ec4-b96f-6893f4383d9d","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":135,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"2dd2c384-d621-449e-a487-cc2348b6b29f","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":135,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"aa42b936-007e-4cec-98af-f6facb6a538d","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":135,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"7ded9854-657d-489c-82aa-42068eb6ccfd","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":135,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"7d79f3a1-3db2-4463-a501-2204dc7e05e2","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":135,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"73c24d54-39e9-42be-aad7-4b5fdcb6c92e","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":135,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"f7829633-93a6-4358-851a-6c0c55fe9b66","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":135,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"7f73f269-61f1-440d-b5d1-c605e7a9b45e","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":135,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"890d7094-7cdf-4780-81b9-303f919f18d8","block_type":"box","text":"II-78","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c2372889-2bcf-4326-aa5f-efb80f435c6c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6bced954-54bb-48f7-80b1-a686199ea1bf","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":136,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"69e994f5-de9b-46f3-b016-dcc3320f2555","block_type":"box","text":"residential, corporate and governmental customers.","page_number":136,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"fd765c8b-f0bd-4d45-a39c-8ead6212746d","block_type":"box","text":"Gas.","page_number":136,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"400ec04b-f4ec-46b5-a44c-183a25cf936b","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":136,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"28f84402-a023-4e3f-885f-4eac4ac36e4f","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":136,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"bb60e2de-3667-4dc4-8de1-8f0db73ccd23","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":136,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"a9c725be-eedb-4c49-9eef-d615dece43a7","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":136,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"3b0bfc31-0efa-4f01-99e8-e5f0d609dc97","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":136,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"6c467fb0-07bd-4860-bfd7-03bf188df86a","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":136,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"303abb4e-4a5f-4c5e-97e1-0d1a56de9bcb","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":136,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"8c488299-6be7-4eb0-a1c3-30a495ba357b","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":136,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"b1a49321-bfad-4bab-9a03-186ba0f995fe","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":136,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"2a519f21-384a-4910-9205-738510c05dcf","block_type":"box","text":"Water.","page_number":136,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"fcbc140a-5ce1-47dd-8310-42a31181d101","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":136,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"39f3f79d-abc3-4afb-aff3-959b22b5cc1c","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":136,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"7287aaf6-f51f-47cf-b52f-f6b1d5b4c8e0","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":136,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"4db7f328-b978-486c-a9e1-e6ddd1a6b1fa","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":136,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"28877def-6fc4-461b-9031-ef53e2e464ec","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":136,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"400802a6-1dc1-4231-ac0b-f16d69d28329","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":136,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"66565bba-47eb-4ff6-9796-5d464295961d","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":136,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"c14fa254-aaa8-4be6-be79-543e5f7aae70","block_type":"box","text":"Utility Industries Generally.","page_number":136,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"9241defa-7b48-42fe-949e-c21159bfde48","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":136,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"7418565a-6544-4ea3-a4b3-c9df7c4d714c","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":136,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"93f524b2-3a1a-4d0e-a583-2e93adfaf567","block_type":"box","text":"not develop in the future.","page_number":136,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"b212e4be-a393-46af-a265-daf69cbfa458","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":136,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"58fac902-584f-4e5c-8239-43c2a6014207","block_type":"box","text":"A Fund may purchase or sell","page_number":136,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"0ee05614-49d9-473c-bab7-c45453ac0196","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":136,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"1129d6a8-58cd-4326-9cb5-77c295cfa3d3","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":136,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"791ae9e3-70d0-48b0-9587-0ce169ec4e5a","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":136,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"8d883c80-ced4-4f5b-a1fc-0c6091c45c40","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":136,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"fcb8e9b8-2423-4126-9e53-ab7b25f9e4d0","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":136,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"ffebb04a-98ec-488e-90d1-d18541676cba","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":136,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"53b858d9-332b-48d3-9a65-8f0fa7c1da55","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":136,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"573fc12b-5b28-4226-8127-c423359e64d8","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":136,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"713b01f0-68bf-4e13-865f-fc3cd7406cec","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":136,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"22a2f769-45d2-446e-bed0-b08b4919c964","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":136,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"ad292411-3869-4fd4-8952-b424cbe76b2c","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":136,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"f9f6ce57-c298-4179-a348-9d35e320f0cc","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":136,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"4d2b62ad-c0cc-41e0-9895-20d7ad5a91c1","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":136,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"dec0e9cc-117c-439c-a37b-ec890b4053fe","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":136,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"4c8636d7-bd73-4f91-a937-be2a36771b8f","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":136,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"450f844c-003e-4055-aa1f-31dae1090625","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":136,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"c8fe4156-6d51-4aaf-ac31-3c83617e3b13","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":136,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"8cffb7bb-23a8-4c9c-b0ba-05f71162c3db","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":136,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"95e39780-2bdc-488a-8af4-b900807f2c50","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":136,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"2e0cc150-bd1c-4bc5-a9f6-b4de20cd685c","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":136,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"aeb3543c-bf6b-41d1-a476-9f7655d6c071","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":136,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"3dc267f2-e17b-4889-bc5b-6a82c653d37e","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":136,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"121de63e-58ec-489a-a1d2-e1d9b625b0eb","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":136,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"d06fa545-c69c-4b36-89fb-3690bc8b0085","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":136,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"babe0ac5-8cc7-4de3-87aa-63e685b306ae","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":136,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"5495abdf-8613-4990-82a2-008e42f6b34a","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":136,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"8de34635-7755-43ec-9fa4-e293c8ac952b","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":136,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"f79614a7-ebf8-40ca-8c74-6084393b5dd4","block_type":"box","text":"securities (","page_number":136,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"4de8f40c-b161-4276-9cb4-8a99ef5573a4","block_type":"box","text":"e.g.","page_number":136,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"85cf5c54-380e-4c64-a96e-99d964436256","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":136,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"b36d82e6-6aab-4897-b2d1-55c1ec5d4d45","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":136,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"9bfe92b9-9550-45a3-8141-d7760e252e29","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":136,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"bad68c7a-f9c4-434b-b8fb-3c95775a7513","block_type":"box","text":"II-79","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb4f843d-5060-4ae2-bbf4-5d7eca6b8d7f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"059250aa-e0ba-4281-820a-0e5e4a2c8338","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":137,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"61f6648c-2790-4e52-9ba7-fa393471e619","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":137,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"c9bcc59b-1904-4b2a-aab6-df6fa6792468","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":137,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"c6b1198f-285d-4424-a7c0-d1026f9386ca","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":137,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"a1d69c12-6532-483d-baa5-0a4ca9c93ad8","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":137,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"eea9aae5-1b85-4915-ba6a-311e5401fc4f","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":137,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"2ffee70b-e839-4297-9d35-b1007197490c","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":137,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"bbe4d9d4-ef96-4e09-9332-1350f2094630","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":137,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"4c711bf2-e085-41b5-863a-86d776d9547a","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":137,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"ef169dbc-1ecb-46f1-a458-22322592a116","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":137,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"53de90a9-3b6a-4557-9d2b-5956d1d6fd1c","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":137,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"39e577f4-35d8-40d0-86cd-43f5bb960a05","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":137,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"61390c24-1612-4caf-8156-ec55b716f2f2","block_type":"box","text":"Yields and Ratings.","page_number":137,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"a3e78133-86b1-4483-bf31-f580beef085a","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":137,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"6d67aa58-8efc-4c5f-82ca-3c68adda8d29","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":137,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"644a67c2-b1a9-4c59-90de-4c04dea17ccf","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":137,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"01ddbd7b-bda3-4652-9b0a-90819171d61c","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":137,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"16c375fe-f1fe-4f82-b37f-8715ee956dd9","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":137,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"16703c4f-6cd9-420c-8e6d-acb150699bef","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":137,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"882399b1-612c-444c-ac47-cb3815ce17b2","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":137,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"50442058-d5d1-421e-96a0-47c82e8a084c","block_type":"box","text":"continue to hold the security.","page_number":137,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"a679e6ff-c820-4fe1-9c73-1bc6af7894ec","block_type":"box","text":"Zero Coupon Securities.","page_number":137,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"c3e50c53-0ad4-4dd8-84c5-9a05be55f203","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":137,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"78d951e7-ceb6-47ec-b559-06190829c03b","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":137,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"3bf6daba-9425-4092-bed1-deb6c22362bd","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":137,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"155cf0a7-6084-4eba-82d5-4d5d5b01d6f2","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":137,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"355b21ff-1d46-453e-b8a3-3ec7167640a5","block_type":"box","text":"security.","page_number":137,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"363e1508-367c-4268-8756-c83beaa2ccfd","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":137,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"4231f33a-9432-4cab-958c-1bf58f5c31b3","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":137,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"636f4b59-b277-42e9-8e32-09bcc5284447","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":137,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"2d88d1bf-6201-4f45-a488-2ae34b54037b","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":137,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"db420774-0541-483f-8131-2c5c2dc5b603","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":137,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"561499ff-f373-45c8-bf5d-e08ea522156f","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":137,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"f79e7a75-d4b5-4154-908d-4c484a6ef39d","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":137,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"108598e2-f311-466c-978c-acea970ccad5","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":137,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"22ae82f9-c7e9-422e-b017-149b089dc0f7","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":137,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"fd5a5d3d-1c25-4ec1-8825-1cf0878f0f27","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":137,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"4bcd64d7-eeda-4414-83dc-62fe9ddd7516","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":137,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"e904ccbc-2f8f-4264-8de6-c81bc60d1fad","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":137,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"79d8ee1d-1d29-4a58-ab38-39018768c2f5","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":137,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"544f702a-189e-4223-a343-62268c4f916d","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":137,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"d03a64e8-85b6-468a-a4d8-00bcc4b55067","block_type":"box","text":"intervals.","page_number":137,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"2d6b5acf-9aad-4613-90e0-f5b1c85ce662","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":137,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"e54c89b8-98ef-4df7-b4f7-175b462c1d43","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":137,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"6966f52c-a6f1-45c9-9a11-a0f9fb860cce","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":137,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"c495963f-764b-4a5c-9034-9faebe6ec28e","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":137,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"1b253fbf-17cf-43ba-8ac4-c6a333ac746c","block_type":"box","text":"exposure to zero coupon securities.","page_number":137,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"83443021-32d8-4f62-92f0-3ebcd0ef1db8","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":137,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"e2dd284b-a8bb-43a7-953f-1c2b6b4587ed","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":137,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"017dcb37-5e92-4a6b-80ca-a4c2aabab93f","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":137,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"1283aad0-5597-4b95-9919-b4fb02f3a39e","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":137,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"d3f0a9d2-64de-4ac0-a8bf-9170e6cd58e4","block_type":"box","text":"Suitability. (All Funds)","page_number":137,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"6a33b296-c26a-481d-97d2-9d1f1a9dd6a0","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":137,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"3404083a-5fad-42f4-82b2-263236577712","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":137,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"effa17d9-33e0-4ade-a4f5-d879637b3f11","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":137,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"b077492c-d49e-41c7-a266-e9c1cf724c98","block_type":"box","text":"II-80","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"50deaaef-7781-4278-b200-2b25f46bba2a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"920f35d7-612d-4f34-acbd-f27a2970b539","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":138,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"9de2f15a-2a4e-4e8f-a206-87506e7d70e5","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":138,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"57422998-d33d-4f7f-acbd-542904263461","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":138,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"4fe71134-be33-4aa4-93b3-1388fe47332c","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":138,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"6c8fb8d5-5716-47c8-98fd-6e99d447adff","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":138,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"b363afa8-3d64-4296-b267-6bb2f95ff76f","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":138,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"c11431b5-7758-475c-93cd-eb3e13f2bb7d","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":138,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"4f49c686-3458-4aaa-8b7a-313b973df042","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":138,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"e970768f-6f5e-471c-9326-69d43749a576","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":138,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"5fb8b755-994d-4aef-a6c9-392751a1b7f5","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":138,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"274cddec-e075-4063-8f22-21fbcbfc9a16","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":138,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"b113a004-b168-4c4d-a38d-63a83701ade6","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":138,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"18e7be3d-d79f-410e-b67f-08c04497cb2b","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":138,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"8384eeff-a91e-49cc-8c63-961bd8200efe","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":138,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"560e59fa-e9f2-4eec-9a8e-89971a843134","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":138,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"bfb35122-dbbc-49b0-90dd-9c0dde2f6777","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":138,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"d2dc90b5-33f7-4b06-878f-d490a9e7b648","block_type":"box","text":"(","page_number":138,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"4ee095b4-68fe-474f-9a79-831b75ca45d1","block_type":"box","text":"i.e.","page_number":138,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"e42ad104-0609-4b30-82d2-54b48555c51a","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":138,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"b2fbd24b-e0c3-48dd-920e-dcb8e751280c","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":138,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"01ea2f47-6d30-49d3-a591-94daab969e7e","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":138,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"8166fa59-24d6-436b-b7a8-e45e01eb06b3","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":138,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"90984f42-536e-4182-a17c-11cba64257cc","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":138,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"500ee4b8-2100-4d08-9e94-2d311e295c05","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":138,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"879926da-587d-43d0-94e4-b36e6f6b71b4","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":138,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"63a27ab0-46a2-4f1e-b28c-f39933eff7ea","block_type":"box","text":"regarded as the sole issuer.","page_number":138,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"4e750d98-ece4-45b6-b480-f271556ff429","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":138,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"93b10059-1e1e-4278-b29d-cadf8e63ef28","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":138,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"4c832fec-2865-453e-b7fb-1b0b700a53c0","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":138,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"d81d774f-bda2-4f47-bcbe-e47628d03fe4","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":138,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"29f1d047-ac8b-480a-9aba-1ff0cd59f5ea","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":138,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"2b740ff9-af86-4d03-9ca4-8a4058733e83","block_type":"box","text":"75% of its total assets.","page_number":138,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"051a2961-2df0-4a9d-83c4-8b753dfeb604","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":138,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"a71625ee-cd13-4804-89fb-8ee523b89d5c","block_type":"box","text":"Directors and Officers","page_number":138,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"dd52d4b0-4de4-4bbe-80c8-d25882024451","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":138,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"05a8aaeb-89a7-4d8f-9810-82c7442a3f3d","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":138,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"e4f53dfa-2e0e-4c1f-a041-a5680deaf86e","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":138,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"fc010e51-bc13-4a41-aa28-e31f54f5569c","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":138,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"563d4a44-0dbe-4ceb-bf2a-db86905c8f40","block_type":"box","text":"Management Arrangements","page_number":138,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"42d6ee04-87f9-401c-9176-792e2a26f82f","block_type":"box","text":"Management Services.","page_number":138,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"0c286dee-0889-4680-8956-820c3657d4ae","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":138,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"93db3b3e-1a8f-4506-93d1-c7bb6f765e93","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":138,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"1c647df2-fbd6-4c9c-9d2a-efe0c8d7838a","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":138,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"cef42c17-dec7-4778-8a7e-1d229c68fd9c","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":138,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"b61b1f3b-c6a5-4419-b8b2-e9ee57b81cf0","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":138,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"83231b81-c8f5-4631-b362-d3ff982150ee","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":138,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"29fc822e-3eda-42c6-aa39-1d5e1e8cc360","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":138,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"b1b8087e-4e9c-45f8-bca9-e63d8ada2ec6","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":138,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"4b81c6b1-2c7f-4960-b605-df12e2433c9b","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":138,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"80ae5dd1-19f1-4794-b1c0-2f72aee88851","block_type":"box","text":"Management Fee.","page_number":138,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"c25a9764-c180-423f-b618-274b9f7b2f86","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":138,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"4ace5ef2-4639-41a9-a286-ab054fab6779","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":138,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"2881a319-b0c9-4f02-a3f3-b0e85debecd3","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":138,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"9458037b-6e88-4b94-9537-cf0900ae58d5","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":138,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"853b4e64-6284-40ea-b271-c78db140df2f","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":138,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"d2e67096-ddd8-449d-a631-8cd3fc393ee1","block_type":"box","text":"II-81","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af87ff95-be63-42e6-8e32-9b33858c8c3d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8a6fef9-abd5-46fe-8628-e2874f93fa57","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":139,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"66bf7721-6983-4eaa-a59a-835ac99214f7","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":139,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"a2585306-4bad-4800-b1cb-a05c12436da4","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":139,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"39ffb507-99cc-4ae9-be9f-4a3a99b3e9e6","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":139,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"df8dfce1-e6a4-45fd-bc5f-53a3e578a74d","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":139,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"d2e70a97-e84c-42c8-9e42-ccbaaeb80e8a","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":139,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"f212305c-51ba-45c0-b544-dc450ff9462b","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":139,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"74ae9a34-7603-4711-9ca1-9d52a933eae0","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":139,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"1f93dc69-af65-45d0-bbfe-5780f7818aae","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":139,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"c5eddf2b-e509-4799-9018-d3778e646c6b","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":139,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"ef1eb08e-6911-4aee-9511-3ce0fb22635b","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":139,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"a1224c2b-882e-49ef-a13b-488208ab5dff","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":139,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"bb194314-782b-473c-bc48-e85c2a39b0bb","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":139,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"536ec852-5a7c-4636-8d32-e55ab60de877","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":139,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"da2b57ab-878d-4743-b044-19be78d9d3bf","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":139,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"56c972db-642d-4a1e-b43f-3e0d1848d5cd","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":139,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"1149ceb7-2884-4f0d-8b0d-25bfd98c4801","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":139,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"848a2cd9-5b14-4088-a75f-ccad79a49c57","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":139,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"d9bd1ef4-42c3-4210-8e50-3f45d78198b7","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":139,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"e6c1087a-31e0-4bec-8cac-9607e4c30f44","block_type":"box","text":"Sub-Advisory Fee.","page_number":139,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"2887dd62-7509-4427-b835-d1adfad94995","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":139,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"9c857881-fff9-42ec-86b9-01c9a2f1f03a","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":139,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"91a1ad6c-58e9-46f5-b26f-c02a7bf07239","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":139,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"86bd4dcc-5e5a-4e9c-9465-9fc91b41ca1e","block_type":"box","text":"Organization of the Manager.","page_number":139,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"d2e71b7f-eb06-43de-b5ad-a9c4d8d4428d","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":139,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"a21daef7-ad2d-4aae-821e-b87e30685294","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":139,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"c1a1f38b-4d59-4f88-8bfa-45896e957bc8","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":139,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"77b04c5e-4e2a-44e2-b21f-ed65d1bda938","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":139,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"6cc0b145-55ee-4e62-bece-e58d932e975e","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":139,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a6246548-95fd-49af-bcde-0b7a3890ccf8","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":139,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"6fd229b2-1dee-4296-ae0f-3ab3f05ad361","block_type":"box","text":"Duration and Termination.","page_number":139,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"1860be63-c369-4c2f-8f8a-6605320fd12d","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":139,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"bbc82bb9-2259-40ce-a766-4415a3a70c54","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":139,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"444504f9-a15b-4826-a9a1-6800d5052bcf","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":139,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"609ad972-82c5-4f78-ace9-18e0850ee7d7","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":139,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"0bf8f30c-c6a6-4c77-960f-64883d5c03b2","block_type":"box","text":"in the Investment Company Act) of any such party. Each Management Agreement automatically terminates on","page_number":139,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"fa87ef52-d032-42dc-8608-fb64228c3614","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either party thereto or","page_number":139,"box":{"x":69,"y":566,"width":832,"height":11}},{"id":"7a9dead7-04ee-4ca0-bff7-ccce7dfb0108","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":139,"box":{"x":69,"y":581,"width":388,"height":11}},{"id":"e78bca84-e977-42bd-bf66-3094514df021","block_type":"box","text":"Other Service Arrangements","page_number":139,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"a3d14972-b156-4e64-b0da-82245179923b","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":139,"box":{"x":101,"y":634,"width":338,"height":9}},{"id":"d2df69d7-24cc-4aeb-a214-ab4868c77096","block_type":"box","text":"Certain Funds have entered into an administration agreement","page_number":139,"box":{"x":446,"y":634,"width":439,"height":12}},{"id":"7a23f6e7-4e1f-4bc4-9bd2-beb81aaba3fb","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Part I of the Fund’s","page_number":139,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"03edea19-5f14-4bcd-bd87-1406cd0c3d03","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":139,"box":{"x":69,"y":665,"width":808,"height":11}},{"id":"e743b28b-f312-4ad2-83c8-0360c3f9d9af","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":139,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"f59be7bf-10d1-470d-9683-9a950befe2d0","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":139,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"fd90c91e-149b-4f4b-bb02-4d2f0269d255","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":139,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"9c927061-a156-441a-9c53-1a6313a60924","block_type":"box","text":"that Fund’s SAI.","page_number":139,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"8c3fd9aa-b468-4eeb-8728-eb16a5fb2481","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":139,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"c73fc771-f271-43b9-84b7-23fc0a704bcb","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":139,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"b004fd6f-8a06-4488-8054-aad252dc3e8c","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":139,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"c26746b6-9f3e-44a2-a72e-da75b95c02ae","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":139,"box":{"x":69,"y":793,"width":826,"height":11}},{"id":"edc331cc-35fa-4989-8c8c-b390c074d5a3","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":139,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"d1366e6f-b75e-4f4b-b040-c989a3aadad0","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":139,"box":{"x":102,"y":831,"width":390,"height":11}},{"id":"78b66379-3727-451b-b6a1-ad0acd54d38a","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":139,"box":{"x":499,"y":831,"width":364,"height":10}},{"id":"0fb0d34d-6f27-4242-90c2-acbfab854f4d","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":139,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"877b8695-3838-4bad-bc32-22bfa6f04073","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":139,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"0ace8577-9bd7-4fe6-b7b4-9e968e6bc3c3","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":139,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"5297583e-8965-4b57-8c61-48e35c392260","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":139,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"3d9b261c-ef33-447f-8d3d-cf8c09c34777","block_type":"box","text":"II-82","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17276171-cd4d-4b87-995a-16356fd3abfd","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3db4601b-89f0-4746-b9dd-175b829d78db","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":140,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"7e34fc1e-0b2a-48c6-8348-afb13649dad9","block_type":"box","text":"shareholders of the Fund.","page_number":140,"box":{"x":69,"y":60,"width":181,"height":9}},{"id":"f779e000-6cb4-443a-a73b-f61d940e9989","block_type":"box","text":"Transfer Agency Services.","page_number":140,"box":{"x":103,"y":82,"width":180,"height":12}},{"id":"fb3b55fd-4835-492f-b82f-a3b99bc10cb0","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":140,"box":{"x":291,"y":82,"width":595,"height":12}},{"id":"99d0aedc-6121-4be3-983c-c008c16bf2d3","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":140,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"12656bc6-c412-45fd-8819-ecc791ff15a8","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":140,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"7b09b0b1-ae5e-457f-9519-f2108cdf7a9a","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":140,"box":{"x":68,"y":128,"width":792,"height":11}},{"id":"616bd876-b436-4f3a-85bf-7397a0d9be6a","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":140,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"27582af7-6c80-4116-af7a-5797c6a8085d","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":140,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"d9d868c0-0f95-4c8f-8b2d-d836f9d215de","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":140,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"a5e84bb9-961e-4e0b-a2c4-78181ad806c9","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":140,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"d38aa945-29ac-49ee-9957-d8fb2e8c386c","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":140,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"32d2ceaa-2279-4f49-ad4c-78d3b0900926","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":140,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"35a691bf-44b6-4e5a-b515-93cdffec6623","block_type":"box","text":"class on a recordkeeping system.","page_number":140,"box":{"x":69,"y":234,"width":238,"height":11}},{"id":"22f2984c-0045-4dfb-98d5-2ab42128dda8","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":140,"box":{"x":102,"y":257,"width":338,"height":11}},{"id":"f3d9fd90-acdf-46ec-8edf-a23beafc1be4","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":140,"box":{"x":446,"y":256,"width":441,"height":11}},{"id":"651b9c10-7d22-4aff-a886-4bc59a6ebdae","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":140,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"5af38e3a-ffe7-40aa-953f-d726ea7acbec","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":140,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"faa7d16c-a7cd-4509-9ffb-61a51fceaa43","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":140,"box":{"x":69,"y":302,"width":627,"height":11}},{"id":"d312beb7-7005-4172-a69e-fbbb08ed7090","block_type":"box","text":"Custodian Services.","page_number":140,"box":{"x":102,"y":324,"width":141,"height":9}},{"id":"57acbb40-358b-4441-a6d5-640ab4ade200","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":140,"box":{"x":249,"y":324,"width":654,"height":11}},{"id":"5a1a662a-017d-485b-990b-cc9ec8b90dba","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":140,"box":{"x":70,"y":339,"width":820,"height":12}},{"id":"fb783c2a-7cfc-477d-a9b4-9c699eb2bd13","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":140,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"9ddb5ad9-71f0-4284-90ad-956ef36b9449","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":140,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"e6200071-b511-4b82-a57f-6dc1b56d6f2d","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":140,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"fba9c896-aeef-48ba-b476-35fe3f88686f","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":140,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"223af825-b2ec-4c6c-bfa6-034d14d0a35e","block_type":"box","text":"certain assets.","page_number":140,"box":{"x":69,"y":415,"width":106,"height":9}},{"id":"c69d16b6-a8be-47a3-ae95-6f53f4e1b38a","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":140,"box":{"x":102,"y":438,"width":716,"height":10}},{"id":"369a9b22-56b5-45f4-8c58-6cf1b844f4c7","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":140,"box":{"x":102,"y":460,"width":803,"height":12}},{"id":"d293bf17-9008-40c3-96e8-187a5d7e627b","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":140,"box":{"x":69,"y":476,"width":799,"height":11}},{"id":"0c30b760-6af1-41ad-bb30-7dd5da00927b","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":140,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"010225aa-41b6-4ffd-a51a-0819b142e17b","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":140,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"be31ae4e-2bfc-4b91-9ff4-fba33f970e6c","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":140,"box":{"x":69,"y":521,"width":807,"height":11}},{"id":"795e8385-bac3-4b67-b6f7-25067980451c","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":140,"box":{"x":68,"y":536,"width":836,"height":11}},{"id":"a5cb35d0-09b7-4d5a-b92b-19236b5e5e5a","block_type":"box","text":"Fund.","page_number":140,"box":{"x":70,"y":551,"width":36,"height":9}},{"id":"9c2fac3b-8e9e-4d0d-8f8a-2d39e6298948","block_type":"box","text":"Accounting Services.","page_number":140,"box":{"x":101,"y":574,"width":148,"height":11}},{"id":"698d7d2a-8af0-492c-b85e-83efb6afdd44","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":140,"box":{"x":256,"y":574,"width":641,"height":11}},{"id":"beeceb4a-0084-4528-ad84-eef3fe5679fa","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":140,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"f084f8e3-0e5a-44fe-9b1f-b7e3e708162f","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":140,"box":{"x":70,"y":604,"width":797,"height":11}},{"id":"b3091fb2-2952-487f-b614-fa03bbe1521b","block_type":"box","text":"Master LLCs.","page_number":140,"box":{"x":70,"y":619,"width":91,"height":9}},{"id":"5b87c356-b05e-4918-9500-46336500ecac","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":140,"box":{"x":102,"y":642,"width":771,"height":11}},{"id":"949d60d2-9df9-42ac-983e-9a2562786d52","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":140,"box":{"x":68,"y":657,"width":810,"height":11}},{"id":"2a882443-7ee2-4ea0-834a-3c814d8b42c4","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":140,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"69df0008-7558-46e6-b513-5743f6388322","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":140,"box":{"x":69,"y":687,"width":386,"height":11}},{"id":"f1906ad0-f763-45d5-90c9-c8704df74dab","block_type":"box","text":"Distribution Expenses.","page_number":140,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"2e616c2b-f2b0-424b-ba63-2ef8d787c119","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":140,"box":{"x":267,"y":710,"width":614,"height":11}},{"id":"23ab7d70-4d0b-4025-b842-968d922c752a","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":140,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"f302b049-85d3-4f62-bef3-9ddcfdf2a1cb","block_type":"box","text":"Agreements obligate the Distributor to pay certain expenses in connection with the offering of each class of shares of","page_number":140,"box":{"x":68,"y":740,"width":842,"height":11}},{"id":"771c0646-d38d-4c15-aea8-d537c13ae2b4","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic reports have been prepared,","page_number":140,"box":{"x":68,"y":755,"width":813,"height":11}},{"id":"bc85a748-74fe-4d0c-b7aa-f8d529eb1cd4","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":140,"box":{"x":69,"y":770,"width":836,"height":12}},{"id":"5691a4d8-8ed7-4686-a12f-c50f7acf0bd6","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":140,"box":{"x":70,"y":785,"width":799,"height":12}},{"id":"5e986c76-6085-4925-acd5-838d4328f432","block_type":"box","text":"literature and advertising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":140,"box":{"x":70,"y":801,"width":788,"height":11}},{"id":"fabe9a12-ee6e-4a78-953d-3525dce7ac30","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":140,"box":{"x":68,"y":816,"width":513,"height":11}},{"id":"db69423a-3acc-494b-9947-2c76fbdecb01","block_type":"box","text":"II-83","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3b231a2-7684-40ec-af38-b51a489eb9c2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8493f6fb-acf1-4c53-9d93-aa57f27e8732","block_type":"box","text":"Code of Ethics","page_number":141,"box":{"x":69,"y":45,"width":105,"height":9}},{"id":"2fe0d011-4df8-4ffa-afbe-892a2bd38623","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":141,"box":{"x":102,"y":67,"width":780,"height":12}},{"id":"af7cca78-a61f-47d1-a6ea-57930432cbb4","block_type":"box","text":"17j-1 under the Investment Company Act. The Code of Ethics establishes procedures for personal investing and","page_number":141,"box":{"x":70,"y":82,"width":794,"height":12}},{"id":"a679f922-b219-4a44-95a5-02998994411a","block_type":"box","text":"restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal","page_number":141,"box":{"x":69,"y":98,"width":803,"height":11}},{"id":"d9751f6b-5531-425f-92f4-5cbba005c3c3","block_type":"box","text":"investment accounts, including securities that may be purchased or held by a Fund.","page_number":141,"box":{"x":70,"y":113,"width":593,"height":11}},{"id":"afc7da07-6008-4f70-bb7a-1fb435a14cb1","block_type":"box","text":"SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS","page_number":141,"box":{"x":282,"y":142,"width":413,"height":10}},{"id":"b7a02c14-76e0-4a3a-8367-0367a36e7e48","block_type":"box","text":"The Board of Directors of each Fund and the Board of Directors of the Manager have each approved Portfolio","page_number":141,"box":{"x":101,"y":165,"width":777,"height":11}},{"id":"9c5141d3-e1ad-4845-a2b2-828ccc119ad7","block_type":"box","text":"Holdings and Related Information Distribution Guidelines (the “Policy”) regarding the disclosure of each Fund’s","page_number":141,"box":{"x":70,"y":180,"width":788,"height":11}},{"id":"2f6065df-32cf-4b40-bd41-ab3cf112fdd2","block_type":"box","text":"portfolio securities, as applicable, and other portfolio information. The purpose of the Policy is to ensure that","page_number":141,"box":{"x":70,"y":195,"width":778,"height":11}},{"id":"cc2094b7-d8a7-485a-bedf-f09c624608bf","block_type":"box","text":"(i) shareholders and prospective shareholders of the Funds have equal access to portfolio holdings and","page_number":141,"box":{"x":69,"y":210,"width":737,"height":12}},{"id":"b726d89e-7010-4b57-86c9-e9bd83896a00","block_type":"box","text":"characteristics and (ii) third parties (such as consultants, intermediaries and third-party data providers) have access","page_number":141,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"c36ada91-57fa-471e-aaa3-0f8afff4aaba","block_type":"box","text":"to such information no earlier or more frequently than shareholders and prospective shareholders.","page_number":141,"box":{"x":68,"y":241,"width":701,"height":11}},{"id":"06b2b108-2997-4f26-8be4-fdc581f06569","block_type":"box","text":"Pursuant to the Policy, each Fund and the Manager may, under certain circumstances as set forth below, make","page_number":141,"box":{"x":102,"y":263,"width":791,"height":12}},{"id":"e7df8356-d8e5-4d6b-841e-54e24d72081c","block_type":"box","text":"selective disclosure with respect to a Fund’s Portfolio Characteristics (as defined below) and Portfolio Holdings (as","page_number":141,"box":{"x":69,"y":278,"width":819,"height":12}},{"id":"d121dea0-cdb2-49e9-9a17-8be9bf01b0bc","block_type":"box","text":"defined below). The Board of Directors of each Fund and the Board of Directors of the Manager have each approved","page_number":141,"box":{"x":69,"y":293,"width":824,"height":12}},{"id":"0a06edbe-a56b-4afb-ab3a-0ed7e418f697","block_type":"box","text":"the adoption by the Fund of the Policy, and employees of the Manager are responsible for adherence to the Policy.","page_number":141,"box":{"x":68,"y":309,"width":813,"height":11}},{"id":"bc1a552a-c0d0-4585-862c-55080222a36a","block_type":"box","text":"The Board of Directors provides ongoing oversight of the Fund’s and Manager’s compliance with the Policy.","page_number":141,"box":{"x":68,"y":324,"width":761,"height":11}},{"id":"659b5fb0-db66-43bb-80ea-ab49eb64d541","block_type":"box","text":"Disclosure of material non-public information (“Confidential Information”) about a Fund’s Portfolio Holdings and/","page_number":141,"box":{"x":102,"y":346,"width":802,"height":12}},{"id":"862a3825-0f8b-47d5-a50e-9d79f72fec4c","block_type":"box","text":"or Portfolio Characteristics is prohibited, except as provided in the Policy.","page_number":141,"box":{"x":69,"y":361,"width":520,"height":12}},{"id":"d09a8ceb-73b7-40c5-9abe-f82a4693a24b","block_type":"box","text":"Confidential Information relating to a Fund may not be distributed to persons not employed by BlackRock unless","page_number":141,"box":{"x":102,"y":384,"width":797,"height":11}},{"id":"60d62e96-c9a1-4632-9254-f017978a70ac","block_type":"box","text":"the Fund has a legitimate business purpose for doing so and confidentiality obligations are in effect, as appropriate.","page_number":141,"box":{"x":68,"y":399,"width":829,"height":12}},{"id":"f742f25e-5cca-4fdd-b77f-c9f363ef35d3","block_type":"box","text":"•","page_number":141,"box":{"x":69,"y":422,"width":6,"height":5}},{"id":"64780d63-6ba2-451e-9b2f-c374452081cc","block_type":"box","text":"Por tfolio Holdings","page_number":141,"box":{"x":102,"y":419,"width":126,"height":12}},{"id":"d75b65ce-a6f8-4a29-82a3-5fa60ef6af83","block_type":"box","text":": “Portfolio Holdings” are a Fund’s portfolio securities and other instruments, and include, but","page_number":141,"box":{"x":229,"y":419,"width":671,"height":12}},{"id":"3ecc9345-c3c4-40d5-b92b-2e87e2b363ff","block_type":"box","text":"are not limited to:","page_number":141,"box":{"x":102,"y":435,"width":125,"height":9}},{"id":"0c01c65b-a14c-4d81-8cd8-ccb53fc3c9ba","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":458,"width":6,"height":4}},{"id":"d6398ce2-a9f1-4cfe-8e5e-72775b8f7a7c","block_type":"box","text":"for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares and market value;","page_number":141,"box":{"x":134,"y":455,"width":768,"height":11}},{"id":"1194d815-34da-4924-b725-f03f71bc78c5","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":478,"width":6,"height":4}},{"id":"594f6ba1-f631-4897-9544-5a28f80d9fd7","block_type":"box","text":"for fixed income securities, information such as issuer name, CUSIP, ticker symbol, coupon, maturity,","page_number":141,"box":{"x":134,"y":475,"width":720,"height":11}},{"id":"7dbaf4d4-56b4-476b-80b2-708c4c288a3b","block_type":"box","text":"current face value, market value, yield, WAL, WAM, duration and convexity;","page_number":141,"box":{"x":134,"y":490,"width":529,"height":11}},{"id":"942cf853-d56b-48d6-81f9-028499bbfc1e","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":513,"width":6,"height":5}},{"id":"fb5ca1d0-829a-459b-9cc3-b53edafebe98","block_type":"box","text":"for all securities, information such as quantity, SEDOL and market price as of a specific date;","page_number":141,"box":{"x":134,"y":510,"width":664,"height":11}},{"id":"a3b17313-d343-49de-b664-4abf8939016b","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":533,"width":6,"height":5}},{"id":"376a21a5-9e02-4469-8e65-ae60ffa38aba","block_type":"box","text":"for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional amount, reset","page_number":141,"box":{"x":134,"y":530,"width":731,"height":12}},{"id":"24815f2f-00e1-4719-8219-e06b64b6cf3b","block_type":"box","text":"frequency and trade counterparty; and","page_number":141,"box":{"x":134,"y":545,"width":271,"height":12}},{"id":"83ecd8c4-e864-450e-acb4-1443c35f6a87","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":569,"width":6,"height":4}},{"id":"5a1383db-cfee-48cc-93b7-3a701c457683","block_type":"box","text":"for trading strategies, specific portfolio holdings, including the number of shares held, weightings of","page_number":141,"box":{"x":134,"y":566,"width":712,"height":11}},{"id":"13a13b3a-ca64-4356-a029-da93e91d3676","block_type":"box","text":"particular holdings, trading details, pending or recent transactions and portfolio management plans to","page_number":141,"box":{"x":135,"y":581,"width":726,"height":11}},{"id":"1f6fa8f0-7eaf-4176-85a8-9988d2ab2462","block_type":"box","text":"purchase or sell particular securities or allocation within particular sectors.","page_number":141,"box":{"x":135,"y":596,"width":533,"height":11}},{"id":"d0670f03-00d7-4fbf-ae58-409d48a5d5de","block_type":"box","text":"•","page_number":141,"box":{"x":69,"y":619,"width":6,"height":4}},{"id":"e7999e0a-17a0-4a40-9e9b-d8c7723cb509","block_type":"box","text":"Por tfolio Characteristics (excluding Liquidity Metrics):","page_number":141,"box":{"x":102,"y":616,"width":377,"height":11}},{"id":"f82eea72-4537-4fec-92a6-fc227856cb2c","block_type":"box","text":"“Portfolio Characteristics” include, but are not limited to,","page_number":141,"box":{"x":486,"y":616,"width":404,"height":10}},{"id":"fba03552-b890-4999-ae0d-80bac5023cff","block_type":"box","text":"sector allocation, credit quality breakdown, maturity distribution, duration and convexity measures, average credit","page_number":141,"box":{"x":102,"y":631,"width":807,"height":11}},{"id":"247a5502-2874-41b6-ac04-0c6cc232c7e5","block_type":"box","text":"quality, average maturity, average coupon, top 10 holdings with percent of the fund held, average market","page_number":141,"box":{"x":102,"y":646,"width":745,"height":11}},{"id":"ad350a93-5fa1-47fa-afc4-878275f1870b","block_type":"box","text":"capitalization, capitalization range, risk related information (","page_number":141,"box":{"x":101,"y":661,"width":427,"height":12}},{"id":"c0eab8db-01d3-49c8-897a-a0b042c2adbc","block_type":"box","text":"e.g.","page_number":141,"box":{"x":529,"y":663,"width":25,"height":10}},{"id":"c2056b08-477c-42f4-8e0f-ab103c9e9dc1","block_type":"box","text":", value at risk, standard deviation), ROE, P/E,","page_number":141,"box":{"x":557,"y":661,"width":322,"height":11}},{"id":"fee7d2da-cd83-420d-8721-75f857ca3a21","block_type":"box","text":"P/B, P/CF, P/S and EPS.","page_number":141,"box":{"x":102,"y":677,"width":177,"height":10}},{"id":"23044dc9-09ca-42a2-b257-a876b59c6f2e","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":700,"width":6,"height":4}},{"id":"d342d6eb-8a90-4f6c-956e-5f7863af136f","block_type":"box","text":"Additional characteristics specific to money market funds include, but are not limited to, historical daily and","page_number":141,"box":{"x":134,"y":697,"width":766,"height":11}},{"id":"5f28b06b-edc0-4bd6-b0ad-aae19171258c","block_type":"box","text":"weekly liquid assets (as defined under Rule 2a-7) and historical fund net inflows and outflows.","page_number":141,"box":{"x":134,"y":712,"width":670,"height":11}},{"id":"1af1bde0-bf50-4e3e-92c3-323f56d6f281","block_type":"box","text":"•","page_number":141,"box":{"x":69,"y":735,"width":6,"height":4}},{"id":"5f7c61c3-1621-44c0-a139-0ec72e20ccff","block_type":"box","text":"Por tfolio Characteristics — Liquidity Metrics:","page_number":141,"box":{"x":102,"y":732,"width":318,"height":11}},{"id":"59a12671-6d93-4ffa-8bb3-6554c2997409","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":755,"width":6,"height":5}},{"id":"18cbd408-326e-492e-ab47-b74c7c51fd0a","block_type":"box","text":"“Liquidity Metrics” which seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk","page_number":141,"box":{"x":135,"y":752,"width":754,"height":11}},{"id":"1f788bab-1c98-4477-b630-8833814577bb","block_type":"box","text":"methodology which include, but are not limited to: (a) disclosure regarding the number of days needed to","page_number":141,"box":{"x":135,"y":767,"width":746,"height":11}},{"id":"e61fafac-18a7-4e0b-aee4-5b60180b5665","block_type":"box","text":"liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV","page_number":141,"box":{"x":135,"y":782,"width":721,"height":12}},{"id":"73e26133-547e-4a71-a2c0-e6dd6848377f","block_type":"box","text":"invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology.","page_number":141,"box":{"x":135,"y":798,"width":621,"height":11}},{"id":"4b645cb3-0fba-48d4-8498-1a66226cea0b","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":820,"width":6,"height":5}},{"id":"e8b41543-fccf-4661-97f9-bc583b63d33a","block_type":"box","text":"The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to SEC","page_number":141,"box":{"x":134,"y":818,"width":771,"height":11}},{"id":"125c9ab7-b5e5-4005-818c-fc600d4b05ff","block_type":"box","text":"Rule 22e-4 (including SEC liquidity tiering) is not permitted unless pre-approved.","page_number":141,"box":{"x":135,"y":833,"width":568,"height":11}},{"id":"64955d47-f46d-4aa8-90cc-c758e7059b58","block_type":"box","text":"•","page_number":141,"box":{"x":102,"y":856,"width":6,"height":4}},{"id":"9464cc2c-8863-417e-a342-583671a7ba65","block_type":"box","text":"Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by BlackRock’s Risk","page_number":141,"box":{"x":135,"y":853,"width":755,"height":11}},{"id":"73cf96e1-b073-4850-a34f-b4c7e7e8f398","block_type":"box","text":"and Quantitative Analysis Group and the relevant portfolio management team prior to dissemination.","page_number":141,"box":{"x":134,"y":868,"width":716,"height":11}},{"id":"f4bcf462-95c6-4efe-b0db-2b129fc1965c","block_type":"box","text":"Information that is non-material or that may be obtained from public sources (","page_number":141,"box":{"x":102,"y":891,"width":553,"height":11}},{"id":"f5b1e71a-d5a5-4240-9f38-3f298318d34a","block_type":"box","text":"i.e.","page_number":141,"box":{"x":658,"y":891,"width":20,"height":9}},{"id":"a7a3aa0c-4213-4753-9966-5710969e7d39","block_type":"box","text":", information that has been","page_number":141,"box":{"x":680,"y":891,"width":193,"height":10}},{"id":"6aacb852-fef0-4778-9f45-b67f22cb0ce0","block_type":"box","text":"publicly disclosed via a filing with the SEC (","page_number":141,"box":{"x":70,"y":906,"width":305,"height":11}},{"id":"32aba7d5-8376-4614-b5c9-5e95754c3d73","block_type":"box","text":"e.g.","page_number":141,"box":{"x":377,"y":907,"width":25,"height":10}},{"id":"6064647c-6949-4763-9821-1ce3f15d0515","block_type":"box","text":", a fund’s annual report and annual financial statements), through a","page_number":141,"box":{"x":404,"y":906,"width":485,"height":11}},{"id":"97a4b381-f31e-4c7c-997d-15bde0a6a8b1","block_type":"box","text":"II-84","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad1b3b20-bca1-46e5-8c28-0d2f52ee4976","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88f31240-a138-40ab-aef4-032dcd51e933","block_type":"box","text":"press release or placement on a publicly-available internet website), or information derived or calculated from such","page_number":142,"box":{"x":70,"y":45,"width":817,"height":11}},{"id":"0aa5d165-b6c8-4553-a499-a825da9fe47d","block_type":"box","text":"public sources shall not be deemed Confidential Information.","page_number":142,"box":{"x":70,"y":60,"width":433,"height":11}},{"id":"d3ab0051-fad5-4922-bbe0-c709266d34ac","block_type":"box","text":"Portfolio Holdings and Portfolio Characteristics may be disclosed in accordance with the below schedule or as","page_number":142,"box":{"x":102,"y":82,"width":784,"height":12}},{"id":"d00aedbd-0a84-4545-9780-121507e38ef3","block_type":"box","text":"specified in a Fund’s registration statement.","page_number":142,"box":{"x":69,"y":98,"width":314,"height":11}},{"id":"13e99ae9-0f99-48bc-8bb7-eac3bcdb52dd","block_type":"box","text":"II-85","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6aa2f52b-0298-47d8-8cb1-05c33ccf8e43","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d246921-6d52-4d5e-8eee-5921aac0dded","block_type":"box","text":"Open-End Mutual Funds (Excluding Money Market Funds)","page_number":143,"box":{"x":279,"y":54,"width":419,"height":11}},{"id":"07edb6ec-8fed-4f62-8bcb-7621552e4f97","block_type":"box","text":"Time Periods for Portfolio Holdings","page_number":143,"box":{"x":440,"y":69,"width":254,"height":11}},{"id":"cc6928c4-9040-4771-9659-f7924fd836f0","block_type":"box","text":"Prior to 20 Calendar Days After Month-End 20 Calendar Days After Month-End To Public","page_number":143,"box":{"x":239,"y":91,"width":663,"height":11}},{"id":"8e77dc10-3a12-4cf6-bf21-5c1c2c301c58","block_type":"box","text":"Filing","page_number":143,"box":{"x":722,"y":106,"width":38,"height":11}},{"id":"3677c07e-0c4e-4a19-8107-3a74c9c02dc5","block_type":"box","text":"Portfolio","page_number":143,"box":{"x":75,"y":129,"width":61,"height":9}},{"id":"f5f892a2-2643-4655-940f-d9b6e0ddc4aa","block_type":"box","text":"Holdings","page_number":143,"box":{"x":75,"y":144,"width":61,"height":11}},{"id":"0caa88f0-45c7-46fd-b19b-8e942f323aeb","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":143,"box":{"x":231,"y":129,"width":297,"height":9}},{"id":"9f8d0c0d-70ce-400a-8ea3-9e12b2013382","block_type":"box","text":"confidentiality agreement and Chief","page_number":143,"box":{"x":231,"y":144,"width":252,"height":11}},{"id":"eaaca39c-3817-4950-88f4-335abe316f58","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":143,"box":{"x":231,"y":159,"width":265,"height":11}},{"id":"a8999ce4-fbbc-4ff1-a8cd-f4dd2410952c","block_type":"box","text":"May disclose to shareholders, prospective","page_number":143,"box":{"x":578,"y":129,"width":300,"height":11}},{"id":"01134860-4129-4cb9-a7ff-f1cabcff02c6","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":143,"box":{"x":578,"y":144,"width":297,"height":11}},{"id":"5e86c6d4-b5f1-40fe-a5c5-1ce5b2c8c463","block_type":"box","text":"and third-party data providers (","page_number":143,"box":{"x":578,"y":160,"width":218,"height":10}},{"id":"27d32132-d4c4-4712-9eda-9bfad971282c","block_type":"box","text":"e.g.","page_number":143,"box":{"x":798,"y":161,"width":25,"height":10}},{"id":"d36850c2-bca5-491e-b8fc-6604faf35933","block_type":"box","text":", Lipper,","page_number":143,"box":{"x":825,"y":160,"width":55,"height":10}},{"id":"1469b88c-7e73-4ace-8ec9-704d27965b8b","block_type":"box","text":"Morningstar and Bloomberg), except with","page_number":143,"box":{"x":578,"y":175,"width":291,"height":11}},{"id":"f7550140-07cc-4a12-bf73-c264e6c5529d","block_type":"box","text":"respect to Global Allocation funds","page_number":143,"box":{"x":578,"y":189,"width":239,"height":11}},{"id":"21e6d7cc-bda5-40de-8c45-0c60cf3fc986","block_type":"box","text":"1","page_number":143,"box":{"x":818,"y":190,"width":4,"height":4}},{"id":"3891a722-4706-487e-86e0-adeb9c62175a","block_type":"box","text":",","page_number":143,"box":{"x":824,"y":197,"width":2,"height":3}},{"id":"ae5f6c0b-638e-4422-b77a-e18389fcecbe","block_type":"box","text":"BlackRock Core Bond Portfolio and","page_number":143,"box":{"x":578,"y":205,"width":247,"height":9}},{"id":"75a585f7-297a-4757-9ad4-178125cfd3b6","block_type":"box","text":"BlackRock Strategic Income Opportunities","page_number":143,"box":{"x":578,"y":220,"width":299,"height":11}},{"id":"9a82ff6d-9aae-4fde-8e02-66a7055ad4d4","block_type":"box","text":"Portfolio of BlackRock Funds V, BlackRock","page_number":143,"box":{"x":578,"y":235,"width":300,"height":10}},{"id":"7258fee2-eac1-4351-93f0-42f68af2191f","block_type":"box","text":"Strategic Global Bond Fund, Inc., BlackRock","page_number":143,"box":{"x":578,"y":250,"width":312,"height":11}},{"id":"feaa75dd-6d00-435d-ab5c-da02a4316d48","block_type":"box","text":"Total Return V.I. Fund of BlackRock Variable","page_number":143,"box":{"x":577,"y":265,"width":309,"height":9}},{"id":"d9d76b8f-e630-42ca-b2d6-1037865f3707","block_type":"box","text":"Series Funds II, Inc., BlackRock Sustainable","page_number":143,"box":{"x":578,"y":280,"width":313,"height":11}},{"id":"fb209590-4ee5-4df4-959c-2fe2be2177d1","block_type":"box","text":"Total Return Fund of BlackRock Bond Fund,","page_number":143,"box":{"x":577,"y":295,"width":306,"height":11}},{"id":"abcf4d8a-9bde-488c-af0e-0ac6f5916b87","block_type":"box","text":"Inc., BlackRock Unconstrained Equity Fund","page_number":143,"box":{"x":578,"y":311,"width":301,"height":11}},{"id":"f633002f-4484-4a49-b75d-11a8d8827630","block_type":"box","text":"and BlackRock Systematic Multi-Strategy","page_number":143,"box":{"x":578,"y":326,"width":290,"height":11}},{"id":"d15af88e-e545-47be-a31e-b8d7ca88b59c","block_type":"box","text":"Fund (each of whose portfolio holdings may","page_number":143,"box":{"x":578,"y":341,"width":310,"height":11}},{"id":"5f1dfe58-15e1-4883-bc13-b6b89f3265fa","block_type":"box","text":"be disclosed 60 calendar days after month","page_number":143,"box":{"x":578,"y":356,"width":309,"height":11}},{"id":"51db9fd7-0a7d-4d43-bd48-283aff86ae39","block_type":"box","text":"end). BlackRock generally discloses portfolio","page_number":143,"box":{"x":578,"y":371,"width":318,"height":11}},{"id":"3b09695f-5439-495d-8f5c-136891fbbdca","block_type":"box","text":"holdings information on the lag times","page_number":143,"box":{"x":578,"y":386,"width":264,"height":11}},{"id":"ba0400b2-6b10-4a8f-9e2d-cc847e6923b0","block_type":"box","text":"established herein on its public website. If","page_number":143,"box":{"x":578,"y":401,"width":302,"height":11}},{"id":"6c979ff1-a365-453c-9844-b065161cc1e9","block_type":"box","text":"Portfolio Holdings are disclosed to one party,","page_number":143,"box":{"x":578,"y":416,"width":320,"height":12}},{"id":"5c431e3a-69e6-427d-b623-43803269be8d","block_type":"box","text":"they must also be disclosed to all other","page_number":143,"box":{"x":577,"y":432,"width":283,"height":11}},{"id":"170c206e-18c7-4475-b671-8bd654c7939d","block_type":"box","text":"parties requesting the same information.","page_number":143,"box":{"x":578,"y":446,"width":291,"height":12}},{"id":"20bf3c90-a7fb-495d-a7b5-6459f0e64efa","block_type":"box","text":"Time Periods for Portfolio Characteristics","page_number":143,"box":{"x":416,"y":469,"width":302,"height":9}},{"id":"c57284b9-5a22-4f6a-8ea3-c5c4ecc41075","block_type":"box","text":"Portfolio","page_number":143,"box":{"x":75,"y":492,"width":61,"height":9}},{"id":"5ba1468a-81ae-47b5-90a1-efe3e523804b","block_type":"box","text":"Characteristics","page_number":143,"box":{"x":74,"y":507,"width":111,"height":9}},{"id":"668e35a3-a9ff-4f60-9b5c-0d9fe60b315c","block_type":"box","text":"(Excluding","page_number":143,"box":{"x":75,"y":522,"width":76,"height":11}},{"id":"809ace4b-6e96-4784-b345-f367de9fe01a","block_type":"box","text":"Liquidity","page_number":143,"box":{"x":75,"y":537,"width":60,"height":11}},{"id":"2585363b-4661-452f-9d55-5cff1b3e5998","block_type":"box","text":"Metrics)","page_number":143,"box":{"x":75,"y":552,"width":60,"height":11}},{"id":"46923baf-761f-4f54-8558-21118ff52c54","block_type":"box","text":"Prior to 5 Calendar Days After Month-End 5 Calendar Days After Month-End","page_number":143,"box":{"x":244,"y":492,"width":617,"height":11}},{"id":"a94dad2f-2159-4a46-9f93-736e7c3bb798","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":143,"box":{"x":231,"y":515,"width":297,"height":9}},{"id":"43b241b1-b55c-45da-9c0a-6a2b005fe374","block_type":"box","text":"confidentiality agreement and CCO","page_number":143,"box":{"x":231,"y":530,"width":245,"height":11}},{"id":"52b6a427-789e-4272-8e24-2b76028c8999","block_type":"box","text":"approval.","page_number":143,"box":{"x":231,"y":545,"width":63,"height":11}},{"id":"628bc256-74a5-4df9-9d8c-a2c820cf16e9","block_type":"box","text":"1,2","page_number":143,"box":{"x":297,"y":545,"width":11,"height":5}},{"id":"248373a3-ffe9-406d-a6ae-e3026118cbd1","block_type":"box","text":"May disclose to shareholders, prospective","page_number":143,"box":{"x":578,"y":515,"width":300,"height":11}},{"id":"04d4a89f-6019-4666-9504-9d2c98cece6e","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":143,"box":{"x":578,"y":530,"width":297,"height":10}},{"id":"5665d828-2448-4d6c-b10f-ce95817d27c1","block_type":"box","text":"and third-party data providers (","page_number":143,"box":{"x":578,"y":545,"width":218,"height":11}},{"id":"eb793604-7f4f-4420-b062-2a6c01b6c0c4","block_type":"box","text":"e.g.","page_number":143,"box":{"x":798,"y":546,"width":25,"height":10}},{"id":"9f4b1425-a082-4cc3-b034-a9cf14e353d3","block_type":"box","text":", Lipper,","page_number":143,"box":{"x":825,"y":545,"width":55,"height":11}},{"id":"45df87b2-fd34-4c02-b3cb-36783a15ba1d","block_type":"box","text":"Morningstar and Bloomberg). If Portfolio","page_number":143,"box":{"x":578,"y":560,"width":285,"height":11}},{"id":"5be6b1d7-5b7b-472b-9f23-6f581d83404d","block_type":"box","text":"Characteristics are disclosed to one party,","page_number":143,"box":{"x":578,"y":575,"width":300,"height":11}},{"id":"0b117895-8cb7-4362-aa18-fe981ae00c35","block_type":"box","text":"they must also be disclosed to all other","page_number":143,"box":{"x":577,"y":590,"width":283,"height":11}},{"id":"08cbc4c7-22ae-4d4d-837d-3836715d14fd","block_type":"box","text":"parties requesting the same information.","page_number":143,"box":{"x":578,"y":605,"width":291,"height":12}},{"id":"1bf88e97-a263-4bb1-9c1d-00734721ca91","block_type":"box","text":"Portfolio","page_number":143,"box":{"x":75,"y":628,"width":61,"height":9}},{"id":"45e89faf-1fdb-478e-8b4d-e1821ef167cd","block_type":"box","text":"Characteristics —","page_number":143,"box":{"x":74,"y":643,"width":133,"height":9}},{"id":"49000592-d77b-4705-b426-854509e303db","block_type":"box","text":"Liquidity Metrics","page_number":143,"box":{"x":75,"y":658,"width":121,"height":11}},{"id":"f1dc6674-f385-4667-89f1-887e605e866d","block_type":"box","text":"Prior to 60 Calendar Days After Calendar","page_number":143,"box":{"x":246,"y":628,"width":297,"height":11}},{"id":"ed90b626-4380-4353-8468-1c38717d2094","block_type":"box","text":"Quarter-End","page_number":143,"box":{"x":351,"y":643,"width":85,"height":11}},{"id":"73aba166-1380-4d35-977c-b07cd3dd2c35","block_type":"box","text":"60 Calendar Days After Calendar Quarter","page_number":143,"box":{"x":589,"y":628,"width":303,"height":11}},{"id":"ecf490db-8c69-4dd4-b809-5bae5b7f3b17","block_type":"box","text":"End","page_number":143,"box":{"x":728,"y":643,"width":25,"height":9}},{"id":"a7eef4bf-ef59-49e7-b6a2-cc2f7a97b261","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":143,"box":{"x":231,"y":666,"width":297,"height":9}},{"id":"e927f981-7d13-45ec-a6d2-8f7f58fe2981","block_type":"box","text":"confidentiality agreement and CCO approval.","page_number":143,"box":{"x":231,"y":681,"width":315,"height":11}},{"id":"395d6599-72c3-4f2f-a6b4-28e8242493a9","block_type":"box","text":"May disclose to shareholders, prospective","page_number":143,"box":{"x":578,"y":666,"width":300,"height":11}},{"id":"7e7f1cb1-c9f0-4ac3-99c3-982f671043ec","block_type":"box","text":"shareholders, intermediaries and","page_number":143,"box":{"x":578,"y":681,"width":235,"height":10}},{"id":"37444897-8b97-44ca-81da-d5fc7930f8a0","block_type":"box","text":"consultants; provided portfolio management","page_number":143,"box":{"x":577,"y":696,"width":316,"height":11}},{"id":"15482cf5-a921-4ae1-8e9b-92f233d45f41","block_type":"box","text":"has approved. If Liquidity Metrics are","page_number":143,"box":{"x":578,"y":711,"width":263,"height":11}},{"id":"d973ae70-d62d-483e-a6f8-3385e91077d5","block_type":"box","text":"disclosed to one party, they must also be","page_number":143,"box":{"x":578,"y":726,"width":294,"height":11}},{"id":"8deb3eb6-d8bb-40c2-932a-f9d3da15bbfc","block_type":"box","text":"disclosed to all other parties requesting the","page_number":143,"box":{"x":578,"y":742,"width":312,"height":11}},{"id":"b60bf1bd-d38c-4411-b838-130896ef454b","block_type":"box","text":"same information.","page_number":143,"box":{"x":578,"y":756,"width":128,"height":9}},{"id":"8d950361-75f4-4d70-a9cd-4045b048216d","block_type":"box","text":"1","page_number":143,"box":{"x":69,"y":782,"width":3,"height":3}},{"id":"fe2a6a68-451d-405c-8bfe-05d3b5117ac3","block_type":"box","text":"Global Allocation Exception:","page_number":143,"box":{"x":93,"y":782,"width":164,"height":8}},{"id":"249df459-aa3d-46d5-bdb7-6c8f583073b6","block_type":"box","text":"For purposes of portfolio holdings, Global Allocation funds include BlackRock Global Allocation Fund, Inc.,","page_number":143,"box":{"x":263,"y":781,"width":599,"height":10}},{"id":"e5bc30d4-1dc4-43a1-a580-8526b388449d","block_type":"box","text":"BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series","page_number":143,"box":{"x":94,"y":792,"width":792,"height":8}},{"id":"98d70301-bac4-4a9c-b958-4463a14a9d53","block_type":"box","text":"Funds, Inc. Information on certain Portfolio Characteristics of BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund","page_number":143,"box":{"x":94,"y":802,"width":801,"height":8}},{"id":"358f1b7f-71a4-4871-bc49-0742be11a8c9","block_type":"box","text":"is available, upon request, to insurance companies that use these funds as underlying investments (and to advisers and sub-advisers of funds","page_number":143,"box":{"x":94,"y":812,"width":813,"height":9}},{"id":"a79a5a47-3583-40f1-9f04-a3ef7ab3b670","block_type":"box","text":"invested in BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund) in their variable annuity contracts and variable life","page_number":143,"box":{"x":94,"y":822,"width":806,"height":9}},{"id":"873fa6fe-f1a6-47f1-bef3-072ce4c6c68e","block_type":"box","text":"insurance policies on a weekly basis (or such other period as may be determined to be appropriate). Disclosure of such characteristics of","page_number":143,"box":{"x":94,"y":832,"width":784,"height":9}},{"id":"258afc4e-c4d2-4c58-ac71-c780bd5600cc","block_type":"box","text":"these two funds constitutes a disclosure of Confidential Information and is being made for reasons deemed appropriate by BlackRock and in","page_number":143,"box":{"x":93,"y":842,"width":803,"height":9}},{"id":"8f0744fb-e1f2-4ba9-831b-57ff93848acf","block_type":"box","text":"accordance with the requirements set forth in these guidelines. If Portfolio Characteristics are disclosed to one party, they must also be","page_number":143,"box":{"x":93,"y":852,"width":778,"height":9}},{"id":"a70bf65b-a864-44c4-8a2c-36d6ab26c6e7","block_type":"box","text":"disclosed to all other parties requesting the same information.","page_number":143,"box":{"x":93,"y":862,"width":357,"height":9}},{"id":"2bff5649-dcfd-4c7b-9384-6b478a23841d","block_type":"box","text":"2","page_number":143,"box":{"x":69,"y":875,"width":3,"height":3}},{"id":"ff9b3880-0bff-41bc-b1d3-207143ecf012","block_type":"box","text":"Strategic Income Opportunities Exception:","page_number":143,"box":{"x":93,"y":875,"width":249,"height":9}},{"id":"a104ab87-1c4a-4803-8446-3302423ca527","block_type":"box","text":"Information on certain Portfolio Characteristics of BlackRock Strategic Income Opportunities","page_number":143,"box":{"x":348,"y":875,"width":525,"height":9}},{"id":"46731927-033f-4ee3-940f-406cae17c17a","block_type":"box","text":"Portfolio of BlackRock Funds V may be made available to shareholders, prospective shareholders, intermediaries, consultants and third party","page_number":143,"box":{"x":94,"y":885,"width":806,"height":9}},{"id":"5237dddc-464f-4408-9efe-c8cf2f97365b","block_type":"box","text":"data providers, upon request on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time. If Portfolio","page_number":143,"box":{"x":93,"y":895,"width":741,"height":9}},{"id":"4c02f55e-d5ee-46c2-b063-3ba4bc2d0218","block_type":"box","text":"Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information.","page_number":143,"box":{"x":93,"y":905,"width":709,"height":9}},{"id":"33c7f91a-738c-4578-8f83-dc9e6f15f2f6","block_type":"box","text":"II-86","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56b4c9a7-3ca8-4312-a40a-f8c3d42ee45d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b2194a6-ca5d-4350-b0d6-4e47860a9f35","block_type":"box","text":"Open-End Mutual Funds and ETFs (Excluding Money Market Mutual Funds and MM ETFs)","page_number":144,"box":{"x":163,"y":45,"width":651,"height":11}},{"id":"5cea9931-1825-4a3c-91c2-41d2af116aeb","block_type":"box","text":"Time Periods for Portfolio Characteristics: Liquidity Metrics","page_number":144,"box":{"x":350,"y":60,"width":434,"height":11}},{"id":"10c05443-9936-4af4-96a6-804623f26300","block_type":"box","text":"Prior to 60 Calendar Days After Calendar","page_number":144,"box":{"x":246,"y":82,"width":297,"height":12}},{"id":"a8bd4e9f-3293-4c23-b187-f71655ccfa0b","block_type":"box","text":"Quarter-End","page_number":144,"box":{"x":351,"y":98,"width":85,"height":10}},{"id":"2f839a38-f457-42c0-a5bb-d3d6bf7b8fc0","block_type":"box","text":"60 Calendar Days After Calendar Quarter","page_number":144,"box":{"x":589,"y":82,"width":303,"height":12}},{"id":"f788e224-b340-47ca-b8b6-de3b2b51e1e4","block_type":"box","text":"End","page_number":144,"box":{"x":728,"y":98,"width":25,"height":9}},{"id":"926ec345-4f4e-4da1-9c76-1a48db06185b","block_type":"box","text":"Portfolio","page_number":144,"box":{"x":75,"y":120,"width":61,"height":9}},{"id":"07c63c48-9a42-4fc5-a598-6347afd15d3b","block_type":"box","text":"Characteristics —","page_number":144,"box":{"x":74,"y":135,"width":133,"height":9}},{"id":"1f2af668-3d16-43ba-899d-28fcf6832c11","block_type":"box","text":"Liquidity Metrics","page_number":144,"box":{"x":75,"y":151,"width":121,"height":11}},{"id":"1608ccde-c731-49f4-b21d-b256fea97396","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":144,"box":{"x":231,"y":120,"width":297,"height":9}},{"id":"252b0dec-7bba-4b51-8cfa-15e5d33cc26e","block_type":"box","text":"confidentiality agreement and Chief","page_number":144,"box":{"x":231,"y":135,"width":252,"height":12}},{"id":"7f2135ec-2675-40b2-96be-f1ab55850fad","block_type":"box","text":"Compliance Officer (“CCO”) approval.","page_number":144,"box":{"x":231,"y":150,"width":265,"height":11}},{"id":"da3194ea-8366-4ea2-9258-9bf4d783be2c","block_type":"box","text":"May disclose to shareholders, prospective","page_number":144,"box":{"x":578,"y":120,"width":300,"height":11}},{"id":"f6d30234-8691-4917-9e0a-dcc809399573","block_type":"box","text":"shareholders, intermediaries and","page_number":144,"box":{"x":578,"y":136,"width":235,"height":10}},{"id":"0a65d2c3-a788-4cde-86ae-e74077ca30a2","block_type":"box","text":"consultants; provided portfolio management","page_number":144,"box":{"x":577,"y":150,"width":316,"height":12}},{"id":"f9ad6791-239f-4ad7-98c7-6d2651152612","block_type":"box","text":"has approved. If Liquidity Metrics are","page_number":144,"box":{"x":578,"y":166,"width":263,"height":11}},{"id":"7da609cb-c6a6-4f91-8853-266b638c0906","block_type":"box","text":"disclosed to one party, they must also be","page_number":144,"box":{"x":578,"y":181,"width":294,"height":11}},{"id":"228140a1-67cf-459e-ac87-861ad0f0f1e5","block_type":"box","text":"disclosed to all other parties requesting the","page_number":144,"box":{"x":578,"y":196,"width":312,"height":11}},{"id":"57992849-1ab4-4ef1-87c7-b6360882956d","block_type":"box","text":"same information.","page_number":144,"box":{"x":578,"y":211,"width":128,"height":9}},{"id":"e6b9c6c3-803c-4947-9407-2e1adf97bb51","block_type":"box","text":"Money Market Mutual Funds and ETFs","page_number":144,"box":{"x":337,"y":252,"width":280,"height":11}},{"id":"78827e8a-b431-4ec3-a2b3-e56b677f612a","block_type":"box","text":"3,4,5","page_number":144,"box":{"x":623,"y":252,"width":19,"height":6}},{"id":"cee2b68d-ab31-4116-89e7-348b0f1e8093","block_type":"box","text":"Money Market ETFs will comply with the disclosure requirements under both the Money Market (Rule 2a-7) Policy and","page_number":144,"box":{"x":75,"y":267,"width":834,"height":11}},{"id":"22b70719-baea-4138-9bb7-310d639f9541","block_type":"box","text":"the ETF Rule (Rule 6c-11) Policy.","page_number":144,"box":{"x":74,"y":282,"width":229,"height":11}},{"id":"c1bc0b01-d7ed-4575-b30c-5ccd2fee8dd6","block_type":"box","text":"Time Periods","page_number":144,"box":{"x":520,"y":297,"width":94,"height":9}},{"id":"a09da8f0-90cc-46d9-89e2-fdefda82ebed","block_type":"box","text":"Prior to 5 Calendar Days After Month-End 5 Calendar Days After Month-End to Date of","page_number":144,"box":{"x":244,"y":320,"width":657,"height":11}},{"id":"8611547d-27d2-4e11-900e-6938b08b350f","block_type":"box","text":"Public Filing","page_number":144,"box":{"x":697,"y":335,"width":88,"height":11}},{"id":"33416084-5fda-4ae6-b69f-9206b24d0d3b","block_type":"box","text":"Portfolio","page_number":144,"box":{"x":75,"y":358,"width":61,"height":9}},{"id":"fac05f25-8878-44b5-ba84-5e00eeaa0fd4","block_type":"box","text":"Holdings","page_number":144,"box":{"x":75,"y":373,"width":61,"height":11}},{"id":"9bb31759-bb4f-43bf-8ba9-a01cb4fb1f99","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":144,"box":{"x":231,"y":358,"width":297,"height":9}},{"id":"861a3db0-04a8-416d-b979-a82c12a0de41","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":144,"box":{"x":231,"y":373,"width":310,"height":11}},{"id":"77dcf041-52d6-4fdb-a449-2f9981337270","block_type":"box","text":"except the following Portfolio Holdings","page_number":144,"box":{"x":231,"y":388,"width":271,"height":11}},{"id":"bdffd16b-aa35-4aca-8e4e-d78321519ff7","block_type":"box","text":"information is required to be released on the","page_number":144,"box":{"x":232,"y":403,"width":318,"height":11}},{"id":"e7bad646-e16f-4799-b292-67e7fa4a7310","block_type":"box","text":"website pursuant to Rule 2a-7 on a monthly","page_number":144,"box":{"x":231,"y":418,"width":311,"height":11}},{"id":"cb18a068-0381-4d39-908c-8b49fc2b719b","block_type":"box","text":"basis: name of issuer, category of","page_number":144,"box":{"x":231,"y":433,"width":244,"height":12}},{"id":"f61fbeeb-cfd9-4ee5-9926-e09258b21b08","block_type":"box","text":"investment, CUSIP, principal amount, maturity","page_number":144,"box":{"x":232,"y":449,"width":325,"height":11}},{"id":"adcc7ebb-9801-4a94-9bb9-a8d73ae5ca1f","block_type":"box","text":"dates, yields and value.BlackRock will","page_number":144,"box":{"x":231,"y":464,"width":268,"height":11}},{"id":"5d73a24c-c482-4f30-884b-c566e4fc01f2","block_type":"box","text":"release this information on the following","page_number":144,"box":{"x":232,"y":479,"width":286,"height":11}},{"id":"df3acff4-d940-45b8-b5f0-67cd4a1792be","block_type":"box","text":"timelines or on a more frequent timeline than","page_number":144,"box":{"x":231,"y":494,"width":323,"height":11}},{"id":"ac952c53-bfec-4f02-83ee-34d688d39b3b","block_type":"box","text":"required under Rule 2a-7:","page_number":144,"box":{"x":232,"y":509,"width":179,"height":11}},{"id":"ad56b8eb-44d3-4677-8d3e-f63a709817eb","block_type":"box","text":"•","page_number":144,"box":{"x":234,"y":527,"width":4,"height":3}},{"id":"8a435f52-56b8-4344-9ad2-d1718b0143b6","block_type":"box","text":"Government MMFs: Daily portfolio holdings","page_number":144,"box":{"x":241,"y":524,"width":306,"height":11}},{"id":"d9a4e0b7-a128-46cd-b656-070fde0b3fd9","block_type":"box","text":"are released on the website on a one","page_number":144,"box":{"x":241,"y":539,"width":266,"height":9}},{"id":"bf6567ba-eb2c-442b-98c2-45cffb211724","block_type":"box","text":"business day lag.","page_number":144,"box":{"x":241,"y":554,"width":122,"height":12}},{"id":"a79f7625-efa4-428e-a7f8-440b96b695dd","block_type":"box","text":"•","page_number":144,"box":{"x":234,"y":572,"width":4,"height":4}},{"id":"aefea908-2642-471e-a4c7-37893b1f783f","block_type":"box","text":"Money Market ETFs (prime and","page_number":144,"box":{"x":242,"y":570,"width":218,"height":11}},{"id":"a58b2f93-df3b-4aa5-b7ba-2f1f5e544815","block_type":"box","text":"government): Daily portfolio holdings","page_number":144,"box":{"x":240,"y":584,"width":261,"height":12}},{"id":"2dc94799-e6fa-4a09-a928-004157649b53","block_type":"box","text":"information released on a daily basis","page_number":144,"box":{"x":242,"y":600,"width":262,"height":11}},{"id":"1a886a9a-3e71-4d18-b00d-c8466ee27177","block_type":"box","text":"pursuant to ETF rule requirements.","page_number":144,"box":{"x":242,"y":615,"width":245,"height":11}},{"id":"cdc325b7-4eb3-49e6-869d-811c06894541","block_type":"box","text":"•","page_number":144,"box":{"x":234,"y":633,"width":4,"height":3}},{"id":"e8799a1e-809a-4f04-8f6f-4692f28571df","block_type":"box","text":"Certain Money Market Mutual Funds and","page_number":144,"box":{"x":241,"y":630,"width":289,"height":11}},{"id":"7a2b1b05-ff32-4872-bab6-ce5bd0e65f0e","block_type":"box","text":"Money Market ETFs: Weekly schedule of","page_number":144,"box":{"x":242,"y":645,"width":285,"height":11}},{"id":"4b1c693f-7a02-4e29-853f-f6a6d236008c","block_type":"box","text":"investments (PDF) is posted to the website","page_number":144,"box":{"x":242,"y":660,"width":304,"height":11}},{"id":"370b891c-6902-4712-9ff6-cd89dce0257f","block_type":"box","text":"at least one business day after week-end.","page_number":144,"box":{"x":241,"y":675,"width":296,"height":11}},{"id":"f8208293-603d-4e0b-bd8b-89f80f3e310d","block_type":"box","text":"(The Cash business identifies those Funds.)","page_number":144,"box":{"x":241,"y":690,"width":312,"height":11}},{"id":"37715e05-ab63-4e1b-a812-c0b04ff5bcee","block_type":"box","text":"May disclose to shareholders, prospective","page_number":144,"box":{"x":578,"y":358,"width":300,"height":11}},{"id":"842bfec1-2f84-43c8-b409-686150df6d7d","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":144,"box":{"x":578,"y":373,"width":297,"height":10}},{"id":"7c3d665b-67c2-41fe-afd8-a934ac9912b3","block_type":"box","text":"and third party data providers. If Portfolio","page_number":144,"box":{"x":578,"y":388,"width":294,"height":11}},{"id":"8991442f-b314-4b24-a28b-dc5721f2385b","block_type":"box","text":"Holdings are disclosed to one party, they","page_number":144,"box":{"x":578,"y":403,"width":291,"height":11}},{"id":"0857ea1a-aab9-4e43-a410-f071a6632059","block_type":"box","text":"must also be disclosed to all other parties","page_number":144,"box":{"x":578,"y":418,"width":302,"height":11}},{"id":"53e6271e-3b55-463c-9f77-74c432d0d0e0","block_type":"box","text":"requesting the same information.","page_number":144,"box":{"x":578,"y":433,"width":236,"height":12}},{"id":"131c5a97-8b7e-49cc-85e3-9db7a21bc9b6","block_type":"box","text":"II-87","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c895ac78-1db2-4c6d-af90-486320b06e8f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4c6575a-699e-4976-a218-f7215cd3fd50","block_type":"box","text":"Portfolio","page_number":145,"box":{"x":75,"y":49,"width":61,"height":9}},{"id":"00d13f88-85c6-40ad-8d46-bab583cb6da7","block_type":"box","text":"Characteristics","page_number":145,"box":{"x":74,"y":64,"width":111,"height":9}},{"id":"fa3aec6d-503b-445c-9b1e-554e8506401d","block_type":"box","text":"Cannot disclose without non-disclosure or","page_number":145,"box":{"x":231,"y":49,"width":297,"height":9}},{"id":"523abbf8-7921-4779-9771-002ca75131a8","block_type":"box","text":"confidentiality agreement and CCO approval","page_number":145,"box":{"x":231,"y":64,"width":310,"height":11}},{"id":"25125486-18a9-4aec-820a-a4313733712d","block_type":"box","text":"except the following information is:","page_number":145,"box":{"x":231,"y":79,"width":247,"height":12}},{"id":"bf07df7a-d41e-4cd6-8d5b-3b1daaf77f25","block_type":"box","text":"(i) required to be released on the Fund’s","page_number":145,"box":{"x":231,"y":95,"width":287,"height":10}},{"id":"7c02d6b6-4d2e-468a-a50d-7632e781625f","block_type":"box","text":"website daily (","page_number":145,"box":{"x":231,"y":110,"width":100,"height":11}},{"id":"7dd37fb2-49f5-4911-88d3-22b03c5f1511","block_type":"box","text":"i.e.","page_number":145,"box":{"x":334,"y":110,"width":20,"height":9}},{"id":"bc884046-34dd-4534-adc6-536bfe4ea479","block_type":"box","text":", each Business Day as of","page_number":145,"box":{"x":356,"y":109,"width":186,"height":12}},{"id":"cc608f87-1027-4cb2-b39a-9de9cb0d0df4","block_type":"box","text":"the end of the preceding Business Day):","page_number":145,"box":{"x":231,"y":125,"width":285,"height":11}},{"id":"365d2b19-1796-459c-9002-108919e58477","block_type":"box","text":"•","page_number":145,"box":{"x":234,"y":143,"width":4,"height":3}},{"id":"8c8ff346-007d-42f9-b7c0-934eed47ef91","block_type":"box","text":"Historical NAVs calculated based on market","page_number":145,"box":{"x":242,"y":140,"width":309,"height":9}},{"id":"d209f739-750f-48d2-ba44-b925aa742c15","block_type":"box","text":"factors (","page_number":145,"box":{"x":240,"y":155,"width":58,"height":11}},{"id":"094a61e2-b1f9-40e6-b8c9-1183db39ebef","block_type":"box","text":"e.g.","page_number":145,"box":{"x":300,"y":156,"width":25,"height":10}},{"id":"3d483c19-a9c8-439d-9d90-67de4dadb082","block_type":"box","text":", marked to market).","page_number":145,"box":{"x":328,"y":155,"width":143,"height":11}},{"id":"b5d65d75-fa2e-4471-930f-38ab83b85bc1","block_type":"box","text":"•","page_number":145,"box":{"x":234,"y":173,"width":4,"height":3}},{"id":"ecbd6b52-a038-4e0d-92f1-bcb2e09ec9fb","block_type":"box","text":"Percentage of fund assets invested in daily","page_number":145,"box":{"x":241,"y":170,"width":307,"height":11}},{"id":"cdac5ad5-b85d-4745-817a-1a578aa7fce2","block_type":"box","text":"and weekly liquid assets (as defined under","page_number":145,"box":{"x":241,"y":185,"width":304,"height":11}},{"id":"42bd28b8-71b3-45c8-8507-5c8421aeb07c","block_type":"box","text":"Rule 2a-7).","page_number":145,"box":{"x":242,"y":200,"width":75,"height":11}},{"id":"d0e388f3-d10b-4db3-88be-e4b331ab07c6","block_type":"box","text":"•","page_number":145,"box":{"x":234,"y":218,"width":4,"height":4}},{"id":"feec7ecd-5dfb-459e-87d8-98efa2f2d6f8","block_type":"box","text":"Daily net flow information (inflows less","page_number":145,"box":{"x":242,"y":215,"width":273,"height":11}},{"id":"627308f4-252a-48ed-86e1-39a088a3782a","block_type":"box","text":"outflows).","page_number":145,"box":{"x":241,"y":230,"width":67,"height":11}},{"id":"de6e652c-0127-4618-a289-e091b2d103e1","block_type":"box","text":"•","page_number":145,"box":{"x":234,"y":249,"width":4,"height":3}},{"id":"caad98e9-a40d-4292-89c6-a55b4729366f","block_type":"box","text":"Other information as may be required by","page_number":145,"box":{"x":241,"y":246,"width":287,"height":11}},{"id":"4aa619a3-e3e4-4f3e-931e-2fafd9db4ded","block_type":"box","text":"Rule 2a-7.","page_number":145,"box":{"x":242,"y":261,"width":70,"height":9}},{"id":"8d679525-5d7b-46ac-86e0-40afec6287cd","block_type":"box","text":"(ii) voluntarily released on the Fund’s","page_number":145,"box":{"x":241,"y":276,"width":262,"height":11}},{"id":"fd672cc6-9479-4302-b619-af22e0616b70","block_type":"box","text":"website daily (","page_number":145,"box":{"x":240,"y":291,"width":101,"height":11}},{"id":"11597df4-00b6-45e5-ae37-2000f1f84b10","block_type":"box","text":"i.e.","page_number":145,"box":{"x":343,"y":291,"width":20,"height":9}},{"id":"cbd2a8bc-64ef-4341-9b59-b1defeefb6c5","block_type":"box","text":", each Business Day as of","page_number":145,"box":{"x":366,"y":291,"width":186,"height":11}},{"id":"ba871fba-24b1-4634-bf8d-9e0859634b97","block_type":"box","text":"the end of the preceding Business Day):","page_number":145,"box":{"x":240,"y":306,"width":285,"height":11}},{"id":"93d4551d-ba43-479a-8050-145967fcddc6","block_type":"box","text":"•","page_number":145,"box":{"x":234,"y":324,"width":4,"height":3}},{"id":"3743e90b-4d70-42df-befe-239c3eb1907c","block_type":"box","text":"Fund SEC yields, WAM (required monthly),","page_number":145,"box":{"x":242,"y":321,"width":295,"height":11}},{"id":"a1df0f95-96d6-431c-91b1-2e343b42e846","block_type":"box","text":"WAL (required monthly), fund size and share","page_number":145,"box":{"x":240,"y":336,"width":314,"height":11}},{"id":"607b4ab9-fc9d-4226-a924-84ca4766a08e","block_type":"box","text":"class size.","page_number":145,"box":{"x":241,"y":352,"width":73,"height":8}},{"id":"1c48b753-d2b5-4498-9848-a3898270fe51","block_type":"box","text":"May disclose to shareholders, prospective","page_number":145,"box":{"x":578,"y":49,"width":300,"height":11}},{"id":"522ca9c1-5c21-4e60-bfe3-c21a08939134","block_type":"box","text":"shareholders, intermediaries, consultants","page_number":145,"box":{"x":578,"y":64,"width":297,"height":11}},{"id":"acf5713e-7b0a-40ae-b3de-3e4591f87be8","block_type":"box","text":"and third party data providers. If Portfolio","page_number":145,"box":{"x":578,"y":79,"width":294,"height":11}},{"id":"d755c347-47c0-4fdd-abce-8685797921b9","block_type":"box","text":"Characteristics are disclosed to one party,","page_number":145,"box":{"x":578,"y":95,"width":300,"height":11}},{"id":"d5cf84d7-aa67-4349-b3f8-4c4f1633c95a","block_type":"box","text":"they must also be disclosed to all other","page_number":145,"box":{"x":577,"y":110,"width":283,"height":11}},{"id":"2a1b0197-81ec-4f14-97ef-276e7fc0c128","block_type":"box","text":"parties requesting the same information.","page_number":145,"box":{"x":578,"y":125,"width":291,"height":11}},{"id":"ece5d4f5-1701-4466-a50b-199a57411932","block_type":"box","text":"3","page_number":145,"box":{"x":69,"y":369,"width":3,"height":4}},{"id":"7b017cb8-db6c-406d-81e9-8fde5ff5fad4","block_type":"box","text":"BlackRock Short Obligations Fund","page_number":145,"box":{"x":77,"y":369,"width":200,"height":9}},{"id":"09d87904-32d5-45c3-bafa-fec8a2c805ea","block_type":"box","text":". Fund’s holdings may be disclosed in accordance with the frequency for money market funds.","page_number":145,"box":{"x":278,"y":369,"width":534,"height":9}},{"id":"7d02afe1-7135-442b-a528-23509a3dc3dd","block_type":"box","text":"4","page_number":145,"box":{"x":68,"y":384,"width":4,"height":4}},{"id":"7499e0f5-65e5-49be-8dad-1112e03842c6","block_type":"box","text":"Circle Reserve Fund Exception","page_number":145,"box":{"x":76,"y":384,"width":179,"height":9}},{"id":"42207583-bfd5-408a-926a-e3fda35fd331","block_type":"box","text":": Information on portfolio holdings and certain portfolio characteristics of the Circle Reserve Fund may be made","page_number":145,"box":{"x":257,"y":384,"width":637,"height":9}},{"id":"4547f079-7f65-4b73-a284-431541ea3e1c","block_type":"box","text":"available to the shareholders of the Fund, upon request, on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time.","page_number":145,"box":{"x":69,"y":397,"width":834,"height":9}},{"id":"41d6912a-99eb-4e38-a378-a47ebbe69bb2","block_type":"box","text":"5","page_number":145,"box":{"x":69,"y":412,"width":3,"height":3}},{"id":"8512b4a2-9b7d-4661-8987-24e7c001fbed","block_type":"box","text":"Portfolio Holdings information is required to be disclosed daily on an ETF’s website under Rule 6c-11 under the 1940 Act. Specifically, on each","page_number":145,"box":{"x":77,"y":412,"width":814,"height":9}},{"id":"af9b5370-3e35-4833-8936-5e989428250f","block_type":"box","text":"Business Day, prior to the opening of regular trading on the ETF’s primary listing exchange, an ETF is required to disclose on its website Portfolio","page_number":145,"box":{"x":69,"y":424,"width":826,"height":9}},{"id":"3180fb30-52a7-4536-b9b9-0b8bb8fd9997","block_type":"box","text":"Holdings information as set forth in the ETF Rule Policy that will form the basis of the ETF’s next net asset value per share calculation.","page_number":145,"box":{"x":69,"y":437,"width":767,"height":9}},{"id":"ac8eb51b-899e-4601-8ac4-d2fe00c2b6d5","block_type":"box","text":"Guidelines for Confidential and Non-Material Information.","page_number":145,"box":{"x":102,"y":460,"width":404,"height":9}},{"id":"87cb9c94-e503-4024-8db7-9207f4d6e472","block_type":"box","text":"Confidential Information may be disclosed to the","page_number":145,"box":{"x":512,"y":460,"width":346,"height":12}},{"id":"5d2db6b8-3388-4dc8-ab21-0c304da7acc2","block_type":"box","text":"Fund’s Board of Directors and its counsel, outside counsel for the Fund, the Fund’s auditors and to certain third-party","page_number":145,"box":{"x":70,"y":475,"width":839,"height":12}},{"id":"5af426c3-cb7a-4581-935e-89270b26392a","block_type":"box","text":"service providers (","page_number":145,"box":{"x":69,"y":491,"width":130,"height":11}},{"id":"7519fec9-d11b-4ed2-8522-39e4af6e11f6","block_type":"box","text":"e.g.","page_number":145,"box":{"x":201,"y":492,"width":25,"height":10}},{"id":"0e64da70-d4ad-4916-934b-67efb386dd8b","block_type":"box","text":", Fund administrator, Fund custodian, proxy voting service), securities lending borrowers, and","page_number":145,"box":{"x":228,"y":491,"width":661,"height":11}},{"id":"84e8a7af-32ae-48b4-9acb-ee3fe0237edd","block_type":"box","text":"broker-dealers that are fund counterparties. Non-disclosure or confidentiality agreements will be in place with such","page_number":145,"box":{"x":69,"y":506,"width":816,"height":11}},{"id":"10f6ca9e-9d9a-4826-9296-f55a7a9bc316","block_type":"box","text":"service providers, borrowers, and broker-dealers. With respect to Confidential Information, the Fund’s CCO or his or","page_number":145,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"cf8b7cc0-6413-49b5-a45a-4dcbffd190c0","block_type":"box","text":"her designee may authorize the following, subject in the case of (ii) and (iii) to a confidentiality or non-disclosure","page_number":145,"box":{"x":69,"y":536,"width":797,"height":11}},{"id":"bd096702-08c9-42da-b48c-5501025fbcd6","block_type":"box","text":"arrangement:","page_number":145,"box":{"x":69,"y":552,"width":93,"height":10}},{"id":"d8eee7e8-bfd5-48d5-ac56-2a595a80410a","block_type":"box","text":"(i) the preparation and posting of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to its website","page_number":145,"box":{"x":102,"y":571,"width":787,"height":12}},{"id":"bd36ddb1-5d49-41e1-9ba6-5392be0e1231","block_type":"box","text":"on a more frequent basis than authorized above;","page_number":145,"box":{"x":131,"y":586,"width":346,"height":11}},{"id":"09ff52d9-2d3b-4af7-833d-49f5fc51eda8","block_type":"box","text":"(ii) the disclosure of the Fund’s Portfolio Holdings to third-party service providers not noted above; and","page_number":145,"box":{"x":102,"y":606,"width":738,"height":12}},{"id":"e6f7f1cb-f0b6-4af9-9a0b-a230471f0e03","block_type":"box","text":"(iii) the disclosure of the Fund’s Portfolio Holdings and/or Portfolio Characteristics to other parties for legitimate","page_number":145,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"3acde5aa-ac70-411c-9d34-6411911f5526","block_type":"box","text":"business purposes.","page_number":145,"box":{"x":131,"y":642,"width":138,"height":11}},{"id":"2a17e750-04f9-496c-bac6-8c77cbd6bba7","block_type":"box","text":"Fact Sheets and Repor ts","page_number":145,"box":{"x":102,"y":665,"width":177,"height":10}},{"id":"4e665562-f710-440b-8cce-29929d44e904","block_type":"box","text":"•","page_number":145,"box":{"x":102,"y":688,"width":6,"height":4}},{"id":"d9cd41ec-b6f1-4007-924c-a8aab441c579","block_type":"box","text":"Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and consultants","page_number":145,"box":{"x":135,"y":685,"width":756,"height":11}},{"id":"ec192bef-b5ce-48d7-9047-1480666cc8ea","block_type":"box","text":"on a monthly or quarterly basis no earlier than the fifth calendar day after the end of a month or quarter.","page_number":145,"box":{"x":134,"y":700,"width":744,"height":11}},{"id":"f87bdde8-d721-4eee-94c7-152ab0c86872","block_type":"box","text":"Other Information.","page_number":145,"box":{"x":102,"y":722,"width":128,"height":9}},{"id":"7ecefd4f-40fa-489d-b61e-b59b35955c0d","block_type":"box","text":"The Policy shall also apply to other Confidential Information of a Fund such as performance","page_number":145,"box":{"x":236,"y":722,"width":651,"height":12}},{"id":"5abfda8e-840c-4c52-8515-a672d796d85e","block_type":"box","text":"attribution analyses or security-specific information (","page_number":145,"box":{"x":69,"y":738,"width":372,"height":11}},{"id":"858b281f-df40-4efa-9912-4cde41871626","block_type":"box","text":"e.g.","page_number":145,"box":{"x":442,"y":739,"width":25,"height":10}},{"id":"43f15f00-5a20-4e9a-b1f2-b0d99825c9bd","block_type":"box","text":", information about Fund holdings where an issuer has been","page_number":145,"box":{"x":470,"y":738,"width":427,"height":11}},{"id":"bde6940c-a46a-433e-a594-98896affd1d1","block_type":"box","text":"downgraded, been acquired or declared bankruptcy).","page_number":145,"box":{"x":69,"y":753,"width":372,"height":11}},{"id":"4a9c2b12-1f58-4362-adaf-cc62459f6ad6","block_type":"box","text":"Data on NAVs, asset levels (by total Fund and share class), accruals, yields, capital gains, dividends and fund","page_number":145,"box":{"x":102,"y":775,"width":781,"height":12}},{"id":"b2df6f46-4036-4f98-bbcc-1e454bff3e57","block_type":"box","text":"returns (net of fees by share class) are generally available to shareholders, prospective shareholders, consultants,","page_number":145,"box":{"x":69,"y":790,"width":818,"height":12}},{"id":"6fd37428-ec2d-49ed-94ac-aa03fc4861f6","block_type":"box","text":"and third-party data providers upon request, as soon as such data is available.","page_number":145,"box":{"x":69,"y":806,"width":562,"height":11}},{"id":"77280c4c-3930-4dce-b4eb-8804239e535d","block_type":"box","text":"Contact Information.","page_number":145,"box":{"x":102,"y":828,"width":144,"height":9}},{"id":"294de702-be3d-4417-98e2-b88df9abcdd0","block_type":"box","text":"For information about portfolio holdings and characteristics, BlackRock fund shareholders","page_number":145,"box":{"x":253,"y":828,"width":639,"height":12}},{"id":"8d0bd734-5d6e-42ec-98d1-5d9d52b4323a","block_type":"box","text":"and prospective investors should call the number set out on the back cover of the Prospectus.","page_number":145,"box":{"x":69,"y":843,"width":672,"height":11}},{"id":"59cb3f03-732d-49ac-8867-16287ed72724","block_type":"box","text":"Compensation.","page_number":145,"box":{"x":102,"y":866,"width":105,"height":11}},{"id":"f78966d3-5298-4ca3-b04b-bf526f721db7","block_type":"box","text":"Neither a Fund, a service provider nor any of their affiliated persons (as that term is defined in","page_number":145,"box":{"x":215,"y":866,"width":672,"height":11}},{"id":"3d693020-2e51-448b-b211-731411a396f8","block_type":"box","text":"the Investment Company Act) shall receive compensation in any form in connection with the disclosure of information","page_number":145,"box":{"x":68,"y":881,"width":837,"height":11}},{"id":"777e71b8-2bfb-4f58-9e02-0b575b075bae","block_type":"box","text":"about such Fund’s Portfolio Holdings or Portfolio Characteristics.","page_number":145,"box":{"x":69,"y":896,"width":461,"height":12}},{"id":"c3b8d928-8013-45ff-bc3d-a1a1e2ab29fe","block_type":"box","text":"II-88","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"963f7393-a48c-4478-8f59-7523cf6e6821","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7030927-7711-402d-a29e-6414cb5789d2","block_type":"box","text":"Ongoing Arrangements.","page_number":146,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"f74d4f91-bc32-41c6-a3f5-0a26232b492a","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":146,"box":{"x":272,"y":45,"width":605,"height":11}},{"id":"21807fe2-0ba9-43ea-a3f9-8a979e25a957","block_type":"box","text":"Fund Portfolio Holdings to the following persons or entities:","page_number":146,"box":{"x":70,"y":60,"width":420,"height":11}},{"id":"e4137afe-91a6-4df3-af97-335a9aa356ea","block_type":"box","text":"1. Fund’s Board of Directors and, if necessary, independent Directors’ counsel and Fund counsel.","page_number":146,"box":{"x":70,"y":80,"width":707,"height":11}},{"id":"fd55424c-821f-48e4-aefa-545cbfbd1b6f","block_type":"box","text":"2. Fund’s Transfer Agent.","page_number":146,"box":{"x":69,"y":100,"width":190,"height":11}},{"id":"43a34de4-266c-47f2-bd8f-7387975fd597","block_type":"box","text":"3. Fund’s Custodian.","page_number":146,"box":{"x":69,"y":120,"width":160,"height":9}},{"id":"a8d92693-dcbc-468a-8501-7afc056abade","block_type":"box","text":"4. Fund’s Administrator, if applicable.","page_number":146,"box":{"x":69,"y":140,"width":278,"height":11}},{"id":"f4b00876-7549-4db0-894b-12f8ccac268a","block_type":"box","text":"5. Fund’s independent registered public accounting firm.","page_number":146,"box":{"x":69,"y":161,"width":414,"height":11}},{"id":"df2de3a0-6040-422a-be01-49460e4af201","block_type":"box","text":"6. Fund’s accounting services provider.","page_number":146,"box":{"x":69,"y":181,"width":291,"height":11}},{"id":"a1456ab1-db17-4677-ab65-7e577c0f11cf","block_type":"box","text":"7. Independent rating agencies — Lipper Inc., Moody’s, Fitch.","page_number":146,"box":{"x":69,"y":201,"width":451,"height":11}},{"id":"03f3250f-a2a6-47dd-81ec-1e68f50fbcfa","block_type":"box","text":"8. Information aggregators — S&P Global, Bloomberg, eVestments Alliance and Informa/PSN Investment Solutions.","page_number":146,"box":{"x":69,"y":221,"width":837,"height":11}},{"id":"96b348e5-81c5-4f68-ba94-86f757c495b2","block_type":"box","text":"9. Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":146,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"aecbddff-eefa-43c5-b7cf-2331b8363701","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":146,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"67f6ad7f-18f5-461f-92f0-0b212331919d","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":146,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"41a37817-13be-41e8-8725-0c278cb45931","block_type":"box","text":"11. Third-party feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":146,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"1cc8d464-9b8b-4787-97c1-5619b106e206","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":146,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"bb0359b4-f43d-4e47-8b58-e6805e664df7","block_type":"box","text":"providers.","page_number":146,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"3f5c0f5c-34cc-454c-8214-83bbc945ab1e","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":146,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"cdc5d7ef-599f-4af3-b1ed-214d5945c317","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":146,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"221f44f8-24fa-4b88-b014-78355309edd2","block_type":"box","text":"13. Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., Mizuho Asset Management","page_number":146,"box":{"x":70,"y":382,"width":812,"height":12}},{"id":"68282cfe-e1de-4c62-bb76-68ebe158450d","block_type":"box","text":"Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company, Donnelley Financial Solutions, Inc.","page_number":146,"box":{"x":102,"y":398,"width":783,"height":11}},{"id":"762c8fb0-7f6f-410b-9bb7-dc97379b9592","block_type":"box","text":"and Silicon Valley Bank.","page_number":146,"box":{"x":102,"y":413,"width":167,"height":11}},{"id":"a589a786-226c-4ffa-9896-d325eb7235f1","block_type":"box","text":"With respect to each such arrangement, a Fund has a legitimate business purpose for the release of","page_number":146,"box":{"x":101,"y":435,"width":720,"height":11}},{"id":"fb2dc882-d332-4c42-b478-cba2e2aa424a","block_type":"box","text":"information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with","page_number":146,"box":{"x":70,"y":450,"width":836,"height":12}},{"id":"590f39ba-b74a-425e-bb8c-c749b74eed01","block_type":"box","text":"an unauthorized source or trading upon the information provided. The Funds, BlackRock and their affiliates do not","page_number":146,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"51f671b2-d9ad-4a0c-adc1-ba7ef9c0601d","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":146,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"674aebe7-1329-4ae7-a176-fde43bcf671c","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":146,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"4661e9c8-5498-42d3-be69-df4870300cd0","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable","page_number":146,"box":{"x":70,"y":518,"width":781,"height":11}},{"id":"ed671d75-5475-4943-a03a-90429898d831","block_type":"box","text":"confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s Codes of Ethics — all of","page_number":146,"box":{"x":69,"y":533,"width":805,"height":12}},{"id":"115d66b6-2887-42c5-becc-2b1f82717d4c","block_type":"box","text":"which require persons or entities in possession of Confidential Information to keep such information confidential and","page_number":146,"box":{"x":68,"y":549,"width":834,"height":11}},{"id":"a71d87ba-b6fc-4f45-b506-8316e32a3d6b","block_type":"box","text":"not to trade on such information for their own benefit — the Manager’s compliance personnel under the supervision","page_number":146,"box":{"x":69,"y":564,"width":828,"height":11}},{"id":"758e4e02-192c-431a-8f9c-9f412420b249","block_type":"box","text":"of the Fund’s CCO, monitor the Manager’s securities trading desks to determine whether individuals or firms who","page_number":146,"box":{"x":69,"y":579,"width":807,"height":11}},{"id":"f776db09-0b7d-4eef-b60e-9352f40ba93b","block_type":"box","text":"have received Confidential Information have made any trades on the basis of that information. In addition, the","page_number":146,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"e312bafb-f7c3-43f4-8e02-58396deef70f","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":146,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"7b34872e-c58d-48e6-ab07-85c2cafb1211","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":146,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"68a9c04f-28b9-4b07-a8f8-60e3ea6ec2f6","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":146,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"a27a7694-1aba-4ea5-a842-d71a6bd2c1af","block_type":"box","text":"Portfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":146,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"bcbf4541-963d-4b73-936d-1da2db6ee2a3","block_type":"box","text":"Potential Conflicts of Interest","page_number":146,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"adcf9aab-de68-47c8-8cb5-1dc9392500ce","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":146,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"dd2ef655-f9d6-488e-a715-df71420d4137","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":146,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"1387c060-b230-4f44-b24e-7e184808fdd4","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":146,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"4283b41f-79e6-43ef-b378-0f8dfba01089","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":146,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"e100b53c-3ab2-4964-b579-c6d89624583e","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":146,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"29fc31c1-177e-4323-931e-2e249f50d321","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":146,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"f0472a7c-880c-4c96-8d7b-448bb4240c80","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":146,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"255956c8-39c8-4299-97d8-63b193da5eec","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":146,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"2d0e0a3d-7838-4f8b-9c04-85500895a4d4","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":146,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"4544ebac-bd52-4089-a17e-868205d3f578","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":146,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"f8d0c00a-be65-490b-be00-91ef3c83f88c","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":146,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"f5a1eccf-d1c0-42ab-a651-40fb39676cf5","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":146,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"4762371a-e836-4ffb-996d-127dbf9990d0","block_type":"box","text":"or sold by a Fund.","page_number":146,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"2e91f20e-29ee-4085-af05-7643f8837a0e","block_type":"box","text":"II-89","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd424e4c-74f9-4bcd-93b9-f88dc1d21a18","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bff937f-0e55-4b8d-8f8c-6df7016d9cbe","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":147,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"2d843cc9-4edc-41c3-8b07-01b2a101b031","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":147,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"ae5835bd-1596-4e29-b442-3b833e0a6acc","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":147,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"ea9304b0-1e11-4e7c-a7f9-4aa423cdaa65","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":147,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"d8c21917-4580-4342-9839-e3a5e941c777","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":147,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"9260696b-6fdf-4ab2-bab7-9e224a258ab8","block_type":"box","text":"services provided by BlackRock","page_number":147,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"34ae3a4a-b9f3-48d4-8ada-4b162ab74618","block_type":"box","text":".","page_number":147,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"78cce895-9f1a-4863-a8fa-cab51261456f","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed","page_number":147,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"6e2d1951-1d0b-4031-836a-264c2099ded9","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":147,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"f24dc2eb-6fe9-4415-a3b9-d893efbcf205","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":147,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"4420c702-d648-4dc4-a488-7aadd2496d58","block_type":"box","text":"a Fund invests.","page_number":147,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"069cc21c-b1f9-42a0-afdf-b49fd7b1196b","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":147,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"edb37e5e-6a92-4fb6-924e-8ea5b3919d36","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s performance. Such transactions, particularly in","page_number":147,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"ae95c664-da66-44bc-846d-f73ee26aec20","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":147,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"005c7656-95b5-4c70-b34e-e9a8127acd75","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":147,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"5218ed7f-dcc4-4ce4-9165-9d420153712b","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an identical or","page_number":147,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"3777d701-b28e-4fa5-81e3-57b7405bdbf4","block_type":"box","text":"substantially similar manner as certain Funds are made publicly available on a more timely basis than the applicable","page_number":147,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"d1c71c61-a1b7-4396-9218-63661e5eb0fc","block_type":"box","text":"Fund. In some cases, such portfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":147,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"52199c70-b945-4c93-b02a-5b353a5fd6bf","block_type":"box","text":"possible that a recipient of portfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":147,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"22513983-d0eb-4272-82a8-62f993aa9b75","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":147,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"a004572d-8f7d-4bc0-96aa-6559951ca343","block_type":"box","text":"based on the information received.","page_number":147,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"8aa2c57a-a950-44b5-b765-9ddb8e518ffd","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":147,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"b22dfbae-4c37-48d5-82f2-9d3c2984f7ba","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":147,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"7de1451d-2aed-420c-90b7-43a4f14cef46","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":147,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d7d0e8bf-736d-4031-9225-687fd824be78","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":147,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"343d2e67-faa1-4dff-a6d3-dd51c5665d78","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but","page_number":147,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"b40d5da7-e2bb-4b78-9cad-6812301a3756","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":147,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"05c0377d-2983-4fcd-af72-379552264793","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":147,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"5e955210-7782-4a37-8d08-b2fbcbb536f9","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a portfolio","page_number":147,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"78881223-8a15-4fe0-a454-e608519bdbbb","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":147,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"1a86868d-f181-444d-a8a1-1f12defea26b","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":147,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"57a78b9a-e9ba-4ae3-91be-9e34dfa83c17","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":147,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"988c554e-cb53-4fd3-8e4f-8ba174bd3056","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and","page_number":147,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"8f6c481d-e61c-425a-b2e3-3cedd7ae2d5b","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":147,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"65023a34-472a-44f4-8ff7-6844d82135ea","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":147,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"5d3fc9ad-bada-44e4-bda2-de8b78fc919a","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":147,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"6529253d-a277-41cf-acd7-f9dc33072c54","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":147,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"18dda608-c877-4b0d-9b37-d0335cc6d2e0","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":147,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"55dd70fe-1d76-4097-91c0-de56a5df0655","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":147,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"2d417893-a338-460d-9b88-51673740d9d0","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":147,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"9b3a0cc5-06d5-4bf4-97ef-c5efe2d590d4","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":147,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"491c6121-6554-4812-8cb4-1c7f321d7d8f","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":147,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"bd61ee92-7604-45a8-87ce-d7521ea488d7","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":147,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"7c562ed3-891f-476b-b7aa-b57eff29302b","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":147,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"a1e3e2df-ea93-4dff-b03f-1f1e65e432d4","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":147,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"d230dcd1-8c2a-4f7a-949f-a0f4c38c59ce","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":147,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"81e1307f-3245-4827-98f9-49f1535f8389","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":147,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"2f45e07a-c3a4-40ab-9e40-09746d33ff8b","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":147,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"999f74f9-d394-4598-99b5-e822eb9f26dd","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":147,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"a089305e-0d85-4796-a90d-7bf8e60eac14","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":147,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"27cf88cc-fda4-4019-b10d-7745c8e2996a","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":147,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"251a6c56-9cb1-4709-b86a-48332e1848ce","block_type":"box","text":"Funds.","page_number":147,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"038c3699-40b9-47ed-82e6-3fffee66f844","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":147,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"8865f054-f4df-4895-8aaa-918f2668c25a","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":147,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"f06f5d05-37fa-41d9-b9ef-b8b6adc6740d","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":147,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"f9b7a15f-07eb-4c0f-90aa-1f9994acd158","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":147,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"747b8df6-97a0-4fa5-a220-6dd206c868fd","block_type":"box","text":"II-90","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a4cb5c2-ad55-4ad2-9349-9f8b9b15a2ba","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3008f118-ec7a-4e0f-878a-ec9190c28986","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":148,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"5225c538-7479-4d82-bb94-8612fbbc4d0f","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":148,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"f4f0f7cb-617b-4db5-9b88-c5b2c8aae3d7","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":148,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"3a283fbd-c717-47e8-b9db-d7d20dbcd1e8","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":148,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"27eed9c9-c751-458c-a755-6a313c7746af","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":148,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"f0de3258-c7ba-4991-9d6e-5b0d1f3772ae","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":148,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"ffab1a25-bdaa-4cc3-9ca4-bb346d8714df","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":148,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"02d0c3c3-4c79-4586-90ea-c10920147eba","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":148,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"86abffea-1664-420a-8d1c-6b50d247c591","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":148,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"ffa36342-1ccf-41be-949d-553078d6ac0a","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":148,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"82176d27-1702-4c7f-88a4-a25139533200","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":148,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"2202a4be-7e54-4c34-9d88-2a61c975d46d","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":148,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"7ca4c62a-1520-4b6a-9d35-fb9e44056fd9","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":148,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"2c1c1ac2-0bfd-455d-9768-0df38533b9a1","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":148,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"c2e9d432-0140-43b3-bdbd-0c4d84ccc943","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":148,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"e4b3f827-999f-4dee-ab67-65634f7ca6aa","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":148,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"ac35afbe-c4b0-4e06-85bb-011b40422ffb","block_type":"box","text":"case.","page_number":148,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"f1defe52-c0dd-426c-bc05-48d2998ad4fc","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":148,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"4f618f55-3019-44b4-b551-43d4a6534260","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":148,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"60c114f6-03d3-4bf0-a49c-6e309aa2e719","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":148,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"6e538eb4-023a-497a-9dda-07cdb836f096","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":148,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"5ef5e47d-7f27-435d-9c08-ae0ab60835ce","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":148,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"61df2495-b291-423e-a2f7-aff95e572135","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":148,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"7ce56a88-94d6-4592-b4ff-585973541974","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":148,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"81f5020f-0e57-4054-a110-8a989c48c415","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":148,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"fd89c270-bfda-40a9-9761-07b8e4a20fa0","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":148,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"fead9f08-5d57-4b2f-b3f7-cc4600393606","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":148,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"0da9850d-f167-4893-9b9c-d318165d9d16","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":148,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"5a4ee830-291e-4311-8f2d-51ee6f502a29","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":148,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"79e2d824-bdaf-44c4-aabb-487c379b0f43","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":148,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"9e87e93a-1eb3-4a2c-8e55-a9e852f48b1b","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":148,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"fbb62996-4369-4f25-9bc2-37283d072240","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":148,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"e7339c72-7bde-45d4-ab45-5d5bd03e1719","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":148,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"c216ac42-497a-40cd-b51c-b9385861ba43","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":148,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"418f9fb2-55c5-4a1e-a161-745624e5a8fd","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":148,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"ca7291e7-1017-440e-92f9-620e8f6709d8","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":148,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"e73fd840-723d-4fcf-beaa-148ff0699d8f","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":148,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"92d62029-ab62-4995-a3b5-0441229ca8d7","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":148,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"92b2043b-16ed-408e-ad4c-74247409d8f9","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":148,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"fd785def-92d5-4179-9cea-930497cec888","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":148,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"5a96b2f2-0bfd-4146-a61a-cefc0150b3f1","block_type":"box","text":"managing a Fund.","page_number":148,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"118e3663-9e0e-4d77-b3e4-59e2048ad56f","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":148,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"17ac29b3-f79c-40e6-9a18-649870cedc85","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":148,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"fce7d234-3f82-4ce3-b0fb-90a13f0ea036","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":148,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"ca284add-8341-4731-883d-21c95a0a9a80","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":148,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"f49f258a-5356-4378-a157-fab70e1edd5e","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":148,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"07e5a3ee-9f5e-4151-a174-c00f92e21201","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":148,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"ec9b0adf-2166-42eb-9b50-84fc66f39924","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":148,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"aa9115bc-0c47-486c-b470-6a3053223b62","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":148,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"51fadcc1-2700-4361-8ba8-f6e05b396f0a","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":148,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"564dbb5f-bbc9-45c5-bb4e-c4b88a8c9326","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":148,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"82753522-71d8-4007-b10a-86d0a9b26310","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":148,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"96b132a2-f866-44a6-afd1-b4d477d4abfe","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":148,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"78d39088-b8b9-4d37-92b3-957de292bc2b","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":148,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"90b74535-554e-43bd-a167-fd1a25d51b8a","block_type":"box","text":"II-91","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d879caf-b39f-4673-ba86-284629bc83bf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6848e28b-bbb9-41b4-a008-9c46515cced4","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":149,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"37388eac-e958-4bf2-95bc-d79c09e0d61f","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":149,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"253d4c7d-e057-4cbf-991e-9bc8cb6d9d20","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":149,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"515c66f6-fd36-44b2-9f42-8b667fd13b72","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":149,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"4ecfb24c-4efd-4ec8-a712-02e0d7512a00","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":149,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"9b29592d-fd50-42ee-82c8-a5933dbf7cf2","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":149,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"1e5bc4aa-bc18-467c-80c5-c593babce9bf","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":149,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"d8650295-c58c-42bd-bdf7-c24077bc71c7","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":149,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"f99da9ce-f9ea-4916-94dd-1a14b1cdaf51","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":149,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"dedae1b6-fd88-41fa-b208-e3c1d6968381","block_type":"box","text":"under management for BlackRock.","page_number":149,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"586e7e7f-b02b-410a-becb-14166c2d7b1c","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":149,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"b3efd1ca-bef2-4f93-a360-37463c101405","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":149,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"3e0db06a-c7d3-40c8-ac95-3a65f419babb","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":149,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"1ec9d167-670a-4f9b-9b65-9c2bedb52467","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":149,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"6d44d847-b26f-4a50-93f4-d340814eb24b","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":149,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"3563752d-7934-46a3-a1e3-bece846ea930","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":149,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"ab71fe0b-bddf-445d-a0bb-acbed339a854","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":149,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"364696b3-1fe6-40ca-a984-d96f525c64d0","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":149,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"bedda723-d8e1-45d2-b96e-9991117c0034","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":149,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"78b10391-c84f-447a-b67b-ff9e72f7452b","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":149,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"36c3428c-754c-446d-b51a-d7b81657e713","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":149,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"c16f2cea-4f70-430d-9396-660da6de2cc4","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":149,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"118e9816-b198-4c11-86b2-ababcbada311","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":149,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"fdd37e40-360c-435d-8922-9496bad1447b","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":149,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"fc717a4d-4913-4467-a585-91036952633c","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":149,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"930e89e6-e46a-40c7-8041-61f74111d506","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":149,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"c0f5fccc-7511-4be4-8b61-eec7f666fdbf","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":149,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"cb571187-3b2b-4266-8695-0c9cdd911854","block_type":"box","text":"any such fees or other amounts.","page_number":149,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"ba39e96a-62b7-45cc-bd07-6ae3f8f119f0","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":149,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"622eb5df-92af-48ee-971d-4d32ee94b557","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":149,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"039504bd-e273-429c-aada-4846c082fd29","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":149,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"0887b04e-70c0-422a-a26d-b80f9f912c50","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":149,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"e16c215b-f736-4e08-9845-5a7647ad7d3d","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":149,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"0a74161c-1d38-4635-81b8-9c74d7fed4bc","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":149,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"8b0681b3-9157-4149-953d-5ae4c3bdf59a","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":149,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"a602ed8a-ae92-4702-9ab4-24e27751ffb4","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":149,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"6e85e739-8e22-4a60-908b-ac08c6a56e5c","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":149,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"5041fc94-5665-42ce-9c7a-d9b284ab52d8","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":149,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"4b480212-0a84-45b1-9735-71a281c089a4","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":149,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"fe87043f-d348-42d5-876b-d927a7e4d3e7","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":149,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"89b8deb3-73e3-46e4-914f-8e29b975a3e0","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":149,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"1433b26d-8a8c-4d95-bae9-fdbf35663aba","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":149,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"d8f1566d-13e5-4319-a977-08022924db6f","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":149,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"8d75cd20-e48e-44fd-8769-31c0adc599ea","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":149,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"83bb6d2e-281b-4cd7-8661-e60eec9a1d1d","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":149,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"8820d53f-a5c0-4d1b-acba-d45d993976fb","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":149,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"2cc3ca48-cd66-4152-b005-fce2d559e6c0","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":149,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"bb02d238-bb3a-4438-bdab-f084c1bdfd1a","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":149,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"220273e3-4d48-4384-9516-bb08bc964198","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":149,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"2ab3f068-3323-4288-b3af-1d1f5c8edf94","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":149,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"1b64f264-8b4e-4e58-ae42-329b6ac809c4","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":149,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"e9865531-50a5-4ccb-8ed9-017aba23b92e","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":149,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"284e2bf9-1906-47ba-a9bd-70fe80e51b1c","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":149,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"2d5edc9b-c84b-4a94-a604-e67d01575e60","block_type":"box","text":"II-92","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5f48a724-6822-44dc-8ce3-caf9ac0e7095","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d3c5549-5101-451d-87b8-4d6aa4df1d10","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":150,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"9aaf03e7-91e4-4e46-a290-020049cd0f69","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":150,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"30cbecf0-caf9-4d1a-919f-d00241d2fb8d","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":150,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"ab989425-53e2-448f-aeb5-e2855b555d8d","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":150,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"54a4e922-58fe-464a-9157-32238f12f8db","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":150,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"0d0cf462-4a2f-4ef1-8ae5-3e7a0e2827fc","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":150,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"333ca13a-fdf1-4ebe-a69b-94acd4fd7c4b","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":150,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"23366752-a6d5-4556-befb-f3ffb6eb4c83","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":150,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"f96a2d3a-11b8-48a2-8c4e-b4b06aed69a1","block_type":"box","text":"regulation.","page_number":150,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"422433f4-0f44-4e68-9912-7b7fbddc1555","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":150,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"43442392-46af-4413-98bf-f71d1a8405a1","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":150,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"e61b90ac-8ece-441f-ac4b-68b390feed4f","block_type":"box","text":"various program limits (","page_number":150,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"d45f193b-48ae-4fd1-94c4-a9820bff8d52","block_type":"box","text":"i.e.","page_number":150,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"d42f0ae3-90b0-4305-85e2-1996e50e28d8","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":150,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"acbb0d1f-95fc-4e15-ae0f-75e60aee18fe","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":150,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"a8d9a98b-3b4a-4e07-87b1-de0ea345d590","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":150,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"82411f62-fe07-432f-97a8-d99c6733f36c","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":150,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"721dcd32-626c-415f-8b7f-88d155e4b86a","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":150,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"026a8da3-5846-40f2-b9de-90fab7ecafed","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":150,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"c3268ef3-0bab-4655-ad59-a77b5ccd6592","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":150,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"3978f442-8b5b-4191-9ce4-240169ea48ca","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":150,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"8d99b8b7-538e-41a4-97ef-b45ebac3745b","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":150,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"37d6ca95-f443-4790-bc6b-7c3d05f26184","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":150,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"722dc551-51f6-4694-beac-e80ba4e86d29","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":150,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"62058f30-8a0c-41f6-b569-b2f4271bd17b","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":150,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"769cd722-f485-40d8-b1e4-056a8ef93663","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":150,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"bb6deb22-3cb3-498f-90f3-d67eab91bc1c","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":150,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"fa613d67-edef-47af-a1b6-72847dbbc504","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":150,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"339382a8-25e5-4964-89f3-7bef02bcfe27","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":150,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"333c13ba-bf41-4c44-b1d8-8fb2dd8e0397","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":150,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"a3477c98-5603-44e0-a76e-c3f4099905f3","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":150,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"20e3a1a0-1cf9-4efa-89d8-1bad8fcf858e","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":150,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"7a4459de-e750-4901-8a78-c9cf1e0b23af","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":150,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"1c22d6db-2342-42ff-99ff-c5f3b20da7ef","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":150,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"518bc694-2c7b-4861-9760-427bc8f42f41","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":150,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"99712600-3d1b-4fcf-a5e9-47bafc32a6db","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":150,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"0f7fb1b4-730b-4df4-b718-6d7808dbb806","block_type":"box","text":"than through client commissions.","page_number":150,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"2c07aaec-47ae-4fc4-9d7c-43d2519c3e00","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":150,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"32fc3226-9200-424e-807b-801f74089640","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":150,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"acb777da-94ef-42f9-813a-d16bef35e7c8","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":150,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"2fa90fdb-b4ae-43f7-bb4a-2f73406e16f5","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":150,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"cb68f3de-b20c-4707-b60f-9c5b7d5ac945","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":150,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"8197d7eb-b4e6-40a5-a172-33ce9c7cf0dc","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":150,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"4cf74841-a356-4dfe-aaa4-0595db169a59","block_type":"box","text":"research-oriented software and other services and products.","page_number":150,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"72dd1794-28a5-42ec-bf13-c24c5e508443","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":150,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"38d9b04b-a7d6-42cb-83ee-fd790711b8fd","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":150,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"bae106ef-1833-4649-a221-1ed83b2822c6","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":150,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"b4ed3350-04bf-4a79-a47c-c54ff9e09d6a","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":150,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"e7fa1abf-195a-424c-a3d0-84834b7137d8","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":150,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"666cc68a-4eb8-4b16-882e-af58a0669629","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":150,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"e9fc2cab-985d-40b4-b4b2-c1b0bd111b15","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":150,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"f8bc265c-ee89-48bd-abf4-a69137d53766","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":150,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"dc6e6dd7-edec-4869-b902-b725887e5bbd","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":150,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"b3c8db17-0486-484f-9222-681a43675384","block_type":"box","text":"and services itself.","page_number":150,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"952fe853-0e1c-47c8-a142-cbe9c3320ba7","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":150,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"97c2f8f2-065a-41c3-81c1-25221de5b836","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":150,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"24482386-ee3f-4a3f-acdf-5e5f19b30ab8","block_type":"box","text":"II-93","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"debb6c13-a3ba-49e0-a832-5d79e5370a20","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f76e2d59-9d33-4eb7-9a14-ce9fabf946c7","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":151,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"07510433-97c5-4520-bdbb-81363ea14c47","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":151,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"e2bdf872-518b-4381-a6b1-8ea0068753be","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":151,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"05c8f1bb-564d-4c95-8b9f-8d13d6010ade","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":151,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"49423f33-d889-4650-b27b-5df636d68696","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":151,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"d66cd6a7-717f-4448-8861-76d71a2a3e14","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":151,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"8a475d4b-c4d6-4fb1-b2ab-086483c58c12","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":151,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"2fe8e486-f1c2-46ba-9a83-67ecef0d6c39","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":151,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"0967db8a-4d7b-45e1-b9af-66e27d6b8843","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":151,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"68e0a946-4825-43e0-9210-e1e8e13a31a4","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":151,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"804d25e8-c53b-4734-a6dd-9062c06e0ea9","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":151,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"5d4b993d-4d1e-420a-b940-e93bb8e18c66","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":151,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"84cf1db3-23c9-45b4-8695-4c9f83995dd2","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":151,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"8fba46ad-7b64-437c-ba06-ecbf835d5533","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":151,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"3e6b08ae-40ee-4c22-b719-9b3b35fbd774","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":151,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"440286a2-13b9-4e1a-9c64-63769e6dc5c8","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":151,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"c2203085-29e1-43da-8688-2748a8e66d98","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":151,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"67e59708-f435-44d4-bdf9-3f764bd78e90","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":151,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"3d189b29-80a3-4247-85dd-cd3ce23f0424","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":151,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"3a9b77b7-253f-4911-90e9-c13e3bf103c7","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":151,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"7f32bdee-36df-488d-bea1-96b115cca542","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":151,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"13de77a8-80b8-4dd0-aa2d-020616fa72b0","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":151,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"1f4911d9-7d29-4b92-bdd4-7802dc08fa94","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":151,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"56973ce1-7926-412d-bb2e-425d2ddae2fa","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":151,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"e4148b67-c118-4487-ac02-d0bdb19ff2e4","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":151,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"112aad0d-a374-460f-8ee2-0b931c2e6e4f","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":151,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"14545dc9-1276-473b-8343-ff6647c33688","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":151,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"014a9988-ff2d-468f-a4a2-94d627b26cdf","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":151,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"5e99b6a4-ed17-4024-80b3-f3d3b6ca2683","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":151,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"3a376185-6ecf-4d0d-bcb3-29c7b963a45e","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":151,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"dc6fef22-c9bd-43cf-b9ea-b220f8ca0f7f","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":151,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"e146c357-7aa5-4c55-843a-ae305226c1fc","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":151,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"2be528f0-767f-494d-ba5b-00867381e371","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":151,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"1da858f5-cb6f-4e6c-83be-cac15d33d036","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":151,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"b7458197-9485-49ed-94b4-9dc53c47c6b9","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":151,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"8c5ef138-451e-4580-acd1-d7289d096ebd","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":151,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"69384955-c9f0-4b9a-8d72-eb3b1003f632","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":151,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"7c5e3f48-c3e5-49c9-bb5c-fefeda2533d5","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":151,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"92887faf-6221-44c4-b91d-b01760fed5f6","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":151,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"a6e8ace2-3470-423b-9734-f4c50eaa758a","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":151,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"dc0e5dbd-5178-44b8-a411-6527c15a354d","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":151,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"56601779-153c-4bc2-a42d-6d6a56bc364e","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":151,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"ccb2fd10-a21c-403e-9489-e8d4be6ac321","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":151,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"54b109c4-233c-480b-b364-52999a39ba7f","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":151,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"719169e9-4eee-43cf-ade6-97a47a30ddc5","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":151,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"6e78fc86-7d54-4edf-b156-8e435b1ee01f","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":151,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"9130ca04-85bd-4cde-b1f1-ce44d61921ec","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":151,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"a2d4d30b-9bd4-4921-918b-27e6fc737617","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":151,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"5ed8b749-d4a8-45b8-aacb-05023ec041e8","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":151,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"13270ce0-94f4-4a91-9edb-8ee546ff42af","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":151,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"bfd645ab-66a5-4679-9501-fa24b3d11b32","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":151,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"d46fdf77-d19b-44fe-a3aa-46af26320f04","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":151,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"12d511c3-dffb-426d-9301-a0958bc561f0","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":151,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"05912a1f-0df7-46fc-99c8-13856f09744d","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":151,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"d5dbf749-0ec8-476d-8c11-ca618f1aa68f","block_type":"box","text":"II-94","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"49941e19-d7df-4b9a-82f1-ffda3fe57368","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6e7b938-4e3e-4315-9994-b5839d4723d1","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":152,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"db15545a-2114-4d3d-8529-b0365ec2b05c","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":152,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"6905bdb0-6715-4ead-9e4b-6ca542129a69","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":152,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"eee3f354-df19-47cf-afb8-9df3f69654e9","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":152,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"c64f6054-d2df-4119-b3be-ff1928033289","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":152,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"bea397e2-29e3-42dd-846e-b4b1f5b94c75","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":152,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"6b79eb2b-ec86-42e7-b541-3bc2a69090f9","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":152,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"314725ab-7e9d-48c5-8655-86bc4b7b5ff7","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":152,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"cdb86388-54a4-4647-8a4e-dcb866356ccc","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":152,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"d8292b3f-6505-4dba-ae56-8794e7537e5c","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":152,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"097cb329-9535-4ebc-a40c-2bd483e0c242","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":152,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"da7ad38d-bf86-409e-8e66-d25fd9e2def4","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":152,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"adbcaefe-d49c-49b2-ba13-c389f539156d","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":152,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"f1a891e4-c67a-4d4b-b43f-b55e9235f708","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":152,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"e5a283ae-4839-49d5-86be-ad360429a1b1","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":152,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"cd6fa9f4-4855-4e51-9d8e-3e6f2562eff9","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":152,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"f198c6f3-5973-4302-8831-af4034a9c0ba","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":152,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"8c88a50b-e004-4612-aee9-af1f1b8d879d","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":152,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"7a0fc162-739f-4ed6-92cc-f50e1814b5f5","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":152,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"6732cacc-8275-4be6-85b2-fad291a4e061","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":152,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"33c52b5a-ae6c-442b-9aeb-47525acb8204","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":152,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"0c1404f6-cfd1-4ede-83b4-2880d91e0e32","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":152,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"63830a10-f9d2-4f28-8e2f-d795d4214d13","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":152,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"49adaa38-fb25-491a-b93e-c92b587fddad","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":152,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"011d3ef9-ee17-4626-9b5e-7b42f87fec4c","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":152,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"ed57d4a4-30ab-41e4-9031-1a947bfc81ea","block_type":"box","text":"some additional expenses.","page_number":152,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"915658db-f5bd-4973-899c-152f8fdbc03b","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":152,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"1b073f25-05ce-44a0-aa55-fe935176f461","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":152,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"aa9aca6e-5d1c-4e27-a372-fc8a0e645b97","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":152,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"1d2c9dcd-b841-417f-bf53-bec311bd3795","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":152,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"a705bbdc-a0b6-4db6-b695-72c5f5e2e811","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":152,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"0086456f-6e1c-4f49-a821-f92ba3a0f1f1","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":152,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"c788954b-541b-43a8-bf3e-1c6483fe25fe","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":152,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"f11bcb62-e947-4caf-a7d0-7ef4005aed63","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":152,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"1ca2f7be-80ee-42d6-a6c5-e935221b64b1","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":152,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"24df51f6-889e-4a19-a3f8-d0c51393efc9","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":152,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"c5458d52-bc2b-4301-b6b0-3eb73d4dd5bc","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":152,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"ee72777d-c6e3-462c-94f0-92492699118f","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":152,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"49fc3999-225d-4e18-b8dd-3382eb8ff283","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":152,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"22227da0-d23d-4332-aec3-a3e067ee82dc","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":152,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"4194335c-511a-460e-ab63-527f4d26539f","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":152,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"ef361154-754f-40aa-9dca-916cde6de76e","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":152,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"e2b80d76-d46c-4207-a78f-a9fcbd8c5a8d","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":152,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"0277e2cd-3565-4649-baf1-84c670a5b9d4","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":152,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"18ebcdee-520f-479c-a5c3-e73353543b64","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":152,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"940e60a0-8997-446c-8099-16cc4dfc3fd3","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":152,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"d1f1d2d4-21a1-4df7-93ac-0ba944a15f57","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":152,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"19e9419e-43a9-484b-a13f-14ee978e999f","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":152,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"24735bb0-f2e2-4708-9387-512b6c32a5a7","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":152,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"ec68fb4d-b791-4ddf-842f-95e1ab7a1a1a","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":152,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"901bc49e-749d-417a-8339-141e2dd8ed91","block_type":"box","text":"of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":152,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"16892029-e56d-4bb7-87d0-b4a6261020ae","block_type":"box","text":"company (","page_number":152,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"e3e830d4-efb7-418d-b12e-f3e3e0a226ef","block_type":"box","text":"e.g.","page_number":152,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"11dd08da-7921-4956-ae97-c3753968df58","block_type":"box","text":", in connection with participation in a creditors’ committee). Similar situations could arise if personnel","page_number":152,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"2aa8a016-2f58-46ec-b78b-ace3c05af08f","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":152,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"14f467d0-5254-4b46-911a-261cea9c0940","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":152,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b3bec36c-4ef3-4737-8bef-a45cf395834a","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":152,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"ffe051dc-f036-4400-b8e8-fe4f40a141c7","block_type":"box","text":"II-95","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dcc5397e-1b5c-4822-828f-119f9725e45f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6bdea490-b0a3-442e-ae52-0b2316992403","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":153,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"8b830187-91de-4647-921b-2e24111feec8","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":153,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"eac0eafc-bd5d-4d15-83ff-f7d111394e63","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":153,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"2350acbd-bf94-431d-8bcb-ac70e48d2036","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":153,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"829f2794-877a-4a31-9746-5af20044c17b","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":153,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"4b0175da-c87e-4076-b2eb-456003d851b4","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":153,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"c1e57fc0-0cc8-4acc-9311-d1c4cb1fb415","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":153,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"8a8eba6c-c21e-458f-8de9-5d2e1d24416c","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":153,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"1acabb41-e089-486f-818e-b97ee80c1a6d","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":153,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"6ecb950b-42bb-4ec1-bc0b-5accd859e4b8","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":153,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"b222847c-37d2-4625-8d5a-f44d197ee397","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":153,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"4881d64e-96d2-467b-ab84-2921151cad15","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":153,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"b24f4b77-9cfa-46ef-842b-ea8d234386fa","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":153,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"10f0f911-7248-44d9-9513-f7e8ba15a6f3","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":153,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"40a7a45f-404e-4093-9e78-eef9ece11d79","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":153,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"a8700d0f-c0c1-4d9f-a8e0-35c36550550d","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":153,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"341c216e-1b71-4b33-ae60-16eed68d4446","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":153,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"64bd432f-0844-4d56-b575-2ef2afbd924a","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":153,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"c51d7c59-99de-4a61-90dc-c5a9ca8fb747","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":153,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"21646f0e-6ede-411d-b3c6-8a9adc06ab66","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":153,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"cca51027-42ed-4f27-abbc-5189f105e810","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":153,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"c7774a31-4c7e-45d1-a43c-834750acdd3b","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":153,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"1f0d4b58-aab8-407c-bbd6-db0270ac2050","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":153,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"b5e93263-1e67-4d4e-b3ca-9f1259bdddd0","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":153,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"74c9ffa2-b4e7-4542-bf67-9a95587a77ae","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":153,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"57f071f2-4d75-425a-ba0f-c7f7089c242c","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":153,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"004d00e8-9c63-4127-b55f-770431778958","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":153,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"1683615c-c29d-46dd-92d6-fe811d7589e5","block_type":"box","text":"a barrier.","page_number":153,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"22df156d-a7aa-4062-9881-280b49f708c9","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":153,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"e0c05211-4445-4d41-bf52-14025882b2f3","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":153,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"53fa5ed8-6ed7-4723-99d4-d39600b13327","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":153,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"ec36ac74-5d2a-4f55-9d6e-cd711b8b636c","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":153,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"559fdf18-4b89-4f53-b4cf-8697aafd2b67","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":153,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"eedf466b-0b73-4142-bc0b-cf1fa8e563e3","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":153,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"ff7709c1-3bd7-4cd2-97b7-2901686df445","block_type":"box","text":"that operate in certain industries (","page_number":153,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"5edf72fa-e744-4beb-8f77-0e35494d43ac","block_type":"box","text":"e.g.","page_number":153,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"3e88b8cb-0079-4e39-9014-931085461053","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":153,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"46bda078-6ea2-423c-ada7-a220c71adbe5","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":153,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"ebe95899-ee55-444d-a925-72baaf42b876","block_type":"box","text":"e.g.","page_number":153,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"33a5a77e-6d5d-4285-8d96-503d53faa990","block_type":"box","text":", with mechanisms such as poison pills","page_number":153,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"02e420f7-6c85-4a06-8f9b-91086075eae5","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":153,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"55ce9325-1ab0-4ecf-8e3b-61b93df04b8c","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":153,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"e1987501-012d-4dcf-bf2f-93daa164b352","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":153,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"66da6a67-a531-4b06-989d-98040329b838","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":153,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"5223c218-7f99-402b-b968-181633f7067e","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":153,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"e0fc2d3e-91d6-4986-b0a4-81bfbaae6a63","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":153,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"1338179a-37ed-45a0-9c90-ac9924396b49","block_type":"box","text":"seek to make indirect investments (","page_number":153,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"9166c264-316e-4b60-aa9f-c9eff74cad8e","block_type":"box","text":"e.g.","page_number":153,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"1a08b977-a1db-4305-89d5-c99b7edd857a","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":153,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"0de55c09-8e6a-41c4-885f-2f59330b504f","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":153,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"0eeee3ab-a2a3-461d-8338-9ed287d934a0","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":153,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"36522e22-1fd8-468e-b00a-24a0bae7e836","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":153,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"50ee55a1-e081-471f-9728-b7f515db133f","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":153,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"a7bfbe21-f5cf-486f-85a1-8dfebcf543c1","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":153,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"09294489-32ce-46db-969d-dedd18eca539","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":153,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"b96d0e5d-3dd5-47cf-aebd-3d2f21c236b3","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":153,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"a1600fbc-9883-41c3-ad3e-51887a3480b8","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":153,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"3c152959-d51f-4bb3-8612-eeb29b8d71f8","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":153,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"015e628d-7c88-4bdf-b9f9-cd261a3dc0ec","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":153,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"1b1a96a5-b2ac-4268-8dbc-16b9bc0ffa13","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":153,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"98ceb1d8-c256-44e3-9f97-0be6e008d7e1","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":153,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"8c6b6169-e151-43e4-9972-c3da98c911af","block_type":"box","text":"II-96","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e78be7a8-be86-4c43-a66b-3132e4f7e22c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8dea5add-046d-4376-8289-9f735e77806e","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":154,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"ae6bb7d3-5a34-4e37-aa66-421708e7e2ff","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":154,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"7cd990bb-b1ca-4861-8894-d16fdc75e188","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":154,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"9796bfa7-7f3c-4c24-9dc2-ddee838e6aeb","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":154,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"7fff375e-d01a-4ac4-a167-e25dea6629b1","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":154,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"f72a78eb-7d01-4e05-91a7-7edfd14f75e1","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":154,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"9079d900-eb16-4f12-8410-0dabdfb0cd52","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":154,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"21ab78cb-1cf5-42b0-bbff-c412173bfefc","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":154,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"af046b2d-f128-4d36-a092-b187c2098b72","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":154,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"fe791f60-2115-4d83-9052-b98647a95d96","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":154,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"6b0d62a7-25f7-49bd-bcac-d979d41404c0","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":154,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"6cf17b2e-0b78-4ea5-8368-ac7f66bc4342","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":154,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"25b58e88-7adb-43b6-bf75-656301897887","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":154,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"d34fc4d5-d983-4f66-8b79-4a8b7ecb3e09","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":154,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"a391fd91-78ae-4abf-82f4-d1e3a79453e7","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":154,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"60d1f263-b233-4b49-9947-bdfcb9cf4ee5","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":154,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"46beb790-17dd-4ac0-841e-bfacf7888769","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":154,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"7c240489-47ef-4d39-9e85-53fd9de7bf96","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":154,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"121bda16-0419-4c7c-8115-e1bd2c25b399","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":154,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"789cd07a-f70d-4705-b9b9-443e86189337","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":154,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"4706311e-22c5-49f9-a676-fd0b5851ab8b","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":154,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"b87eb803-773e-4ffb-bd3a-23ff37fcd87e","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":154,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"910b7d30-28c9-4e9b-b41f-656d5bcfcb11","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":154,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"f7d5a404-1bc7-4e20-ae83-12abcb59ecf6","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":154,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"5d3772e5-d920-42d3-b06c-5f98d8a52c73","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":154,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"91734d65-2719-4d51-8670-cb8cbc30f877","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":154,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"bb851c56-ade3-4f5e-864a-019b94af18d1","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":154,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"96da39e6-655a-4a8b-b594-bb966e78778d","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":154,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"67d8447d-7973-4076-915e-6115f20f2778","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":154,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"6928bea0-36c2-489c-86fd-ae11552d1140","block_type":"box","text":"strategy with respect to such security or asset.","page_number":154,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"b4873f25-af24-4290-8f29-1801eae7f231","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":154,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"9910c60c-2e61-4c29-9b0c-edb6ae118672","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":154,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"2b8d0178-fa93-463b-bbac-05d547771ac1","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":154,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"bac8afc7-3222-4e51-b237-343f3c884d56","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":154,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"d51466eb-c2b2-474f-b96d-da226adcd9f3","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":154,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"3922a11d-7cb7-4b99-93e7-38bdf53f6c15","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":154,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"c560b676-60c7-4f2e-8dfd-2fbf8b257028","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":154,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"8841f55c-c29a-47d2-a2c6-4db9edbc84b5","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":154,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"9db69d6b-48fa-4540-900a-5bcb37e6037f","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":154,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"4153e62c-3f2c-471f-87d9-aa9fd7b5b8c9","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":154,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"531db2d0-37f5-4305-a3f3-afef849a8fa3","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":154,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"351d45ef-1969-4ae7-a9c8-b5ed00670f6b","block_type":"box","text":"e.g.","page_number":154,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"47e102df-163f-4def-acea-e6697d0ed0ea","block_type":"box","text":", custodians,","page_number":154,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"6d146daa-25f1-4181-86da-140091ea4e0c","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":154,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"3c8fdc0d-cb1f-44e2-8ffd-1b20630d7f45","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":154,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"d0b04d35-68a1-43c4-af51-99688fdc003f","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":154,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"a02e193d-37ff-4bac-9c48-9c8027c639a4","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":154,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"f61000c7-9730-4045-af1d-6e33e8afb927","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":154,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"bd883312-5812-4361-b115-f0b012d27c03","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":154,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"9d68e006-446b-4eb1-ae38-f82af10de8ba","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":154,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"5dfea699-0b82-4cf3-a86b-68e61f15f5c8","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":154,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"d119b78a-cac4-4e24-91f2-3e7feb491c80","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":154,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"36dd7b48-277e-4788-bbcb-9c59d1f9cc26","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":154,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"98759946-0c3b-4b57-9cd9-a80d55ac059d","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":154,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"d3ec3dd2-a621-47fe-b572-1cf3b04bd5de","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":154,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"be455633-659f-482a-a05e-cfb9782e55ab","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":154,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"6471c2da-44c5-4b67-9b31-15ae9f474b93","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":154,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"0a434224-6c99-4b22-8a05-22bd7a7261af","block_type":"box","text":"II-97","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f88e70e-7eaa-4a1c-a42c-67155950d804","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"431c5677-9400-47c1-89cf-59e540f82762","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":155,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"c4b96a8f-4e98-4bc6-b3ab-f459a43ab210","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":155,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"d1dd8738-37c2-43c4-827c-57cf60e62a8d","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":155,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"f966fdeb-f02f-4d70-bddf-8d71d5792a36","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":155,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"031a1a66-4904-4fcb-a5d7-6e54a16fce98","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":155,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"4369cad8-60e1-4404-b51f-c999d136b313","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":155,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"059795e2-a841-481d-b2bb-37243c0b9018","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":155,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"551c7eb0-40de-4fea-b1a1-e7354920098d","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":155,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"016a702d-ef34-4482-be37-4aff159afe3f","block_type":"box","text":"provider.","page_number":155,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"8795cf5f-df73-430e-a26f-77e7593be6c5","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":155,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"fc3b25e5-b7c8-4f00-84df-4dd08daac5fa","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":155,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"e549a325-4ea8-44ba-af08-9d14173af2c9","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":155,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"cb139921-8f1a-433f-a523-5405ffb2c54e","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":155,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"c9f316d4-fa58-4e25-a13f-75d97a02672e","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":155,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"306eb2dd-220a-471f-b907-e188837c03ec","block_type":"box","text":"PURCHASE OF SHARES","page_number":155,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"bb91781b-6fd5-4f55-ac7a-7d4e60d527c7","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":155,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"a897058a-5426-4370-bdba-75b7e5a1be97","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":155,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"5cdcb4ea-3fee-44ad-8f99-9314da4f8cc8","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":155,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"f2850491-f4c2-4fb9-adc9-b00943ea101d","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":155,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"52277269-2d62-4729-a849-c88588839acc","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":155,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"88f664a3-3a3e-4a36-b053-1f2063dfb501","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":155,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"3feca268-655a-457d-aea6-79a4db565d6d","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":155,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"73bbed9f-4152-4958-95a3-c2a33c4d48cc","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":155,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"26caade3-03b2-46d1-9360-fe0eda3cf902","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":155,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"5553e64a-12de-466e-be1c-eea1e735a84d","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":155,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"31b35273-efbd-4f2d-9978-10d8a7cd9939","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":155,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"56da208b-fd87-404e-9a1d-62958dcf40b4","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":155,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"0c29e590-21b8-4634-bc4f-9779b0896bca","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":155,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"454604e2-11be-4d8e-83b0-ebe8910f134c","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":155,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"cf1d60a4-ec67-4df8-8f5f-b8d5251f8a28","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":155,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"bce2600c-8122-4cad-a2d3-5b8526391ec7","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":155,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"0cc5bb04-714b-45ac-b29c-10dd85370bef","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":155,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"cdaebd9a-7f3b-442f-a410-2413e0bede1a","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":155,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"6b92d2c6-cb3e-4ea9-8423-2c4f77e021f3","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":155,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"b46750dc-77a6-47e7-b60d-290a1fd01a75","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":155,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"3ba90d7c-7e27-4371-8303-6e0514fdee97","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":155,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"35a556fa-d4da-4444-a98c-4da13038dec2","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":155,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"0ae95af9-7609-4418-be83-cc36b21d4670","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":155,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"57c90134-3ec9-4280-910f-6981f2fa5a6d","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":155,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"df4f483f-d84c-4fc0-aa82-282cbd719e7d","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":155,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"a3094a38-b1ff-4a01-a91e-8f13106f7208","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":155,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"84ab054a-09dc-41e6-9ea2-1b31d53fb43f","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":155,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"d4c35e16-7bc3-4a3f-92cc-a84ca2c0858f","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":155,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"5d0dd523-43a9-4845-92aa-d2ebb4fbc3d7","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":155,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"c1e0f675-c05f-4bb9-9353-9e77261359aa","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":155,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"e331e72e-bb13-4cca-92b9-e9b853bc6dda","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":155,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"a1c4a6ab-e0d5-46e0-8733-050724aacd55","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":155,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"2a0966fb-7829-497f-98aa-ed66b446b8d6","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":155,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"15e36203-f5d2-4b37-a394-2244db801270","block_type":"box","text":"investment is $25.","page_number":155,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"a6313668-f3a5-42d2-b6f3-4b3a86061601","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":155,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"12bea40f-47c9-46de-bede-507a7b129767","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":155,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"82e23f6d-783e-4538-9e07-1812ad2648b6","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":155,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"4d8b83eb-3610-4fac-9110-36f8577d365d","block_type":"box","text":"II-98","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfc4f311-d73e-43e4-bfe6-b7dda683fcec","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a4ad945-edb5-4b64-8ed4-9df9306d3b8c","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":156,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"eb3ff76d-3505-4076-ac31-0b327862ef14","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":156,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"e5343d58-3d25-4fe8-aff7-7170e1e844a3","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":156,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"8e190a93-36d0-4d5d-b68d-20b063b018b6","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":156,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"57c5bfba-3e26-48f3-908f-fe47ce888dc3","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":156,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"0c503756-e0db-4dd3-bc0d-7934ed363bc7","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":156,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"ebf53e78-a393-4b22-b9d3-47e86869ab6e","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":156,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"4ceb1332-52b5-4278-927c-f8e80e71f803","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":156,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"dee12e1d-ab52-46a2-badc-93fa4abe84a9","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":156,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"7280b33f-c05a-4a65-866f-601fd386540f","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":156,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"59645875-8127-4d74-99c9-7de887c43829","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":156,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"f99a8338-bb05-4c4a-aa68-8ba6087a1382","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":156,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"aeab691e-d0da-4b75-80d1-48aa8569a029","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":156,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"3f2cb8ca-4828-4c0c-80f0-988a29852912","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":156,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"d859d1ce-5e61-4d46-b206-1ae3f866ece2","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":156,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"50866769-a8a5-49b0-81b7-c010d7ee54e8","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":156,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"ab3074c7-8a11-4972-8008-16e7de8bb58d","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":156,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"1dd91105-6a10-4cc8-9a66-2be643e3b1be","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":156,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"82fdd337-3aaf-4acc-9e40-af7ebc297bdd","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":156,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"5a30a3a5-092a-4b5e-801e-03658484f280","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":156,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"1c8946cd-bab8-466d-bbd4-8072e4f3445e","block_type":"box","text":"adviser.","page_number":156,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"28662cf2-e8e6-4790-b6da-f6f83f71fe41","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":156,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"228526e6-bb0b-46ef-b528-8b3f0a503ffb","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":156,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"59a4052d-e428-4d27-ae3c-c36692c05eb8","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":156,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"e0034f25-47d5-4865-8551-573a65dae066","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":156,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"630c3bea-a703-4a00-9f39-298702640c5f","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":156,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"e7e2125c-6a3b-4828-a7aa-fafdeadccd27","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":156,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"b94757d3-6cd0-403e-a836-26ac2e87959a","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":156,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"3e73e0ee-e24a-495b-80af-21aa122c831d","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":156,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"db6eef0c-459a-416e-ab75-97f5d25b556b","block_type":"box","text":"also be restricted from making additional investments.","page_number":156,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"8dfd3786-cba5-4d73-9b4c-34f47d632cf7","block_type":"box","text":"In-Kind Purchases","page_number":156,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"ea7e9991-a4bb-49cf-bc5a-e40f1405b7b4","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":156,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"3bc0b390-3089-4f5e-8d06-d40ca5d56d78","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":156,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"fb7857c6-429e-4136-91be-09c91afa3d3f","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":156,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"e24a4dd5-ba08-40b3-b335-d64554330ca4","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":156,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"3003e4ad-685f-4531-bc4c-a18c9049597b","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":156,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"b88d1a60-1bca-487d-be4c-3eefc4c95e2c","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":156,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"77cc52a0-3a18-4106-baac-c00273123649","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":156,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"6532d24d-ee5d-4804-8b60-92b22c892d39","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":156,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"7f047822-76fe-406a-85f9-1ccb06a44e65","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":156,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"f24ce41b-f7b1-42c0-a4e3-e72814e42e11","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":156,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"72759451-759e-4a1d-bbfa-9e272442331d","block_type":"box","text":"has settled.","page_number":156,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"06821a68-0341-4fdc-89e4-3acbdd95ea19","block_type":"box","text":"Institutional Shares","page_number":156,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"b280bccf-4dc5-4df2-901e-6ec0b0347f1b","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":156,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"2b0c0f02-aa4c-48b4-bd89-4bb02b40c5fd","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":156,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"877a4c33-70b6-4547-9602-2db9fbc70bcc","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":156,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"3401e198-10a2-421b-bde3-897f8ec56a74","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":156,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"fedd8420-f632-41a9-bceb-fb2338075b4c","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":156,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"5128c83f-2b4d-4d19-a25d-8ac13b376630","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":156,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"4b17ed92-b17f-4c97-9c34-52d2a27c7b54","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":156,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"9d63485b-2c1e-4cdb-b68e-ce442ff982a0","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":156,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"ad12b369-994a-4daf-a479-afd498910376","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":156,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"464de97c-bfb5-472b-862e-4fe5bdcd86e8","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":156,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"c661c142-958b-4005-ae36-2e474a080034","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":156,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"52aae46e-b24f-4bbb-bdb3-8c6487ec4734","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":156,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"b89180b1-1b39-4cdb-a720-e45213338729","block_type":"box","text":"II-99","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dac76fa6-e41b-4af1-82b2-bb6b221a4f1a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"369683e4-3d38-456d-b085-15eb041846bc","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":157,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"93b4fd63-819a-4cef-9564-43ebd6a9ef4e","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":157,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"baf9abb1-b273-4e0e-be7c-f5bd0cead643","block_type":"box","text":"these fees and conditions.","page_number":157,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"83183f99-bf95-4c40-a195-f8b84f64b35a","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":157,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"cc8bf0cb-7e38-4e0f-a262-e948f30c1aab","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":157,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"3efafe52-2ac7-45e7-b6f3-a5bf5e51817b","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":157,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"18aa1862-7aef-4a34-953e-3caa8815dd29","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":157,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"8ec903da-e703-4922-a2e5-55d2ac445ea8","block_type":"box","text":"incurred by the Fund.","page_number":157,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"756a135d-a133-41fc-a5d2-50dbb32659b4","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":157,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"c1bcf787-e8fe-4653-8ace-f0c956e85fe2","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":157,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"499411b6-4f0b-4096-aef0-d4bd7ef2adef","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":157,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"74118436-f6eb-4777-a461-d07571d95a80","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":157,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"f45c2152-0828-48cb-981b-390c7834537c","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":157,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"efe9cf56-3acb-44d9-a933-4e1fea28b136","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":157,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"b6eeb311-7eb2-4b29-9730-f4c2b22e97ef","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":157,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"e6553b0f-fc51-44c2-a601-0c7caefe33cf","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":157,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"0f5d8ffd-f42a-4fae-8269-b5553bb7919e","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":157,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"b1637eec-7762-4027-8aea-8b70132680c1","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":157,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"6561e532-1029-42cd-91f3-c3bf64c54fbe","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":157,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"62ee6d6c-7fb8-4a34-9a0f-d7b85756ffd8","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":157,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"3d3932df-ca0f-4e0e-a22b-144ab976be33","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":157,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"f07d2307-9f1f-44d4-b4eb-2822bf6a32a5","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":157,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"aee5bdd9-1327-4933-99f4-cf18de8835d7","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":157,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"8d451886-4993-4e27-9737-465e182bcf9f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":157,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"deb642d6-2519-4036-9149-c9f28fd6a45a","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":157,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"e3aba318-1ffc-4577-a6b8-56ad0074d66c","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":157,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"4e325f90-6bd5-4b5f-bb86-3d375edfc956","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":157,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"eff9c771-e0a7-4f13-a253-7fb8b430e1d2","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":157,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"dd8080d3-6211-4785-9adf-2da6b31ca4a9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":157,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"1cb65b3e-2ed9-446f-b186-e6d0d1ea2f14","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":157,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"1eeefeca-b93d-4ff2-899a-ff32a5b08507","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":157,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"a34644c3-08bc-40cb-9ceb-88d41470faf6","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":157,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"c8164617-ffe9-41ef-b121-d46aa4fab610","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":157,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"7c60c5d6-f6a3-4d08-817b-b7de6acac08a","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":157,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"16cffd2b-b443-42d1-ba64-d48108a83a83","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":157,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"3c34cb72-bbc1-439a-8b67-2cd7be914a83","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":157,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"3d78499f-2c31-47d9-b83b-88bd0e8904ee","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":157,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"ac1f2b9f-abdf-42b4-9942-08c02f7ef131","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":157,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"5c85a4b3-d1f3-4820-9262-7115d3d67b70","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":157,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"0b1f1e92-b6d0-4ab0-a45e-71777ea0703d","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":157,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"2c0574b2-8d64-4bdc-bd45-8e55098c3276","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":157,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"1fedcd02-c380-41d7-9935-c967e7d7c38e","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":157,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"8ec8f8b8-d98f-4b13-a974-8aac585266c2","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":157,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"ac21a033-3e30-425b-8dd1-a13943c3a1fb","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":157,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"0835b349-8e30-4e53-8e51-fb5a6ea2a17e","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":157,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"4228d99d-6ecc-4881-b1ac-7f8bbbbec07c","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":157,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"5782cec8-46f9-4680-9e2a-bf4d4062f2c5","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":157,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"10ea0920-4394-4cff-9617-9d9ad57b9323","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":157,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"38b73413-e851-4f6e-a9c9-77e9b671143d","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":157,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"069cdc19-3a18-42e0-a341-55fe541b774a","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":157,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"1666a12c-2b37-4766-a347-08f86909a61f","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":157,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"aea31902-6db9-4f41-b881-f134ed028f52","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":157,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"7f7b88f1-ef0a-4255-9e04-f76778f2f96b","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":157,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"91b0d7b6-d0f4-4878-a3b0-f2dc4456571e","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":157,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"6116b7db-3e20-4a99-bf9c-f1cb7657c788","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":157,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"6f40642b-f638-4765-b7b9-df787f98e2c9","block_type":"box","text":"II-100","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"95ff3663-0178-4282-94b9-e418d05ce1db","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73b75e1a-981f-4276-8856-f2f948e392ce","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":158,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"7f92ff65-33a6-4e86-bcfb-596256431e98","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":158,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"e2584a0d-534d-4e5f-896c-a6a5947aefed","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":158,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"94b6e647-2829-40f0-8aff-18ed997e539d","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":158,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"f921ed64-9947-4584-b363-68f225faa17c","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":158,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"7a6c7179-dec7-46e2-9922-94937c455664","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":158,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"f2d6a892-36f2-472a-873a-d7c6fa8551ba","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":158,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"e6cda97f-d08f-4c23-aafe-abd7869cb1eb","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"b4f5711f-f907-42be-9b9e-60f76f8ddd4a","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":158,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"dc93f200-b7bb-47be-990c-dcb7cb622224","block_type":"box","text":"periods indicated.","page_number":158,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"edc43a31-6382-4921-bc7a-d956a16173ab","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":158,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"77e4588f-8744-495c-a487-9821a5ab9487","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":158,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"7443de9b-3a6c-43ed-b70f-47bc700e62bd","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":158,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"ce802657-e13e-4e5a-8867-695c0863a532","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":158,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"4de33f72-c88b-4e30-9c41-de6aa06b1598","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":158,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"c3fbb18c-8df5-49d7-adcf-352b985f797f","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":158,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"c5ba120a-8759-4ec9-8065-e3a91c1ec000","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":158,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"c58e6e8e-5024-4fa8-8aea-b5dcda0b17f7","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":158,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"c9195737-71ef-40b3-9565-31f35f566586","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":158,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"455876c8-b689-407f-a684-c01836296665","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":158,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"1ba98c1c-89b2-4e6b-a2fd-bf77388093e1","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"56e73cd3-c3d3-4aa2-9586-2a8cded59a81","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":158,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"a9c0d7ec-37a7-4523-9765-d9f60996d7f3","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":158,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"f686c9b3-ee03-4f3a-b219-015937bda538","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":158,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"9028e726-d759-440e-a2a4-77e1072e9330","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":158,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"7901064b-18ee-4bc5-a393-a79e5ca8cba2","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":158,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"a8483e63-de96-4fa4-ba38-9ed92aaeda20","block_type":"box","text":"Reduced Initial Sales Charges","page_number":158,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"4d52e5b6-230e-4248-a061-82a0cae8c6d8","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":158,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"f382f536-b7c5-4891-8133-6b33b7954cd6","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":158,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"3c8a35cf-24eb-47ed-9f46-b19cc3621779","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":158,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"7bde00d0-145e-4d90-a2c0-90bd1bce5be9","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":158,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"de7e691c-81d7-42f8-ad77-d141fc9738d5","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":158,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"c2b74a70-1a16-4d75-ba35-0276818c9e2e","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":158,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"5a25178b-2f4b-4453-aa7d-8b9c8ed0350a","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":158,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"00b0d048-26e1-442e-abbb-5c8a94786775","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":158,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"83aaa2b3-2109-4b8b-9cfb-109c65b0f485","block_type":"box","text":"Reinvested Dividends.","page_number":158,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"3efb7645-2980-4559-af90-9f216ada9cc6","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":158,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"0fa4234c-146a-4cf3-8adf-5995e2e1da5a","block_type":"box","text":"reinvestment of dividends.","page_number":158,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"a53be9c7-1511-4589-9bf6-a8e10c0e8aa7","block_type":"box","text":"Right of Accumulation.","page_number":158,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"2586fd57-6890-413a-8e0d-acdfa3024c58","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":158,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"9d8e038e-8242-4355-a1c3-4fabe15aff63","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":158,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"8b407fca-829a-44bf-b566-1bca3438e42a","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":158,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"c837d373-30d8-4808-8c62-71fb0ec08995","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":158,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"236ebccd-ebb7-4ff3-a107-6ce0d0cef891","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":158,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"d32b10e5-05eb-4611-bcb6-2dc261c934aa","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":158,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"64f480e8-8bd5-4ef1-8dc6-e635ef9835c4","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":158,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"e28d2d83-1b16-4d4d-a058-605ed9da49e6","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":158,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"957546ca-e50c-4858-b855-df7183ae6307","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":158,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"36f96d5e-b60b-4c6f-8354-ed7ca58b3092","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":158,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"f6deff28-1f16-4fcf-a26a-bc60189b8975","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":158,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"4586364e-438d-4916-82ba-afb8c7b4b0c4","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":158,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"ce191874-560d-454d-9a59-f1274aff2359","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":158,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"08ace804-c2ee-4f11-9af4-686e0d2ba5b5","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":158,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"a385a082-7353-4e24-8911-7785f096dc83","block_type":"box","text":"II-101","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"453d1dec-32c1-43a9-b221-bc691ab43ce8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cad71bb0-47ee-4fff-8f9c-9488c1bb2c79","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":159,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"818f1b06-15af-4336-95d6-74db66378336","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":159,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"1217b164-1413-4a0d-a3ba-79614ec3d903","block_type":"box","text":"Letter of Intent.","page_number":159,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"c7cbb228-d69f-465e-b686-c851fe1cc4f3","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":159,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"9fe6eb60-5b2f-4f38-b6c1-a99767295ba6","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":159,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"d6cac1f7-8d61-4321-84bd-f66863e829b2","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":159,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"e01a99dd-c9b1-4b21-aee7-6c1b2ad326c7","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":159,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"fd38ee23-4743-46af-88dd-bdd0b02ed347","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":159,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"1af4a2ac-e98c-462d-a257-0718baa499f7","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":159,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"be9406d7-b873-4607-93c0-0642092842d6","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":159,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"43b19afa-898a-4dd9-b0b1-95bb7ea5362c","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":159,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"08719aea-8d79-4987-a10d-672b264a7d55","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":159,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"98daa4ba-eb6d-4494-864f-0752894ecfcc","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":159,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"fff92c94-67cd-452d-a599-2eebbde92245","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":159,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"46169142-7dfb-4c66-b6ae-b16a97cd876b","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":159,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"8347dc85-45e4-49ef-a349-70edc2587e30","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":159,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"1c70daf0-f795-4ff4-9053-c99728835dd1","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":159,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"f361fd2f-9bfa-4862-9066-ec3c3595773c","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":159,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"22e63539-89f5-4874-a100-b0d583d7e31c","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":159,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"c56d8cd9-6d63-4f4c-98ff-fdfb17e7098e","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":159,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"c4dd1d7e-6782-4c1a-80a9-f662e7ccf05a","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":159,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"9d4cc002-735b-422c-8101-1b7570617a73","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":159,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"2f488547-585f-4ef9-be69-baea20def617","block_type":"box","text":"Placement Fees.","page_number":159,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"423bac5e-ee15-49d3-87d7-20485f4893fd","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":159,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"efc07ce3-4a71-436b-9c41-3bc33d0bf55a","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":159,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"702373c4-8a36-4a2f-b172-24628902fec7","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":159,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"a8b59462-b0e1-4e76-99e9-2441ce95f6b7","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"1ed3351a-fa43-479d-9407-201bbc4bef3a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":159,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"fcde430e-00d3-44b7-8fe6-095b6dafb5c3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"901d536c-e66e-4a7a-8f5f-fad7957ccccc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"995513f1-4ef3-4c1b-abc2-ab8f0ffcb872","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"baca43de-ad4a-4cb6-837a-e5abff164e66","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"4f40584a-fda3-4aae-b058-40238ba842cd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":159,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"6a77f7da-61f6-4ae5-ab5b-802cda5331eb","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":159,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"2fe489d9-bd41-4c9a-9f9b-d341d3dce664","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":159,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"4ff30c78-009a-46da-a498-8a20a07be77f","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":159,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"dfb670de-c23e-4769-9aaf-d097a3a5e6c3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"009057a8-2c2c-4e0a-9b73-b040d4bc72b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":159,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"2d4ec360-fe66-4c98-a072-3cdfc9fa4850","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"eaa01f11-0abd-430a-beda-39ab90eec511","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"655dc4e3-98fa-4447-9777-891c76beae37","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"7eb363ec-a2cd-4df2-a45b-ce28c6a3ee6a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"bb2b0b83-8fe0-4197-90d9-b3c39677e362","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":159,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"53c4a193-7279-48a0-aebd-b712615237f2","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":159,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"143a67f6-d594-443d-b118-dacffff74907","block_type":"box","text":"SM","page_number":159,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"8d7e75fc-bd13-4f68-9ab9-d79b7e2722d4","block_type":"box","text":",","page_number":159,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"dd39cbb5-5a2d-4935-aae0-2c222045ee71","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":159,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"fb96e51b-618a-413a-844c-818fa306026f","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":159,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"85171334-decf-478f-994b-482ffdfe4b0d","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"042d5dc1-f038-4834-a7fa-831ddd8e2a30","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"715ad03a-ffcd-48ca-b879-15382c64f63d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":159,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"38498ab1-3032-4548-9690-2309bc3bb1e7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"dfd67c26-989c-4684-9e63-234588cfa735","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"709e8e5c-34d7-45d3-9014-cb21fb023fea","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"286af364-7057-479d-8a1f-e6870bbc5778","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"55124be4-43e5-42b5-bb61-9a7b5ed96615","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":159,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"e3be251d-feeb-4ed0-bd1f-f074b298e40d","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"98864e19-b51a-4f6e-ad27-ac80c04c3120","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"d1f49085-4e1c-45d4-a753-312890f02eec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"903ca224-cf9e-47b6-a3b7-34e2632d15b4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"eb46f879-6659-4449-bfb8-19dd816ce37e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"a50536b0-239e-42f1-96bd-d90d711d868b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"f9923b0e-6e52-4237-bce4-d91a02e1660c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":159,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"aeabe26d-51d5-4f7c-966f-116b1eb80e04","block_type":"box","text":"II-102","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f8ae5b1e-a7ca-4630-9fd3-0b32c4123f1b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b669bb3-e550-4b1a-bfd6-f034d81856f5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":160,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"7d2da9af-ba68-44c3-a90c-cccf49653d56","block_type":"box","text":"may be up to the following amounts:","page_number":160,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"221ac4b5-2a9c-4cf4-97a5-9360e1bdaed3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"9d335b18-82d3-477e-97c2-3140034041b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"9f7fdeb4-95f2-4a72-8e41-8f10a50b88ec","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"a9f72770-5d24-429e-83d5-b627b3c2d45d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"f90ba2a8-af56-4072-af54-b0672ce2f85d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"a5b56ec5-2a76-4e34-be2a-49821e8326cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":160,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"ae4c6cf5-78f2-423d-bed7-facee661df93","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":160,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"9e067d7f-8c8f-4a65-a92e-40da6122821f","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"a6406bdd-bfea-4446-b820-455a58535316","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"5ddb3b1f-b6ff-412d-9bc8-b115086eabce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":160,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"f4094565-cc8f-4b77-97f1-d04873858850","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"629cd91a-d7f0-4d38-9db6-0d7358a9d9f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":160,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"30cbd437-e182-4501-a460-142f442a6b27","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"47d7e85b-eacb-47ce-8c45-3358cdefabfd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":160,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"3f5d6371-5371-40e5-9a72-49b8abb48704","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":160,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"d1ed6ecb-d5d7-423e-bb2a-c88d038f95e6","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":160,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"1b3e716e-46e4-4041-8b50-b84d823c8917","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"93bb1938-9f62-4fda-b922-a4536a63e957","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"324af186-f144-487f-a92a-5f582750458e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":160,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"5cfdd26e-8a74-481a-a9e8-000881bbdbf3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"fcb16cdd-d081-4508-921f-a8e8927c3943","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"17c84b69-9ff5-4f31-94ab-e335be116416","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"1890eeca-62c1-40cf-817a-c4c953bcdd3c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"73ce9a0e-2964-4a99-b211-4e6dbd1eaf7c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"5a79c8cb-82c3-4b90-8f4e-f1dc5b29276f","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":160,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"7ddc3c34-b929-41d5-a6de-9ccc118f2850","block_type":"box","text":"$250,000 and above . . . .","page_number":160,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"cd9a9b2d-f976-4885-bc02-302b362f51e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"6251bd0b-7a72-432c-aa82-6a8723075f9a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"177abded-3ee4-4d09-bd09-af51fda759dd","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":160,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"40cd6b10-a351-4244-aa02-76796f81b1a0","block_type":"box","text":"the following amounts:","page_number":160,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"10f151ac-2eb1-405c-85eb-97a749852e17","block_type":"box","text":"$100,000 and above . . . .","page_number":160,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"96a880a9-abe0-447d-a028-cc202cec555f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"153cb203-180a-4d6f-a711-f2577e8ac5f0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"8ba10416-5064-4aed-8d82-edffd7042112","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":160,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"8db10c34-f93a-438f-8838-007095945ecd","block_type":"box","text":"$250,000 and above . . . .","page_number":160,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"548b1142-20ae-434c-af10-9fc93ac90c33","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"1834c198-449f-47fb-961e-249628abe4b7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":160,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"893e151d-827c-4e6c-908b-d88be15e82c7","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":160,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"d5091618-64a3-4a5f-a73f-fa8d6197d76f","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":160,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"72cd4315-f9ea-454d-804f-8029376e121c","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":160,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"45e27251-4af9-443b-abdb-f4f788e7508f","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"44315a08-0f54-4419-ba32-d2e62d54e824","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"dfc7a368-7987-45ed-a249-1672351eed03","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":160,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"fe0b9386-29a0-4a7b-b0ba-e1a857f090eb","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"dbd906bb-12ee-4a68-af4e-91b51c88a4fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"10962f90-ceb9-4b0a-9191-52ef013d0b22","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"e47877e8-caf8-4d89-990e-46764eef84a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"58419e6a-381f-4c49-bcdd-0723380775d1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":160,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"d630c998-599d-4c45-9162-7999fb312850","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":160,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"98d81fb5-43ba-469b-b878-f8f8de08f507","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":160,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"7a7ae6e9-461a-4736-922d-a20c849b41df","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":160,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"caaf85af-9041-4c5a-bc96-a228fe11ef4a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"73d15371-d27f-451d-885e-bc516c364ef8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":160,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"800eff8d-e98d-46ce-a5a7-6260e17ad235","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"c63e7262-a3f8-41d0-ac67-ae51c99825d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"3df05d3c-5369-4214-a7ff-24f265097f08","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"b4377fef-c179-4895-8f96-8b59ea13a52a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"58c23b27-0a4c-4c6c-8101-a3ffa920302b","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":160,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"6fc709a0-06c6-429c-88ff-f738f010409c","block_type":"box","text":"®","page_number":160,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"38c55334-d221-462f-963c-7e207f4dc679","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":160,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"52e92e14-94d7-47e7-91ef-f58e27359aad","block_type":"box","text":"®","page_number":160,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"1646acac-39a5-4358-b6cf-67d08b6d2041","block_type":"box","text":"Index 2035","page_number":160,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"69b90379-2761-4285-a045-a6b3cb2ab2f1","block_type":"box","text":"Fund, BlackRock LifePath","page_number":160,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"9d0e7578-7ac9-4e0d-829d-c7ed6276b8ca","block_type":"box","text":"®","page_number":160,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"c9edc5ae-c3aa-499c-b831-c567561531d1","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":160,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"bf1a449e-dcf7-437b-bc72-4651d1b89528","block_type":"box","text":"®","page_number":160,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"78e821c7-7c06-433a-b429-3b59037b66c5","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":160,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"cc25ef56-3b1a-478a-b6a8-89e6e9bb4d12","block_type":"box","text":"®","page_number":160,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"27170656-6041-4062-9ab6-8a78deafea46","block_type":"box","text":"Index 2050","page_number":160,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"1d762864-95ad-49e7-8588-f3f10db28653","block_type":"box","text":"Fund, BlackRock LifePath","page_number":160,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"a30c9324-4d96-44fa-971c-3a9101e8c06d","block_type":"box","text":"®","page_number":160,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"0a0c41b2-ccbd-43ee-8d0b-6925609d3047","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":160,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"3b67290b-6337-4866-af5b-6b83ddd6f230","block_type":"box","text":"®","page_number":160,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"c683907e-dafd-4a60-aaac-53a62fdb1f90","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":160,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"fb47a0fe-d512-4ad8-9929-56d0c896be77","block_type":"box","text":"®","page_number":160,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"6e911929-f6e9-42ad-9b9f-f59142c00370","block_type":"box","text":"Index 2065","page_number":160,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"f8e5cfd6-044d-4185-bc5e-95afb63be913","block_type":"box","text":"II-103","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"062b5107-6783-416d-9cc7-4cfa13276e52","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f992c2e-e235-47ab-b8a8-7420530b6cdd","block_type":"box","text":"Fund, BlackRock LifePath","page_number":161,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"9110ea22-17c2-4e1e-9699-7b034c32e3ba","block_type":"box","text":"®","page_number":161,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"acff9115-5e85-4877-bdc2-37e4d475eae9","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":161,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"9fb4b7cc-0101-4527-90d1-2a92f73f58f9","block_type":"box","text":"®","page_number":161,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"84a1bedf-d0f7-4746-ad92-a2cd4c12de2f","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":161,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"c8e0ac1b-b514-4b2c-9527-4f0ab7e96390","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":161,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"d823eebb-b314-42e9-b616-b6055eaeabac","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":161,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"d591952a-a962-42cc-937b-3a080c83601e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":161,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"7390f069-ba59-4c55-ade8-6464b5042e50","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":161,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"138ac610-5e07-4e39-9305-bbb7ddc39dc2","block_type":"box","text":"SM","page_number":161,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"55dd4af5-a60b-4c96-838b-9ecf721fa071","block_type":"box","text":", the placement","page_number":161,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"f7872de6-7384-4ce9-beb5-3ea4f1070a11","block_type":"box","text":"fees may be up to the following amounts:","page_number":161,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"10afc735-2b11-4f13-a718-01aeae5d31ad","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":161,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"b3d8446f-3dc6-4253-a79d-77795c438e40","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":161,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"43890829-1f93-4590-a78a-668034bab365","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":161,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"240ba571-458a-4872-a7cf-ae2bcaa80392","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":161,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"d40b4e4f-3a0d-4cf2-8a6b-96fa162569b0","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":161,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"9575804e-0ef6-4709-804d-0c9f1b9a61f4","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":161,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"6f4ad8eb-ee97-4adc-847a-99255be0d1c5","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":161,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"f2272d9a-225d-4339-b443-e71c2ad56700","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":161,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"d71ceab5-4e60-4743-806b-6abfa09bd215","block_type":"box","text":"$1 million).","page_number":161,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"47883c4f-5527-4772-87c9-f5dcea992d83","block_type":"box","text":"Other.","page_number":161,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"9f6c2e00-9db1-4549-ab16-73184c85cf35","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":161,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b5075785-2e93-4b89-bd98-8268cd43f7dc","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":161,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"d26000e1-1014-4e42-90e0-fd0403de20d8","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":161,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"5310dcee-736c-4471-b7ea-dcc9fb008c86","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":161,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"99e6ab9e-80c2-4654-8592-3d2010933722","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":161,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"eaf1ec4e-4052-4e8f-af06-2793b9b5c177","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":161,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"8690a35d-d536-4deb-8f19-e8fa91532b03","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":161,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"0133a394-a2bc-4eec-af8a-e893db612fba","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":161,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"a01d9e02-0703-43d5-92e8-30f9fb866c9a","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":161,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"b60b3606-5384-45c9-90e3-b002420fd092","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":161,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"1ceeb900-a306-41cf-9569-0962a643b562","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":161,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"87f57acc-504b-4399-8900-43c1d594841c","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":161,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"41a041c8-de3d-4ab4-9d6b-6c91d6dd23e1","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":161,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"ee5466ad-21ca-4081-98f6-7dfd822a21a0","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":161,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"8c7dda98-c827-4c15-8e22-abe701297afa","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":161,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"6fcc3ecc-3670-4549-a067-d572860a7de6","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":161,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"a9d55f89-5ac0-43fa-9413-46e177e5caf0","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":161,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"fb9b7158-90a5-4a27-8bdb-a591523cbbf4","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":161,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"0b92a849-3c60-4cbe-860c-114eeba6f27d","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":161,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"7651e390-3e3d-4050-963a-9866dca9a734","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":161,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"543ab983-c8e0-4af7-93bd-e5fdd7d0be1c","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":161,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"8f3a2174-dbee-4f95-b783-87fc1a455f87","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":161,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"b1b89193-706a-43e6-a098-2c44435566a6","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":161,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"42b181ec-0208-4085-8155-436e306d7129","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":161,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"0a4977fa-2fae-468a-ab34-85f03f0bf6cc","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":161,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"96883350-1296-4a6d-8793-6365fbabdaff","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":161,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"dedb0689-21f0-4620-aee6-fad6169dbf8a","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":161,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"8522ffcf-2da5-4cae-8078-d3761d08d6a4","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":161,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"7d643126-be80-487c-9f3e-b097654f872c","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":161,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"099d1231-610c-4dba-963e-d85074ab2955","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":161,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"a6754242-edc2-45d3-83ab-9928617cd368","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":161,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"2c44d95e-616d-4db8-a7aa-b8839bda5533","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":161,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"9bd409e5-3180-468a-a706-98b503d15666","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":161,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"fa5fa44c-1019-4f7e-b763-dc7915c91a9d","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":161,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"6c57d58d-0f8d-4062-b4b9-ddb686877b96","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":161,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"35b20dad-712f-46a1-989b-764e153dd47e","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":161,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"b19720ff-d52c-43aa-9155-722e99266c82","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":161,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"0271744b-a194-4a60-8d71-5c844ba46b48","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":161,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"596761bf-8302-4b49-985a-37aeb3b9b3a2","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":161,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"46b54077-2b7f-4908-a912-70c99a6c958b","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":161,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"e6ef3d50-ddba-4dc0-aae3-b3cdb137e403","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":161,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"f0cfb144-1e56-40cd-8da6-e17521a16428","block_type":"box","text":"II-104","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1dc7f198-1c81-42c5-bb5c-67a2a0517d24","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2479257c-4efc-4da5-a5c3-547b04982dbc","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":162,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"bca845a0-588f-4b61-bd97-c6a2b6dd26a6","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":162,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"bdb062bb-8f8a-420a-afdc-d6b8c0d461b0","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":162,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"85921b9c-ca41-4371-bf93-335e72f430a8","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":162,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"cda21303-1cce-45a5-82b3-4438fca15620","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":162,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"6a4dc9e6-fb6e-4b61-a1c3-41e41ecae7f2","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":162,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"7dc3411b-286d-44c1-b546-cdaaec60df9f","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":162,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"05e6fa12-6a08-4093-923b-8de1bb3c922b","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":162,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"7346925c-fe89-4397-bf45-750a56cf4377","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":162,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"d5bd8e13-76fa-40d4-92b6-1d4d47975bc8","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":162,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"f3d9f9b5-24bb-4e08-af37-5ccf6dff6c02","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":162,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"62160dea-48d4-43d3-a278-aeb6156d1553","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":162,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"d4dd8034-9b5a-4b4e-83c8-14f81062ee0c","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":162,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"3743ca6d-081e-4442-ac05-f2792ec1d046","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":162,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"736c7475-1037-41c7-bdc0-2a1fe9a96230","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":162,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"2f01326a-1a59-4ca1-969b-0c798341e8a0","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":162,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"26ddf3e2-413a-4942-9b34-cf2858faade0","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":162,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"fab2182a-0371-4312-a83e-753e06ff8ef1","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":162,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"2174a6a1-c9fe-463d-bb09-6dbc4821a656","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":162,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"f895e88e-57a3-41ea-bc93-7cf6a1051b28","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":162,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"975a3424-6b5a-4d4d-afb4-225acb76c9b5","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":162,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"9ddbf808-8557-47d4-bd9d-911a8b36d9b5","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":162,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"04ee970b-1cba-4b87-90e4-10b52b32d238","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":162,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"d76560dd-5ad1-451e-b524-d30308583e74","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":162,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"ac9cbaa7-16b4-4633-b02c-f6259314a0b5","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":162,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"f2ce69f9-499f-4454-92a8-1d896c43feae","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":162,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"c704d059-0795-4e96-925a-24cf6abff8d8","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":162,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"486ec2d3-a7b5-4bac-bb50-8a89af9e9b5c","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":162,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"7e7528b4-e7a5-43ad-8ade-327bcc721200","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":162,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"d0f5f135-b2d9-4219-ad51-63f1ebe9d708","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":162,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"b89e4fc5-eb08-4808-87fa-83eb325a13fc","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":162,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"f866463d-2767-4204-98d2-5c842e71b85a","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":162,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"bfd2ed9a-dc31-4f65-8c77-00a3ed5115f5","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":162,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"9abbf4c7-9cd3-4ab2-85b7-2c9654c2d7a6","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":162,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"84f9dbcb-8528-4002-b8a5-16a99d03dfa1","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":162,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"b80e241b-4fb3-437c-b512-bc19979f71cf","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":162,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"056262a4-f878-4505-baac-181c095cd917","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":162,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"ac10a02a-3597-4307-aede-ac06555edb86","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":162,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"15745d0b-b00b-4165-bb8e-f0339da8cacb","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":162,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"5689e030-6545-4517-a5c2-53cefe968a06","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":162,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"c6719243-812b-4d86-81ba-fadd881a6fff","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":162,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"7f2e432c-643a-49bf-bcc6-4a819b87c0f2","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":162,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"b316d2ba-a96b-43d1-967d-8c690971e6cf","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":162,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"19518e59-94ea-40f4-b791-8097e1a9af16","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":162,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"572b8d21-0744-4248-991d-1cd3021fa0e7","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":162,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"d973f02d-75e7-47da-84a6-81a34893f167","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":162,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"725cf03e-4c78-45f4-837d-a6305e90ad5e","block_type":"box","text":"public or private investment company.","page_number":162,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"6f8ceec3-713f-4286-b74d-a94e10873f7c","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":162,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"49b5860c-9f08-4481-b62f-c13cde33dfe7","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":162,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"5860c895-74de-4840-9e8f-2e01d3cd8fb3","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":162,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"75e74547-86d3-4e08-872a-dfac354c9523","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":162,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"6b7fe5e4-d6b0-4fed-8504-a007cdc27950","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":162,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"d4a157c1-2645-4766-8650-e9e35c0ec047","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":162,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"0390a691-0b83-44a8-8d24-28da0b7268fc","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":162,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"3cedc944-8921-4f8b-8af8-a56e6708dc95","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":162,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"558677c4-2568-47d6-8e1d-c4250eccce2d","block_type":"box","text":"II-105","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16659c31-2929-4f28-a5e6-b6a631405696","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33f20a48-a968-47a7-81d3-d5ee1e9774e0","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":163,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"7b4190fe-203a-4eb7-a2fa-72d4ad7f0b91","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":163,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"e0a8fb2d-7f94-4079-89b3-fc2cab93df2d","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":163,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"f7b05988-b4fb-4c31-9fab-5464b864828d","block_type":"box","text":"intermediary associated with the account.","page_number":163,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"6f6fbdac-7ad5-42fc-a090-ebfaff92b3a5","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":163,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"e6f2b787-a75a-4193-99f4-cc37c3e23871","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":163,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"9a5a7da7-efa2-454b-87a7-5682baea3f58","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":163,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"881c7ee6-446a-4186-abca-193667f7dc33","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":163,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"013e0870-d332-49c2-8c40-93ae4b43a855","block_type":"box","text":"CDSC shares.","page_number":163,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"c0a54ffb-078c-4b7d-a3a4-e5a52605a34b","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":163,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"65ffb5fb-edf7-42d0-b7a2-ca8fa0d93745","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":163,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"a4ea7b18-0d58-4924-bdd9-a0491ad9b140","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":163,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"cc35aab0-a22d-40c0-ab4e-a6370ab98f8b","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":163,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"16df2514-7b46-4b0f-b636-7d63581e51d9","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":163,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"c5105d11-16e3-4983-902a-c5b0587a04e3","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":163,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"6c5e400d-ce43-458f-8d6d-b3ea357b7050","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":163,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"fb18c33a-38fa-4654-ace8-6f243531010b","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":163,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"0c2f3595-3026-4ebb-b071-e1b4c6ae2481","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":163,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"1e404b73-d9a9-432a-8e52-6e30db6f3f74","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":163,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"6be59d93-980a-4cac-b8db-3c9c9dc7394b","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":163,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"401900fb-8ce5-46c9-970f-41d3f60af9e2","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":163,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"6481d53a-8b87-4af6-97a1-b3e5bfc7a744","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":163,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"bf0f3541-3dbd-4178-ab1b-fe700caa597b","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":163,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"ffd776ad-9c48-4d23-b095-a21834878c4a","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":163,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"028760e5-fdb9-4253-bb2b-34c6ce104f07","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":163,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"28f484a7-b925-4cfd-866c-402d2214ee59","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":163,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"0bf91799-2f92-4a22-a3ad-fbb7a07b282a","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":163,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"59fccc9c-58f7-449e-bc5c-6d47ae88ff86","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":163,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"da58d1c8-e6f9-460a-843e-9c4c819bc0ae","block_type":"box","text":"Investor A Shares.","page_number":163,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"1cb4936c-9ca6-4452-8957-4027670980e0","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":163,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"ee991def-b6e0-4914-a596-d12919cbcacf","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":163,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"bd9aafb3-1d2d-46bb-b5a9-e3c90667b8ee","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":163,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"02113fbd-92dc-4ce3-bbae-8152392446ce","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":163,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"1e8a1c2a-ebe3-40ca-81d4-c4c898334595","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":163,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"a435ef46-9e8d-476a-a22b-e0e4b050712b","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":163,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"a9dab9a6-93b9-4985-b774-40ad6e72eb10","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":163,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"5417893f-3497-418b-a8ba-e83847d7fdc6","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":163,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"77f241b5-ac77-45f6-a2cb-062429da1261","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":163,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"24fda491-1808-4c57-9128-4938bd2a520f","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":163,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"d75d219d-4c16-4389-b008-86a435d8e556","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":163,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"b1652de3-12b0-4ac4-9298-85c32cb95bed","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":163,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"ad1b153b-3fd4-4956-8ecc-05033f1e79f6","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":163,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"b44b5267-8b86-4759-85c5-32febd4ab62a","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":163,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"4e7d955c-83de-4d78-afde-4157bf5e4699","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":163,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"1f68d587-a499-40d3-9a55-d8d67b5edb51","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":163,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"eff2f5cf-cdcf-4361-a1f7-e423647c67c5","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":163,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"2aa520bc-1906-49c1-8ff7-7e681893fb6f","block_type":"box","text":"“Investor C Conversions”).","page_number":163,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"df66f8a4-2768-47ff-8fb4-bc74258d04c2","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":163,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"7a40a9af-ec8d-43fb-9f74-402c1334cf47","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":163,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"2ecfd176-9788-45dd-b6ef-92b5e785d190","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":163,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"7fc74da8-2a50-4d32-ae48-78bc135242f5","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":163,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"21b54c51-5367-4a42-967f-4a0abf4d4a4f","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":163,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"0bc1a4d7-0e0a-45da-8bef-a2180016bfb3","block_type":"box","text":"II-106","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf628c0d-f060-4377-82e7-aa86f11cbd20","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50ec41a7-cdc9-4a93-aaed-cbaa087f814d","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":164,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ccd4178a-f72a-4339-9185-6a92537c8e44","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":164,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"431636c4-f621-4050-91ec-0421a653ca31","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":164,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"34e1c737-a241-48eb-b9e0-43dcf524f180","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":164,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"d695db86-d3c3-41fa-9c46-f0f3208701a6","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":164,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"8a31f497-42d4-4925-b3a0-8987567d6010","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":164,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"3e3c8440-5ad7-4752-b605-8906ff7ecaf8","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":164,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"bfb1bb04-9d38-49a6-b320-2337c45a9a32","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":164,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"0e912028-7ba1-417e-b93c-26b36914cd7f","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":164,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"65868037-5689-480d-b248-e00884d3ef31","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":164,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"b9fd836f-daaf-4fa7-bde0-ebde24f4f3ad","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":164,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"c1c74878-bc6b-427b-9c81-4bf17ead55be","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":164,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"7cf53997-4f2e-4072-905d-52405492470f","block_type":"box","text":"redemption.","page_number":164,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"ff529d54-8185-4474-9c29-f00394b97017","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":164,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"a4a724cb-af7f-4069-8f1d-040ee9d29f4f","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":164,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"18bd9568-ba28-4ccb-b6eb-bacff0a59ddd","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":164,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"4169bcec-a705-4f5b-8835-6f9a5af1a997","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":164,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"6b78c5c9-b230-46b8-884a-94a0a9c1a4a4","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":164,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"7d0aa1c9-2a3e-4e3b-85f7-2ff983d5cc9e","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":164,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"17c683be-bffe-4839-bdff-8e6ab557d194","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":164,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"333d4381-ccd2-4cdf-b1f6-091e1f8fa6f4","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":164,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"83bb14c3-5567-4e74-9535-dd9c0e2daac1","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":164,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"81210c40-bea3-4214-ab26-bc35c1148f21","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":164,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"c72265d8-a957-44dc-858a-b3f71876b2e6","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":164,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"d58d74a8-0479-49e6-bcf0-f1201717dfaf","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":164,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"f8447fb2-2c18-4be9-98e7-ed26897eda94","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":164,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"7c5f0659-f557-411f-8539-fc425ff47132","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":164,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"2dbbae5d-ecc0-4b4c-a883-01098ddd799e","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":164,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"1827a406-abd5-4c12-976a-a211908fd27a","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":164,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"ca190820-793d-4fed-ba2d-4322bdbf78d7","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":164,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"0c6b3f37-8977-4efb-912d-09653e756743","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":164,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"5d01fa02-4071-4838-a46d-776fe6d43078","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":164,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"7e32b234-c531-484f-ab79-7f351367156e","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":164,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"1753028e-7ccb-4aaf-a685-3a25c5773aee","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":164,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"eccd0521-dd18-4afa-a713-7366dde1f768","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"6beeb8cf-8198-425e-88a9-3b63b423d1cd","block_type":"box","text":"Class R Shares","page_number":164,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"9cfb7e47-d1c8-4ef2-86ad-47057dbb5e2f","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":164,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"c56b403d-13b8-4751-ba75-b5849f45ce2c","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":164,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"aec3f3b2-a932-4e0f-9b02-2e3e76156ca3","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":164,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"964bbec4-0a26-4894-b3cf-3f9b302a1742","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":164,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"93425f0c-b626-4376-8d1e-b71b2e4e684e","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":164,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"5b79a710-0809-48f2-9374-7f9efa64a83e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":164,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"ae22df59-4508-440e-8694-d45256638a67","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":164,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"f2c9da0a-5af3-4141-99a6-8bcc73b9618f","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":164,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"c8a798c9-7b96-42ed-b5ff-b7cabcf84d8b","block_type":"box","text":"Class K Shares","page_number":164,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"71e43550-5cb3-4345-907d-a45cbef8e009","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":164,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"374ce708-3b4d-4fc4-a137-793559089675","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":164,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"367cb29a-6212-48d6-be33-aa1051659554","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":164,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"0319b93a-24bb-4cba-b857-12ee8fcabef2","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":164,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"50efc366-981a-4846-b50c-eb1a708f4aef","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":164,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"0ae601de-4274-426c-8044-51a25589bae5","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":164,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"1ef466de-1ee8-4d2f-80cc-3a07636ed03d","block_type":"box","text":"II-107","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"812709ef-f683-4f51-8563-9c6ee8ec9691","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8dc752d9-3bd4-49a9-9177-b4617c98306a","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":165,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"12126e71-5d93-4d78-8d47-c849cce90924","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":165,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"85c9c4c5-08ee-42b5-a831-43a71fc83ef2","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":165,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"5f93b03b-cfde-41f2-a9b4-c281f3e9ffc2","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":165,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"f92c5f1c-c679-4bf1-a34b-8bd7cfd638af","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":165,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"e0a0dedb-262b-4222-9ecc-1fd2075707d5","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":165,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"5d9c38de-ea33-4c62-abe0-15c6322ec600","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":165,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"d3462b55-d965-4706-9c03-6727d994c68a","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":165,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"3e542dc3-c44e-440e-9725-d18eade2399d","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":165,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"bff2612e-9d37-4fd4-b586-7730b01fcff0","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":165,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"b8ddb6ee-e276-49d1-add5-9b05f4cebe71","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":165,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"17591990-1e77-43bf-800d-005a38a2496a","block_type":"box","text":"distribution and marketing agreement.","page_number":165,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"ef544684-97ad-426b-9a31-cb76ff0d2234","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":165,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"9b557c5e-0ead-483b-ab97-ddd3292ef306","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":165,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"d76c7279-3c88-45f3-8cea-534f0569ac56","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":165,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"df764374-5a73-4840-b247-79441caef1e4","block_type":"box","text":"Class G Shares","page_number":165,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"3185eb3f-278f-49c9-9085-8372a459f1ad","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":165,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"cff437aa-4c6b-4f39-8cfa-ab30abb353ec","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":165,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"801edfa5-ee7a-4e6d-9c45-5329a1362b9a","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":165,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"710ae9db-b8c0-4b49-b200-fff74629aa75","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":165,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"61fd7390-b80d-445f-96cb-a692c647919f","block_type":"box","text":"eligibility requirements.","page_number":165,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"519a4fdf-88f3-4016-b785-39fad0acd36a","block_type":"box","text":"Service Shares","page_number":165,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"d86f5a91-3d62-498a-adb8-80ace1aeaffa","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":165,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d13c4952-deb3-462e-af3d-b2f397b23882","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":165,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"f7d6a00d-0e2b-47e7-88ec-d8e204576814","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"39f02bcf-b5c5-4e19-8293-0691341be3c9","block_type":"box","text":"®","page_number":165,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"3c880db2-68c6-4d10-8684-0085916d53d6","block_type":"box","text":"Fund in 1996; and","page_number":165,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"ea264ba6-7eb5-44ac-83bc-589bca894868","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":165,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"b8aa21c5-bbd9-47cf-8041-4978a5e0c116","block_type":"box","text":"SM","page_number":165,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"07c6b3cd-8c91-430f-ac30-7347a84a8caf","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":165,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"9d8f6ac2-1365-487c-975f-1ae90e6ad7fd","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":165,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"dd937d0f-5d70-4320-a0f4-f4b170fbb52b","block_type":"box","text":"BlackRock Shares","page_number":165,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"ae0b2c89-b58d-49f6-b503-a59cbfacf756","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":165,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"e5760bbe-58dc-460e-b6a5-75f223e4a7c8","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":165,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"1217fde3-8197-4670-b6b3-68e98ad23ad7","block_type":"box","text":"fee-based programs.","page_number":165,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"8f4b84c1-68c2-472f-9e4c-86e4618cfe2b","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":165,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"8ad2ddc7-510d-400a-a1a8-25ad902098fa","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":165,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"5315a7f3-24a3-4981-892b-f18a4bd07255","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":165,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"2669b7f2-0f9b-41f1-a492-9a370b213aee","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":165,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"aa9eb2b9-5802-4555-a1e7-8f9ecdb9e999","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":165,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"718f0c30-ead6-42c6-b5e8-287362ca31b1","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":165,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"4f6705c4-a995-4659-b477-e3b09600ebdf","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":165,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"f8f0cc91-b8c8-42f3-8ef3-4107264cd955","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":165,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"9d47ca6d-fd8e-45d6-97a6-6bfec712d029","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":165,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"b7adba97-7da3-4fab-a3b7-c0866545e115","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":165,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"89abf259-1257-46a2-8d3f-98bcaa86a63e","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":165,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"209c030c-abc5-468a-bea5-74af3875c6ec","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":165,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"37b82d3a-de22-40c2-a300-b9b0795bbd50","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":165,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"13a6d79b-ac4f-4cbe-8171-cc5130c20785","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":165,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"ffe22bbd-a9a7-4064-a192-74b9bb9ff546","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":165,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"569c36a7-9e38-4131-a807-7ba54c7bbdf5","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":165,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"75e838f5-9da6-4fe5-b758-17c6cf60cc2b","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":165,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"1de8c1aa-49f5-4c67-8870-8279b18f2c3c","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":165,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"b52da8a3-5999-43dd-bf8f-05baaea1264a","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":165,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"6ed90942-5e7f-4bf9-abb0-aaf6c9018c1d","block_type":"box","text":"II-108","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3a2e9e50-4ff3-4c5c-b9fb-b4d4d33fac78","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6793a028-c305-4537-8043-875033c23602","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":166,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"c3c442f5-3d79-49da-b63c-9331cec41085","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":166,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"156c1cc7-3de8-4b63-b6ba-8f3c120fb757","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":166,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"19208a69-2d49-4a3d-a24f-f02cf36846e2","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":166,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"ffc2e685-c3dc-471c-8230-6472d041f29e","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":166,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"168d3a4c-0a39-4a22-8489-2f8ed0620250","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":166,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"f649cd41-8cbc-421f-b220-e1ee078b7234","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":166,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"2ccf0485-e8c6-497b-bb59-85dbe939ee63","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":166,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"83d77849-c8c3-49fb-8d44-a31c6d2b4736","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":166,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"8f9ace2c-d132-4962-8671-b2e21124bfaa","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":166,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"7378cf09-77ba-4e1e-9e11-82e7358e8d0a","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":166,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"59125a97-4290-4a83-b33e-9037b96d7f74","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":166,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"7a71614e-652f-42f8-8934-6a3f9d5fe120","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":166,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"15a7ee08-bc1f-48e0-a234-8d0882857f63","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":166,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"9d4699c8-284c-44af-beec-668068945adf","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":166,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"5967ddf6-c9d0-4026-bc74-5909bb20bb9f","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":166,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"1fa90715-d88c-4316-8f78-a98081980077","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":166,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"33432a64-e66f-4973-bd16-b3e91edf05e3","block_type":"box","text":"compensation for selling different classes of shares.","page_number":166,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"1a240292-0410-410c-b86a-7ed0472cb42e","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":166,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"9076f705-2da8-4a90-ab12-5ddc42684b5c","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":166,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"38db47d4-5c23-4cb8-81e9-45858e417eb3","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":166,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"fc6be0d1-f364-49b7-800a-e6bb773a7f88","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":166,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"0b844bdd-3c03-47d6-a8db-7196f4bb6994","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":166,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"07788073-cbfd-4cd9-b269-5f553bf25267","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":166,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"23a9e6b2-ad41-4605-bd1d-47d78621a5a1","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":166,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"17ec88b1-d502-4336-a44b-417daa005942","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":166,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"f8771daa-f23b-4d9b-a85f-ff52e017df4a","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":166,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"94660baf-804a-4f0d-bdb7-b5d98a38efcb","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":166,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"c8620f62-ae8d-496b-8c98-44467456db55","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":166,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"724a82ef-2902-4285-b159-4d792627060f","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":166,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"3259acf2-3115-4610-9268-914b0600f08a","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":166,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"62c75fc9-2caf-4b09-9b04-ee9e41ed0a04","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":166,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"bb0bb6f4-5d6d-4abb-b9d1-9d9f90d06344","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":166,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"e75f6aca-9cfc-48aa-bf07-0b1b9d072e09","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":166,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"b79ecf21-dae0-47be-bc29-c214707b9f81","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":166,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"041f9be4-5056-4ece-afd5-c50ae8d0f65d","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":166,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"13ba0a02-4878-4fdc-a296-2e3f5a450e93","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":166,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"bd39d778-51d0-4cc1-b1d4-7dd7d1005876","block_type":"box","text":"easily accessible place.","page_number":166,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"80c7538a-9685-433b-a057-7d9d88f72e7a","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":166,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"a354c154-b318-4237-b408-29fd74510ecb","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":166,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"a86e23a2-9244-46ff-92f7-9d928386ff80","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":166,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"9dddd81d-8ac9-46a0-b0de-9eb803f29496","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":166,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"6b086b20-d58d-455b-a0b4-16d786afa1ef","block_type":"box","text":"fiscal year.","page_number":166,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"ba1a6617-a5df-4cf7-8459-7719281d17ed","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":166,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"24b078db-daba-4963-8da2-8df97069cd61","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":166,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"3ccd7d0c-5985-4a92-a4dc-c08c23a35561","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":166,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"9a4d17d7-3116-4796-9f14-8930c0548aea","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":166,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"4ec4f660-13a7-4dc7-9be4-5261f0d29412","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":166,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"2c8d4205-0f0b-4236-87b0-ade13db33ef7","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":166,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"c96321e9-418f-44c5-a4e8-3ff64224d6ef","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":166,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"12917fd4-bcd8-4081-8f1c-d4479f97b298","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":166,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"30f74d12-f744-40c2-bad6-935298ee5201","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":166,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"6eb02e39-dbad-49e2-b344-736b3b970d72","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":166,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"40bc0ae2-a6ab-4e1d-b17a-40fbce814ac9","block_type":"box","text":"II-109","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74a8a9c8-4fa1-4ee9-8961-d1ba52a92821","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e1cc636-2517-497c-af50-8a7280e0044e","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":167,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"abc57fad-f453-449e-ba22-7738d88f0078","block_type":"box","text":"and Class R Shares of your Fund.","page_number":167,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"120778b0-a05a-4ec0-ba60-4fe833fa475d","block_type":"box","text":"Other Payments by the Fund","page_number":167,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"bf9be610-695e-4cd3-878b-74154d9853a7","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":167,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"bdafe9b8-534d-447b-be19-05acfde9c929","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":167,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"603639fc-1a36-4491-bc77-a744217d0300","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":167,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"1cd93ffa-9179-49fc-af4a-7e072dd06976","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":167,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"d09f9400-dd55-4be2-a18c-8b4305954e28","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":167,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"6d23d74e-0920-46f6-afc5-5f0b5fe847a1","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":167,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"8af040fd-ba82-49da-a9e1-25f3392fd4d8","block_type":"box","text":"of these payments may be substantial.","page_number":167,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"94ed37c9-6577-4ed3-a0f0-16814534af9a","block_type":"box","text":"Additional Payments by BlackRock","page_number":167,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"da85f28e-5ced-46a1-94ee-2b836e2d020b","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":167,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"27c27776-570b-490b-92ff-ea89460d7a9c","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":167,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"87c0729c-39dd-4061-b795-fb15e2f81df3","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":167,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"03f93335-5ddc-49e7-b5d9-b828f8d36eb1","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":167,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"684d293d-1bc1-4b82-a257-3f86a5ef9d8a","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":167,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"491b150c-9d8b-4d52-bf63-d84b44a04a8c","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":167,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"07e6d0be-f6a6-48fa-b733-77c454c16788","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":167,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"342f9f85-6b29-48b0-af9a-d7c6d900287b","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":167,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"adefe2c1-3e34-4d7e-a9a5-bde9435e4f41","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":167,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"726159eb-441b-4865-a10f-303bbe724261","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":167,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"9aea65d6-dbf2-4e70-b4ef-f4e4825920f6","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":167,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"c14f8fff-25ba-473a-8077-3b7ae1457ebf","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":167,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"33e76d18-61f7-423b-9fc3-33b477e9560b","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":167,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"b8004368-224d-49e7-8af0-6d54e7029491","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":167,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"6f055e0c-c98a-4688-88ae-8e5d906ba751","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":167,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"ae6caa28-b931-4999-876c-fcdaf7c0dbad","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":167,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"564bc6d3-eac8-4494-a76f-f01ba19f1486","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":167,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"81210b85-f52f-40c6-8e11-b0a56ec3c95f","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":167,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"a5c0d2b4-c1bf-4fd2-99d7-1b9dc7031ed1","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":167,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"5166e29f-525e-413f-beb1-3960c841f8c1","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":167,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"15a27be9-b93e-41f3-ae07-1eb4edfd62e2","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":167,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"97d6a3e1-e0d8-404e-88ee-fb7de6ed0fc3","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":167,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"b68a528e-3073-43eb-b702-b6f0541d342e","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":167,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"6ad3e770-3bba-46fc-9506-860e71a47e97","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":167,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"09721d5e-253e-4195-ad19-481c17089817","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":167,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"8c2601e6-6b48-4896-b5ad-dc71eb6a7a95","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":167,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"d28c1e5b-33a3-40a9-aa1d-054fb65db9bb","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":167,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"849548d5-bcff-45f3-a99e-4544e05e657a","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":167,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"0f99b75a-55da-43f9-a4d6-0b05666a84cd","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":167,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"7ef34c1b-2239-46ff-8d6a-701b423ffc07","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":167,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"395b1ef0-4182-4b0d-80b9-c1050eed5082","block_type":"box","text":"Funds.","page_number":167,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"8ac7309e-3da2-4f45-b07b-386aebb62f1e","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":167,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"2e3d1a04-319a-425f-93b8-43aad9e2bb8b","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":167,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"c9c0032c-50c1-4cfd-a812-971e91299a61","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":167,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"e1499102-ebc9-4841-87b3-0b1b89405278","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":167,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"6424a57e-de05-4f4d-9c28-47c2d260597d","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":167,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"96d2ea12-8a04-4c40-bc6f-4a034b4e40d1","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":167,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"369ccc38-207a-4a21-b0a6-f7e8cb3f550f","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":167,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"d6b286e6-2489-4ede-bd13-85ff32c874a1","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":167,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"e51e99f7-2633-4a4c-b9b8-cf7d25742548","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":167,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"3f25556a-1c41-4441-8374-4d619c1ab936","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":167,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"bb3375d9-4d1f-4f03-99e6-9be667dd039d","block_type":"box","text":"II-110","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3f0d5513-e22c-4021-9e70-a9e765455cbe","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae7c28a1-ebbc-464f-a5f6-b74765fc819a","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":168,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"a6aafec6-a17c-4204-9580-ec41a2a79293","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":168,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"855a866f-e597-4dcd-81cd-bcedc56e9e88","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":168,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"bf8442b9-5164-47d3-9c83-84247e304b7d","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":168,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"24c1ab21-a022-4749-a1bc-380b1a7566c4","block_type":"box","text":"B. Shareholder Services","page_number":168,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"5800d8db-f5e6-4f08-ab5b-ce5dcc5d49ff","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":168,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"6e45f00f-f6c7-4700-a582-81f826050201","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":168,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"1fcad790-38e6-4eb3-ac8f-c5cdd4a90384","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":168,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"6802ab07-3837-4bff-9b1e-e1200c349c47","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":168,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"d7751873-86de-4057-abb9-0983f3591b0a","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":168,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"6118cc6e-0551-4aec-a63e-8cbf4e1dd327","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":168,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"7f8b37f0-cd7b-422a-8022-83317dc2c733","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":168,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"1dd0f771-99e9-42d4-bb13-b4531dd663df","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":168,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"f819b1c3-feee-4f6c-9ce8-a31eb5c4fc6b","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":168,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"cdfcc8e7-c91b-4e6d-907a-288b582fa491","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":168,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"9ae43c5d-e5c6-4741-9bc6-3f15725cb2c9","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":168,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"92fb2425-25d8-4cd5-98ad-b2e3a75d1de3","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":168,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"541afc3b-406d-44fc-a58e-f384cfb321db","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":168,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"7720d7cc-043e-440b-a204-bbf0157ea9a8","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":168,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"ecf313f9-978c-4a50-ab31-f9eba566c852","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":168,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"37d07151-2c0a-4368-b724-813bc8c66a8d","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":168,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"127a96e3-a713-4802-8b0e-630eb0f72192","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":168,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"22c3fa78-ab31-4ca3-bf32-c2952c020808","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":168,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"1c600172-fe9d-44e5-8e34-0fac510ab980","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":168,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"069cc41d-cf01-4828-bcdd-43dd08f420db","block_type":"box","text":"&Partners","page_number":168,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"6dc28a8a-8133-4ac1-9287-408e37253259","block_type":"box","text":"AccuTech Systems Corporation","page_number":168,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"d1309220-7347-4a55-bc45-fb0276a087ca","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":168,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"153588e4-1e6d-4592-a20d-2e7e47684346","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":168,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"1589b078-62e2-4dea-a741-48ec15f66f36","block_type":"box","text":"Advisor Group, Inc.","page_number":168,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"ee267e33-ac6d-4aee-9228-acb6034b8a77","block_type":"box","text":"AE Wealth Management, LLC","page_number":168,"box":{"x":68,"y":570,"width":205,"height":11}},{"id":"3f616c85-5025-4879-aa70-19cee73a0dcc","block_type":"box","text":"Alight Solutions LLC","page_number":168,"box":{"x":68,"y":590,"width":142,"height":11}},{"id":"493410f3-def4-4cd3-944f-9d8eef5d72f2","block_type":"box","text":"Allianz Life Financial Services, LLC","page_number":168,"box":{"x":68,"y":610,"width":246,"height":11}},{"id":"5c531ef0-a1e9-4fdf-9967-f1a6f877d639","block_type":"box","text":"Allianz Life Insurance Company of New York","page_number":168,"box":{"x":68,"y":630,"width":310,"height":12}},{"id":"92fa53f2-30d3-448e-bb6b-8dbbdb170529","block_type":"box","text":"Allianz Life Insurance Company of North America","page_number":168,"box":{"x":68,"y":651,"width":346,"height":11}},{"id":"da7f3b0b-bb1a-4245-bf55-25d62c5dc82f","block_type":"box","text":"Altruist Financial LLC","page_number":168,"box":{"x":68,"y":671,"width":149,"height":9}},{"id":"41c2aa94-041c-4b2d-969e-2d455f10265c","block_type":"box","text":"American Enterprise Investment Services, Inc.","page_number":168,"box":{"x":68,"y":691,"width":328,"height":11}},{"id":"48a0e056-22e5-4f97-81a4-80ad75a12af4","block_type":"box","text":"American General Life Insurance Company","page_number":168,"box":{"x":68,"y":711,"width":302,"height":11}},{"id":"90577bf9-da82-4246-af6f-12cbb75a1ee5","block_type":"box","text":"American United Life Insurance Company","page_number":168,"box":{"x":68,"y":731,"width":293,"height":11}},{"id":"068de66c-8c4a-459f-bd1b-546418ebdd2d","block_type":"box","text":"Annuity Investors Life Insurance Company","page_number":168,"box":{"x":68,"y":751,"width":298,"height":12}},{"id":"ff1d779f-9697-4e0d-a83d-d287a673e24c","block_type":"box","text":"Argent Institutional Trust Company","page_number":168,"box":{"x":68,"y":772,"width":246,"height":11}},{"id":"551cd2d0-f0ed-4505-9676-d6f2cb6fda2f","block_type":"box","text":"Ascensus Broker Dealer Services, Inc.","page_number":168,"box":{"x":68,"y":792,"width":272,"height":10}},{"id":"445f4d30-accd-46fd-8929-7918e122d81f","block_type":"box","text":"Ascensus, Inc.","page_number":168,"box":{"x":68,"y":812,"width":103,"height":10}},{"id":"697b8fe4-8830-4a70-bd61-8b36f5ca8812","block_type":"box","text":"Atomic Brokerage LLC","page_number":168,"box":{"x":68,"y":832,"width":156,"height":11}},{"id":"a3a91cc2-4101-4f28-b62d-db6e13dec93e","block_type":"box","text":"Avantax Investment Services, LLC","page_number":168,"box":{"x":68,"y":852,"width":241,"height":11}},{"id":"d002b777-074c-46aa-bc14-bec13cc2040b","block_type":"box","text":"Bancroft Capital LLC","page_number":168,"box":{"x":70,"y":872,"width":143,"height":11}},{"id":"9dc9afcc-0320-4ab7-8243-12335ed32fc7","block_type":"box","text":"Bank of America, N.A.","page_number":168,"box":{"x":70,"y":892,"width":153,"height":11}},{"id":"8cba591c-304e-4224-99a1-bc2ded322c3b","block_type":"box","text":"Bank of New York Mellon","page_number":168,"box":{"x":70,"y":913,"width":174,"height":9}},{"id":"42cabd9d-b429-4726-96bc-b6bd514d1b69","block_type":"box","text":"Barclays Capital Inc.","page_number":168,"box":{"x":510,"y":469,"width":142,"height":11}},{"id":"68c02b7d-566f-481e-af68-6c39771b3f6c","block_type":"box","text":"Benefit Plans Administrative Services, Inc.","page_number":168,"box":{"x":510,"y":489,"width":299,"height":11}},{"id":"8e0b215c-a149-4b3c-b181-89d4800c3d1f","block_type":"box","text":"Benefit Trust Company","page_number":168,"box":{"x":510,"y":509,"width":160,"height":12}},{"id":"f4941239-0c31-4af1-99af-0ddeb013649a","block_type":"box","text":"Beta Capital Securities LLC","page_number":168,"box":{"x":510,"y":530,"width":192,"height":11}},{"id":"39e1e2d0-2585-4067-ae16-731e67757ac6","block_type":"box","text":"BlackRock Advisors, LLC","page_number":168,"box":{"x":510,"y":550,"width":173,"height":10}},{"id":"28e757a4-324b-47b9-a733-7ceb8e31245c","block_type":"box","text":"BMO Capital Markets Corp.","page_number":168,"box":{"x":510,"y":570,"width":191,"height":11}},{"id":"a560b9d8-a760-4ca7-bb62-72c54ef1a279","block_type":"box","text":"BNP Paribas","page_number":168,"box":{"x":510,"y":590,"width":86,"height":9}},{"id":"de5f3f5b-159a-4243-8073-b91e0a620c44","block_type":"box","text":"BNP Paribas Investment Partners UK Limited","page_number":168,"box":{"x":510,"y":611,"width":318,"height":8}},{"id":"b0bb27b4-c14a-4eb6-80d6-5fc09d7a869e","block_type":"box","text":"BNY Mellon, N.A.","page_number":168,"box":{"x":510,"y":631,"width":119,"height":10}},{"id":"f165d638-1a28-4d4d-82db-53f46117373f","block_type":"box","text":"BofA Securities, Inc.","page_number":168,"box":{"x":510,"y":651,"width":141,"height":10}},{"id":"391d6f4b-42fb-4bdb-9539-c1fdf13d479a","block_type":"box","text":"BOKF, N.A.","page_number":168,"box":{"x":510,"y":671,"width":75,"height":10}},{"id":"2fcfbf82-a20a-4e38-9d07-38bf3ef02ef3","block_type":"box","text":"Brighthouse Life Insurance Company","page_number":168,"box":{"x":510,"y":691,"width":259,"height":11}},{"id":"b6a05be5-ed39-4aff-a19a-80e10ad7e3b5","block_type":"box","text":"Brighthouse Life Insurance Company of NY","page_number":168,"box":{"x":510,"y":711,"width":303,"height":11}},{"id":"307d8639-57d7-48fc-b80d-2259ecdf1d06","block_type":"box","text":"Broadridge Business Process Outsourcing, LLC","page_number":168,"box":{"x":510,"y":731,"width":333,"height":12}},{"id":"527eb499-286e-4493-9f93-3563624235c7","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":168,"box":{"x":510,"y":752,"width":222,"height":8}},{"id":"1f0dff1d-b72d-4eb1-a564-a54d7ccffb78","block_type":"box","text":"Cabrera Capital Markets, LLC","page_number":168,"box":{"x":509,"y":772,"width":208,"height":11}},{"id":"f1219913-00c9-4e1a-a056-9c327ad4f5ba","block_type":"box","text":"Capital One, N.A.","page_number":168,"box":{"x":509,"y":792,"width":120,"height":11}},{"id":"b463866d-e9ce-4386-b8f8-f94e534ff617","block_type":"box","text":"Cetera Advisor Networks LLC","page_number":168,"box":{"x":509,"y":812,"width":204,"height":9}},{"id":"5b4d5933-fba2-4345-b0da-aa09ed490c54","block_type":"box","text":"Cetera Advisors LLC","page_number":168,"box":{"x":509,"y":832,"width":142,"height":9}},{"id":"efb39dc9-a7d2-4134-a8d8-0ab00fc24ce9","block_type":"box","text":"Cetera Financial Group","page_number":168,"box":{"x":509,"y":852,"width":161,"height":11}},{"id":"6e978780-e451-44bc-9616-0c7dbb352b85","block_type":"box","text":"Cetera Financial Specialists LLC","page_number":168,"box":{"x":509,"y":872,"width":228,"height":11}},{"id":"6530bde7-e30f-478b-974c-8a21661710af","block_type":"box","text":"Cetera Investment Services LLC","page_number":168,"box":{"x":509,"y":893,"width":227,"height":9}},{"id":"66b120bc-394c-4c21-adbe-2d72bb40174e","block_type":"box","text":"CF Secured, LLC","page_number":168,"box":{"x":509,"y":913,"width":116,"height":10}},{"id":"bb587f8f-3033-48d0-841a-a08a4653367f","block_type":"box","text":"II-111","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fc811731-93d4-4018-b77f-e7a49665a4a8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a83d2d6b-42e4-45d4-becc-8e0ac911f137","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":169,"box":{"x":69,"y":45,"width":192,"height":10}},{"id":"fe41714f-47b1-44e4-b2c7-dfb479ada84b","block_type":"box","text":"Charles Schwab Trust Bank","page_number":169,"box":{"x":69,"y":65,"width":195,"height":9}},{"id":"ff522864-25e5-448f-8753-976054b143fe","block_type":"box","text":"Chicago Mercantile Exchange Inc.","page_number":169,"box":{"x":69,"y":85,"width":237,"height":11}},{"id":"8c664fc7-f1fb-4b82-938a-c87c9be7fcd3","block_type":"box","text":"CIM Investment Management, Inc.","page_number":169,"box":{"x":69,"y":105,"width":243,"height":11}},{"id":"11093af5-eafe-44f3-9f30-c224d79ebc6a","block_type":"box","text":"Citco Securities, LLC","page_number":169,"box":{"x":69,"y":125,"width":147,"height":11}},{"id":"8375b565-14a3-40c4-a328-f514c4a1332b","block_type":"box","text":"CitiBank, National Association","page_number":169,"box":{"x":69,"y":146,"width":213,"height":10}},{"id":"2d813831-80c6-461b-8048-75c69bf46067","block_type":"box","text":"Citigroup Global Markets, Inc.","page_number":169,"box":{"x":69,"y":166,"width":209,"height":11}},{"id":"8494b751-dd3f-436b-9422-13108534dba0","block_type":"box","text":"Citizens Bank","page_number":169,"box":{"x":69,"y":186,"width":96,"height":9}},{"id":"6f06568c-8069-4d2e-81c7-c76447905085","block_type":"box","text":"Citizens Business Bank","page_number":169,"box":{"x":69,"y":206,"width":167,"height":9}},{"id":"75d9d849-7379-4ca2-90b6-12ede82b5899","block_type":"box","text":"CME Shareholder Servicing LLC","page_number":169,"box":{"x":69,"y":226,"width":224,"height":11}},{"id":"cfda24c8-33d2-4be3-be4f-fb97c7f35e63","block_type":"box","text":"CMFG Life Insurance Company","page_number":169,"box":{"x":69,"y":246,"width":217,"height":11}},{"id":"d2aa2e29-a2a1-4d71-a855-fb7c2295524b","block_type":"box","text":"Comerica Bank","page_number":169,"box":{"x":69,"y":266,"width":107,"height":9}},{"id":"ad5dc1b0-afa3-483b-bbf8-0f2466e8f89a","block_type":"box","text":"Commonwealth Financial Network","page_number":169,"box":{"x":69,"y":287,"width":239,"height":9}},{"id":"6c1d38ce-ab3e-405e-b89c-c4402a9fd67e","block_type":"box","text":"Computershare Trust Company","page_number":169,"box":{"x":69,"y":307,"width":220,"height":11}},{"id":"00f0415c-a204-4026-9ca4-c68a0444d101","block_type":"box","text":"Conduent HR Services, LLC","page_number":169,"box":{"x":69,"y":327,"width":195,"height":10}},{"id":"606b043c-5052-49fa-8fdc-92ecefc9a28e","block_type":"box","text":"Delaware Life Insurance Company","page_number":169,"box":{"x":70,"y":347,"width":240,"height":11}},{"id":"d47d2b0c-49e2-4ffd-a350-3867a1782a79","block_type":"box","text":"Delaware Trust Company","page_number":169,"box":{"x":70,"y":367,"width":176,"height":11}},{"id":"2eb65a06-7f6d-4ae8-b667-71e82cff493d","block_type":"box","text":"Deutsche Bank AG","page_number":169,"box":{"x":70,"y":387,"width":130,"height":9}},{"id":"d52cd63d-f7e7-41cb-a837-5eade4f10b02","block_type":"box","text":"Deutsche Bank Trust Company Americas","page_number":169,"box":{"x":70,"y":408,"width":287,"height":11}},{"id":"6a391ec4-0faf-484f-863f-d12195bb6cdc","block_type":"box","text":"Digital Retirement Solutions, Inc.","page_number":169,"box":{"x":70,"y":428,"width":232,"height":11}},{"id":"5a0f5dbb-8fb3-4b31-ae09-f7bfd02818f7","block_type":"box","text":"Dunham & Associates Investment Counsel, Inc.","page_number":169,"box":{"x":70,"y":448,"width":337,"height":10}},{"id":"6d30f28e-c86a-42de-b350-aa3c3febf6e2","block_type":"box","text":"Dynasty Financial Partners LLC","page_number":169,"box":{"x":70,"y":468,"width":218,"height":11}},{"id":"b18ee86d-de6d-4f81-b9c0-3d79ad2c2332","block_type":"box","text":"Edward D. Jones & Co., L.P.","page_number":169,"box":{"x":70,"y":488,"width":195,"height":11}},{"id":"60ad8424-c684-4217-8b4d-b7a4e5cbc33e","block_type":"box","text":"Empire Fidelity Investments Life Insurance Company","page_number":169,"box":{"x":70,"y":508,"width":370,"height":11}},{"id":"b5240d48-604a-4c1f-a7ed-98012ae7633b","block_type":"box","text":"Empower Annuity Insurance Company of America","page_number":169,"box":{"x":70,"y":528,"width":344,"height":12}},{"id":"3c1d2cc6-521d-44e1-80fb-6d66c4025348","block_type":"box","text":"Empower Financial Services, Inc.","page_number":169,"box":{"x":70,"y":549,"width":231,"height":11}},{"id":"eb631659-3cbb-40a7-b6fd-065e19178095","block_type":"box","text":"Empower Life & Annuity Insurance Company of New","page_number":169,"box":{"x":70,"y":569,"width":365,"height":11}},{"id":"9a538a74-d62b-4c3d-b883-f0a7b26ddce1","block_type":"box","text":"York","page_number":169,"box":{"x":68,"y":584,"width":30,"height":9}},{"id":"d33e41b6-a0d8-468e-8b84-6928643eb4eb","block_type":"box","text":"Empower Plan Services, LLC","page_number":169,"box":{"x":70,"y":604,"width":201,"height":11}},{"id":"91608761-7f8a-4584-b74e-002d360b117a","block_type":"box","text":"Envestnet Asset Management, Inc.","page_number":169,"box":{"x":70,"y":624,"width":246,"height":11}},{"id":"3645def5-7240-4938-85eb-5249b326c994","block_type":"box","text":"Equitable Advisors, LLC","page_number":169,"box":{"x":70,"y":644,"width":165,"height":11}},{"id":"8bfefc40-1f6a-4708-8b27-3fc72802e312","block_type":"box","text":"Equitable Life Insurance Company","page_number":169,"box":{"x":70,"y":664,"width":240,"height":12}},{"id":"5bd55eb3-af3d-4e71-a018-1affa63b87b2","block_type":"box","text":"E*trade Savings Bank","page_number":169,"box":{"x":70,"y":685,"width":155,"height":11}},{"id":"5478a333-800d-4d20-baf9-2cb07902f544","block_type":"box","text":"Federal Deposit Insurance Corporation","page_number":169,"box":{"x":70,"y":705,"width":271,"height":11}},{"id":"3200448d-7c18-4260-932c-3ddbb98e4e78","block_type":"box","text":"Fidelity Brokerage Services LLC","page_number":169,"box":{"x":70,"y":725,"width":222,"height":11}},{"id":"c77439c4-e307-41af-b16a-b15e07662f6c","block_type":"box","text":"Fidelity Investments Institutional Operations Company,","page_number":169,"box":{"x":70,"y":745,"width":384,"height":11}},{"id":"0476afb9-4b50-4838-933a-67ecd404279c","block_type":"box","text":"Inc.","page_number":169,"box":{"x":70,"y":760,"width":23,"height":9}},{"id":"365a55fc-45ba-40c2-a3d2-f4bae8e5aae3","block_type":"box","text":"Fidelity Investments Life Insurance Company","page_number":169,"box":{"x":70,"y":780,"width":316,"height":12}},{"id":"e4c07ad7-f46d-4865-979b-362f11c398c7","block_type":"box","text":"Fifth Third Securities, Inc.","page_number":169,"box":{"x":70,"y":801,"width":179,"height":10}},{"id":"614879e3-67ef-49a6-9922-d9d625fd224c","block_type":"box","text":"First Allied Securities, Inc.","page_number":169,"box":{"x":70,"y":821,"width":182,"height":10}},{"id":"f3206275-58bd-4c7e-b719-bfa0e9436ccc","block_type":"box","text":"First Command Financial Planning, Inc.","page_number":169,"box":{"x":70,"y":841,"width":273,"height":11}},{"id":"7af92501-ce5a-4f92-8e30-2e6ce2d70176","block_type":"box","text":"First Hawaiian Bank","page_number":169,"box":{"x":70,"y":861,"width":139,"height":9}},{"id":"5eee51dd-ca15-4104-b038-18405818ef13","block_type":"box","text":"First Republic Bank","page_number":169,"box":{"x":70,"y":881,"width":135,"height":11}},{"id":"769ca3f8-e5cc-4b59-8812-ea75b67c5bb5","block_type":"box","text":"First Security Benefit Life Insurance and Annuity","page_number":169,"box":{"x":510,"y":45,"width":339,"height":11}},{"id":"d5b92602-b15c-44a8-a5e6-12a113c5f92c","block_type":"box","text":"Company of New York","page_number":169,"box":{"x":509,"y":60,"width":153,"height":11}},{"id":"2366af5a-6fff-4771-b081-cc507b27db6e","block_type":"box","text":"First Symetra National Life Insurance Company of New","page_number":169,"box":{"x":510,"y":80,"width":386,"height":11}},{"id":"12872133-7ceb-43f1-8c0e-74bed085cd7c","block_type":"box","text":"York","page_number":169,"box":{"x":509,"y":95,"width":29,"height":9}},{"id":"eae3fc1c-0a8b-4bbb-82e4-0550857a26c9","block_type":"box","text":"First-Citizens Bank & Trust Company","page_number":169,"box":{"x":510,"y":115,"width":257,"height":11}},{"id":"acd78fc6-3e28-4126-9b9e-0cb1ab74204c","block_type":"box","text":"FIS Brokerage & Securities Services LLC","page_number":169,"box":{"x":510,"y":135,"width":287,"height":12}},{"id":"b8503fa1-a046-49c8-a043-fb46e0515ad8","block_type":"box","text":"FNEX Capital, LLC","page_number":169,"box":{"x":510,"y":156,"width":125,"height":10}},{"id":"747d332a-d512-4ae8-a2e7-d438b8084733","block_type":"box","text":"Forethought Life Insurance Company","page_number":169,"box":{"x":510,"y":176,"width":259,"height":11}},{"id":"98c84d78-b634-45a0-8369-ac986d775b4a","block_type":"box","text":"FSC Securities Corporation","page_number":169,"box":{"x":510,"y":196,"width":189,"height":11}},{"id":"7ab36bb3-9094-40c3-8e29-d75cb8d084c0","block_type":"box","text":"Genworth Life and Annuity Insurance Company","page_number":169,"box":{"x":509,"y":216,"width":332,"height":11}},{"id":"e988c6b2-6338-4d7f-9080-7efba7b0fb2c","block_type":"box","text":"Genworth Life Insurance Company of New York","page_number":169,"box":{"x":509,"y":236,"width":332,"height":11}},{"id":"8e7801f1-56de-46c6-a8bc-d800cbe671f6","block_type":"box","text":"Global Atlantic Distributors, LLC","page_number":169,"box":{"x":509,"y":256,"width":225,"height":11}},{"id":"0a599d3b-27b7-4231-92c4-58fd4353f8ba","block_type":"box","text":"Goldman Sachs & Co.","page_number":169,"box":{"x":509,"y":277,"width":155,"height":8}},{"id":"4a1b6fb9-b97a-4885-b3c0-32316fb9d782","block_type":"box","text":"Great Pacific Securities, LLC","page_number":169,"box":{"x":509,"y":297,"width":201,"height":10}},{"id":"e507215b-9629-4a09-8e1a-3bc720b0356e","block_type":"box","text":"Guardian Insurance & Annuity Co., Inc.","page_number":169,"box":{"x":509,"y":317,"width":273,"height":11}},{"id":"9621d227-5e1c-4ebb-8b33-8aca7ee05fd0","block_type":"box","text":"Hancock Whitney Bank","page_number":169,"box":{"x":510,"y":337,"width":161,"height":11}},{"id":"a6ff5768-0216-4a6f-9be4-2066405cd392","block_type":"box","text":"Hartford Funds Management Company","page_number":169,"box":{"x":510,"y":357,"width":274,"height":11}},{"id":"0aa5ef78-49e5-4845-99ad-d721692c56f3","block_type":"box","text":"Hartford Securities Distribution Company, Inc.","page_number":169,"box":{"x":510,"y":377,"width":324,"height":11}},{"id":"6ceefa95-2186-4429-86ac-fe1525027975","block_type":"box","text":"Hazeltree Fund Services, Inc.","page_number":169,"box":{"x":510,"y":398,"width":206,"height":10}},{"id":"05e3c792-6115-4262-9266-6d6abfb7beb5","block_type":"box","text":"Hightower Securities, Inc.","page_number":169,"box":{"x":510,"y":418,"width":179,"height":11}},{"id":"34cb49ee-b3c2-4914-8698-afcc6f9e99df","block_type":"box","text":"Hilltop Securities Inc.","page_number":169,"box":{"x":510,"y":438,"width":149,"height":11}},{"id":"0008bfa7-640e-4397-9188-827b196acf21","block_type":"box","text":"HSBC Bank USA, N.A.","page_number":169,"box":{"x":510,"y":458,"width":153,"height":10}},{"id":"52699934-4ff3-4532-a3e5-7fc6c2d98d14","block_type":"box","text":"Huntington Securities, Inc.","page_number":169,"box":{"x":510,"y":478,"width":186,"height":11}},{"id":"8208e72f-f03b-4b82-ad79-484105317dc1","block_type":"box","text":"Institutional Cash Distributors, LLC","page_number":169,"box":{"x":510,"y":498,"width":247,"height":11}},{"id":"2c3c63cf-7dab-4bb3-ad7c-377d2225e54d","block_type":"box","text":"Integrity Life Insurance Company","page_number":169,"box":{"x":510,"y":518,"width":231,"height":12}},{"id":"4c155784-a86a-439a-b0b0-1736d48c6081","block_type":"box","text":"Interactive Brokers, LLC","page_number":169,"box":{"x":510,"y":539,"width":168,"height":10}},{"id":"6ef218a8-4b7f-4408-a0cc-47e61483eec0","block_type":"box","text":"Investment Trust of California","page_number":169,"box":{"x":510,"y":559,"width":208,"height":9}},{"id":"25bfe5a1-6fcb-47dd-ac4e-6f3bd08d311b","block_type":"box","text":"J.P. Morgan Institutional Investments Inc.","page_number":169,"box":{"x":509,"y":579,"width":292,"height":11}},{"id":"33832496-09a2-4364-97b1-2bef2d702112","block_type":"box","text":"J.P. Morgan Securities LLC","page_number":169,"box":{"x":509,"y":599,"width":188,"height":11}},{"id":"461b83ec-6bdc-468c-b3d3-040f5c26888f","block_type":"box","text":"Jefferies LLC","page_number":169,"box":{"x":509,"y":619,"width":92,"height":9}},{"id":"a347d059-1238-4844-84fa-767bcb0c103f","block_type":"box","text":"Jefferson National Life Insurance Company","page_number":169,"box":{"x":509,"y":639,"width":306,"height":11}},{"id":"e9094933-51cf-4d74-ba41-4614b81d1b96","block_type":"box","text":"Jefferson National Life Insurance Company of New York","page_number":169,"box":{"x":509,"y":659,"width":394,"height":12}},{"id":"dc6f157a-59ef-41d1-b701-3badc34e22c0","block_type":"box","text":"John Hancock Life Insurance Company (U.S.A.)","page_number":169,"box":{"x":509,"y":680,"width":332,"height":11}},{"id":"391ce00d-a5e1-46a0-8d60-7f574c0843ef","block_type":"box","text":"John Hancock Life Insurance Company of New York","page_number":169,"box":{"x":509,"y":700,"width":362,"height":11}},{"id":"325657f0-0bc0-43e3-a53f-2c0cda48b1a6","block_type":"box","text":"John Hancock Trust Company","page_number":169,"box":{"x":509,"y":720,"width":209,"height":11}},{"id":"c89d17c2-dc30-468f-9ebd-ae47c012912b","block_type":"box","text":"JPMorgan Chase Bank, N.A.","page_number":169,"box":{"x":509,"y":740,"width":197,"height":11}},{"id":"b4ab993b-d603-4e9a-9609-b38026fe7d9f","block_type":"box","text":"Kestra Investment Services, LLC","page_number":169,"box":{"x":510,"y":760,"width":231,"height":11}},{"id":"303eeeb2-10d2-49be-ab02-0f99103611fc","block_type":"box","text":"Lincoln Financial Advisors Corporation","page_number":169,"box":{"x":510,"y":780,"width":267,"height":11}},{"id":"ce25deb7-15a2-47dd-a1a6-91904bcc5423","block_type":"box","text":"Lincoln Financial Securities Corporation","page_number":169,"box":{"x":510,"y":801,"width":278,"height":11}},{"id":"9221c633-c96e-4c41-951d-972784c43c3d","block_type":"box","text":"Lincoln Life & Annuity Company of New York","page_number":169,"box":{"x":510,"y":821,"width":310,"height":11}},{"id":"1cb0eda7-0ac7-4fa5-a0e4-3bec36c019aa","block_type":"box","text":"Lincoln National Life Insurance Company","page_number":169,"box":{"x":510,"y":841,"width":288,"height":11}},{"id":"e178cf3e-95bd-4956-94a2-a4c090a7bf27","block_type":"box","text":"Lincoln Retirement Services LLC","page_number":169,"box":{"x":510,"y":861,"width":229,"height":9}},{"id":"5c3b11c0-7fa4-4f84-9d25-c2072230a654","block_type":"box","text":"Lombard International Life Assurance Company","page_number":169,"box":{"x":510,"y":881,"width":336,"height":11}},{"id":"fcc72312-8406-4430-bf38-7ec2de2060c6","block_type":"box","text":"LPL Financial LLC","page_number":169,"box":{"x":510,"y":901,"width":122,"height":9}},{"id":"0999c342-38ee-4355-83cb-0670b4a17afc","block_type":"box","text":"II-112","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"717f32df-9b71-4531-803e-a36d195ea931","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f752b458-578b-439d-be04-fa342ef8cf18","block_type":"box","text":"M&T Securities Inc.","page_number":170,"box":{"x":70,"y":45,"width":136,"height":9}},{"id":"1a3b28e2-506f-4716-9972-4976511e4c71","block_type":"box","text":"Manufacturers and Traders Trust Company","page_number":170,"box":{"x":70,"y":65,"width":302,"height":11}},{"id":"8652ef43-624b-4030-b917-a4bd4e79a8b3","block_type":"box","text":"Massachusetts Mutual Life Insurance Company","page_number":170,"box":{"x":70,"y":85,"width":337,"height":11}},{"id":"9e935f4a-4128-4ce7-afdd-77a68f65c699","block_type":"box","text":"Members Life Insurance Company","page_number":170,"box":{"x":70,"y":105,"width":241,"height":11}},{"id":"590753d5-a953-4e90-9a38-d57f4ce3c4ed","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith Incorporated","page_number":170,"box":{"x":70,"y":125,"width":356,"height":11}},{"id":"e5fca60c-63fe-4f9b-9003-b38074ca37f0","block_type":"box","text":"Metavante Corporation","page_number":170,"box":{"x":70,"y":146,"width":160,"height":10}},{"id":"3b2793bb-26a9-469d-9155-ddaf8d38cdec","block_type":"box","text":"Metropolitan Life Insurance Company","page_number":170,"box":{"x":70,"y":166,"width":264,"height":11}},{"id":"7237ba51-5a55-4ebc-9a03-136d57c7e48e","block_type":"box","text":"Mid Atlantic Clearing & Settlement Corporation","page_number":170,"box":{"x":70,"y":186,"width":330,"height":11}},{"id":"97eb1e53-ca7d-49b3-8d84-882c8df99676","block_type":"box","text":"Midland Life Insurance Company","page_number":170,"box":{"x":70,"y":206,"width":230,"height":11}},{"id":"ece2c087-330e-4641-a1fa-bad90ec9e1f5","block_type":"box","text":"Minnesota Life Insurance Company","page_number":170,"box":{"x":70,"y":226,"width":249,"height":11}},{"id":"60a98911-f96c-45b9-9976-02a11247e080","block_type":"box","text":"Mischler Financial Group","page_number":170,"box":{"x":70,"y":246,"width":173,"height":11}},{"id":"ac6250c4-83b5-44ad-8630-52109ff2a057","block_type":"box","text":"Mizuho Securities USA Inc.","page_number":170,"box":{"x":70,"y":266,"width":189,"height":9}},{"id":"d65dfe24-32c2-45ae-91a5-b173f5d27f7f","block_type":"box","text":"MML Distributors, LLC","page_number":170,"box":{"x":70,"y":287,"width":156,"height":10}},{"id":"2905c66c-5f62-45f5-8419-e50a8cf6f8ca","block_type":"box","text":"MML Investors Services, LLC","page_number":170,"box":{"x":70,"y":307,"width":205,"height":10}},{"id":"0ba7e26e-d824-4c2d-be32-08e26515693a","block_type":"box","text":"Morgan Stanley & Co. LLC","page_number":170,"box":{"x":70,"y":327,"width":185,"height":11}},{"id":"a28363c0-b1ae-46e9-9c71-b474e4d2fcd8","block_type":"box","text":"Morgan Stanley Distribution, Inc.","page_number":170,"box":{"x":70,"y":347,"width":230,"height":11}},{"id":"0b261508-40c4-4a6d-8dc1-55f43f75d252","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":170,"box":{"x":70,"y":367,"width":240,"height":11}},{"id":"da4d34c0-fa6d-4a4f-bb85-9b0790a07c19","block_type":"box","text":"MUFG Union Bank, National Association","page_number":170,"box":{"x":70,"y":387,"width":282,"height":11}},{"id":"27d8d316-8a57-4ecc-aaf5-f2192d71c866","block_type":"box","text":"Nassau Life Insurance Company","page_number":170,"box":{"x":70,"y":407,"width":228,"height":12}},{"id":"6a1efa41-e76b-4e53-8c6c-072b224bf7cf","block_type":"box","text":"National Financial Services LLC","page_number":170,"box":{"x":70,"y":428,"width":222,"height":9}},{"id":"a9c15805-8e38-4837-b8a0-b5a72c41edbc","block_type":"box","text":"National Integrity Life Insurance Company","page_number":170,"box":{"x":70,"y":448,"width":294,"height":11}},{"id":"3e65636b-5712-46e6-bdd4-5c479d97b469","block_type":"box","text":"National Life Insurance Company","page_number":170,"box":{"x":70,"y":468,"width":233,"height":11}},{"id":"840fb4a5-be7f-45f8-a917-01f21e1e65ff","block_type":"box","text":"Nationwide Financial Services, Inc.","page_number":170,"box":{"x":70,"y":488,"width":245,"height":11}},{"id":"4c0fd715-71a6-4727-944a-17d3ffaf4f0c","block_type":"box","text":"Nationwide Fund Distributors LLC","page_number":170,"box":{"x":70,"y":508,"width":234,"height":9}},{"id":"1677c0c6-4fa2-4d9f-9635-c1d3985f382d","block_type":"box","text":"Nationwide Retirement Solutions","page_number":170,"box":{"x":70,"y":529,"width":231,"height":8}},{"id":"5a028edd-d599-448e-ad4c-04e8157329f8","block_type":"box","text":"NCB Federal Savings Bank","page_number":170,"box":{"x":70,"y":549,"width":187,"height":11}},{"id":"f4b65b06-9767-4c61-8b00-a49763d5a841","block_type":"box","text":"New England Pension Plan Systems, LLC","page_number":170,"box":{"x":70,"y":569,"width":289,"height":11}},{"id":"57fa184d-e2a5-4fc2-b797-a7099e95e712","block_type":"box","text":"New York Life Insurance and Annuity Corporation","page_number":170,"box":{"x":70,"y":589,"width":342,"height":11}},{"id":"14ecf55c-d83c-48fe-9e4a-3442424702e1","block_type":"box","text":"Newport Retirement Services, Inc.","page_number":170,"box":{"x":70,"y":609,"width":242,"height":11}},{"id":"c97e5273-824d-4049-a5db-d7fdedb9c7ad","block_type":"box","text":"Northbrook Bank & Trust Company","page_number":170,"box":{"x":70,"y":629,"width":246,"height":11}},{"id":"fcbaeda4-5703-4cd2-ab17-240f4f1f718c","block_type":"box","text":"Northern Trust Company","page_number":170,"box":{"x":70,"y":649,"width":173,"height":12}},{"id":"b951a3ae-2f79-4419-a662-e6af734c0522","block_type":"box","text":"Northwestern Mutual Investment Services, LLC","page_number":170,"box":{"x":70,"y":670,"width":335,"height":10}},{"id":"510a1880-8662-4c8c-a817-4746bdaf5c91","block_type":"box","text":"Northwestern Mutual Life Insurance Company","page_number":170,"box":{"x":70,"y":690,"width":325,"height":11}},{"id":"2a05b73d-b2c9-4f25-b82f-b5484aa7cc58","block_type":"box","text":"NYLife Distributors LLC","page_number":170,"box":{"x":70,"y":710,"width":162,"height":9}},{"id":"934c02d2-666a-4dfa-963a-3a477b90f79c","block_type":"box","text":"Oppenheimer & Co., Inc.","page_number":170,"box":{"x":69,"y":730,"width":173,"height":11}},{"id":"31c46b01-4d4c-40bc-a4e9-1cdb9f70062f","block_type":"box","text":"Orion Advisor Services, LLC","page_number":170,"box":{"x":69,"y":750,"width":195,"height":11}},{"id":"586d5cae-46cf-42cb-9b7a-438ed98ae0c4","block_type":"box","text":"Osaic Wealth, Inc.","page_number":170,"box":{"x":69,"y":770,"width":127,"height":11}},{"id":"2b60ee0d-1e0f-4304-aab8-39b5bb30ee89","block_type":"box","text":"Pacific Life & Annuity Company","page_number":170,"box":{"x":69,"y":790,"width":219,"height":12}},{"id":"ac65a2b9-21eb-4baf-a0f8-b6ba0d714ad7","block_type":"box","text":"Pacific Life Insurance Company","page_number":170,"box":{"x":69,"y":811,"width":221,"height":11}},{"id":"b0a05c7e-a0bc-45c6-b2dd-510703b60b59","block_type":"box","text":"Pacific Select Distributors, LLC","page_number":170,"box":{"x":69,"y":831,"width":218,"height":10}},{"id":"3c050488-8c75-4b1d-8a34-2dd1c3ebfeea","block_type":"box","text":"Park Avenue Securities LLC","page_number":170,"box":{"x":69,"y":851,"width":193,"height":9}},{"id":"564d959a-5b4a-48b3-afd7-d2fa68eafe7e","block_type":"box","text":"Penserra Securities LLC","page_number":170,"box":{"x":69,"y":871,"width":170,"height":9}},{"id":"fef8beab-64f9-419b-b8da-23a5c7bbc9e4","block_type":"box","text":"Pershing LLC","page_number":170,"box":{"x":69,"y":891,"width":91,"height":12}},{"id":"5f8ac7cb-fc85-47f1-9054-0fc3bbbdf8fe","block_type":"box","text":"PFPC Inc.","page_number":170,"box":{"x":69,"y":912,"width":65,"height":8}},{"id":"f2322681-d5df-426c-8028-43354ac5ad18","block_type":"box","text":"Piper Jaffray & Co.","page_number":170,"box":{"x":510,"y":45,"width":130,"height":11}},{"id":"4a2ff0d2-5d6c-4fda-90da-3d13f44ed77b","block_type":"box","text":"PNC Bank, National Association","page_number":170,"box":{"x":510,"y":65,"width":224,"height":10}},{"id":"d19c121f-7f8e-41de-87e6-609336bc6736","block_type":"box","text":"PNC Capital Markets LLC","page_number":170,"box":{"x":510,"y":85,"width":176,"height":11}},{"id":"43c6d5f1-f29c-4246-b948-ccb237da8746","block_type":"box","text":"PNC Investments LLC","page_number":170,"box":{"x":510,"y":105,"width":151,"height":9}},{"id":"c21c0885-bdac-4e1a-9dfe-96f9ddf4cbd7","block_type":"box","text":"Principal Bank","page_number":170,"box":{"x":510,"y":126,"width":99,"height":10}},{"id":"61053848-abe8-459c-9725-c8eced0e8fd0","block_type":"box","text":"Principal Life Insurance Company","page_number":170,"box":{"x":510,"y":145,"width":235,"height":12}},{"id":"de4ec3e6-0511-4728-912b-7bc9244698c4","block_type":"box","text":"Protective Life and Annuity Insurance Company","page_number":170,"box":{"x":510,"y":166,"width":332,"height":11}},{"id":"3850a450-d5db-4281-a066-55a0ee8b8282","block_type":"box","text":"Protective Life Insurance Company","page_number":170,"box":{"x":510,"y":186,"width":245,"height":11}},{"id":"d8bd32cb-c3fe-46de-9e62-8d19750f8985","block_type":"box","text":"Pruco Life Insurance Company","page_number":170,"box":{"x":510,"y":206,"width":215,"height":11}},{"id":"c4e64387-c96c-4ce9-87c1-0ef2024a1a3f","block_type":"box","text":"Pruco Life Insurance Company of New Jersey","page_number":170,"box":{"x":510,"y":226,"width":318,"height":11}},{"id":"11f07a74-a5cc-4cb3-a5e5-482d76362a40","block_type":"box","text":"Prudential Annuities Distributors, Inc.","page_number":170,"box":{"x":510,"y":246,"width":263,"height":11}},{"id":"59fad23e-3de8-4cc1-be42-e286aabcfa07","block_type":"box","text":"Prudential Insurance Company of America","page_number":170,"box":{"x":510,"y":266,"width":295,"height":12}},{"id":"f2af3e91-b9b4-4366-b8de-92ea2c18b8e4","block_type":"box","text":"Raymond James & Associates, Inc.","page_number":170,"box":{"x":510,"y":287,"width":248,"height":11}},{"id":"d8afcda2-49b6-40c0-a673-e6b9e6320b87","block_type":"box","text":"Raymond James Financial Services, Inc.","page_number":170,"box":{"x":510,"y":307,"width":283,"height":11}},{"id":"d4b9601c-5bd6-4342-aaae-f2e036acb2ee","block_type":"box","text":"RBC Capital Markets, LLC","page_number":170,"box":{"x":510,"y":327,"width":182,"height":11}},{"id":"ebb3ec50-4154-4fb2-9e2e-99fb70279e3a","block_type":"box","text":"Regions Bank","page_number":170,"box":{"x":510,"y":347,"width":96,"height":11}},{"id":"f6da0425-5d27-46a3-8073-788a13ed7cdd","block_type":"box","text":"Reliance Trust Company","page_number":170,"box":{"x":510,"y":367,"width":171,"height":11}},{"id":"b8a1490a-ba16-4729-84a6-3247b47e399e","block_type":"box","text":"Reliastar Life Insurance Company","page_number":170,"box":{"x":510,"y":387,"width":238,"height":11}},{"id":"2d998490-1c9a-4d18-b3ab-8ccecda72d89","block_type":"box","text":"Reliastar Life Insurance Company of New York","page_number":170,"box":{"x":510,"y":407,"width":326,"height":12}},{"id":"cf34991e-a8cb-41ac-8110-bbdc6fe04a2d","block_type":"box","text":"RiverSource Distributors, Inc.","page_number":170,"box":{"x":510,"y":428,"width":205,"height":10}},{"id":"026efb40-c7cf-498b-9b73-bba9e5008a4d","block_type":"box","text":"RiverSource Life Insurance Co. of New York","page_number":170,"box":{"x":510,"y":448,"width":306,"height":9}},{"id":"a7082167-f7c8-416c-9934-e7289b92ea77","block_type":"box","text":"RiverSource Life Insurance Company","page_number":170,"box":{"x":510,"y":468,"width":259,"height":11}},{"id":"a2aaef5c-f1e3-440c-a016-7c6b7bf2382c","block_type":"box","text":"SagePoint Financial, Inc.","page_number":170,"box":{"x":509,"y":488,"width":173,"height":11}},{"id":"8aaf3758-02d2-415e-9e73-455c8706f6a7","block_type":"box","text":"Sammons Retirement Solutions, Inc.","page_number":170,"box":{"x":509,"y":508,"width":260,"height":11}},{"id":"701b57b2-8b26-4d9e-8ceb-415a05d65a43","block_type":"box","text":"Sanctuary Wealth Group, LLC","page_number":170,"box":{"x":509,"y":529,"width":208,"height":11}},{"id":"9c7857a2-5331-4880-94f8-ce502734811b","block_type":"box","text":"Santander Bank, N.A.","page_number":170,"box":{"x":509,"y":549,"width":152,"height":10}},{"id":"2b1e931e-b042-448d-90c8-1a0e104cb0f6","block_type":"box","text":"Saturna Trust Company","page_number":170,"box":{"x":509,"y":569,"width":167,"height":11}},{"id":"a7d18582-275c-4740-8c2b-4bbe1994cf19","block_type":"box","text":"Securities America, Inc.","page_number":170,"box":{"x":509,"y":589,"width":167,"height":10}},{"id":"71dc6dc9-ba22-4af1-b0ff-64246f7b243a","block_type":"box","text":"Securities Finance Trust Company","page_number":170,"box":{"x":509,"y":609,"width":241,"height":11}},{"id":"640eaaab-e88d-409e-8160-184f1361ab29","block_type":"box","text":"Security Benefit Life Insurance Company","page_number":170,"box":{"x":509,"y":629,"width":287,"height":11}},{"id":"53ff9143-a5bc-4539-86e1-23372ed56d0e","block_type":"box","text":"Security Financial Resources, Inc.","page_number":170,"box":{"x":509,"y":649,"width":238,"height":12}},{"id":"8399b6b2-053f-4fd5-a6ba-b5cfd6aff302","block_type":"box","text":"Security Life of Denver Insurance Company","page_number":170,"box":{"x":509,"y":669,"width":305,"height":12}},{"id":"aa97a777-bc5f-47c1-99da-18812ad435fe","block_type":"box","text":"SEI Private Trust Company","page_number":170,"box":{"x":509,"y":690,"width":187,"height":11}},{"id":"a67a872d-32b0-49f4-a169-c73ca44bf1bd","block_type":"box","text":"SG Americas Securities, LLC","page_number":170,"box":{"x":509,"y":710,"width":202,"height":10}},{"id":"6c06e71d-7608-4cc7-936d-b1a92e2de0fe","block_type":"box","text":"Silicon Valley Bank","page_number":170,"box":{"x":509,"y":730,"width":132,"height":11}},{"id":"36cec355-3f0e-436e-baca-a307d22d11c3","block_type":"box","text":"Standard Insurance Company","page_number":170,"box":{"x":509,"y":750,"width":209,"height":11}},{"id":"a0746785-2cc0-4cab-b8d7-e01cfb27970f","block_type":"box","text":"State Farm Life and Accident Assurance Company","page_number":170,"box":{"x":509,"y":770,"width":355,"height":11}},{"id":"0a6b2237-a30a-494b-b05f-9185355fbd16","block_type":"box","text":"State Farm Life Insurance Company","page_number":170,"box":{"x":509,"y":790,"width":254,"height":12}},{"id":"2e4f521c-9ce2-4d09-8377-6f113e38ec71","block_type":"box","text":"State Farm VP Management Corp.","page_number":170,"box":{"x":509,"y":811,"width":240,"height":11}},{"id":"b1740861-e626-4d2e-acb8-52ce9d4bb838","block_type":"box","text":"State Street Bank and Trust Company","page_number":170,"box":{"x":509,"y":831,"width":269,"height":11}},{"id":"062716af-62a5-4800-aec2-0ec75ebac4e2","block_type":"box","text":"State Street Global Markets, LLC","page_number":170,"box":{"x":509,"y":851,"width":234,"height":10}},{"id":"b837ba1d-0cee-491c-912f-e4878a6f45a8","block_type":"box","text":"Stern Brothers & Co.","page_number":170,"box":{"x":509,"y":871,"width":147,"height":9}},{"id":"6de27c3c-39b7-45aa-bcf2-859f8e9c2b8c","block_type":"box","text":"Stifel, Nicolaus & Company, Incorporated","page_number":170,"box":{"x":509,"y":891,"width":291,"height":11}},{"id":"1e869ac7-a376-4460-96a5-37aa1520d022","block_type":"box","text":"Summit Brokerage Services, Inc.","page_number":170,"box":{"x":509,"y":912,"width":232,"height":11}},{"id":"41b1978c-4d93-461e-925e-d990b2e134c0","block_type":"box","text":"II-113","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da7ba867-d8ca-4644-9391-27e75dfe4072","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c8534a3-87fd-4fbf-bb9b-00848b9ae461","block_type":"box","text":"SVB Asset Management","page_number":171,"box":{"x":69,"y":45,"width":171,"height":11}},{"id":"947ff654-a1c1-4567-8165-e46e8fa19979","block_type":"box","text":"Symetra Life Insurance Company","page_number":171,"box":{"x":69,"y":65,"width":233,"height":11}},{"id":"8f932fa8-509d-4509-b167-9acd09367744","block_type":"box","text":"Syntal Capital Partners, LLC","page_number":171,"box":{"x":69,"y":85,"width":199,"height":11}},{"id":"0ed53d06-b0cd-4667-aa2c-5df002a1e09a","block_type":"box","text":"T. Rowe Price Retirement Plan Services, Inc.","page_number":171,"box":{"x":68,"y":105,"width":315,"height":11}},{"id":"6fdf52f2-0df1-4179-a51a-05e1ee789ec2","block_type":"box","text":"Talcott Resolution Life and Annuity Insurance Company","page_number":171,"box":{"x":68,"y":125,"width":391,"height":11}},{"id":"951af318-a298-4da4-b697-fd76d24aaef4","block_type":"box","text":"Talcott Resolution Life Insurance Company","page_number":171,"box":{"x":68,"y":145,"width":303,"height":12}},{"id":"78352e96-d181-460c-a93b-a5376ff413c2","block_type":"box","text":"TD Ameritrade Clearing, Inc.","page_number":171,"box":{"x":68,"y":166,"width":198,"height":11}},{"id":"cdc481c2-25c1-4221-b2a6-8bdf35749f76","block_type":"box","text":"TD Ameritrade, Inc.","page_number":171,"box":{"x":68,"y":186,"width":135,"height":10}},{"id":"98e73e30-53a8-4653-8613-dcd5c1bf8ccf","block_type":"box","text":"TD Prime Services (US) LLC","page_number":171,"box":{"x":68,"y":206,"width":197,"height":11}},{"id":"043ccf93-2710-4d0a-8966-873e4b031dff","block_type":"box","text":"Teachers Insurance and Annuity Association of America","page_number":171,"box":{"x":68,"y":226,"width":393,"height":11}},{"id":"58408354-01eb-4f9c-9c85-9b70fb80040c","block_type":"box","text":"Tigress Financial Partners, LLC","page_number":171,"box":{"x":68,"y":246,"width":221,"height":11}},{"id":"211ac1b7-7eb7-4966-adf4-2152a9d9d9d8","block_type":"box","text":"Transamerica Financial Life Insurance Company","page_number":171,"box":{"x":68,"y":266,"width":339,"height":12}},{"id":"a4fc8cfe-329f-4839-a075-5b4a4a099ca3","block_type":"box","text":"Transamerica Life Insurance Company","page_number":171,"box":{"x":68,"y":286,"width":272,"height":12}},{"id":"f4d19896-d45a-4f96-a83b-3db565ad27ed","block_type":"box","text":"Treasury Brokerage","page_number":171,"box":{"x":68,"y":307,"width":138,"height":11}},{"id":"1d02119e-92f4-4ed0-96b0-3c899bd40c64","block_type":"box","text":"Triad Advisors, LLC","page_number":171,"box":{"x":68,"y":327,"width":135,"height":10}},{"id":"03a3d3df-599f-4ab6-8888-f0eca32d399d","block_type":"box","text":"Truist Bank","page_number":171,"box":{"x":68,"y":347,"width":81,"height":9}},{"id":"9892c0d7-6014-4f5e-b738-491544c765a6","block_type":"box","text":"U.S. Bancorp Investments, Inc.","page_number":171,"box":{"x":70,"y":367,"width":218,"height":11}},{"id":"ef92250b-dd51-4825-ad7a-2ce3dc316b00","block_type":"box","text":"U.S. Bank, National Association","page_number":171,"box":{"x":70,"y":387,"width":224,"height":11}},{"id":"0c320837-da85-4cef-976e-d00aab047fe2","block_type":"box","text":"UBATCO & Co.","page_number":171,"box":{"x":70,"y":408,"width":99,"height":8}},{"id":"c435af2a-3ed9-4cdd-9b15-3571630832bb","block_type":"box","text":"UBS Financial Services, Inc.","page_number":171,"box":{"x":70,"y":428,"width":197,"height":10}},{"id":"65190110-1950-4ba9-97c8-13d7d6131aa6","block_type":"box","text":"UBS Securities LLC","page_number":171,"box":{"x":70,"y":448,"width":135,"height":9}},{"id":"4f160611-2623-4174-b403-71211cb6653e","block_type":"box","text":"Ultimus Fund Solutions, LLC","page_number":171,"box":{"x":70,"y":468,"width":199,"height":10}},{"id":"60c088ce-067b-4e3a-ac6b-cd9e5ae19b87","block_type":"box","text":"UMB Bank, National Association","page_number":171,"box":{"x":510,"y":45,"width":228,"height":10}},{"id":"5a5c207d-d1b3-4e4c-9430-a8635061a425","block_type":"box","text":"United States Life Insurance Company in the City of","page_number":171,"box":{"x":510,"y":65,"width":367,"height":11}},{"id":"da7a9da5-4562-44ee-b21e-0f80b830669e","block_type":"box","text":"New York","page_number":171,"box":{"x":510,"y":80,"width":63,"height":9}},{"id":"0ed2645c-855f-4baf-b5a0-6c1cdfd38b7b","block_type":"box","text":"VALIC Retirement Services Company","page_number":171,"box":{"x":509,"y":100,"width":260,"height":11}},{"id":"ff9bbd75-f453-47bb-8e8d-246cc5b7d9ce","block_type":"box","text":"Vanguard Group, Inc.","page_number":171,"box":{"x":509,"y":120,"width":147,"height":12}},{"id":"113a3555-fc53-4825-adb6-491a3a859e88","block_type":"box","text":"Vanguard Marketing Corporation","page_number":171,"box":{"x":509,"y":140,"width":227,"height":12}},{"id":"a960836e-7d63-4460-a011-3849e734477a","block_type":"box","text":"Voya Financial Advisors, Inc.","page_number":171,"box":{"x":509,"y":161,"width":198,"height":11}},{"id":"c5242b11-ca96-4878-be4c-da07fca666f8","block_type":"box","text":"Voya Financial Partners, LLC","page_number":171,"box":{"x":509,"y":181,"width":201,"height":11}},{"id":"ec6865bf-166f-4241-acae-f1ffb0535a92","block_type":"box","text":"Voya Institutional Plan Services, LLC","page_number":171,"box":{"x":509,"y":201,"width":259,"height":11}},{"id":"80f720c5-3bc4-41fc-a260-e90f0ad18ea3","block_type":"box","text":"Voya Insurance and Annuity Company","page_number":171,"box":{"x":509,"y":221,"width":265,"height":11}},{"id":"27858e76-460a-4d41-8a72-3abf6a07fbbb","block_type":"box","text":"Voya Investments Distributor, LLC","page_number":171,"box":{"x":509,"y":241,"width":238,"height":11}},{"id":"041bb033-e86e-4a66-8758-d3fd42e5bead","block_type":"box","text":"Voya Retirement Insurance and Annuity Company","page_number":171,"box":{"x":509,"y":261,"width":348,"height":11}},{"id":"cc6eac96-027e-4da8-bbf6-f463709e9161","block_type":"box","text":"Waddell & Reed, Inc.","page_number":171,"box":{"x":509,"y":282,"width":147,"height":10}},{"id":"20c036a9-8faa-4f93-a801-49d0d027641a","block_type":"box","text":"Wells Fargo Advisors, LLC","page_number":171,"box":{"x":509,"y":302,"width":182,"height":11}},{"id":"c01c6709-7d89-40fe-aeec-59138a6f83d3","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC","page_number":171,"box":{"x":509,"y":322,"width":312,"height":11}},{"id":"d4a37b5f-037a-41ad-af64-6621589e852c","block_type":"box","text":"Wells Fargo Bank, N.A.","page_number":171,"box":{"x":509,"y":342,"width":161,"height":11}},{"id":"de34489f-0179-4196-81a4-d885d9a40b4c","block_type":"box","text":"Wells Fargo Clearing Services, LLC","page_number":171,"box":{"x":509,"y":362,"width":247,"height":11}},{"id":"437ec237-8dd1-47e9-9c36-3b7417cc0a7d","block_type":"box","text":"Wells Fargo Investments, LLC","page_number":171,"box":{"x":509,"y":382,"width":210,"height":12}},{"id":"87afc14e-9a86-4efe-ac8f-02af871830ed","block_type":"box","text":"Wells Fargo Securities, LLC","page_number":171,"box":{"x":509,"y":403,"width":193,"height":11}},{"id":"1b3652c7-f85f-4c0e-a567-e19c9ce467c0","block_type":"box","text":"Wilmington Trust, National Association","page_number":171,"box":{"x":509,"y":423,"width":273,"height":11}},{"id":"43a16dd3-4c3d-4b0c-8444-1b301515a860","block_type":"box","text":"Woodbury Financial Services, Inc.","page_number":171,"box":{"x":509,"y":443,"width":238,"height":11}},{"id":"ddeaae62-e4fb-4810-8365-875f87107254","block_type":"box","text":"ZB, National Association","page_number":171,"box":{"x":509,"y":463,"width":173,"height":10}},{"id":"db6c1717-c34d-464b-be9e-14532a17758c","block_type":"box","text":"E. Sponsorship and Other Incentive Payments and Services","page_number":171,"box":{"x":102,"y":507,"width":423,"height":11}},{"id":"69f2eb15-cd9e-4ff6-911c-91d61b981810","block_type":"box","text":"In addition to the Additional Payments described above, BlackRock may contribute to various other incentive","page_number":171,"box":{"x":102,"y":530,"width":769,"height":11}},{"id":"b43baa91-29f6-4d8b-bd29-0abcfb4d249f","block_type":"box","text":"arrangements to promote the sale of shares, including hosting proprietary and financially sponsoring Service","page_number":171,"box":{"x":69,"y":545,"width":776,"height":11}},{"id":"caf1686e-16d1-4923-a958-6a1cd8561d76","block_type":"box","text":"Organizations’ training and educational seminars, conferences, meetings or events. BlackRock may also pay for the","page_number":171,"box":{"x":69,"y":560,"width":824,"height":11}},{"id":"0d80b3db-3ec8-4f05-9bd6-718150266b5c","block_type":"box","text":"travel, meal, lodging and other expenses of Service Organizations and their salespersons or other personnel in","page_number":171,"box":{"x":68,"y":575,"width":791,"height":11}},{"id":"af6ab8cd-9a26-4313-ad37-cb59b9ff495c","block_type":"box","text":"connection with educational and sales promotional programs. This compensation is not included in, and is made in","page_number":171,"box":{"x":69,"y":590,"width":820,"height":11}},{"id":"833c2c34-2393-4966-b894-db7c3226f445","block_type":"box","text":"addition to, the Additional Payments described above. These payments may be made directly to the Service","page_number":171,"box":{"x":69,"y":605,"width":767,"height":11}},{"id":"fee881dc-b88b-42e3-bda4-e8bf1c959cef","block_type":"box","text":"Organizations or their affiliates, or to a third party vendor, and may vary depending upon the nature of the event or","page_number":171,"box":{"x":69,"y":620,"width":817,"height":12}},{"id":"2b91d286-809f-408c-9e6d-af3f86ba7890","block_type":"box","text":"the relationship and are subject to applicable laws and regulations, including the rules of applicable self-regulatory","page_number":171,"box":{"x":68,"y":635,"width":819,"height":12}},{"id":"d56025a2-65c2-41f5-b0a5-9e9b19dc6394","block_type":"box","text":"organizations, such as FINRA. BlackRock may pay Service Organizations additional types of incentive compensation","page_number":171,"box":{"x":69,"y":651,"width":823,"height":11}},{"id":"928f9bbb-91b9-4a68-8f99-1100c7bd9fda","block_type":"box","text":"in the future to the extent not prohibited by applicable laws or regulations.","page_number":171,"box":{"x":70,"y":666,"width":526,"height":11}},{"id":"7112ddc8-bffe-4233-9052-caee6c7e2723","block_type":"box","text":"Separately, BlackRock has developed proprietary tools, calculators and related interactive or digital content that","page_number":171,"box":{"x":102,"y":689,"width":797,"height":11}},{"id":"db09e7ef-dfed-4596-bf09-0ccd6a0a8310","block_type":"box","text":"is made available through the www.BlackRock.com website at no additional cost to Service Organizations. BlackRock","page_number":171,"box":{"x":70,"y":704,"width":833,"height":11}},{"id":"9c7ff063-de7b-4dc1-8f54-5247d3fee297","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as part of its customary","page_number":171,"box":{"x":69,"y":719,"width":817,"height":11}},{"id":"93c05038-73a9-4f32-84de-6b52afa73bd4","block_type":"box","text":"digital marketing support and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":171,"box":{"x":69,"y":734,"width":815,"height":11}},{"id":"dbca7225-4be0-4369-a8bb-666003dfd679","block_type":"box","text":"traded products.","page_number":171,"box":{"x":68,"y":749,"width":116,"height":11}},{"id":"34fe3397-6a57-48a7-aecc-1721b70426b1","block_type":"box","text":"F. Conflicts","page_number":171,"box":{"x":102,"y":772,"width":78,"height":9}},{"id":"f57bdb91-b6a7-44f5-a40f-ed14b96531c6","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":171,"box":{"x":101,"y":794,"width":710,"height":12}},{"id":"da742db2-a653-4d01-9d73-f5af0f2a9fca","block_type":"box","text":"arrangements may be an important factor in the Service Organization’s willingness to support the sale of a Fund","page_number":171,"box":{"x":69,"y":809,"width":803,"height":12}},{"id":"882286b1-0439-4baa-ad4f-e9760d1b113e","block_type":"box","text":"and/or particular share class through its distribution system or to perform services with respect to such Fund.","page_number":171,"box":{"x":69,"y":824,"width":788,"height":12}},{"id":"b465a744-7547-4e2a-ac73-e0fd487b3cc5","block_type":"box","text":"Additional Payments and other incentive arrangements may also be important factors in the Service Organization’s","page_number":171,"box":{"x":68,"y":840,"width":819,"height":11}},{"id":"b08a8fc7-bcde-4f4b-b85f-24b087e2b737","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":171,"box":{"x":68,"y":855,"width":473,"height":11}},{"id":"18206ac0-97c6-4a55-9264-5a6c125c0efa","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":171,"box":{"x":102,"y":878,"width":793,"height":11}},{"id":"31052d24-698c-49a1-b4a6-635e553f0c28","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":171,"box":{"x":69,"y":892,"width":835,"height":12}},{"id":"38d8ebab-ffb5-4c07-9bf2-d5b49f38ca74","block_type":"box","text":"II-114","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"138c11ad-d7c9-4e9a-aaf2-66c0c94c3b35","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b07ce11-49e9-481d-aab7-b67da3813440","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":172,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"e1bb8bbc-ebf7-4e08-b070-4577acc8a6ca","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":172,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"95a55491-144e-4805-b702-63bb526e3349","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class or fund","page_number":172,"box":{"x":102,"y":82,"width":774,"height":12}},{"id":"ef0af2da-1cb1-4805-afd5-8ec50a931cf3","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":172,"box":{"x":69,"y":98,"width":794,"height":11}},{"id":"409a616a-8532-46d2-a5f7-8e80b3773267","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":172,"box":{"x":70,"y":113,"width":818,"height":11}},{"id":"7be80d97-0ecd-4983-b4df-6291fdd7084f","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":172,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"bd97b3a9-963b-4b64-aa34-d52cfffeeeb0","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":172,"box":{"x":69,"y":143,"width":723,"height":11}},{"id":"3de483dc-eabd-4803-be88-48a9ffc06d59","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":172,"box":{"x":102,"y":166,"width":759,"height":11}},{"id":"17f57ddb-af00-4911-8eb8-d71c7592e46e","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":172,"box":{"x":69,"y":181,"width":760,"height":11}},{"id":"e15f4d04-f726-434c-a7f3-7419268e762e","block_type":"box","text":"appropriate.","page_number":172,"box":{"x":69,"y":196,"width":84,"height":11}},{"id":"36cbbcb5-1452-41a9-9f1d-620fe5437ada","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":172,"box":{"x":160,"y":196,"width":738,"height":11}},{"id":"3e52494e-9739-47f3-acf6-ff862517a3c6","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":172,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"32a66fb0-5cd5-45fb-a681-314f1b080b88","block_type":"box","text":"described above.","page_number":172,"box":{"x":69,"y":226,"width":122,"height":9}},{"id":"a6a78a18-78fb-4309-a5e6-cbe6576c2eca","block_type":"box","text":"REDEMPTION OF SHARES","page_number":172,"box":{"x":385,"y":256,"width":208,"height":9}},{"id":"fb230871-4857-41b2-a82b-61eb8321782a","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":172,"box":{"x":102,"y":278,"width":798,"height":12}},{"id":"663eb83e-700f-4352-8940-de7b6fad2379","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":172,"box":{"x":68,"y":293,"width":817,"height":12}},{"id":"f3c6d023-4e64-4f58-964d-98967d3aa5b3","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":172,"box":{"x":68,"y":309,"width":840,"height":11}},{"id":"0a5ab636-0f79-4d04-9746-57f30fe7f8c1","block_type":"box","text":"or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining","page_number":172,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"772518dd-759c-4693-9398-1622102426c2","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s portfolio holdings at its discretion.","page_number":172,"box":{"x":69,"y":339,"width":829,"height":11}},{"id":"4d3e866b-862d-4e24-8d75-d536f503256f","block_type":"box","text":"In-kind payment means payment will be made in portfolio securities and other assets rather than cash. If this occurs,","page_number":172,"box":{"x":70,"y":354,"width":834,"height":11}},{"id":"c390428f-90cd-44ad-8e82-e1e63c29e879","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to convert the securities and other","page_number":172,"box":{"x":68,"y":369,"width":793,"height":11}},{"id":"02e591e3-e03e-4e9d-86e6-09b1c5662671","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata portion of a Fund’s portfolio holdings will generally be distributed","page_number":172,"box":{"x":69,"y":384,"width":834,"height":11}},{"id":"1b0f7eda-91b9-47e9-b404-37b016ecf0ef","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under certain circumstances, deviate from pro rata redemption","page_number":172,"box":{"x":68,"y":399,"width":838,"height":12}},{"id":"b81ea3c1-bcf3-48f3-be04-2f0c2e5a1544","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of portfolio holdings and","page_number":172,"box":{"x":70,"y":414,"width":818,"height":12}},{"id":"6890e745-a35f-4f1f-8dae-cfbcba73459c","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":172,"box":{"x":68,"y":429,"width":831,"height":12}},{"id":"829cdaa8-21d2-4d49-8319-04b0754c50b8","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":172,"box":{"x":68,"y":445,"width":828,"height":11}},{"id":"3b8296c6-4c29-4d5a-92e6-7dd12b6c5724","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":172,"box":{"x":70,"y":459,"width":826,"height":12}},{"id":"7c8442dd-0ff0-467d-b9e4-97eed87e1e0c","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":172,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"91bfee2c-35f2-4193-8c43-2fe65c44cc9f","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":172,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"08d2a4bb-c93c-428c-ab01-2f3e4cb3e942","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":172,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"863fad9f-ad6d-4a1d-ab11-fd284f972083","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":172,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"ae478c27-b02d-40f9-a202-659b2c4ff19c","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":172,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"5c852cfa-a06b-4bff-83fb-46682b88aafe","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":172,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"704ce8b4-32a0-4552-b15e-6bf4dfef4e3d","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":172,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"f4c37bf2-ee24-49c0-aa8a-286eec8588d3","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":172,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"eb57b7b0-d115-4652-a68d-4fdcc2d8a25b","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":172,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"db179f76-a0cf-438a-bc8c-cdeb21e96bac","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":172,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"5780184c-4a61-4e97-8333-f23cdcf604d7","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":172,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"45acf362-a419-4b47-92ec-83d5ba136b4e","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":172,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"84828503-1b7f-4657-b155-c60f29502297","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":172,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"86ac19e8-ef26-4d1e-bbaf-b73a41d2ab43","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":172,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"e24b1bb0-3756-4989-9dd2-bfb43df47ca1","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":172,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"287c651e-b9ef-4c22-9167-248231b866bd","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":172,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"51ed5bc2-1d72-4392-b9ca-0b3507613b57","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":172,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"376d6c8b-c845-4475-b301-058d3f649a79","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":172,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"074451b4-0b44-456c-a264-92d5a25156e7","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":172,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"165e6074-2621-4db0-ba3b-17ddbb9ffc28","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":172,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"90cb02d5-00ae-4cc5-a4b9-fde195ecf097","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":172,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"ae054928-10b6-4a33-a8fb-8d02cc7b4639","block_type":"box","text":"Redemption","page_number":172,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"71ebf627-e642-4bde-972d-5064e44d1ac9","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":172,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"e6567bd9-93ec-48a2-9599-4ca31941fe27","block_type":"box","text":"Redeem by Telephone:","page_number":172,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"9c20c00c-a213-4d27-a691-0cdfd045e964","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":172,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"1e7f40ff-e7fb-4cb1-92d7-c1adeb70f5fa","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":172,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"eb876847-6478-4027-837d-e1bfa62ee310","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":172,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"0354b956-078d-4313-bcd3-829fc63a39e3","block_type":"box","text":"II-115","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3d84dbd7-56c9-466a-b40d-f4c392eb0420","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a594e5b0-9224-4544-81e3-1776ad769068","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":173,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"31d3790d-cc19-4ffb-b8c6-b4bc6d9a7c0d","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":173,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"2b6841b5-7955-475f-8a3b-030c0948171e","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":173,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"e9161a0e-180e-4db6-af8c-d5c271b0618d","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":173,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"694bc83e-45be-4ce8-8441-7fa4bf617bde","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":173,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"77126481-b445-45b2-90e2-5ee9de428383","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":173,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"033a38c9-aa0a-47d8-b3de-43002e3ec88b","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":173,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"3497c885-7446-46d2-a5f7-b3b9dc097a7f","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":173,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"5e24c481-5c25-4e0e-b7d3-7cddba4b7035","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":173,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"0a3a8912-e305-4445-8db3-eb79747010ab","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":173,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"bd4ff85d-d114-4f80-a998-7dcfa212d7eb","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":173,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"696f4543-84c9-44e1-82f4-7799c6ed5804","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":173,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"2c85bc17-8256-4d1b-b6b4-9e23ab95b845","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":173,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"7d7bbdf2-334a-4cae-9f89-700ff7de15d3","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":173,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"77c93ff4-4eba-4592-94ab-f149232fe505","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":173,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"a2dfadcf-d13e-4bad-b8f6-5e6fe8c55345","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":173,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"ddec488d-7c90-4f8e-b218-9aa69f221f96","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":173,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"28349da5-ea3a-44ab-ae33-988f04a87ec1","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":173,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"d85736c1-fa7c-447c-accb-40e6bc95024f","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":173,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"2f6c3f98-6229-4fea-bd96-a4e3f492b2e0","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":173,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"d08a3e93-adfc-437b-ab34-89dbdca9b358","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":173,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"8d1acdd5-927e-4cc6-9920-9b8ac09556fd","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":173,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"69bfe936-2bd6-487d-a218-e79cc134ed9c","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":173,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"3875bec4-2835-4ae0-b4ca-f69eef5fcf52","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":173,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"6f816398-4b69-41a0-90d5-709d66e904f5","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":173,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"d1476ef3-4be3-4e52-ba15-4f243818f175","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":173,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"da7447dc-2c51-4c64-b062-97cb647bd19a","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":173,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"2873dbb0-6980-483c-8b45-c27a4f403986","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":173,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"80b1c62b-d6a4-4b98-910e-ef2512dff829","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":173,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"b9d696c1-437a-4076-b8c6-27838aac415f","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":173,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"03822b1a-ad35-4b13-bc7e-aa91995fda66","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":173,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"9b14f474-d522-456c-ab34-e0ce8b140fc5","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":173,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"fe18326c-cbe4-45b1-83f6-755f255371fa","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":173,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"3918d079-2efa-4b93-8b1d-7a21117b92fa","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":173,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"dc44ae10-d98e-4b7c-95c6-79caff350bdc","block_type":"box","text":"Redeem by VRU:","page_number":173,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"0d0235c8-61a6-40dc-a925-8f55b751ea03","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":173,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"b1269d07-ef47-41aa-a0ab-7982bc071af1","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":173,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"913c51af-7a6e-4a02-b872-9b05f5cfb91a","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":173,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"0b8ff054-af64-4752-8ab3-d26539896983","block_type":"box","text":"Redeem by Internet:","page_number":173,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"810f2a23-d7db-404a-aa1b-a81e33b0b8a0","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":173,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"06be1fd2-cac0-4d4e-9faf-3a75736ce17c","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":173,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"d7eec4d1-6bb4-4542-9ccb-6e256473f4aa","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":173,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"639d6822-7fc7-4e3f-a3e9-d7ffa0fb2f69","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":173,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"7f493d4d-bc68-42f1-8493-fce945277056","block_type":"box","text":"institutional investors.","page_number":173,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"928d3797-a8f3-4482-8353-a1d9d9ef98de","block_type":"box","text":"Redeem in Writing:","page_number":173,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"2bd0fe27-695d-43b7-a0d1-6859519e9726","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":173,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"31d360d8-ac72-4676-857d-fabc7a5f4e89","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":173,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"f36a955e-1b44-4e4e-9ad3-abf754b062eb","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":173,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"dda46fd2-d008-486f-bbe6-7f8091184281","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":173,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"25ba1993-2966-49e4-9587-5d9a4754ea7a","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":173,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"4990e2fa-ee6b-478d-9c9b-e5160a13288d","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":173,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"e1db8f29-fca8-46c8-a8c0-0d6751d9b2aa","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":173,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"7c016854-c866-4eeb-b027-feb5bd12186e","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":173,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"68fce942-8c0e-4ecf-8edc-098c1e4f3793","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":173,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"82c58c65-5fa5-4913-bb93-9d5ebe8ba784","block_type":"box","text":"the bank account of record.","page_number":173,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"4902f0c2-71d8-4ef9-a476-27aab2964bc6","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":173,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"41ad0cdc-260a-4e30-9400-98ef44317d27","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":173,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"74889d91-4fa6-4dfa-80f3-11bb0a9f88f2","block_type":"box","text":"II-116","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2de1994f-f96b-4777-8dec-77367ff1ff13","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec630001-81e5-44e3-b70a-4e583f9cbdf4","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":174,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"6a9e8000-4041-4aac-812c-4159bf2821b3","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":174,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"3c886b33-151b-4ea5-a357-1a9e213b7a83","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":174,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"96306cf5-6282-4c4b-8662-60ef99b176f7","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":174,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"38011b3d-704a-46fd-b481-605c39e4f196","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":174,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"376d5a1d-6328-4c01-95ed-bc013d300594","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":174,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"0b57a6e3-f0cc-4517-989b-c97e429da3c6","block_type":"box","text":"redeemed by the Fund.","page_number":174,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"a37aa1d8-7462-496e-b568-e28656ea1be8","block_type":"box","text":"Note on Low Balance Accounts.","page_number":174,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"bc54ce6b-3545-4d05-bbe9-bc0811bc73aa","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":174,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"2a65eefe-d824-4687-a4c9-861d7c15b97a","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":174,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"d9db5986-272b-4574-bdf9-7038895d39f5","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":174,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"e4f98f6e-0fee-44f8-ada0-05194bb84729","block_type":"box","text":"for any reason, including market fluctuation.","page_number":174,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"d7784009-0efd-400f-8ef4-15b3ab3e88b1","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":174,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"7bb5596b-fad0-47df-95f6-7afef9111644","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":174,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"cae87b01-f809-4dd3-a555-b3f3cc02dcd2","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":174,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"973b3bb4-d294-4132-a7d0-a17730b183ee","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":174,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"4a450d72-dd4c-4cdf-b841-fdbe16be19bf","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":174,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"1fad2faf-46d0-4599-86e3-b228432b6ed4","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":174,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"a704a077-1791-497b-adaa-616f01f703bd","block_type":"box","text":"Repurchase","page_number":174,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"1c04a78c-7fee-4a1e-9c42-e65db4e58115","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":174,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"6afbba40-1930-4056-814b-773c312990fd","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":174,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"f41d4435-12f7-459b-9b0b-4d8f58ddb51c","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":174,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"dcf97dd4-85ab-400a-bc6d-138e204a6d64","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":174,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"57e7177d-d914-442c-8f6d-8c63011ebc4d","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":174,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"393bd035-2008-429e-8c5d-4c4cb7c16b19","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":174,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"0bff1638-1dac-4b57-b392-1daa09c8fbe6","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":174,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"5bd5f9e9-aef8-4a09-8716-c07f8d2e2e3c","block_type":"box","text":"next business day.","page_number":174,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"a90089b7-a85f-4734-962a-71d34c0972e7","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":174,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"c28f3a52-01e7-4cb7-8d12-fc472b025ecd","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":174,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"4270d504-722c-44c5-9245-e8b01b7bfb06","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":174,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"c8282960-c4fd-41ef-a681-37da987666cc","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":174,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"52e39c9d-2d99-4ce0-8e36-e5a6a7e5d3e5","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":174,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"9db7f049-d659-4243-b959-6395d41cc591","block_type":"box","text":"redeem shares as set out above.","page_number":174,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"c45e8ccb-5b74-40bf-a98d-3cdefdfad7e6","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":174,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"12fc9499-8b09-4bf3-a2d7-a01d6a7880e8","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":174,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"533a1869-ad2b-4d51-8696-d91637d4828e","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":174,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"205eedfb-071c-4da4-b841-2d709f403225","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":174,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"20317046-4b63-49a9-a8cb-bbb34372ba62","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":174,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"95486dd3-90e0-49a3-87a1-9621c66cbd62","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":174,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"548c3882-4ab0-4eb0-8075-ac571851c601","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":174,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"f45adb1a-3e7d-4eac-be20-81cdd738914a","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":174,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"1709b122-db79-4f43-ae2a-6dd36fffd79c","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":174,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"0ad5e4b0-923e-4f9a-87e4-559c9ecc50f9","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":174,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"31f24d44-07e2-48b6-bbd8-bcdc443a4d32","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":174,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"4ae7de90-45fe-47ab-a4f8-d795dd8399f2","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":174,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"a6d44f71-95ae-43af-9ec9-1b11e0aaeae0","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":174,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"f9772c3d-46bc-4e52-9ec5-21c31b17a293","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":174,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"8ba36d5d-af24-4c35-b86c-5653b142f109","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":174,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"5b286b7e-e550-437e-b208-450f08a54a3d","block_type":"box","text":"II-117","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d61262b7-4b4b-49ab-82b9-0f71656e568c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b65b885a-bb3f-48de-ac7c-c9c6d906212e","block_type":"box","text":"Investment Account","page_number":175,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"1e0f50bf-8c7d-4b36-a8e0-2bc4e395f4c2","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":175,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"b9eae0f8-a6f2-4be1-b28d-fe9067e762ec","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":175,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"ddcca2ed-0547-49f1-af91-9d365c5b7bf3","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":175,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"b592a07e-a445-468f-b92e-33e9daecc5d6","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":175,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"3694483a-0021-4f90-b0e2-ae709d117b00","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":175,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"500d99b1-c3c5-43a9-825a-27dbbd63aa56","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":175,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"77ec5c00-9c4e-479a-bb22-02a52fd37f32","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":175,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"12d8b9bc-ef29-491d-a505-26765ea0ccf3","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":175,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"49e1e0f5-540e-4499-81be-7261119c5737","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":175,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"354715be-18c3-4b44-a68b-ea8d65212d39","block_type":"box","text":"automatically at the Transfer Agent.","page_number":175,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"8d0f22cc-cbea-498e-b30f-2987f4406703","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":175,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"aad74cb7-ddf1-421e-814c-a1237b3edcd7","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":175,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"1a3fc282-5749-4f68-8cb9-bc4011a8776e","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":175,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"0ce947ae-9e49-41bf-9074-4a2a2503f1ca","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":175,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"cd309078-7a83-4805-a912-d5ad5570cb60","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":175,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"57140f98-d925-4bf3-bb54-3b8f0ded7fda","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":175,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"aa734e83-2855-4672-aa70-bea10b0e3a44","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":175,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"3294eecb-1b11-4a2b-9f05-bf002c66e07f","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":175,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"c408b63b-0136-4597-a461-a80410c5df8c","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":175,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"f7980478-899c-4820-a5c8-aa07944c70ed","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":175,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"639425d4-7153-43df-a7ba-9669e9308ff2","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":175,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"b99e6e76-6ef0-41d2-a080-6922c29971a0","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":175,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"2f1a580e-bf5a-4d13-884d-4e9b791423b9","block_type":"box","text":"issued.","page_number":175,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"4ecc1d02-f4e4-41a1-a82a-262f44833504","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":175,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"845d98d7-22ca-460e-8175-a8c52a8a01b8","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":175,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"32dc3a81-43d4-4303-80c5-564b3729e1f4","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":175,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"d4f69cfc-4c8f-459b-8529-8414e1e4ed13","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":175,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"cfd4cbc1-28b6-4bb4-ba9a-f7474cb370e1","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":175,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"5f9c01b7-c651-4fa5-bae8-2898496dddcf","block_type":"box","text":"Exchange Privilege","page_number":175,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"81245ed9-4417-4ca8-822d-a8f216b4a6b9","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":175,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"0119d0fe-49be-4d72-9a11-2e77ed45cd55","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":175,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"15b9aa61-4ed5-4440-a550-82198fd8d85b","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":175,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"3ebd9666-9762-43dd-bc71-67cc7abc5cee","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":175,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"8e3387b2-39e6-4f51-8c16-55f48827e9f7","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":175,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"ede8874e-fb32-4970-aa29-2c8aa7f67eac","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":175,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"29227579-09df-442a-90c5-32b36b76e584","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":175,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"3d123f81-9a7b-49b2-b05e-b9e187892381","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":175,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"b8581091-0d20-4f91-ae97-3be7190de02c","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":175,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"59531542-5746-4e28-baab-68769c4cdff0","block_type":"box","text":"Institutional Shares","page_number":175,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"e3217463-a346-40ac-aeb7-ad5c3479072f","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":175,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"7390be9a-182a-406b-8bef-53f035073f85","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":175,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"1ae91cf7-ba6f-4b39-8924-0d748607cfb0","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":175,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"738c5680-6059-4023-bff0-451ffed09a1d","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":175,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"9a8debd2-343b-4e7a-93f2-267849958a2d","block_type":"box","text":"for Class G Shares of other Funds.","page_number":175,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"7e838e27-bfdb-4018-b081-60963475df7e","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":175,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"f8056196-0b3c-446e-9f67-c19962e55de5","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":175,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"2e29a9e7-df61-4a9c-9e13-c529abdb78d1","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":175,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"dc53bcc2-ac0d-4951-9e95-4731e5bcbb5c","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":175,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"03e5800e-c1aa-4c94-ab60-cc16f82436f4","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":175,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"1e8d7d0f-555a-4565-bd2d-ff881c52e449","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":175,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"57cbac33-a9f6-4b9a-9727-dff299dbdfa9","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":175,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6ab777e3-d501-462c-8e54-7ea49cfbea1a","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":175,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"bd3f8462-b948-4d91-870e-b5fbf34066fb","block_type":"box","text":"II-118","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fbb450ac-d271-4165-b26b-c6749a8a93b7","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09a2d27f-c889-4846-8635-5de9dbacf7b8","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":176,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"34b5f6d0-e166-42e7-9a00-116504f1f671","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":176,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"7c271e46-f3d3-4dd5-97f3-c31ac0ae73b3","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":176,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"4eb36cdc-b085-4e87-9d1c-e558fa4c74ce","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":176,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"a560dd64-c66a-4e0c-8c9b-507884cfb7c2","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":176,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"d085a481-84fb-49ec-bb99-fd1aadff3e48","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":176,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"7568ab56-ab82-4742-99a1-c40a5805b59e","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":176,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"e68a83a6-d1a3-4703-9a6f-73ee96c893ba","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":176,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"38173d11-de9c-46f8-8118-049285fed0a2","block_type":"box","text":"Exchanges of Service Shares.","page_number":176,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"61171838-29e9-4c5d-9088-f91f06bb5980","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":176,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"7bac0b72-a374-40a1-b33d-ac51d1d0b563","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":176,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"85805321-3563-4331-936a-1cb63cf4084e","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":176,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"6d700c5f-a9dd-42af-ab6d-2be9c8de0563","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":176,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"169556d6-4ed5-42bd-8ed2-91ae5f557167","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":176,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"23cdf170-081a-40e1-91ef-1ddcaccc773e","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":176,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"26fa754b-795f-42ec-9d77-61957711b248","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":176,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"c690b2a4-6981-4b62-8c86-84993972b1b2","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":176,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"08ce92d7-54ff-46f8-b972-b57370afe295","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":176,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"7b8677b9-bfd2-4ff5-b43a-b301dfcbb9dd","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":176,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"a1cc3bdb-63e3-4635-9578-5e82b321b34a","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":176,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"e0c568e8-630a-479b-94d1-782430427d6c","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":176,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"8fe7c0bc-2405-4e3d-8beb-d5841dc04027","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":176,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"23e5b309-ce42-4c64-ac0d-a9f2d05d1e9c","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":176,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"4dc522a0-7993-42c9-82b2-9f79fd0baf9e","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":176,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"36d8243c-6eb0-4d29-b114-8a2f67014493","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":176,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"29c801b1-4004-4b8d-acc4-4f8c0b18ea9b","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":176,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"a375b7a7-6d4d-4e85-be97-23e04c2c7cab","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":176,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"15ea7eff-8193-4aff-81d4-08ce15fb32a7","block_type":"box","text":"exchange.","page_number":176,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"a253dd63-3fd5-4d1d-9b3b-419864c5640a","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":176,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"0e31c6d3-f0a7-4ec2-8ceb-925c53c32627","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":176,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"ba18d7fc-4c80-4cb1-a6e1-0c64b66bc85b","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":176,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"805e7b6d-9eb9-49c6-bb01-969f549f8fca","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":176,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"4feb0321-8ccc-458a-bb9a-a4a123ade28e","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":176,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"ade8881f-bb20-4f68-9bb2-70ea2cde2070","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":176,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"4cb7e360-4642-4ae2-8a4b-996842a692a4","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":176,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"b2c9dc0a-00cc-4b18-922f-88e4ab0cdaa4","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":176,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"1529435a-504b-4c60-996c-8b3ce725bb82","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":176,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"1b1938ac-9cd3-46f0-a765-9a5a939a36f8","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":176,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"47773231-ea53-43b6-bea3-a73530a1dcb8","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":176,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"f3958a5d-38f5-4168-be51-2b71de705b7c","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":176,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"687374c8-6536-4d36-b241-0031c111c112","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":176,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"14c655b9-5dd8-4e04-9ff0-d0589f9426dc","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":176,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"42eae7cb-3c3a-4244-961a-a2099ac55598","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":176,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"b4245e06-cd3d-43b2-ba7b-69bfda0c4dd2","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":176,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"5a531fde-1dcc-4b48-9919-b72cca6c2fc8","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":176,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"bfe8f8b3-f28e-41d8-b556-40afef460e86","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":176,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"50a580ad-c013-4504-8281-ffbab489531e","block_type":"box","text":"Transfer Agent in writing.","page_number":176,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"4491a20e-388d-43ac-b475-9fa099f6781d","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":176,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"0fb53b9d-c5b8-4a2d-997f-adac76e0f68e","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":176,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"ef1b0a9d-b016-4511-889d-2378d5698bbf","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":176,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"e6c6fd05-3166-4df2-9931-5debb93e3792","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":176,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"3624774b-2e04-422a-a748-1e268fdb3d0e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":176,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"e4cd1564-56fa-4ead-bf87-ca95a8dfd2eb","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":176,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"ef41ae45-9d8d-49c6-ab65-6da597a39b6c","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":176,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"f1c97ada-9fda-474e-8ebf-ed952954a56a","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":176,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"717bbc51-dffa-4e20-939f-920e342213e4","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":176,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"ecb943f3-01be-4811-b1ba-e9bf83bf7526","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":176,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"8aed7791-6f05-44a4-81a2-39fee78cb75c","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":176,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"ba84ca15-e2ea-45db-9b5e-acc95381f465","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":176,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"b1c1a6e0-8185-4b60-9877-b2c0121aa9e5","block_type":"box","text":"II-119","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4fcd2f65-9259-4e58-8dda-d93205076067","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5cd0aa0-d874-4421-b0a8-eb75565f4f2b","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":177,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"3033808d-0f88-47e8-9123-c07ff9ba8445","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":177,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"bf5d073c-377b-4c88-b4c9-fd6b6e41348a","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":177,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"ea8b0fd0-12ce-4f18-b128-4ce84245e772","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":177,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"fdf0a53e-82cf-4593-8a73-e71fcb7a1a26","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":177,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"1b5cb5d2-347a-4c97-9b12-27cc8c86e15c","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":177,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"da4347d2-8681-47bb-9b81-2108bddb16dc","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":177,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"fe594077-aa0d-4f3f-aab6-39a8283fff61","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":177,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"81c99d55-e5dc-4aa0-9a4f-2855897b8d6b","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":177,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"62d0e79e-bdc3-4779-8b8a-8b94daf1fdf0","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":177,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"00f3c97a-5e91-4f84-9c5b-491c40f061cd","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":177,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"db1246c7-2439-4442-87e9-7a55217c55d1","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":177,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"70ec1041-6b53-4867-a5b5-f3154554ceb2","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":177,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"fd6bc5bc-3923-482b-9d4a-a89705692e5b","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":177,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"01d4bc10-5f51-4a98-9415-20ef546473ef","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":177,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"01032699-4313-48e3-874d-d3f812bdb523","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":177,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"e606a811-6380-4658-9fab-aadcc8b1d214","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":177,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"f824b30d-1617-4886-b7f7-b71da74e477c","block_type":"box","text":"may be distributed by the Distributor.","page_number":177,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"a9d7da5c-31bd-4c83-8528-bc3c668c8ebf","block_type":"box","text":"Participation in Fee-Based Programs","page_number":177,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"aebd4f4f-7bec-432b-a5f7-e0ae4729cbce","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":177,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"859af3ce-7911-4050-93b6-8a4c8d375bc9","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":177,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"ceaaa1cf-9424-429d-ba16-1ef21c01c77c","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":177,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"51b5343f-9e53-4e28-81df-ff2add2a44e8","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":177,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"d265c10d-d878-41f9-9d00-1c56558fae9e","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":177,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"293a3ccd-75ef-46d1-97d0-071efa366edc","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":177,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"b3da01e1-b088-4e42-83e2-402ef53243ab","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":177,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"4c463b22-ccfe-439b-b085-797321789ed6","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":177,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"f55dbf83-a047-4258-a86e-5fe1b35f6069","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":177,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"40b314bc-f8cd-4e0d-ba19-83d1b060cd23","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":177,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"2b5a3b7b-7892-4565-acfa-02f83278d289","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":177,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"c5337668-13e6-47e6-884c-fc56438378be","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":177,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"bf65cf7d-2f60-49d6-b0a5-a9d9b0b9a7ec","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":177,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"18ee6f69-0a29-4173-ba05-4973f3908740","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":177,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"29cc7784-1f72-4d80-8056-ec5d4047d8f9","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":177,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"e2b19ae6-dfe8-499d-9ff2-0a44c914b326","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":177,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"347e5344-27ce-41bd-bd57-306adcad5514","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":177,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"c85ae29e-3e35-4978-b579-63ffe14bc801","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":177,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"2287b54e-f3c7-45f2-b0ec-52112cea256f","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":177,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"c75c55ac-d6d6-4c02-bc2e-ca5c5a58a9a1","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":177,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"787a9cbe-3dc7-44ab-9c0a-0548b4166cfc","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":177,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"c180d662-cf20-4bbd-a3f5-0b4a755a888c","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":177,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"6200bdde-ae73-4aa7-b4b7-08397dbd52ec","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":177,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"968f5f8c-7de6-446f-826c-da65e2300184","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":177,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"0177d377-5de1-4129-9d26-f1bb07cb47f2","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":177,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"59dba0fb-c5fb-4555-a976-e2c79d8ed3fa","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":177,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"dcf79c56-9bf9-412b-870b-e221ab9733f3","block_type":"box","text":"information.","page_number":177,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"8f311e74-2418-4743-b4f8-3740faf83310","block_type":"box","text":"Retirement and Education Savings Plans","page_number":177,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"a3de7309-efd4-4f51-ac85-096264b4d12e","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":177,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"3ae61075-76a2-455d-adad-a51dd24e2b9b","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":177,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"5ae9d152-3fed-4513-b6a3-bc1de13dfff8","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":177,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"6c512a8c-06ca-444b-bfd9-5d7217cbb655","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":177,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"c359ceeb-060e-4ebb-ac15-f77cc93edc10","block_type":"box","text":"your financial intermediary.","page_number":177,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"ef496c60-3667-4f88-89b7-11fded084957","block_type":"box","text":"II-120","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7b4cc2af-3c02-4e0a-974f-a2faafe7bc47","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd5c628f-5009-4b09-bf9e-6a69f40cb212","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":178,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"b4aaa8d4-7edb-4075-866f-388e482993e6","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":178,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"f79c1d1f-6596-4978-ad5d-4592f235c7dd","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":178,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"f32f84d7-bba8-44b9-82be-764d65051ba2","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":178,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"1f1fb545-74cb-4860-9970-5cc6cce71092","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":178,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"2e10c6ee-5060-4e20-82db-1e3e5e4e6435","block_type":"box","text":"Automatic Investment Plans","page_number":178,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"1e4321ca-fed0-4de8-b4a6-98066cfb7218","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":178,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"e71846a4-5202-4fa1-bd28-9571a092a7c3","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":178,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"06675585-9d9c-40e3-a7be-734de2b861bf","block_type":"box","text":"®","page_number":178,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"571bc2cf-1bba-4045-a5ef-099795fe29d3","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":178,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"029a8ac0-e85d-48a2-8b88-66f22ca8048f","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":178,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"96346e57-e010-4081-a655-03430b2f1cf9","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":178,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"604a9839-7a02-4d88-95d8-3739b87c1b2c","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":178,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"d04eb101-ba04-4afc-b0b1-827081ce9d87","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":178,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"71191145-efd9-4594-aff9-60c87a09f345","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":178,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"c1a60a78-6855-4644-a096-8ed7102ecfd2","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":178,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"2d7a1aeb-9068-4dce-a7af-374f6b4bbb70","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":178,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"8aa336f0-1e10-4189-940c-33b24cdfa352","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":178,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"6ab865b7-1fad-4dc5-85d6-ac0f5306ff55","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":178,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"323b8167-ec8b-4d44-9900-8e6c7aadb38d","block_type":"box","text":"Systematic Withdrawal Plans","page_number":178,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"35c50e20-2f0e-45bd-9c55-014510c02f5f","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":178,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"f6961d38-088f-4217-8c1a-5d00372ad7e9","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":178,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"0c770252-51bb-4863-928b-e4a5833fec6c","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":178,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"09e9cf71-2521-486d-95e9-f6e1bdb0559a","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":178,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"3e5a3e5e-a1ea-42a1-b325-081fd82992ae","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":178,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"bbc25d45-8b7e-4935-99ac-d3d7b0153f19","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":178,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"a27c1fdb-aa6b-49eb-8ab5-1841540c4a03","block_type":"box","text":"www.blackrock.com.","page_number":178,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"085a2a39-bb9b-4236-aff6-63975fbb0b1b","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":178,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"66926058-9924-4531-8db4-0f2b5d265e6f","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":178,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"0152bff8-6315-4f72-bb7d-bd908fd49a18","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":178,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"43df0883-7c57-4c2c-be53-44b0dd3238f1","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":178,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"6cb25a68-a35a-454c-91b9-5df9a7dcc8d7","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":178,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"3e67a34e-ef2d-472b-8db7-417051dc7740","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":178,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"e88ffa90-149a-4273-9c9b-4db6cbeaa34a","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":178,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"5bdfc84b-5086-4599-b602-c73e2b01c38d","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":178,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"a29f4477-f85d-41d3-8357-1ad9d87b2d0d","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":178,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"12d9200d-b474-4498-9e6e-096677af21cc","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":178,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"3f567689-dff0-479b-a927-a504917527c9","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":178,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"b28f97d8-0ec9-4b85-8e7e-a745db9de13f","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":178,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"f3c66a0b-dda3-429c-ae1b-f6a209e35613","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":178,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"6cc0887b-c598-48bf-851c-b89d08518f30","block_type":"box","text":"Dividend Allocation Plan","page_number":178,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"db887a9a-42a1-4d1f-91ad-4d6efc4135b8","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":178,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"223879c4-7929-403a-8066-63f566275521","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":178,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"496715e8-e068-42c5-b180-47c911703ff2","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":178,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"e4174ecf-d678-453a-8785-cd54394eb140","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":178,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"38a6a72a-d421-4dd7-a578-3e8ada1bdf18","block_type":"box","text":"PRICING OF SHARES","page_number":178,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"94f3b1ba-3d5e-4e05-812a-4319da3016e8","block_type":"box","text":"Determination of Net Asset Value","page_number":178,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"98ab66fa-6fc5-4d60-9550-7f76d66b4f53","block_type":"box","text":"Valuation of Shares.","page_number":178,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"8d7e859c-9718-40f7-8ef9-ab0c8250cea3","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":178,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"5d661293-c31c-4453-9807-ee88fa218ae7","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":178,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"d2a74767-3b2c-4816-909a-f1b3405c649b","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":178,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"9944aabc-bb6f-4774-b8ff-43f9c728b4cf","block_type":"box","text":"II-121","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3ad01caf-2e8a-42c3-9115-64eff42f5988","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18a121ce-51ee-4499-84ed-55f76284da79","block_type":"box","text":"Equity Investments.","page_number":179,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"701cfdc2-85f6-4b52-83e7-add730411ddb","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":179,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"c31f0079-cb8b-45e1-846e-126fd00bf04d","block_type":"box","text":"e.g.","page_number":179,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"772b1f3b-15dd-4fbc-ab0e-033f8941636b","block_type":"box","text":", NYSE), on separate","page_number":179,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"6d49dd84-fecb-425d-84c7-9e921c15507b","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":179,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"43027f7b-5447-4f0c-9b98-fda564a2b83d","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":179,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"780e1434-9edc-4413-8919-ba28193c6d10","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":179,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"433f071a-bd02-482a-8d54-5d42c2e78299","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":179,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"66739ed8-fac7-4c4b-ac37-c7307017314b","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":179,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"79aa7c71-f827-43a4-9746-17334b217e2b","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":179,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"50d7cc64-d8ac-4930-98c7-034492dfb5c0","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":179,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"fcffe2d9-fcb7-4d76-accc-dec74fa14dc2","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":179,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"0595df90-adb2-4c24-be20-ac5bf777404e","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":179,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"9f59996c-2851-4a76-835a-99080a53ab2a","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":179,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"f8fbc76f-7706-41b9-84fc-2a5f6c5081e8","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":179,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"5415c974-35a1-40b2-b320-ee9e62b63517","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":179,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"36b50b94-766e-46c8-845d-dcf1b5439d1c","block_type":"box","text":"defined below).","page_number":179,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"db2e711e-6cc6-4d07-b7c4-01beeec9a132","block_type":"box","text":"Fixed-Income Investments.","page_number":179,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"831bde90-6a84-4655-bd2f-c84d6b1f43c1","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":179,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"cbda84fd-edc7-4528-8f66-ae3f39d4ffdb","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":179,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"de71c3c0-0fc0-4258-8104-750cd88dfe08","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":179,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e16f0739-6f30-42f1-bb3a-7afd746ec1a5","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":179,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"d8e80594-145d-4040-bb9e-f45eb7bf2e4e","block_type":"box","text":"e.g.","page_number":179,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"baeabda2-7ad7-4077-9042-7e6f987aa847","block_type":"box","text":", recent representative bids and offers), credit","page_number":179,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"11cd96c8-a71f-446e-abcc-8639c9542969","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":179,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"7dd41ca4-945b-428e-b43a-1b5770b30c21","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":179,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"2b360f4e-372b-46d3-909b-4c67192013fb","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":179,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"0284eff9-26dc-4213-a934-e33f2e1a9b63","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":179,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"feaacd24-ef1f-4219-9c5d-449b81ea79db","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":179,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"79733cac-ad75-4021-999f-3479878add71","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":179,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"e68a58ec-36a1-45f6-b204-9ec763284312","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":179,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"852aa825-cf07-48ce-bb8e-c2e1b7796564","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":179,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"17e9eecf-7e9f-4dc2-a147-f505d1e28b86","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":179,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"530356bd-c8b0-490c-8884-8dfaceb501c1","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":179,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"6dfba6aa-d459-4a72-ba97-5af97c60cd01","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":179,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"ebf6cd4d-cf83-4c34-8356-3e866a4d5e46","block_type":"box","text":"attributes of the tranche.","page_number":179,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"11c3260a-ccb6-4747-85d4-4c8f666d51c4","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":179,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"05810546-2121-4e4e-a088-70233a141c58","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":179,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"6bdbc350-9575-4a96-8cda-b832aa625b1a","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":179,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"26c9571c-2909-453e-998e-29979e86b429","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":179,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"fe32c3a5-64a3-4e7f-87cb-fcf40db39fa9","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":179,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"dc378e4c-fc20-4349-a706-85a701b063a5","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":179,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"290e7177-ee75-4863-a2d4-147afc80c1b0","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":179,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"65666fc5-4158-4783-92a3-f1a667c03d60","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":179,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"95304ca7-32ff-445e-8c30-49a3bd09a518","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":179,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"3d4fca9b-ef9e-4f7d-9c23-0f030a92095a","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":179,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"117df7a0-16a8-4839-be57-e67e359e53d3","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":179,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"155b73d9-e0f7-4633-9474-dd40ab3833c3","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":179,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"c60b24d3-cbb0-49ad-8702-015b2784ce18","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":179,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"083dcfb1-80e0-4815-8dc2-f403421b20fc","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":179,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"c799bce7-f231-40bf-b17d-335a09b74870","block_type":"box","text":"Underlying Funds.","page_number":179,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"83c720b3-cab1-4fd6-860a-220c06167412","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":179,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"f9805c7f-ec14-49d3-993c-d0c256a121ad","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":179,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"262694c2-ebb3-4c15-93fd-52a22428219c","block_type":"box","text":"General Valuation Information.","page_number":179,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"906acbfe-a897-4730-ab78-ef3da308bee4","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":179,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"39687d38-44e1-4871-bbbc-d204b415b57c","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":179,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"d7ecae8e-b267-4a64-a0fe-ed62de77cfd7","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":179,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"70ef71ef-5600-44c7-8880-e7db9a1102ba","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":179,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"a0840001-68b7-48aa-a6f9-60ac5cf0f73b","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":179,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"6def2c0d-68c9-46ad-b671-a822e3b84855","block_type":"box","text":"the revision.","page_number":179,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"fbd8d7b1-a306-4a85-9654-21054e2f62e4","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":179,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"8c8510af-36cd-408d-becf-42affa71b091","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":179,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"0d3bfc5b-2c94-4b2f-8e2d-cb578b74086c","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":179,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"e0ca3678-9c8f-4aff-b09f-9dda3edaa4e3","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":179,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"96e81dfc-9761-4c0e-99a7-b008cab89d0b","block_type":"box","text":"II-122","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4568e251-e34e-4d85-b58f-5fd025c7cf52","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cce5527c-fd6c-41a7-9791-846b32e449e1","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":180,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"0c77d8eb-d546-47d8-9a30-2cde105f1fd9","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":180,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3d711ea9-71a7-4950-87ec-59d5f0f5ad0a","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":180,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"430ae2de-1037-45c9-9bf6-64f3ab91ff4b","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":180,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"b1ccc239-0d4c-4fde-9d8d-d363d593ecbd","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":180,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"e04b3a74-1566-409d-80df-d33160ccf21e","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":180,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"e14e881f-936a-4fb3-886d-38f325f20709","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":180,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"4771fef5-2183-421d-b890-2669bbc0e775","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":180,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"3e3bccb7-1899-4f12-bb5b-1fc61f0a52c3","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":180,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"f7c3640f-0f1e-42bc-b5b6-0627903ebd89","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":180,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"924e1e90-e7ae-4619-856b-f3d53dcbb16f","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":180,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"a996acc2-98a7-4493-a1fb-b7b86b2c132d","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":180,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"b91c0056-1f31-4279-8d5d-cbc6b1f4e675","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":180,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"a239a708-c32c-4a1f-8232-6baecef5eae2","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":180,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"d88e566c-1626-426a-82ae-b8b4629ef1c6","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":180,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"22578c00-c3f0-4a1b-8806-3eed2a3baefb","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":180,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"14b37d5b-a684-47ed-ba01-d8fad89004f4","block_type":"box","text":"Fair Value.","page_number":180,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"a7500619-7e5c-462f-b0ad-668b1cbbe481","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":180,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"e820c0ac-4a58-4bdc-b6d8-d0de1863c2d9","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":180,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"e19d284e-e007-4cb5-bd07-f6c277ee17c8","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":180,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"3baf3ea9-cdbc-4f66-b0b3-a3db2910d8f0","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":180,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"c9b5fa8e-59a7-4e9c-b1d9-0c26cf3a9fe1","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":180,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"884cc9e9-10e0-4e69-9174-d4d6ddd235bf","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":180,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"210b29fa-bcc2-4be5-a811-5586dbc7a019","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":180,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"1e1103d5-b1cc-448c-91f8-bd0f4863b9dc","block_type":"box","text":"(","page_number":180,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"c31ca97f-d064-4e10-aad6-e9f389435246","block_type":"box","text":"e.g.","page_number":180,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"3fa8325b-756c-4c81-a188-385688414fb2","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":180,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"cec3743c-648a-4d85-a3b1-89bc09ca6dce","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":180,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"f45a07df-f5ed-4174-b230-8c6a062fcc1b","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":180,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"181fce07-c6ed-453a-bd20-870acafc81b2","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":180,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"1af9633b-e5cc-4617-9442-71119e082755","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":180,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"d9cd2a4a-b860-430e-8059-93866ee63a22","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":180,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"ea2a2bf8-728f-4100-8b9c-c5292669100c","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":180,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"162d02e2-f0cf-433a-b34a-a92d8f34f56d","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":180,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"31f279c5-9b11-4394-88a0-78c52aecde78","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":180,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"7a384984-e82d-4401-9b8d-07f7176360d7","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":180,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"3451d6e0-b556-4854-9aec-69114388b167","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":180,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"fdb26ad9-4d21-470c-8ca2-3f3307e5eb4b","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":180,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"246263f0-f933-4d0c-b6d3-e8d3fc0ee38f","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":180,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"a1a41a17-dcb5-4a7f-9ec8-590126389bf3","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":180,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"d04a9427-2ffe-4860-b7d4-01b843415d7d","block_type":"box","text":"pricing time.","page_number":180,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"72dac2f0-c66e-428b-bd2d-a28d1dd9e639","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":180,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"905ba44b-0825-4b9d-af1b-c0dfddb0e434","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":180,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"ddd98ad2-12b2-497e-8423-37414d8726ed","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":180,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"e9340ceb-7a6f-4a41-a2f1-f7f9f00c925d","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":180,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"00ce697c-8963-4a82-abf5-01bcc018c553","block_type":"box","text":"assets and liabilities of the Funds.","page_number":180,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"d55487e8-0142-4b4d-ae7f-80b733fd69d5","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":180,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"b52658af-6c83-4c73-9e8c-0d2cf48c46a3","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":180,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"8092ce99-5158-4c69-a2a4-761ff5a42bb4","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":180,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"2218b4b0-0615-491b-b0f6-7e92b201b826","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":180,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"0accbad9-2179-4ccc-b968-85fb85538ac2","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":180,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"5cd0cf3b-b267-43e7-b3b2-60a574ddbd96","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":180,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"b18d71ff-d7a9-40d1-8d22-b11c9603202e","block_type":"box","text":"valuation models.","page_number":180,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"22908fa8-55ae-4e37-a7ef-381fc17065f5","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":180,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"ef972781-8cba-4469-b356-28729d6ed75e","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":180,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"4b5a8651-7ae5-488e-b527-1ecbc9e93383","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":180,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"89f16c6c-759e-485f-a77f-996e0c368991","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":180,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"07219c51-6fb5-4484-8192-d38cea0712b8","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":180,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"a2efd0cc-3303-4b53-97c3-ab2aef133e48","block_type":"box","text":"II-123","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b9965aab-767f-4eb0-806e-fc6cdf4622c2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08e5de3b-6b8b-4035-b4cd-1cd576fd0f2f","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":181,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fe982925-a358-49be-9cbb-8100eb7d104f","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":181,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"9f1ee6ba-9a6e-4fd1-b3fb-63489c83ec5d","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":181,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"dae15d59-a492-4f61-bbed-5eb6b7d61876","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":181,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"5c5f2129-cb13-44b9-a39f-ee8f3b5627b2","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":181,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"13413513-ff40-44d7-bbc2-827f0472aa08","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":181,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"a1013457-345a-459c-8dd4-11bae5d995d8","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":181,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"abe14d7f-dd6a-462a-8bca-2a5e9045bd77","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":181,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"4a859f37-1240-4b18-a3e2-bdb619848c78","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":181,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"010a092e-1401-4aec-9009-5637929ebe4a","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":181,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"f9feebda-976d-4dd6-9579-45369f9fe30a","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":181,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"5f256546-01e1-445a-8c2c-e22261cda732","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":181,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"8c75e2bf-a6df-4b9c-b97f-3a162608d559","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":181,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"18c874cc-e1d2-4349-9bdc-975060034641","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":181,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"9ea6d993-445d-44d3-add9-95a635dab204","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":181,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"7193c638-f775-43e7-8614-bab31b310370","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":181,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"4521b81e-8c47-40b9-a642-a55003575594","block_type":"box","text":"party determination of fair market value.","page_number":181,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"3e9b4eb0-9325-4a76-a8ab-8fc457f8aad6","block_type":"box","text":"Computation of Offering Price Per Share","page_number":181,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"587f3ce9-01b5-4274-9ca3-6a9d3b14d133","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":181,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"f0c423e3-2443-41af-9e14-18dec3016e10","block_type":"box","text":"the offering price for shares of your Fund.","page_number":181,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"f6e9d003-1481-4993-b1c1-3830ef2756f1","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":181,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"c93315f1-0b17-4e9c-bd33-3fe18c031ef8","block_type":"box","text":"Transactions in Portfolio Securities","page_number":181,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"971a1040-2193-424d-9875-54be6a972dc4","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":181,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"09e0cd0a-9cf2-4256-8f05-8fc52dc7add0","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":181,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"3f77aafb-d60d-44a4-a95e-a8730dcb7dcf","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":181,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"009cfcca-5833-45de-af3d-1822e201b896","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":181,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"0ebf2bda-b0bb-4ee8-a65a-d99a43aab4b1","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":181,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"a0f77fb4-4744-48ab-99b4-abe628033d27","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":181,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"b27acf4e-e556-45a4-b53a-5f769ce79151","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":181,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"1bbb013d-f292-48ae-b8ee-a414103dfe24","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":181,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"2987e8f7-1e3b-4775-b3d9-17c658d9bd73","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":181,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"5166f72d-566a-47fd-b145-bf0b4fe2ed29","block_type":"box","text":"reasonable in relation to the services provided.","page_number":181,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"5e18a675-1b35-4828-818e-8fb4619d473f","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":181,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"0afe8556-01c8-4421-b115-077774aaa5ff","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":181,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"3476194b-54c5-4f8e-bc2f-f8ddaa41ce74","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":181,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"ca67cc5c-5b01-4373-a895-420b2b3745e4","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":181,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"d33175e8-e8b1-4247-8ffe-9786c9a2ebfc","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":181,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"bc6a4323-e80d-4316-8a84-06d2d36bd5a2","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":181,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"d1759d38-67a2-4496-9ac2-7c3f012cdae1","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":181,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"d3e66123-cab0-445e-a42d-d1d963fd7f1b","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":181,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"24e79e2c-e29d-408a-934c-74a079f5ffda","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":181,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"ed0fd573-b7ca-406c-8b89-a2735cd8f089","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":181,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"19686912-61b7-4192-8ae9-97a3f2b5db12","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":181,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"c153548f-4cbf-4448-bfa3-33fe7b58a635","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":181,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"6b73d01a-0ef3-49b0-b8e1-65f0c4e61457","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":181,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"d0ab9dfc-1942-4188-9aa1-6abd2f9dfa4f","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":181,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"b26df83b-0c2b-4619-a6f4-c5fa6782c282","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":181,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"4c97dbff-12dd-4eda-a683-efd00f40dbc4","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":181,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"1b465f95-810d-496e-9d66-eab51ed170a1","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":181,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"e41563d3-c302-4679-a990-08091f36398f","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":181,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"62619a1c-2c9d-4d19-83d0-945e00b832ab","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":181,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"3cbb9218-89de-4e25-a9db-5a48760e7cb3","block_type":"box","text":"II-124","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4bd93e01-ca92-4bfd-9877-5b22c95dbf1c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6247d9e4-d14e-4811-93fa-17a2287b39f8","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":182,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"620ba812-a8d8-4a48-9f74-9b936540f527","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":182,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"5a06ef52-6115-4213-b94d-588a3001bb93","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":182,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"5221a0d1-f27b-49d0-8761-b02968e407c1","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":182,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"1f0d57ac-d288-4aa5-867b-cc907b43a5a7","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":182,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"a21a6172-0f19-4531-80ac-7d5dfdf96245","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":182,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"d0360969-8f30-4498-9e2c-eeeeff1bf65e","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":182,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"e31f7452-1645-45e9-9cde-44f0e7358496","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":182,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"69ee93e6-c9b3-4d43-b923-e7a8f7030458","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":182,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"a4dd7b31-5639-4226-8b6e-77441f28dc7d","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":182,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"59eb982f-3bc5-47d4-8dcf-8afe9e0b99cc","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":182,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"e0c67138-f876-49be-b9af-0b1db88fde23","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":182,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"3f68bb77-09aa-4c72-b13a-13040327b477","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":182,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"beb92d68-cec8-49c9-9a13-28480dc9e72d","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":182,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"bc9be40b-b49f-43f4-8815-f981c33f8c3b","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":182,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"742e5df1-4384-4f07-bd8e-094980308847","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":182,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"2d580b64-593f-4708-a44e-ddd474d2caae","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":182,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"d5765de8-5da8-42fc-bf7a-edd6236d68a8","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":182,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"594cd0f2-ed46-4946-b7a3-cb8797e68219","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":182,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"65eaabd0-d8e5-49fc-9b3d-2737c7b64a2c","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":182,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"8984dee2-66b5-401b-93ec-055a3c212e2f","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":182,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"c77bd8cf-16fc-4e59-9f51-3ea1572bfe8b","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":182,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"a2c5f12e-5dd1-4559-9b3c-77845599fee6","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":182,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"1d9a919d-85ac-4d43-93bb-1d164b708e23","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":182,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"db36d779-e23a-420e-9eb5-0627b1c19098","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":182,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"4031832e-f866-4c63-8c70-5fbd59753501","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":182,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"02cf37e2-3409-4ce6-8322-925d9e80d6fb","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":182,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"fd4086e6-42d1-48fb-a4ce-b0fd359c8be8","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":182,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"4629222e-0de2-42a3-a9a9-5570e4e394d6","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":182,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"7df87914-00a6-40d6-9902-9daf2a74c424","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":182,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"0467f8ee-fafc-4dd2-827b-750f7ffe9408","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":182,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"1e8f4363-e416-4e3b-bc77-72e2e60c5087","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":182,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"6be5be39-4139-4e5e-a0d9-6a74cab69a79","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":182,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"cbd650b2-34bf-4270-bb3e-146ed3c8f4cc","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":182,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"9b9ed165-689a-4433-b5a4-7d23b5b30a96","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":182,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"97554168-33dc-4fe6-b9cf-929531e03ef7","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":182,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"58e7d0f9-159e-4387-86a1-5d37ca8f65b8","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":182,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"39632a60-3cd6-4ba6-8427-5736c3b98135","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":182,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"4e2fc212-a961-4538-b6ea-dbb014dcfb59","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":182,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"8139f903-e965-47ee-a384-a27672077205","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":182,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"49d9e752-40e5-492f-b1f0-c3480657b7f8","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":182,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"2063502f-c6d5-4e2e-b05b-57eac20e6c9c","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":182,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"8b8814e2-1a37-4476-924d-52e8d15ee833","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":182,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"1b7fdb9c-cfb3-4793-8965-d28aaa5f1113","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":182,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"cbd30edc-96e1-48d9-becf-52ff9ad32259","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":182,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"8e5c2183-a559-4778-a706-ff250a6c9cf9","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":182,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"4d640ac6-ad30-41b2-81b8-32fb94f38bc2","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":182,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"eeb2c47d-5b30-4594-9450-788496a481c3","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":182,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"7cf05942-27e9-43b1-9a52-a8361286bb30","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":182,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"08ae2972-28fc-4ff3-b223-43877242b658","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":182,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"52562756-f1a8-4550-89e2-67becc48efbe","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":182,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"9dbdce01-47ce-4063-8c99-507290f5083e","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":182,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"5da856dd-a376-4a9d-aad7-1fb23156e091","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":182,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"ed2e0592-bbb0-4b25-b05b-31d3a790feae","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":182,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"b921dd38-4f93-4507-9772-1bf1661ad545","block_type":"box","text":"brokerage.","page_number":182,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"23956cfa-55d6-41c4-ba57-c5960c9580e8","block_type":"box","text":"II-125","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"edf05afc-c8cb-49ca-ae17-1cfbcab77d3a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6278566d-a120-48d6-8013-42ac3492227a","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":183,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"d90fa6c2-10f8-42f6-a5c9-0ffa294a558f","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":183,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"0e596f1b-d350-4516-8bee-ad85291813b0","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":183,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"62bc3e88-1ddf-4f46-9928-7d2358f9f54c","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":183,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"e14fee90-c805-48d6-9f9f-eb7f1e6d859a","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":183,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"1e44ca21-60be-468e-8cf9-489a25b9ffd2","block_type":"box","text":"Section 28(e).","page_number":183,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"4cd54415-09f9-48a6-954a-d0efa879dcdb","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":183,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"f49bdf6c-75b9-40eb-a2c6-576f6b0665dc","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":183,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"ad70bc8d-3759-44f2-b630-5edd76639fa5","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":183,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"3b72e59c-8333-4275-ba86-3529be960539","block_type":"box","text":"execute transactions for those mutual funds.","page_number":183,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"c3e20ea2-b01e-4192-9c94-315c42726e52","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":183,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"60b27a07-a7ed-4fae-ad74-6ad4b54053e3","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":183,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"2b6be6f5-f371-4ce3-bc4c-c9684766c929","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":183,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"3a3db6f2-4a1c-4d22-a370-6ef8094eee5a","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":183,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"257f3827-eebd-4a65-b981-32524dc19f57","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":183,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"795c833f-4e6a-47ff-a04f-58636a13bd2b","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":183,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"6fd033df-d7a5-4d97-b744-3e3a5b652c0b","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":183,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"bc58c18c-c87e-49b6-a66d-b976eda62d06","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":183,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"766115b4-f297-4932-9d5b-7df4e3009466","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":183,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"e49284d6-1dda-4c6b-ac74-a8a6e8ac9f99","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":183,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"bf3a8c79-def0-482c-8890-3db174a1b0bf","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":183,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"60766b2b-700e-44e7-9824-c2eedea5d6f4","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":183,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"1dc4870c-03c9-4edf-a85f-5bcb61a6b920","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":183,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"2f2a8372-37be-4b2d-987a-13121787e3b6","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":183,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"8a5b8282-e8b7-49c8-aa5b-1e657337198c","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":183,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"8d51f5fb-3d66-467d-b30b-c21464f58725","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":183,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"ba25d323-ddc0-492d-8914-ccad6b3e15cf","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":183,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"14f1855f-c86a-4d91-a691-a23a52c964ab","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":183,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"c1afa1d8-bd80-4c19-9f07-d470125e3a3b","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":183,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"e0a5525e-4023-4b98-9b1a-c242a73fb965","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":183,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"2e640a15-7108-4945-891b-508ef8ef77ca","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":183,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"a3cac684-c667-44f5-9a34-dd8199dc1fee","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":183,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"08bd4971-2423-4c62-9d5e-99bb83662e5b","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":183,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"5e781f10-0f11-4ffa-a10d-510a65315fc7","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":183,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"895cfac6-072f-452c-aaf6-eb5b19c1d735","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":183,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"c886448c-adc4-4927-9480-9a567e8965bd","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":183,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"5991d0a3-f723-4649-9754-3208585d4df0","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":183,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"9d44980c-88e3-4a42-a891-57425d285d93","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":183,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"8814afc1-812c-4ede-8bca-d759071268a0","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":183,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"2476c5e8-8a4a-4753-96fd-eef31092b59a","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":183,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"2745dcfe-078e-4378-afad-dd7d5d5f58d2","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":183,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"dddb72a5-adca-4c1b-acdb-2ff08f51970f","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":183,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"7e2d5b50-b412-42b0-99d7-5735938cd169","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":183,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"0c55f1c1-a64b-4a68-ab82-209362dbda37","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":183,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"bae63fce-01bc-4839-9ec0-3dc75bffd108","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":183,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"192cdb70-75b1-4431-abd9-7590057a4256","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":183,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"4408f21c-d6d4-41d2-bbe7-586f6e5589fa","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":183,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"396c8590-9809-4674-9da4-cdf7313168f7","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":183,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"5b61c23e-9a82-450b-b566-7312d82d4c1c","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":183,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"34ae14ff-0eef-4f67-a119-d749dddab0f1","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":183,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"403963ca-285a-4a60-aca1-95f70f48116e","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":183,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"b5cb7618-2e6d-4fd8-bea1-d34ac3273181","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":183,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"80bfb0c5-3244-412b-abfb-fb59b7a43b26","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":183,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"a53cfc3d-c10e-4912-9fb7-5d46ff79114e","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":183,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"316f30ec-9161-4118-beb3-b8b69626f6b7","block_type":"box","text":"II-126","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b5a42feb-115a-4c71-877b-ecfda85dc7ce","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d2eedd0-8370-4efc-ac50-526e31c9d4e4","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":184,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"f1f796a9-30d5-4d00-9dfe-d40b5d0e62d1","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":184,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"91dfd208-075a-4aeb-8287-98c16f68d700","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":184,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"ba6eee8d-b22b-4f40-beb0-95cb99df2b86","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":184,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"8fd6d178-e2d8-4a60-9ee9-31693e4576e2","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":184,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"29793f7c-a1de-454e-b46d-c43c8d708f73","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":184,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"9b9fad10-de4a-4b4e-be8b-1888b26a14b3","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":184,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"5d8d614f-e83a-48d5-89ea-5313507ccb42","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":184,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"66f1b9f3-d20c-42e8-b1d2-ca7859f0a3f9","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":184,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"70152c14-d275-4d4e-8d58-e4b9352ea8bb","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":184,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"328c21b7-c154-434d-8324-fd7a7a0fefcc","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":184,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"d3da0300-a53a-4c28-84be-af57d28b2cfb","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":184,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"a80d3a3a-f8ad-47af-ae79-6967efa35950","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":184,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"89e8a722-62d6-44b8-b111-44199a68c0f2","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":184,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"0ef203b1-71b1-4560-bdd5-dd43f4b5b87e","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":184,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"7c12f911-0859-42b7-b59d-f59c6433f6f1","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":184,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"9f8deb40-9d5d-47e8-8fc7-787d28e7cde1","block_type":"box","text":"accounts and compliance constraints.","page_number":184,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"71bc8025-868b-438b-92a5-577a0a8c0df2","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":184,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"63c1d1a3-3e79-4042-b882-d96efd8ddf8b","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":184,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"eba380c3-7613-469d-b00f-dc98e1cf2c50","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":184,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"a767502c-940c-4255-9462-e9f2a27aece6","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":184,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"9b643f2b-8c2f-4acd-8491-745dce92e234","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":184,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"461bdb5a-fbb8-4cd7-a860-38b944d4b2c4","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":184,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"34f9c3ae-a437-428d-bacc-4d8fdddc85a3","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":184,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"487d0b5d-5387-4ca8-937e-2675ac8fd0b3","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":184,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"971a2617-83c2-495b-b5a7-895c0d41838e","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":184,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"8498932f-73f6-45a7-98e5-dc8c2b42dac4","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":184,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"39670e64-1a87-41a4-9adc-5994d7b43752","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":184,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"cd4c7e1d-8a4b-4b46-9c17-9dd915b60b31","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":184,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"2b68d1ba-7781-4f1c-855c-4c14a202de87","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":184,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"1ab56adf-256c-4795-b3ac-f069ee5efd79","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":184,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"88334453-f7a6-4ec3-bade-32dacc5d38fc","block_type":"box","text":"clients may be used as well.","page_number":184,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"b63807f0-db17-4131-9dd6-fa3db838a9ca","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":184,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"2451ab07-5fb9-4618-8e75-410b77c7a4b8","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":184,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"1ae3a219-eeb0-4ace-a78c-c2b0b9d4fd86","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":184,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"f4837955-404f-4883-8097-f41e4ad225c2","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":184,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"ef92ab9b-34aa-436c-823d-3b6f59c51200","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":184,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"9e8a02b6-deed-4edf-9ffb-e46216a024d8","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":184,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"a790e945-314b-4be0-888d-080cf0fc49f1","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":184,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"a651f5b3-f6d7-4a94-b1f1-63bf880891a3","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":184,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"c5e2a05b-4863-42f7-b347-0ad909c6e963","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":184,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"f02ff153-0e76-44a3-80af-9becf87adc8f","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":184,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"18cb2b43-363a-4ef5-94ef-351c1a014db2","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":184,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"bcc94b8c-2a29-4635-bf80-d10707e650fc","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":184,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"6cffff77-c184-41c6-8821-be1cf7ff8c52","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":184,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"e5dbbca7-70b2-4858-ab43-933010a8ffed","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":184,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"285aea74-0528-4ea2-b77c-70bfd441684f","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":184,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"eec05eae-76f5-4d2e-9637-5725ba87ef8b","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":184,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"176d52bc-102c-4ab3-a864-d0eb768b1cff","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":184,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"76ab326d-431b-4cfe-a02f-0844085336e4","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":184,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"57d3987d-7320-4c7f-9c98-5d4d3a53a851","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":184,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"9a3c2f33-4a34-4c1f-be72-13f7a492144b","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":184,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"6041934b-00bc-499d-a336-8325c4da9d61","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":184,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"bc1fe434-e6e4-48c5-8135-b125b6e5439e","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":184,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"fe376a59-3724-46ab-8b7f-aad1ffd646e9","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":184,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"9c824832-bc05-44b1-9786-ea0d10f689a1","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":184,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"7f5bf73b-30c4-45de-8d25-669630659f71","block_type":"box","text":"II-127","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f12b5aa6-ab5f-4792-9e51-344d895ec07d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54ff4925-4bbe-409c-8f19-cd072c6c0d9e","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":185,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"b2953135-c66c-41c7-990d-02ac1f30f199","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":185,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"85e071e7-129c-4ef2-9ce1-e7b3150c06a6","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":185,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"2625a927-8028-4601-b826-5874f0d46cc9","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":185,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"8edf4705-6a6e-4f88-b72e-cc1d0a6b499e","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":185,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"2282dd49-ee50-43c6-a076-1ed72accc4c0","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":185,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"ace87077-be88-46f8-8857-703fedbefb6e","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":185,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"363c172f-ffd0-439c-b94f-bafd2e88eb07","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":185,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"cfa64f31-7af2-44c1-9294-7d2902325f85","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":185,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"1d89dc2c-8893-4515-8fe4-762c5922cd17","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":185,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"3a4912c8-ecf8-4060-bcab-0d5494e0597c","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":185,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"2c9284ef-4982-494e-97f0-f27bd907d404","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":185,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"5a2d11e3-671a-4988-b452-de78afe3ab8b","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":185,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"9ef427f5-6085-4fb8-9e78-705cbb15ed33","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":185,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"fe8daee5-237a-40de-ab6b-9c0662bfe131","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":185,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"522d381a-fcb2-43f2-b891-0bc666a1cb77","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":185,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"4ee0021d-b5ab-4b20-b7c2-295f7826971b","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":185,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"c5e73b02-9fdb-49a8-bb5d-b256b769a6ea","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":185,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"fe1e66ff-e16a-4c43-a94c-172763e5aabf","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":185,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"600d0cdf-d79b-411b-8bb4-26cfbfeb2ef7","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":185,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"a7448f73-35f7-404f-997c-d4d31addea74","block_type":"box","text":"Portfolio Turnover","page_number":185,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"e813cc66-a8cb-4402-87d0-534958f0784d","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":185,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"c944cb16-7a42-40e4-9e4d-4fbac170d8fa","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":185,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"bcf949ab-aab3-423b-94ad-22fdffd179c0","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":185,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"51d75dcf-8d24-4416-9186-01510b3bf742","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":185,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"40077332-1658-46b4-8ad8-76fb6d3f9746","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":185,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"304a4ea7-246f-498b-92d9-4a80221f97b7","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":185,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"c745c9b0-093f-4d6c-976d-1348e812b8a0","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":185,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"acaf2674-1a7a-4535-8329-79dfa285706c","block_type":"box","text":"Dividends","page_number":185,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"58ed1941-3dda-48ee-a761-7dd0913c6bb0","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":185,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"7b58a8bf-c613-4c37-91ed-605ac6b98bea","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":185,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"0ea0dc42-4538-48fd-8cb3-b17701a85c0d","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":185,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"5809a3a2-7fd6-4ecf-b19f-a348afaf8013","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":185,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"d7042cda-d74f-4b2f-ada9-4b44821e25ef","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":185,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"5ded9c58-7a44-4f8f-af65-f8541df28f81","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":185,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"962c9df8-5066-46c0-97ff-7661abc37636","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":185,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"e3bf6d55-3a20-4724-a893-8b8ab4882213","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":185,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"e68a42fa-b32e-4304-a69d-24e5d5a7b556","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":185,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"b22ae681-8f34-4e08-9653-b86c5473233c","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":185,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"1317be73-e034-4e99-9742-708ae6f7044b","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":185,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"f4c2c18b-8f95-4241-8889-55324a53e7eb","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":185,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"e53657e4-2392-41da-90cf-1cc2ab9de325","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":185,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"becad674-9083-4234-9800-198ddaa1cd6a","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":185,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"2ef678aa-07e9-4df2-b8b5-318c931212ba","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":185,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"d51436d3-c6d9-492e-8b25-902aed09cde3","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":185,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"711136ed-b646-4f5c-8488-e81e6d3ff4dd","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":185,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"71554ea9-30c2-4f27-8f05-cb39c53abbae","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":185,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"466b8a45-55c5-4fc7-882a-26346f084bd3","block_type":"box","text":"Taxes","page_number":185,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"b8577e8e-660e-4dd4-bd99-5668ed5003c1","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":185,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"fd4ba1f6-d60c-4eea-9316-412f5cb3641d","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":185,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"1580ddb6-a55b-4b20-837e-02f4c9b22d25","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":185,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"0eb25047-1dfc-4ed5-b4e3-f7beddfd5cc9","block_type":"box","text":"II-128","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"03df972f-a629-4a21-9013-f1ec986ee210","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2a4fc22-9eb5-493f-accc-0cbda8c2ab76","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":186,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"90a7f7ad-e962-44f2-87ce-33b9b3999ffa","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":186,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"901172eb-ba87-4b0b-921f-9d9ea579b166","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":186,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"55b9b4cd-0afe-4956-bc16-33fcbe219689","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":186,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"7c033c8c-ad70-4120-a4b4-4ba8c914610c","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":186,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"b4f800bd-be8f-4acf-86bb-f07bad0101de","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":186,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"eb5c8a78-e4ea-4f71-9e8d-752ac77768c4","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":186,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"2963c6ba-19b9-46b7-a6f5-efa19685bc5d","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":186,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"a73e03a7-3e77-4e43-86f8-71ae2470452c","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":186,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"7824e6cf-e28f-463e-b607-587677d1d058","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":186,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"9611e128-5047-4408-8c4e-881a6ab08ce2","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":186,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"75ebff44-25b6-4c76-ad7b-99ac37bac39b","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":186,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"766c0c6e-dfa2-494f-a898-b03ba2d176f4","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":186,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"484ada4e-f984-4f97-ab3a-9fe5d68d9c08","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":186,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"d379ac77-79a6-4660-be51-331b808e8402","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":186,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"8b36cdb6-f095-47ee-b03a-eb93b5ee7b8a","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":186,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"f956de8b-b4ae-46db-987e-1c40fc31d7c1","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":186,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"be3bfa8a-f9e9-45b5-835b-4a4ca326206b","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":186,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"d9c2840e-17a3-4230-bd8d-24832b80ce83","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":186,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"158341ff-0286-4059-a923-e689a11cbdd9","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":186,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"016b1a57-ad54-4af9-8c75-aafd30bc2c42","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":186,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"e38d63dd-072d-4c62-bfed-424a5bb0ffbe","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":186,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"29512b81-5ec5-4a70-b561-7c4e5cf840b3","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":186,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"255a769f-43f8-43b8-87bd-7ecc63d96476","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":186,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"ff725a23-2f15-4c85-aef9-4c0f4a74c711","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":186,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"807b262a-4c83-405f-90de-b4e167ec3294","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":186,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"8b76a56a-d095-4c7e-9615-403af0227f87","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":186,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"3993834f-7957-424b-bcdf-2d9d5bf0e3f9","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":186,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"56eaf43a-a99d-4aec-8b49-aea0ba7836ad","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":186,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"939dd859-2e8b-4808-a583-bbba9baacd0a","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":186,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"aed302a8-67ae-4c86-9203-809c3591fcd0","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":186,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"f080d36b-0476-4a3c-bf91-aa0c89b7fd34","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":186,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"6c13e325-6be2-4a18-bf75-47f7d0cc731b","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":186,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"b4c7a71b-c895-4e6c-95ce-f7d06143fea1","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":186,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"0d5d2979-b0a5-42bc-9ad1-a99d334fbbe4","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":186,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"9045b708-0a92-4714-9125-a211b9f27a87","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":186,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"a73a5911-199b-4f51-9ff4-bb6e71901de4","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":186,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"ef25a219-8b5a-4fe8-8de9-52308b45541e","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":186,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"491f7ee5-73c1-44e8-8841-d8df029c4013","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":186,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"d6224814-ba30-48f2-8084-fa7358992e3a","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":186,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"b946c655-f43a-4e65-8713-d1068a5804a6","block_type":"box","text":"limitation.","page_number":186,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"6962a119-c667-4d32-aee7-ac816bc2bc96","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":186,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"f52b5e21-cbde-40ac-8e48-2d08f3b816df","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":186,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"b0b85709-4749-4357-965d-91b3f0d485e5","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":186,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"042e2453-d89d-4a70-b193-fefa35be2d62","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":186,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"b2573b1e-c17a-42a5-bcbe-1a91674eb766","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":186,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"81a4ab8f-f853-4208-b5f1-82d5cdae5c64","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":186,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"d0d3e63f-afb6-4ee1-a8f2-34fa534264d1","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":186,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"0a491a44-5bab-49a0-9629-a6279eb3d2f6","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":186,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"471135cc-66be-462d-a121-4327fb4183cf","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":186,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"caaf9f09-3db4-468d-90c9-a98b8f3d4d90","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":186,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"2605dd8f-4b8d-49dd-b2e2-3f529ba2b8a9","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":186,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"b570e8e5-4f83-436f-9593-412e10abc5de","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":186,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"a93b3329-ac64-4b17-a990-7c487b7677c4","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":186,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"235422eb-3801-4517-adde-23a9abe830bc","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":186,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"8241c66c-af82-4643-a614-c0ad023a5269","block_type":"box","text":"II-129","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f45fbb93-446d-4f15-a5a7-22bc0a335955","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4800676d-6cde-4744-bf35-0b8b1ca08441","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":187,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"43dda92a-32f8-4f2d-8c03-f95c5c95455d","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":187,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"3162c4f0-4e9b-4407-aea3-a1f9cb3e5ebb","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":187,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"07d4de1b-fdd1-4a74-a32f-cb2063a2ad72","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":187,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"1c4e58d4-7b1e-4198-b197-4279027d7f6d","block_type":"box","text":"constitute “qualified dividend income.”","page_number":187,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"8acdba15-3dc0-4fb6-bbfd-4647c308492a","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":187,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"06de6201-1944-48fc-8b7f-4f1014a465fe","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":187,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"6e3f73a3-725f-4a70-89ce-5919a814264b","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":187,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"23d07585-cc80-4a74-b0ef-d617cbf1aac1","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":187,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"10363892-00eb-4167-a91e-7e6ab76bdfed","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":187,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"00091cc3-ac66-4bdb-932c-1d3d323143dc","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":187,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"c1f7e269-a369-4b68-ba13-5936b67714a6","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":187,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"8401ff71-e0af-4196-90ae-0c9cc6388e8e","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":187,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"1f99f107-bb09-437d-8f56-9e59d194a601","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":187,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"d651873b-553b-43c4-865a-edf1e830815e","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":187,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"6080e5a3-57f6-417c-99f0-b058238a90d5","block_type":"box","text":"against their taxes.","page_number":187,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"ab82154f-f539-4fe0-9a21-003f43f2ef6c","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":187,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"cb73a6fc-a9d4-41bb-a97d-e91bdce1832b","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":187,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"43391e4b-735c-4e45-a782-506f8d847110","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":187,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"c471e1f9-1e4d-4246-9991-068d186728f6","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":187,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"d1a5cbd5-c26e-448e-962c-8509614e7ad9","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":187,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"7ec4b932-44b1-4ed9-9643-3fc739b55b9e","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":187,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"0bbdc8fe-9917-478e-9151-82d14fcdec5d","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":187,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"c46b4184-7234-4ed6-a0e9-fb6e7e0ecedf","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":187,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"5f45b3fe-d1bb-4bab-a0bc-09124d64d15e","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":187,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"35720ea1-6a97-4adb-ac8a-b5bb4e7be631","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":187,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"3ea01261-6b53-4cdb-8a50-3f2949f4b0d5","block_type":"box","text":"the shareholder.","page_number":187,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"24a8b13e-a342-4240-a6a6-08fd6f8147a5","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":187,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"c9081963-d606-48a8-8c80-029b23e0b424","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":187,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"a29fbbe2-01eb-4075-a320-6bd58b3b1902","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":187,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"bc5a1714-0ae2-4c2a-bf8c-b003fc4870cf","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":187,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"0f555c65-90fa-4f16-8ce8-47c3e94d8d58","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":187,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"ec89989b-bbb8-445c-bef4-bc0f5f8cbc3b","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":187,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"82a9d2ad-4562-45be-a145-b255e18ee2c9","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":187,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"37119ba1-6822-4898-946b-e4e006e47e76","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":187,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"04106c02-da8b-443e-bed6-1e8ff31a9a11","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":187,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"f4c40caf-3cf3-4a1d-872a-bc7a8f1ab72e","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":187,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"e3a178ff-8214-4c88-86f9-f0278ba9987b","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":187,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"6325999e-c0dd-4c51-99b6-54a958c1ac03","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":187,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"2e9c53af-5550-4f7a-9fad-be4a67f1fe08","block_type":"box","text":"taxable year.","page_number":187,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"1e674de1-73b4-4994-b141-829613280f9c","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":187,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"e4734138-81a3-44e3-9147-029946771725","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":187,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"aca43273-a162-4856-89de-833510dec57b","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":187,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"5b3d85c1-050e-4af9-8a2e-30e497df0fe7","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":187,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"c6a1261a-11b6-4e03-80f2-8ae4317f08f4","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":187,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"d9093e08-63f6-46f5-a337-2914ee6eafec","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":187,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"ac880c2a-286e-46b1-ba18-c931d6bbffba","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":187,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"816bb36e-d26a-45f9-9cdf-913f4ac0b542","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":187,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"a4814f05-6461-4749-be22-436ed341f2ac","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":187,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"f393f8b8-5ffb-444a-8baf-818125f633f1","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":187,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"af5fd387-b6d4-43e2-9ea3-dd23647a2df8","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":187,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"47bb759b-f6e9-4055-8776-b75caecb688a","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":187,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"c95ddcfe-7cd0-4a69-807f-518fced8f36a","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":187,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"088e9e1a-1faf-466a-842b-4a8daf7c493b","block_type":"box","text":"II-130","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f8f70bb6-bb98-4bf0-bb6e-df75ad328b9b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3897e97d-fa2b-4004-809c-4dc704e30a91","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":188,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"797212b5-c47b-4b10-8be8-34eb0c124932","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":188,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"772e3ad6-0891-483f-82b8-4bc12d4ecdc6","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":188,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"de9e22b7-d1b9-46a7-adb1-459e7a0eab61","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":188,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"6aba1495-ff36-48ca-b3da-395020a34a78","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":188,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"fba8f454-cc2c-482e-93e8-6e0fdd473d44","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":188,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"a46bac0d-ee7f-4341-91c6-1b97b605e82d","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":188,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"17ecf1bc-65c8-4f9f-822f-86f82e566f0f","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":188,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"9b773a38-a897-40b3-8bee-480e62075f36","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":188,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"0cc16176-1dec-4ad4-975d-574df32b5a61","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":188,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"15c40463-4538-4a2b-9b57-55166ded7335","block_type":"box","text":"redemption of such shares.","page_number":188,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"e8cf3802-5a51-4896-adfe-f28b9d4301cf","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":188,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"fc2f522c-f94d-4441-8139-b3d179c1bfcb","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":188,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"41a71f68-f5b1-47fa-b48e-0f1bebdbdf46","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":188,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"c1b9e907-4799-4774-8aef-9d00ee2dc8cf","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":188,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"f489303b-3e72-456a-adc3-40c6e9aaa228","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":188,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"48d05fe4-b2f7-44cb-9e31-51ff86337109","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":188,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"60a37b08-614c-416b-bb21-fa96b46f43eb","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":188,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"576e3d30-0719-40c4-a676-1359e35bf93c","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":188,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"47494439-bae1-4cd7-b733-4fa6297509bc","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":188,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"12f3c887-bd67-4f8c-be01-8076f1dd8608","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":188,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"678a09cc-7489-4404-89b6-d1fa96726fe9","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":188,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"4e34116a-769d-49e1-ab7b-9ce2f4a1df53","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":188,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"7d5cafdd-f618-4281-b086-04a62f736015","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":188,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"7e1a8d75-b9cf-4ca7-a085-959fbfd54a1b","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":188,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"00b628a0-7f77-488d-a7bc-c57ec5140f96","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":188,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"1cab68ff-fd55-48ea-afb2-9b0a0da6b8ab","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":188,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"9d1d9f8c-7008-4565-8013-a7163572e237","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":188,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"d15a15c8-964c-4029-831c-167c45d8c470","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":188,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"32841633-b5da-4bea-87ef-a109e2bd8fae","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":188,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"e81ab72b-9c43-4204-9a28-d62e1216225f","block_type":"box","text":"gains.","page_number":188,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"36d997e4-66ae-4bf0-a4da-cfc34e0eb968","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":188,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"461d14a7-33cf-4317-8f3d-a9d5e22999e8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":188,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"36ea09fb-7a59-4ea5-b343-a34a39d17b5e","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":188,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"632ad6f7-59e4-4c1e-b1ee-5fb818325be3","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":188,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"f5cb466b-467b-4d94-9dfb-cc9ac7194311","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":188,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"529adeb3-af57-4f36-bdf3-9af66d021cdf","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":188,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"5a4272c2-6f59-40f2-a203-bdf0fbd64fae","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":188,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"9d9ad457-5d27-4ea3-81d0-a23b8c56acb2","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":188,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"faf2e47b-c15f-4b45-8b2f-971700645e81","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":188,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"a60b008a-528a-4116-bdf0-0dd672ba4fae","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":188,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"d459442d-bea7-40db-89de-331c27ce321c","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":188,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"d1ad0e96-f1f9-4416-92c7-e4f14a163adc","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":188,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"47cf0f6e-97f9-4727-871e-7a3468856abe","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":188,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"5dfe3d4c-e5e4-4150-8dc7-efa121ee7cca","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":188,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"4ae835a2-2ab6-4460-af5d-1056d7c70379","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":188,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"5a4a00c8-6b59-4c85-a0c4-047c5a442e02","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":188,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"cf62b8df-a23e-4041-953d-2f80e93d0951","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":188,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"3e7b5ae7-0a81-41f3-ac7e-6f225f2ac5a2","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":188,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"4d8792c1-6750-4f1b-a49f-65242e3e87a5","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":188,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"0610fbc5-d2b9-4c85-a6df-feba3e7bd042","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":188,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"58b6d9ff-4f47-4c76-b82d-01256108e374","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":188,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"63ba8769-77e3-4bdd-8ccb-d73008bd2a99","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":188,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"d48c4224-9d91-4c7c-95a4-fdd95e7d44f3","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":188,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"bb2e6a56-7fd6-42ab-9179-120ad2d37813","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":188,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"57ad2e88-f1cf-4921-af34-2ca823e820f8","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":188,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"925cd649-d91c-4c1a-93d8-943c1b6c1d51","block_type":"box","text":"II-131","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"850f3bf8-c0a7-4c55-b49d-ee62ffe9945f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24bbe6f9-56b8-4735-91e5-f4be0b21d07f","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":189,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"1e14b739-9b71-46c2-bdbc-47cf88ad247a","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":189,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"91d279eb-d4eb-4fbb-bda6-dd1d1a88c460","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":189,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"c28154b7-b3bd-4c68-a587-e0a3fa54ee1b","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":189,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"75ad5274-cb50-4fea-8d82-f47ff9b9db82","block_type":"box","text":"dividends under these rules.","page_number":189,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"6d2fe953-5b5a-4d53-b42b-60aa2502a600","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":189,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"ff5a8221-9e72-4559-a6c5-592dda5345e7","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":189,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"5bc6acdf-05a1-4b0d-8aae-cec45eb4071d","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":189,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"bc67ad01-d0a4-43a1-894f-b960a5f9cc52","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":189,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"decbaa54-49c3-4f93-86ae-ed4a5c5a3d33","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":189,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"20b2900e-268f-425a-8f8e-adf83a95c591","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":189,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"aade3ea7-fb88-4bd0-9efd-340f686bfc19","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":189,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"e897f3a4-7061-4769-a841-d2e7391e176e","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":189,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"43bc2a4c-3a5d-4aa7-aa31-af730ab92e53","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":189,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"8567d41e-1c01-45dd-9210-259e273a7ba1","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":189,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"d376c2c0-1b78-4c6d-8d74-cbcd99a41b96","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":189,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"ec30f6bf-9dda-414f-9c0a-ce3ece596343","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":189,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"67835348-96d5-40bf-9b57-b2606eaff812","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":189,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"f3288126-45bc-4cf6-b214-2dfd5129313b","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":189,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"0673d21d-a0bd-4eac-83e6-e22f76119bd8","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":189,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"ee322c7b-7970-403a-83e2-72c7d076e79a","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":189,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"4062db77-70a9-46cf-ac19-5e729592894a","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":189,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"32321fc6-05d7-4d31-88e3-6fddc086c4b5","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":189,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"a65fe1d6-b8ec-45ed-b2c8-cebf7053ebf0","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":189,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"2ae9c5b8-0ea5-42d7-88d9-88728fad98ed","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":189,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"8c96a106-d084-48ea-88cb-0bd1d364fcd1","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":189,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"8a7b9a96-ac37-4a65-a862-35ae3921b4fb","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":189,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"b7752af6-ddb7-427a-8c61-d3fa1c3d1437","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":189,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"d6dfc148-4f4d-4ebc-9eec-30a1d3769a7b","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":189,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"94ab23be-a517-4ea4-8fc2-2abc18cf4d88","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":189,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"d65544da-2011-426c-aa5f-ecf77b88d0d3","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":189,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"7301742a-ff9f-4e93-b466-8ea57ae914c1","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":189,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"9a1875e5-c4b7-49f3-bc6d-adbc124f2032","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":189,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"af8bdc6e-2963-4a82-b6a5-b11cfcc12172","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":189,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"e3f06200-a970-497a-9141-e054676ef8a6","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":189,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"53c90c6c-22dc-43ae-ab51-925d10ff786c","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":189,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"d5f7fe19-d5c6-41c4-8786-c4e478fcbd39","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":189,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"0e46d097-8dfb-434d-b058-cd586dac3bbc","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":189,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"38248f4b-b408-43e4-9a27-0ea0e6e80a22","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":189,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"f672492e-d5e0-4514-8e4c-f9de22bc4f0d","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":189,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"4583d5be-be04-4b7e-85c1-81a9d79a8461","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":189,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"fc2d0370-62f6-4090-a076-7193d52198d7","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":189,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"bfff1d9a-1b40-40ba-abc1-583ec0aae9d0","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":189,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"2e70137b-5d6c-4e96-8d23-f29c87654ca1","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":189,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"7502a31f-16d1-4fad-b248-4c489c65cb8e","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":189,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"ef1d8885-3002-480b-afa0-4b1d825da7a3","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":189,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"79418da7-1d06-4ed0-9493-9dde4ae7d73d","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":189,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"93ae5377-c32e-4026-a6fe-d86b6f2df61d","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":189,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"fbe9b4fe-7289-49f6-a30c-0b350ab2cb73","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":189,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"88c2ddc1-77d5-4f1e-bd27-b9ac3b58c703","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":189,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"3d7d9232-eb73-48ca-89e6-348e4e7c4820","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":189,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"e2c66c74-298e-4802-a499-3f93a20131b6","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":189,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"b4c8641c-9933-4e14-b50b-51bbadc82b45","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":189,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"152b2f56-53f6-4898-ba7a-7cc2cdfd42a6","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":189,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"13a3b2ab-a01a-44e5-a9eb-695d44b58351","block_type":"box","text":"II-132","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f97e6560-6c98-4f74-906a-c317e7a10e00","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bff4f5ac-0314-417f-8678-a50c00be82f5","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":190,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"047d78a5-d219-4a53-9f2a-b20031535887","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":190,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"5b8ab5c5-c1a5-4de8-b795-d91c98afce21","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":190,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"5028ca63-23a4-460b-b074-d4946ea49144","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":190,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"bf8e9722-59d0-48d7-aae7-d078f9159efb","block_type":"box","text":"individual circumstances.","page_number":190,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"77ec0574-618b-4f46-861d-c146c1efd2ee","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":190,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"e4e52c15-8c68-4353-b9cf-b63d144eb16c","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":190,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"d501ceaa-598d-4e62-826a-139c32e8afdd","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":190,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"0b6f9b9e-c56a-49c9-a2de-38baf318078a","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":190,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"16e4083a-79de-43c6-849b-54468ffd33de","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":190,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"493ac206-97e3-4427-bfd2-f75f80d51f97","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":190,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"5eeea97d-b79c-45cd-b020-e78d273dde9c","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":190,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"8a32fbde-53ba-49c5-913a-13438ce11ecb","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":190,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"22d7e261-0cfc-435f-8632-3f40c348d8e3","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":190,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"6084259f-9fe9-4e22-b7a5-f970ed54be12","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":190,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"667e19da-d072-4546-949d-7d144f8c77ce","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":190,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"e6876d23-3026-4f6b-9f87-206cd520d810","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":190,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"e0cca10c-eee3-4a15-9fa1-94366cdaf19e","block_type":"box","text":"investment opportunities.","page_number":190,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"5ff0f5fe-b53c-4760-aea0-55182a29d2e8","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":190,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"8c88861e-6187-4a90-80b9-9ff326321260","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":190,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"9987cce2-9b99-4d6c-92be-df1955236e8b","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":190,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"8f3d80a1-d35b-4cc3-b8e8-37728cb68d36","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":190,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"03be8ed3-b655-43c5-9f18-4e8abb8d1e31","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":190,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"621cc35e-d40e-45ac-b0fa-8204d8ecd999","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":190,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"107d5853-ae02-46d7-ae47-8c24aeb33d2f","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":190,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"a225c4c8-cf17-42ca-9251-e2bfe03bb011","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":190,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"c538c13f-596e-416a-b1e7-764058a3ea56","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":190,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"b1601dda-c781-4485-9341-a95b750bfa30","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":190,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"8cee1fd9-0996-4ee2-8521-ac87ce60eaea","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":190,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"9dce52fd-b5cc-4a98-b889-9ba5a3594302","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":190,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"c4712847-fe1c-4c56-ac94-de7ad9ba1c27","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":190,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"15cddf05-ab92-4f69-8271-fabfbc32e9d8","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":190,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"bfc6ffab-911d-4b57-a348-39d73513f54b","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":190,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"a0aca6c4-2742-4fbe-97de-126ca9248d58","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":190,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"79c8c799-9c87-40b5-98d5-d6efd7c83596","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":190,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"7f0eba54-554b-40f5-a45d-6e6e7b948445","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":190,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"cc3623a3-ffd8-46a4-85e1-cf44a0ac5707","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":190,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"af753623-3829-4cae-97c3-15993df67ee2","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":190,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"8ab7af48-2178-4d06-b058-24188e3a8057","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":190,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"01802b52-be61-41da-a926-ad8caa39c4a7","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":190,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"412dbc1d-af1a-4cec-9ee0-a67c031383c9","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":190,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"6acfef3f-4ba5-4941-b4e3-8f5815b26a7b","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":190,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"348f96fe-383a-427d-92a6-5e92f8a6bf25","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":190,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"c6feae85-5efb-47fb-ab50-9c2c84c5f7d2","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":190,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"a9ee7e61-18c2-466a-ac5e-65c825ee7052","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":190,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"408f8f9e-7aba-4d60-b6ef-740327093167","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":190,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"60088d4f-c808-4dc4-a79c-6fdd64838311","block_type":"box","text":"positions in its portfolio (","page_number":190,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"b8c61526-0d06-41c5-a84d-5d8d2e530b02","block_type":"box","text":"i.e.","page_number":190,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"923063ab-e40c-4293-9669-e8d12688c563","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":190,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"5fefe849-651d-42bb-af81-38a281d74b2d","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":190,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"8e5a9232-2eac-49aa-878b-88b92de8500d","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":190,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"9323cfda-34f9-412e-a678-4c412699ab29","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":190,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"8d732697-74f6-44e1-ba93-92be4d1cda3e","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":190,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"d5eaa465-e984-4144-8349-529dd7f04d4d","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":190,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"d93cbd79-4756-42a9-a656-f82ac9594f6d","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":190,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"ba7e863b-d6fc-4b5f-8af9-6aa393e6448d","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":190,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"7dbd95d0-4a48-4ec7-be6a-580979e723d1","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":190,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"b7f6625c-39b0-4198-8ed3-b99d23baa4aa","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":190,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"bb03fb29-9945-4a0b-89e7-04ac9fa7e43b","block_type":"box","text":"II-133","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6cd96301-796e-4ad9-8f2a-0f0c48b76612","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1729927-6913-4a6b-bbc7-605f67384383","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":191,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"8cb5d9ba-ad07-4d71-8044-a583729f7ba9","block_type":"box","text":"Fund were to invest otherwise.","page_number":191,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"a15a719b-9498-47a2-9d54-8e1ab7cb51df","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":191,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"545b56fb-80b8-49b8-93c8-934a90722c3c","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":191,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"19c9246f-0d78-43c1-a791-6ffc84a3153d","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":191,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"a146e7b4-ba41-4a87-955b-769fa9d1b65a","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":191,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"94961955-6a59-4acb-abc5-d66fccf0a642","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":191,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"abe386f8-e166-4279-9958-6fe7926f58e0","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":191,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"44042c47-bdb5-4f1f-af83-b5c64b2ea4a9","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":191,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"900be5ff-b3a8-4456-9ce7-e6ec3d318b71","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":191,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"1c9e3980-ffda-4727-847f-a54d127cbb81","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":191,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"55596716-d398-47ea-960b-581373bc4db8","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":191,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"15bf7692-6a36-4d8d-a341-5f3b96c0763e","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":191,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"de83750a-809f-425f-a42e-e8efc0719588","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":191,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"af4f9c97-319c-4e5d-a124-e800236fe7ff","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":191,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"52ec0255-35bf-4899-962f-dc7fb47df6bd","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":191,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"af538b18-37a6-4f56-96f7-a426a17b7dff","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":191,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"22ce1acc-faf4-45bc-ad58-dd5007e732b1","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":191,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"a212942e-6d7d-4221-a948-71842b3cbba2","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":191,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"d9fd16f0-2559-4263-9fc8-a82b3946e1fc","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":191,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"c729fb05-4da8-4899-8918-90e5fb849052","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":191,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"a0029428-8cbe-4ef9-a065-c0d467e1bcd2","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":191,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"8011540e-1d36-4d24-8373-1b5471837c79","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":191,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"b847d205-1705-4ae0-b884-454a5fbefa24","block_type":"box","text":"PFICs.","page_number":191,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"39c5db85-2794-4487-b5df-5f713f2f598d","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":191,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"fbf5f374-9f0b-4b25-b01d-f575069ace63","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":191,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"d73f7728-25ea-4eb7-b457-9627efbd47e9","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":191,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"c34c1ecf-711c-4f71-806c-919b3be2d9a2","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":191,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"f94a17ac-a3cf-4804-b148-cea376bd2073","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":191,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"ab015d00-4f02-47aa-89c7-95b33260b6d0","block_type":"box","text":"difficult or impossible to obtain.","page_number":191,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"6a8013be-58b9-4a0b-be77-fb226e5bf18d","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":191,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"089acbff-0a0c-4048-a846-ad56c97fb2c0","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":191,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"b167d62d-ab96-4f16-b368-f280b40db695","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":191,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"55764f63-5d24-4831-9bcf-6248ff6222a0","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":191,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"317c8cb0-01e5-4c1e-b0c6-3a9d90c281ef","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":191,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"96eb8dc8-a34a-4774-8597-6d145969d59b","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":191,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"cd485124-d5a5-481c-a8fd-81a62a0d8dcb","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":191,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"db7c558d-bb95-4564-8c13-e00cdfa3b201","block_type":"box","text":"Municipal Funds","page_number":191,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"f5fcfc6a-3570-49f1-bc9b-50189cd3f8a0","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":191,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"c155cb0e-5718-42d1-8fb8-13460fe744e2","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":191,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"ebc2abf8-e025-48a8-b0c3-a222d97cfcc4","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":191,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"db071cfa-bb1e-4f16-81a0-7a23f6798147","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":191,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"324f1ec9-fb9d-4174-9d2c-cd9b6a1fd451","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":191,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"4917b023-d371-4ec8-a7f1-0a27bc13a8f1","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":191,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"babd0000-b7cd-4a31-80c8-fb54fe2b5925","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":191,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"8b8bc6d8-2432-4ccb-b278-8aee01c6562a","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":191,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"2047965d-ecd5-4c7f-92fc-0974f6fabea7","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":191,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"7f7d97dc-3595-4fd4-966c-756a9479ba46","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":191,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"d715ddd9-30c8-4a98-bc80-45f3ac24e269","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":191,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"658db54a-0d37-4c6b-a592-ba036d9815b2","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":191,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"e079bbe7-4b3c-4873-bc64-9348fd3898b3","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":191,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"68937d5b-bace-4645-9499-ca46ac6790c9","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":191,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"739f9051-a5ce-46ee-9329-97c396e6b4e8","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":191,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"1839034f-4d68-4dc8-a312-3c0b24386d15","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":191,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"286742c4-f3aa-4740-8ea7-cf8a989f0bde","block_type":"box","text":"II-134","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"283c6674-33ba-46a7-8782-dac41ab31fd2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbe63e4e-2895-417c-bb20-8557daa57f9c","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":192,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"2ad7d747-84a6-4be6-9d38-5ab0073c5049","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":192,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"e9f15184-a5e1-48e7-88ce-c6c7234c9843","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":192,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"e89ec840-fb6c-4354-a16f-cd6b7388f7d4","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":192,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"1053231d-6069-4961-a7fd-1b94ec0f243e","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":192,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"ba257b20-ea17-4f87-9940-59153f86977f","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":192,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"ce4a5084-cc76-42bd-bae1-cb345ffc2996","block_type":"box","text":"constitute exempt-interest dividends.","page_number":192,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"b7492288-13ca-4064-b80e-c920d8130bf5","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":192,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"e454f58f-0800-4469-b7ff-3c5c29e6f00e","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":192,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"9c4b7d12-5b80-46a9-9888-03970e9d3a09","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":192,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"1fc6de18-cd82-418a-a17c-343dbe73c259","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":192,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"1cb6a9ee-45a8-45be-a539-c58f5f2b557b","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":192,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"2664cd12-1a26-4436-acfa-1ac25dcfa2ae","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":192,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"377ce7cd-f9c8-4c3b-b043-b99dd262fc83","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":192,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"dd204298-159a-4fad-931e-cde49fb52940","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":192,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"3e752488-ee6b-4346-84fe-03de83ac6a9c","block_type":"box","text":"income dividends received by shareholders.","page_number":192,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"e9ae73d8-177d-4a46-b968-d78bcec9e715","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":192,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"b900d058-111f-438e-bee5-587f5e82740b","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":192,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"8bdc919b-987b-4e73-88d8-eeea771053d3","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":192,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"510ea5a5-8cdf-4991-a7a1-8ff92806d135","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":192,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"54299555-e4c0-4a83-9a5a-7cfb28cca8ff","block_type":"box","text":"the accrued market discount.","page_number":192,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"d24beefd-558d-4e35-96e6-8652c76923d5","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":192,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"a4b38621-0f3e-439c-8c17-a114cf3ae934","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":192,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"17d5869d-f4d5-4826-83db-6f548104a0a9","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":192,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"09bb57f1-8418-46a8-b784-d63f5f940b8a","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":192,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"019a8394-5be6-405d-a850-da2c46de1f47","block_type":"box","text":"e.g.","page_number":192,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"e4d94656-d39a-4aea-a5f0-808cae187a4f","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":192,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"60e4751f-a056-422e-b13d-b3f69da98fc5","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":192,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"a01f9a37-e152-4de0-a357-c4ed2656fc5e","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":192,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"de701f71-f39b-439a-a212-db39b5e53172","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":192,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"95dd3972-cdea-493b-89b1-f47d7032d9d5","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":192,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"ed18a830-143b-44e9-960b-4d4bae4d8046","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":192,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"6fa6b28d-3cdb-49b1-beec-8584ef9454ec","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":192,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"cb0d070c-2b8d-42a1-9ed9-934bc60982a8","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":192,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"013c9f3b-be47-4be4-8c2e-5808a80704a1","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":192,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"4096efd1-b542-4846-8fe7-b6991da8037a","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":192,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"5a59f53a-1466-4da3-a30f-b04ae3fbebdf","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":192,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"96ce871f-0c22-4290-9149-bd0be4ff8771","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":192,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"f4bbff0e-51b0-4c17-881e-e6077a910709","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":192,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"23c2abf2-7269-4df2-adc3-47eaac8beb83","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":192,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9829a1f4-2fbd-4437-8547-d8c22c39a8e8","block_type":"box","text":"within each applicable state.","page_number":192,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"ad018e96-8f95-4f59-9468-f1f3594d9eff","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":192,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"e58787ab-6efa-4886-8620-fffb6cda6b15","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":192,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"40d0d7fc-4944-41b9-9c27-7f7ed0e8cc90","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":192,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"fe5fb5c8-d666-4623-bf06-20f62f01720a","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":192,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"3bbe1906-fb3e-4c2c-a152-fd9a0a74e282","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":192,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"05a61033-4b28-43aa-99bd-776af9af7dff","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":192,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"db8e5f87-0f28-4e9e-a6f2-1ae46bf0eea0","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":192,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"e6dd6aab-05ae-462c-abe4-0c17233f706a","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":192,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"5502a84e-b08a-492d-bb58-2c8cde9a588b","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":192,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"0848d979-8f4e-4d6f-b832-fd165b4e5d75","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":192,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"0cd639c3-42bd-448a-92ca-adcd99a1e2e8","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":192,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"0a5bb191-85ba-4096-b69c-e6310f6308d4","block_type":"box","text":"exempt from state income tax.","page_number":192,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"8a32eb5d-4fc0-4d85-ad03-b4215eb2d682","block_type":"box","text":"II-135","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"219c7f04-bb28-41d5-ba1c-bffa1363602e","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35b86eb2-f10c-4d11-a892-372a5d46659d","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":193,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"8c908384-411a-488a-9947-76e8ad90eb7f","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":193,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"cb517378-130f-4460-a5e1-59d7262273d6","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":193,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"f70a593c-691c-4f0d-8473-217735322310","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":193,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"a522a441-be6f-4273-a625-e1e3ebcd5e07","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":193,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"fa5f62c6-2f91-4a3f-a555-dac2a5dd2096","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":193,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"242c433d-0ec8-4655-9c67-540216aa6378","block_type":"box","text":"decisions may have a retroactive effect.","page_number":193,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"a427d3d8-ed62-45e4-86b5-a61fa81b6ebb","block_type":"box","text":"PERFORMANCE DATA","page_number":193,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"5d4ab912-fb9a-4d0a-881a-6ef3db41b4c8","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":193,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"3c6a1750-bba3-4701-ade2-1c5dca349d99","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":193,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"9826bfb8-3339-495f-ada5-0930a1292afc","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":193,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"ddcf7384-f13d-4193-902f-583ba33af055","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":193,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"9a22da72-a9d9-492e-9844-c18d62f7cedd","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":193,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"9aaf168a-8e52-4978-933d-768d35b9a474","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":193,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"227b2c9b-c6cc-464d-8943-f8b493392220","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":193,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"c3c7c43a-4dd1-42ac-854d-4c3214755fa8","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":193,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"f7260378-989b-48eb-b7da-c9d5e4943e7d","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":193,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"ed6315fd-c794-46d1-ae09-1f4631395cec","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":193,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"2e7f421a-42f9-441d-bfce-91adaf20c1aa","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":193,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"ab7b04da-6c45-4475-a063-3ac26ac2cbd0","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":193,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"891bc6c6-ec29-406a-94fa-72edfb00b987","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":193,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"009a7812-82a6-47f2-8b68-b6c87c83eb06","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":193,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"fb2f04e9-426b-4029-aa3e-7c3a36ee4407","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":193,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"6fb3bac2-d74a-4340-9e4f-ef9388b7446a","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":193,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"24eec76f-cfdd-4a41-83e5-58165dbadde3","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":193,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"bef81a97-cda3-48f0-a404-f9ac2684bf8d","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":193,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"b65e741b-6923-4e1a-b14e-8952498f9bf6","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":193,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"bcd39020-5b53-4260-b9de-fc212560b755","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":193,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"fefe78f8-0d2c-4874-b6a8-0bf65dc68cd3","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":193,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"3a159c07-3e7a-4609-8fca-2896f72ed1c4","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":193,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"31bcfdf8-6cac-4fea-88fe-748cceba0351","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":193,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"6c5c59a9-3999-4c79-80b8-6958d170d561","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":193,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"0e3c03ff-4325-46ad-affd-56e426ce3b1c","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":193,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"18024053-80e1-426b-8e9c-9ee070961c48","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":193,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"049101ea-6c6e-498f-892b-e1629b491600","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":193,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"02fd2c3c-f3a1-441e-b343-02e2258c7901","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":193,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"d5f5e293-2fef-4140-90e1-e8bdefdbebfe","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":193,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"4853ea0f-a342-475a-b453-f50bf4b69423","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":193,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"de0567a4-eaac-43dd-910b-030ce1689d44","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":193,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"c7cd5888-883a-4c12-99b5-2b7d4420b971","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":193,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"bdf787d1-44d1-46f8-9a26-27afef0c5b51","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":193,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"aec65448-6a2e-4686-804e-eb067cc45bef","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":193,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"835786b1-b423-4c19-9c92-37bcb572caf6","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":193,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"67f36fc1-3cb0-4cd6-89d7-b9b10b58e324","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":193,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"1d4f0a58-972e-4532-a5ec-a40beca9921e","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":193,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"92b1bf50-da3a-4d71-ac6d-6f258b1f7d66","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":193,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"c217d430-255e-48be-b3bc-3964654ed85b","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":193,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"dc48acc9-8f4d-4622-a0e9-c43d248f9059","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":193,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"d311ced1-750b-4c9f-9ca0-1feadf8594ef","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":193,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"e87588e8-489a-4dcf-a4b7-1b8a7422e447","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":193,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"d3f67380-9843-47b0-85a0-35092bc9dece","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":193,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"64870dec-8388-4a64-bf36-2f9be5168586","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":193,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"4409b792-c7f0-4228-a47d-9aef061eb8a4","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":193,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"4b70d0dd-24db-43a6-aeea-b642bc23f845","block_type":"box","text":"II-136","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d3789016-0063-4f40-867c-86b37de63d2e","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3738e9f-6155-4fb7-b98e-9e2dfc62ce9c","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":194,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"db53224d-7aa8-430d-aa8f-e7b567343a75","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":194,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"2a42a8a0-0c49-4700-ac20-433d1dc8303d","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":194,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"dc81e874-c09a-4946-8c42-c6c5692f016b","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":194,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"e75a4d88-6fba-433c-a0dd-1e9dc9834cf7","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":194,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"1dfb36d9-19fd-4d13-b024-6dff55d211f2","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":194,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"e3cda1bc-e97e-4618-8c88-289fafe8c69e","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":194,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"5505d58f-31d8-4c38-814f-5a6f0344f4df","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":194,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"6e554700-ba8b-47bd-8b8d-a9d858ba4f32","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":194,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"25ae6111-1012-44c8-bf69-bdcdab4eea04","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":194,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"48df1ff4-4adf-420d-ac69-89caf30fc39d","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":194,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"6ab71070-95a3-422a-b95d-ce06b062345e","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":194,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"6cca609a-dd41-4ff2-a72f-3267e9dd9596","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":194,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"923c653e-6950-4162-882f-3f6340e2af9b","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":194,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"8706a0d6-f7a2-4071-9c31-4cf17e84cff2","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":194,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"ec857185-4fd2-458c-87dc-a0719f65280e","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":194,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"ae191187-6f2e-421a-bd81-fa5f0c72d938","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":194,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"d00d2ae1-11b7-49ba-a4c2-be7c283828f1","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":194,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"93b068f4-ee1b-40c8-bbfc-ac1e57e980f1","block_type":"box","text":"less than their original cost.","page_number":194,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"6ff07723-3e0b-4195-9e6e-debb50b26437","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":194,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"2b858c91-b6a1-4a48-818e-328a665789b5","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":194,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"4e7c3e3a-60b3-4f22-bbe5-fe5309e66074","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":194,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"f8534eed-dce2-4745-8a89-4ffdc0adcc76","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":194,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"43173409-f61d-4dc4-a60c-b17f89d62a1a","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":194,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"17dc74a6-f886-4ceb-86a8-0de8325156ac","block_type":"box","text":"lower amount of expenses is deducted.","page_number":194,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"da33f908-8869-404b-b457-71c0f0669e23","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":194,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"0c9a333e-5f2c-4398-a797-35c037dcbd56","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":194,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"c936bfd1-0782-4a53-b047-04b4684cc38e","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":194,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"4732916e-a4b6-4656-80d1-b405bfef0373","block_type":"box","text":"Money Magazine, U.S.","page_number":194,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"924c575f-343e-4354-ba99-67281eda322b","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":194,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"f0969a5d-7de1-46b8-b8fd-a580f73d919e","block_type":"box","text":"or other industry publications. When","page_number":194,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"7c7e9a9d-4e04-4651-97e8-4b74b0756bc0","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":194,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"0aff32d4-5806-4fcf-817e-3087ec576229","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":194,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"efdcdbe1-152c-42f1-938b-8d0642915f82","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":194,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"21b2abb8-a23f-4cbe-a489-fb6373193ac2","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":194,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"c5cfb1ad-f780-43ff-b6c5-018e215bbf64","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":194,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"8ac4db97-1234-40fa-9587-bea9bd75b397","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":194,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"63eb3859-d448-43ea-9b36-927d6d4422b8","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":194,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"aa1a15c5-bc8d-4b73-a295-2c5f5b70d316","block_type":"box","text":"developed by Fund management.","page_number":194,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"0d74231c-165a-4810-96d5-2253df9e4664","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":194,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"2b6763dd-9145-4e87-af28-6f32e4aa8452","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":194,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"738b8c43-135f-4b0e-aff9-a53b982dd51c","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":194,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"2a203ec0-b20d-4e63-8090-0b0eb144ba3e","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":194,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"d080ec4b-b156-490a-8d40-aea2b29302b0","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":194,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"acf38734-9bb7-4e17-8a1d-e23804f9b63b","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":194,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"8c1a3022-a99e-4033-8246-7621f5a5d5f0","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":194,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"7fa8d3e2-8e72-40b4-aff5-61252ea3b5c7","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":194,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"54c72a94-ee04-4381-bf7b-fe9633487db6","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":194,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"dd714d70-1892-4a8d-946d-aaa39da1079d","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":194,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"cedea392-fe9a-4073-ae19-b8364237fd70","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":194,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"a4afb64d-d0d8-49d6-8b10-4b971d1dab50","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":194,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"646856c8-ef68-44a3-8720-47635bd2897b","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":194,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"bf5cef78-5c97-491f-abe3-5ec0e1ca48b5","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":194,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"79395c3b-b7d3-4927-9cfe-e45fb91df448","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":194,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"82a3ef82-1b7b-40b5-9d3f-95c03696f38b","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":194,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"a8a906d8-6298-45ed-9498-11544997fe3d","block_type":"box","text":"II-137","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"98c3a02e-42bc-4bd2-821b-fb1480bb6edf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5af46ebc-0f70-4d55-a139-8bc1bec9d5f3","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":195,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"e27bb240-9e86-4ed3-a438-01e4b0ead98b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":195,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"2e989cef-6cd8-4088-806f-09f42b42fbc1","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":195,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"fef0a244-25da-44d3-8381-2864c2b75d50","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":195,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"c2a2434f-f180-45ce-ab1f-2e66da6f8071","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":195,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"4d3d4d81-9f0d-419b-a7ba-a6846e1180e1","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":195,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"33bb89b3-b2c5-4821-b2b7-8df740fcee8a","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":195,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"af7a5dac-1c50-4501-af18-98d35958dddd","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":195,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"a5a906aa-7959-4389-a458-195351c794af","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":195,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"5e067797-8cfe-4034-97e6-98e4623b32f4","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":195,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"8cfd70af-4f2e-425d-83d1-a6d3ba5ee1a4","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":195,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"ba4cc02a-cda2-4c49-8fa8-0045480d0b61","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":195,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"e6d8d204-c424-4de0-a091-602f2871073c","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":195,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"29310351-8f73-4fe3-8d06-f6722b6ca187","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":195,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"150046bb-c8f5-4225-b781-d31eb8673f44","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":195,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"916c5d15-b0c4-42e8-92ed-a41c63df5965","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":195,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"4682131d-0615-4cee-ab90-9d7e12bc9701","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":195,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"a729d6e1-f191-406f-9447-623c72ac1586","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":195,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"8cc99890-4e2f-44d3-bc11-3a3f9742c13d","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":195,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"a042aca3-b923-4771-a07e-dea0ac07eed0","block_type":"box","text":"GENERAL INFORMATION","page_number":195,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"2d5b966e-e606-4006-919f-aac543286206","block_type":"box","text":"Description of Shares","page_number":195,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"54718883-c4cf-47c5-b813-25567452f3a1","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":195,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"406fb43c-0f47-4de6-955b-1217a0784e53","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":195,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"f0ba93fc-c84b-4ec0-aba2-80fec7fab86c","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":195,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"29f7fc25-7daa-4f37-821d-e411f0ef7c73","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":195,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"d7b904d2-739d-49ec-91ad-94daed8f9419","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":195,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"4a7cd6c3-f39c-4458-ab08-41993e7cdd5e","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":195,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"ceb72745-f987-41ef-8c2f-59699b412375","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":195,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"196da3ff-a3d6-43a8-9e8e-eb3720927f3e","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":195,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"16d140a3-d2ca-4c56-b1cc-340b0a387787","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":195,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"2fd15cbd-7ecc-4fa9-a020-467cfb5809d1","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":195,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"657bbd4e-7b81-44be-ba66-9fecc610b84e","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":195,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"75513449-1ea0-4b13-a29e-fd83f984496f","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":195,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"bb4b642e-7d1b-4d3d-a223-541c1ba741da","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":195,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"16c079ab-3016-4f3c-845c-ae30a457833e","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":195,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"2edd5f97-60eb-4010-80e5-dbcc1db537c4","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":195,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"a8f2d0b5-92b9-476d-8534-5a911794fd80","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":195,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"56761197-cc40-4a36-a4b8-53205cb563b2","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":195,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"d7d926b4-7bc6-4641-9498-7eb7eb513e71","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":195,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"490a52fc-7324-4597-ad07-97ad95ff868c","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":195,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"1461092e-67eb-48b2-80ff-7e766e07273a","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":195,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"41b2ff1a-0860-46e8-a261-c6cb5ff5f337","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":195,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"4c153f4a-4ebc-4bad-b40e-7c60961cb8cf","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":195,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"f5f613d8-8278-4d11-8de0-8503018a28d1","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":195,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"daf53d29-c9ac-4bd2-88c6-f7718b3ea9b7","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":195,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"a32b95bb-f51d-40ec-bc7a-72c5bf6294bd","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":195,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"e9fbef65-3733-4e5c-b5be-fe286efc79da","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":195,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"32b1424e-00e2-4a01-ba85-66d6a2f5da48","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":195,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"1714f229-4f1c-47fb-941b-71de081271a7","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":195,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"62b6ef4e-753f-41d1-b6ca-3cd4bcb1ccce","block_type":"box","text":"II-138","page_number":195,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"71e80c68-5e9f-4e4f-90b6-25c17ad36473","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b258411-d32a-4b4e-a37c-41b95050a9d0","block_type":"box","text":"Additional Information","page_number":196,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"f3ccdcb4-85d1-4e89-b06e-c3019e0a627a","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":196,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"32edadbf-5989-4081-a55e-75f69fe4ac5a","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":196,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"80eb54f4-a20e-4c5c-9f58-3e74667b2e21","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":196,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"84c34038-a8a8-4d44-a4aa-77a481fe36aa","block_type":"box","text":"such name to any other company.","page_number":196,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"7e585fd7-28f8-45c2-9a89-08f89e32ad21","block_type":"box","text":"II-139","page_number":196,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aae95190-289f-443d-a5c4-ffbebe0ac915","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54324861-4c58-4354-a0d7-8a904327864e","block_type":"box","text":"APPENDIX A","page_number":197,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"81afa539-b9ae-465c-8335-6d7e0e126b53","block_type":"box","text":"Description of Bond Ratings","page_number":197,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"669a792a-4af7-451e-ab7f-fb52c25ead08","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":197,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"69e9e98e-2076-4a1a-9b09-5caca70a88f6","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":197,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"80ffbfe0-f4a2-451d-9955-5e2a980c97ad","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":197,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"8c944f28-078a-4f84-97e5-0155b046901a","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":197,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"eefab575-13fa-4800-be68-8d7782ab4639","block_type":"box","text":"date.","page_number":197,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"64d2866a-5850-4a67-af04-05457300eed7","block_type":"box","text":"NRSROs may rate specific investments (","page_number":197,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"d5a869ee-82a6-437a-9b56-0c477c7c0982","block_type":"box","text":"e.g.","page_number":197,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"e8f74018-4b6a-496f-bc1d-70be26ece8cf","block_type":"box","text":", bonds), issuers (","page_number":197,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"52021495-3dbb-4ee4-b7d3-02a0ba86e055","block_type":"box","text":"e.g.","page_number":197,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"ab341e56-5545-46de-80df-54372d757b83","block_type":"box","text":", corporations, governments and financial","page_number":197,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"a8350e7a-017f-43ce-aba3-720243d60b28","block_type":"box","text":"institutions) and/or programs (","page_number":197,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"494cc35a-bc84-4723-8150-67c5e238c0d4","block_type":"box","text":"e.g.","page_number":197,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"80ca154b-4239-4bc2-ac2d-7bb3441b8f49","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":197,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"d5841c51-104a-4e6a-bb23-f741acc70e58","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":197,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"032e3089-b981-497e-9b45-2bbaf654c531","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":197,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"9328dc43-f57d-4303-a9a4-ef7004a2d441","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":197,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"8dc27cde-48e4-4685-80a2-710e44a759de","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":197,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"1c450f24-5bac-4c8d-9da7-2d717741957f","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":197,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"00762464-c464-4508-a36b-34182bb241e5","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":197,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"05351fda-f555-40dc-9d03-5475af512ce3","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":197,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"da1ee92d-e3ab-4064-b18e-6cf9a8fbd355","block_type":"box","text":"security (","page_number":197,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"e4973086-14cd-44c4-a7a9-7dc4e600d741","block_type":"box","text":"e.g.","page_number":197,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"4acfc917-05e5-458e-ae5d-554de9efe3a0","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":197,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"a37053cd-3b52-4b48-9b59-585ce32bf4fa","block_type":"box","text":"highest of the multiple ratings.","page_number":197,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"9aa46bf1-de99-4095-bffe-63d9b0f75ffe","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":197,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"8bb17202-952d-4ad0-b1a3-ffa59b51b415","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":197,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"b20d0c3a-ee28-4046-b039-502b074a3adf","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":197,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"6b8e748c-bbe5-411f-a311-bc5363c0a947","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":197,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"7149e791-75a9-44bf-be74-cd02c30ee27d","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":197,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"17200dc8-038a-4d0e-aa6c-dfcca9f15d4e","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":197,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"9e760169-aec0-48d2-a22b-69172e135f9b","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":197,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"0cb3e2e8-f8c0-4a0f-8bb7-762b353730fc","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":197,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"21b0a39a-7ded-4560-b349-437918acda06","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":197,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"cd147f88-8615-44a1-8747-0ee0fb7934c0","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":197,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"83d37a19-098c-4eca-89de-6a26944eefd2","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":197,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"2c1d23f2-dd9a-49b9-bf40-ed6d87afcc0e","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":197,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"2c68dd15-f4e7-4734-be42-70b8eb6e7fed","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":197,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"f07ecb22-c240-4962-aa5c-d964dfa46140","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":197,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"041792f2-13b7-4062-80e4-a2fd86926885","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":197,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"98d1414a-472b-479a-84a5-8bdf878d1f45","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":197,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"1d4f7b6a-7af8-4d97-9f7b-4781fe95a4ce","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":197,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"726be23e-3eab-4a6c-8fa1-d885d3ab4523","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":197,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"dd4c226e-cfe9-45c8-a63e-19ca224dc0ab","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":197,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"329d2872-d666-4e9e-b467-f0494793c5a2","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":197,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"a2dc4f7e-9bee-4db7-a67a-e4ddd9cffd41","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":197,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"06f2ccde-19a6-4f42-93f1-02dc5b8226f6","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":197,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"09390b3e-dd4a-43b2-89cd-d9da5dc98056","block_type":"box","text":"Fitch.","page_number":197,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"82801c35-62c2-4395-acd7-61669df578a9","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":197,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"84305826-c977-490d-b317-f4455ff8c783","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":197,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"54de891f-750b-4f67-ae99-5c1e52c373c3","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":197,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"196ef7b3-0112-416f-ab64-5adbc6d0f93c","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":197,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"91233f68-4b98-460d-9b38-42da5354b592","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":197,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"43c5029f-d86f-4f90-a494-68363ff4b43c","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":197,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"8ead3b40-fe1d-44d1-99ae-563980ced918","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":197,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"f53e8d47-5df6-4be5-b57d-12f122259bac","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":197,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"df891d31-90d6-47a9-88a8-a6fcb78e8da3","block_type":"box","text":"sources of variation (","page_number":197,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"b1933804-5cc8-4635-a07b-beb82ea6a037","block_type":"box","text":"e.g.","page_number":197,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"01a8ca25-2384-47e6-8c9d-4f34bbebfc22","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":197,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"f5873116-cfae-424d-88f5-800b80a5db91","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":197,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"c42ba210-cf00-42b7-bcab-20bed471813c","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":197,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"bded5545-1273-4096-a27b-5a36040e3334","block_type":"box","text":"e.g.","page_number":197,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"98ce1558-c252-43af-aa06-c4bd37a15c04","block_type":"box","text":", equity indexed), absent an express","page_number":197,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"380e68bf-9e99-42d7-9758-03959661199e","block_type":"box","text":"A-1","page_number":197,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"f8696840-866f-406a-99e2-fb86037bbc2f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f914d11f-d5fc-48cd-88ae-ba82eaa6336b","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":198,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d71e520c-ac9f-4170-ac5b-f3437588db52","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":198,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"c4c2a712-0a1f-4d44-ae4a-57957da39762","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":198,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"3e52f9bc-9aa6-4188-9fc8-b391a4d3f3c8","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":198,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"ed6b6f30-c4fc-4afa-b051-50ca4f09bf95","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":198,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"39c13d09-76e6-4337-9b7f-3da71afe0a17","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":198,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"d1e792c1-a1d4-4ea4-836f-a3f1e2a079c3","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":198,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"19b7c4b5-212d-4fc7-9e4b-6969094bf5f2","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":198,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"5dca43fd-a4bc-4c89-bd69-6aea293b0627","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":198,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"18e12258-4b8c-4463-822d-b90274168ae1","block_type":"box","text":"i.e.","page_number":198,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"e7b68972-cfd3-4f94-bb47-be7889660f7f","block_type":"box","text":", ratings on nonfinancial","page_number":198,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"5d280f64-95a2-4968-bede-bd9fd00a8ac4","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":198,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"cd7a1305-bd55-4baf-8669-9578e1b9bcd2","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":198,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"f724e21d-1d58-447b-878d-e44cc51d1df1","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":198,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"7bc236d0-e696-4ffa-8f48-c39ed6fb4d14","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":198,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"a876a014-57e9-4b9c-83eb-001321eb31dd","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":198,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"ecbd61a9-26b7-44fd-8721-3425a2379e17","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":198,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"9eddd3a1-7cc5-470d-97c8-9617d4a93438","block_type":"box","text":"of time.","page_number":198,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"915dbc28-a572-44c5-8732-0eb65360de6a","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":198,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"bedb66a0-e23a-4fa4-bfbc-905180e5467c","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":198,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"2f54cb1c-5338-4d1b-9462-5c53a8b17223","block_type":"box","text":"risk.","page_number":198,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"4f96ec3b-1df4-4fe9-b220-65054d925390","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":198,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"67e7549b-9eb7-432e-a88d-530914969390","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":198,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"88fd2c11-a5cc-4d71-9040-81145c77afc4","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":198,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"8c2068c3-eacc-437a-9507-54518b9fb372","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":198,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"30b9a933-7039-4547-8c82-9f0f869a2b38","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":198,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"f7a3e408-1c94-4f97-a322-034a9d5f50ef","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":198,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"8cc8330a-cccb-4eb1-98af-3c028a837526","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":198,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"f5fbde60-0d69-4f3d-8a63-a9a69edd0deb","block_type":"box","text":"credit risk.","page_number":198,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"119edca4-032a-4380-8a9a-92573bdd7af0","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":198,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"3c3e2e25-cdc1-474f-83aa-c310932edb94","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":198,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"a74e554b-7f39-494d-b44d-466bb6e5b2fc","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":198,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"9928f103-32a0-47c2-8a19-7f527375c2d3","block_type":"box","text":"of principal or interest.","page_number":198,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"7cb4c35c-f1f6-4eaf-bcd2-75b4b058e523","block_type":"box","text":"Note:","page_number":198,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"f5b59691-de37-41c0-85f5-1ebf12dbe6fe","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":198,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"9acb65d7-095a-4c0e-975b-cb0784f0386f","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":198,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"9482c6c3-b995-4bb5-9328-6765d4298e46","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":198,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"0dd2fc97-f3e3-4a23-a440-077ee0cf0f81","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":198,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"cf497b80-2dd1-48c2-90f9-60788a3c2b75","block_type":"box","text":"companies, and securities firms.","page_number":198,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"3d485c6c-fba0-4ee5-bff8-12736b0e7fa3","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":198,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"61429cb1-f76b-45fa-a590-abbb2279a099","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":198,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"db79a134-eb83-4f31-8a1c-e67c997869ed","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":198,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"52ba57f5-8d5d-4adb-ae21-725b031cac69","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":198,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"79126cb5-4f78-4bd0-8691-e8501edef30d","block_type":"box","text":"that security.","page_number":198,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"68ce46ef-fd7f-4a1b-b62b-713ff6112367","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":198,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"6d14b98d-fa7a-4791-8215-996b33eb6e52","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":198,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"85a5f852-d78c-4408-8bbb-4ede9efa5e15","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":198,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"32190991-dc63-4620-805c-4bbc6f48bd9f","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":198,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"533fad8f-82d7-4fcc-b12d-e7129b52065f","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":198,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"56061d85-e894-4d91-9da0-e7cd8e16acd3","block_type":"box","text":"categories.","page_number":198,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"5e679f86-639f-45e0-b2e7-2dfcd7d2ba17","block_type":"box","text":"A-2","page_number":198,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c03d5034-d665-4a37-837d-567a0de70a98","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20518aa7-be58-4b53-a1c3-3969fcdef8cd","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":199,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"df3299ef-eac4-46f5-8da7-684242942e0b","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":199,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"a3eed459-7dbc-4c3f-aa07-3feddbe8ca16","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":199,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"e73d0389-ac8b-474e-ad17-85cd6582ec9c","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":199,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"7103b021-d1eb-46f1-8ef7-5a5c536a349c","block_type":"box","text":"an issuer’s self-liquidity.","page_number":199,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"2f0d4d97-5bc0-417b-97e9-aa764c191c8c","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":199,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"cf8d3e5e-636e-4a51-a201-acd5e05c47a9","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":199,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"64e18dfd-a9d6-4db8-b82d-3cd1f7c53e5b","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":199,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"1172657e-74ed-4e9f-aa79-de2d1c541f05","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":199,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"66ee168c-27a1-4f21-83fe-ab15ef2b4a7a","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":199,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"a521cedd-9d90-40de-86f8-8e15bc1e0a13","block_type":"box","text":"MIG Scale","page_number":199,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"514ce496-a823-48ee-9bb7-b1966db3d11e","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":199,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"a622d8bd-d4ca-4853-9370-6de8675494ee","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":199,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"3132b129-f532-434a-854d-11c17891ed3c","block_type":"box","text":"refinancing.","page_number":199,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"f1e25e8f-3ac1-49cc-8d18-e0c7702ac18f","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":199,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"2b3cc2f1-5195-4fab-ab1f-d9aa946baea1","block_type":"box","text":"large as in the preceding group.","page_number":199,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"46a736c8-9d5d-4350-be35-b12f4c664825","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":199,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"4c693518-4059-4c03-acd2-bf9c7b5eafa4","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":199,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"6dd85671-5aee-42da-884c-f8f78b68290c","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":199,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"20ef817e-92ae-461d-ac3c-02e407a56423","block_type":"box","text":"lack sufficient margins of protection.","page_number":199,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"7ce91257-e2ee-4fbe-b530-f417755ea016","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":199,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"7ecac2ce-0ce7-48d9-a98e-8abe217edfc1","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":199,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"8d50ff81-fb1f-471a-8388-4f6f2743ff9b","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":199,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"0432980c-e292-457b-8ca6-cb151c081d78","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":199,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"383399f8-b17e-463f-a8ec-72dd864c3585","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":199,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"080e07f8-88c1-4b98-aede-d77c7062ad3a","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":199,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"e6823e45-d62f-4973-9953-f50636c40f52","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":199,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"e7dc05b1-0fe3-4afb-9c04-0ff7cd3ab9cd","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":199,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"83b2f2b6-9468-49d9-8f0b-589df8e6b907","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":199,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"b5f38fda-7783-4554-b328-b039b81e095c","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":199,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"499b5b91-cbcd-421a-92eb-edcc653ea547","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":199,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"0ed66cd0-0aa9-4868-9f28-c6cacf8e3363","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":199,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"ba0eb383-05e8-4aac-9fa3-6cf02fe0b4ec","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":199,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"0d91c08c-a710-4116-9a24-2abcfe55130c","block_type":"box","text":"VMIG Scale","page_number":199,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"e3f4c1fe-5619-4a71-85ca-5e3c040a57d1","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":199,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"83ccff1b-7cdc-47f0-a9ea-310233971b2a","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":199,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"15475bb8-67d9-44f9-804d-2650481dae90","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":199,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"8fb38779-ba97-4335-92dc-78dfe8b8f63c","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":199,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"f0bfb64a-404a-4ca2-9eb2-b861c5643468","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":199,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"b804aa8d-bcbf-4054-bf38-bdb68033e59e","block_type":"box","text":"payment of purchase price upon demand.","page_number":199,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"a33c8326-b505-4a3f-9797-13711f9f6fd0","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":199,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"1ce57a54-d5a5-4eb7-b8db-55873f66cc1d","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":199,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"05e5c70b-2461-4474-bc0e-a87cea03758e","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":199,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"8e430a62-033b-4050-9513-1f3ec14a4932","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":199,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"b3f5930f-2449-4bc2-aaa3-4d3ee1aa5a28","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":199,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"3b872714-fd90-4c6e-9d65-99c2995d59a8","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":199,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"045d9baa-7d09-4dd4-bbcc-8e098f80fc04","block_type":"box","text":"price upon demand.","page_number":199,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"fadabafd-3dce-464c-b8aa-2bc374b58f09","block_type":"box","text":"A-3","page_number":199,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"dd1ff38f-0e82-4cc5-9753-7ae74edbddfc","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"200857d8-995b-49ac-83e8-5d6e208344f6","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":200,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"f33ae1f4-3464-438c-8f28-92e2a623e9ae","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":200,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"bafdf8c0-b647-45b5-999d-4a5933c2c11d","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":200,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"ad37846b-6e40-4650-928e-0f0731a6e5aa","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":200,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"73593e2b-6ec2-4ce6-97cf-ef2232b5cca3","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":200,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"f4aa4ea1-c4c3-4c4b-8a06-fd8f96ee42ec","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":200,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"0ac04739-d010-46b1-9dd6-f80902a6086c","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":200,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"0920b720-75ca-4c87-8837-b3560c3da519","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":200,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"11a8ecce-4982-4e34-b70b-419ed8b40f0c","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":200,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"a3076988-dca7-4d71-a9ab-b57b5f8c609f","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":200,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"8c396f11-86c5-41e0-a982-2a2f6e8fb101","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":200,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"6bda5a56-0c9b-4d25-874a-6992b52cebcd","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":200,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"3d5f8929-d704-405d-98ac-0eb602f1cbb4","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":200,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"61a37ca8-51d0-469c-b2df-0a174614564f","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":200,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"2c51223b-3a42-41ad-a333-fdb894c57c58","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":200,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"cbe3802f-4951-4da2-8f94-0ba2cb92d64e","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"28a06f69-61d0-419d-960c-e4c8e81ce834","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":200,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"e66a4bdb-f76a-44a6-9b49-5a29dd638243","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":200,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"7752ed7b-8322-4f6c-ac1a-8840aa4007e7","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"332d8768-9533-4f05-adb8-ced72ac2a69c","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":200,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"8b8614e9-23b7-48f5-82bd-caee52f02a29","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"9a23e7ff-d00e-4f2c-906c-49095e3d56d7","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":200,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"3696ffca-8645-4bb6-b5ad-f606edd461c2","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":200,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"28f97590-ad5c-41aa-8fa6-1d9a013b539f","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":200,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"54c9b9e3-b59b-493b-831c-6ff9dc5acf46","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":200,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"9d43188e-ac79-4fb0-8507-7c3189b2372b","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":200,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"5c11d2b4-94ca-4a90-b3e6-8e3233410119","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":200,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"2d0d3015-2a36-40e6-ad29-ce098299bd44","block_type":"box","text":"obligations.)","page_number":200,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"68c89467-2840-4ee6-aafe-60d989908706","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":200,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"56d80af0-c4f1-4b72-b65b-6135aae57fad","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":200,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"52a8fee0-aff4-4e3c-a908-3e73c0beb565","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":200,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"a25bf857-73e7-4c72-85d9-a4b88a2cf90d","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":200,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"85211330-0e3f-47ac-a6b3-64df9126b655","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":200,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"deac85ed-3126-4fa8-8710-e9a1c19dcd6c","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":200,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"d03e0fbd-ac30-469c-9566-2a81400151fd","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":200,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"98840984-41ff-4c4c-9b17-61c5f6b5fb8b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":200,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"ff04b026-9992-4e2b-ab0d-b9e96c1667e9","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":200,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"5005898a-befb-49d8-add6-b2789d01f0d1","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":200,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"f2a966aa-c005-42c5-9d91-04e951f118bd","block_type":"box","text":"financial commitments on the obligation.","page_number":200,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"1529684c-45aa-45b9-b902-30f165eeaae1","block_type":"box","text":"BB,","page_number":200,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"dac8e429-48fc-429b-a194-3e851b20348e","block_type":"box","text":"B,","page_number":200,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"5d6ad826-0b0b-4ca3-ac8e-0fdffc066326","block_type":"box","text":"CCC,","page_number":200,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"623e2a73-6056-41e7-b327-d738dcc0831a","block_type":"box","text":"CC,","page_number":200,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"c1e536d4-c4b5-4eb8-ac57-723f5619f880","block_type":"box","text":"and C","page_number":200,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"a9657aaa-8bb7-4d7d-8601-5d1b90fe2de7","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":200,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"e7174974-40ad-490f-b675-657a77c258c9","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":200,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"e79d6c2d-8151-4279-8ec3-90507118f493","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":200,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"9dc957f2-7200-41bc-b75d-4e73a6d2e335","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":200,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"a296a3e2-8fe1-48ba-b4ba-a81e6630945e","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":200,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"0e509f6e-836a-4065-9721-a4053e779e7c","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":200,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"253e192e-7ef0-4fa5-b131-709875a426d0","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":200,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"b0950052-8e2b-4a29-889a-9c695e46b353","block_type":"box","text":"on the obligation.","page_number":200,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"c39b1772-4ef3-4a6f-a21c-0ada529629f9","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":200,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"bd19bc1e-6a2f-4239-9875-49eb70f1a57e","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":200,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"3efe2725-4218-40be-a8f0-541395092b78","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":200,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"70ce81c9-2d8a-450e-971d-6ca7180b9973","block_type":"box","text":"financial commitments on the obligation.","page_number":200,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"33dc5374-7f4e-45a9-ac42-a4b58b6ee005","block_type":"box","text":"A-4","page_number":200,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1d12e43d-63d0-4187-874c-bce82801ab36","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4825ab6-a7cf-4830-b25a-90040f87e0e3","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":201,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"5e57b461-793a-4fb1-943c-b7282b4621ed","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":201,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"aaea0bc3-96d0-46d0-b336-ea54ebee03ac","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":201,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"ffffd865-3cbc-4fd0-bc08-1005b0059850","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":201,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"969c199f-639d-466f-8a57-d820515a65d8","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":201,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"de54e9a5-3650-4e7b-a66a-e02a8af3363f","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":201,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"9b193e6c-c4b2-483d-a9d7-62a9c5384c10","block_type":"box","text":"anticipated time to default.","page_number":201,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"04aa8209-f285-448b-95b3-d0104b67b4b5","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":201,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"71f82bc2-d871-4d1e-918c-17de4583561f","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":201,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"0b080996-0732-42d8-80aa-0f3f5ed99678","block_type":"box","text":"higher.","page_number":201,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"3d2358c8-d359-4220-a77c-1136009a4523","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":201,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"322d95e4-7ebb-4e48-8247-3e403a452c38","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":201,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"aec30432-1e5b-486e-a0e5-9e4f4bbbca0e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":201,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"9ee29b8f-a8f5-4af8-8d4c-947eec20d411","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":201,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"2aa4609c-020f-4c86-a3db-b8f375d2103f","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":201,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"f3c487b9-0560-4a4c-8b63-c212dc529c83","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":201,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"54349548-8254-460f-ab0c-523ae0db4cc4","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":201,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"96dbe000-cfd9-477f-b9a7-cb15b3e09d31","block_type":"box","text":"restructuring.","page_number":201,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"f964fc71-4bd1-44db-8444-1c122d948bd1","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":201,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"95be77b0-259d-4d39-8526-76a662587a72","block_type":"box","text":"standing within the rating categories.","page_number":201,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"0924f240-8320-4aae-a618-3dc90d5ba7a1","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":201,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"e60b01b2-74d1-4827-bafa-3fa7db738560","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":201,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"d21c0a21-e7d9-42a9-bd06-62541fde37ad","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":201,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"3b1c5b17-cb5b-4244-8f04-15439b656dac","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":201,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"fdf60516-eb0d-4e5a-b243-a146541f223b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":201,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"b7da3695-7fc9-4ce3-b4a5-b5d53a679b9f","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":201,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"7bf17d35-c78c-4728-b2e6-04de9525a4d7","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":201,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"2b6c0954-9720-44f9-9d88-21cf77801fc3","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":201,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"05ef3f28-2395-4d41-946d-d3350d5ed7d0","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":201,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"89526ee3-451a-4865-a76d-a672b3b579ea","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":201,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"c9c9fb4c-203e-4134-89c3-859750818f18","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":201,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"07fd331a-d36e-4154-8c4c-5e3bd9480a25","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":201,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"28f10d4d-6a6a-404e-994a-42de5d52b97a","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":201,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"1bb9915b-380d-4815-b9a1-10645780338d","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":201,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"9af2ac06-2d88-4cb9-8958-e46b5a82fd96","block_type":"box","text":"financial commitments.","page_number":201,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"651cc8c3-c2fd-4daf-999d-4ab4086e52c5","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":201,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"bab54260-e424-4512-8c6b-24f6cc01c9dd","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":201,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"0f44f958-2532-4a20-b607-965db2a628b5","block_type":"box","text":"commitments on the obligation.","page_number":201,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"be6824ce-8a7e-442b-ad1e-5094959223a5","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":201,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"de2bad73-9f39-4a39-b568-db4f91683091","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":201,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"8aca2eb7-aed0-42e4-93ef-f22816dd1696","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":201,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"5e0f2be1-4924-45fd-ac24-02963a0d021e","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":201,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"cdbc172e-14d9-40b1-a0d3-17b92f84ff20","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":201,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"1f8b14da-15d5-43be-8d63-331f3946e925","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":201,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"b2ca5057-444e-4141-b54c-cd593d2454c5","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":201,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"fd85b24f-72e7-401f-84b1-e1cd170614af","block_type":"box","text":"debt restructuring.","page_number":201,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"674eef7b-aa81-4db6-a9c7-535ea49e8a07","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":201,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"a7b33bbb-968b-42c5-b5ea-1f68d7b0c769","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":201,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"94be5dd0-0c7a-4e4c-a1f8-175e34f4f731","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":201,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"34863471-8911-4ef1-935e-8307dd8174c8","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":201,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"1b76a6e2-e94d-4d30-9350-d3d35d254261","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":201,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"4a35cf89-45d2-4a07-83c4-0f4a9d3de280","block_type":"box","text":"A-5","page_number":201,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"bbacbf81-7dc9-40df-8b50-8492749fd304","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93d40de3-d473-4019-83cc-2b78d0e198eb","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"be603cfe-4677-4f6e-b82d-b71af0ef6166","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":202,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"9c2cdc1c-6b59-4527-8572-be80e23592a1","block_type":"box","text":"as a note; and","page_number":202,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"574349bb-35d8-4dff-9e6d-e94a1f7c8d36","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"5dfd23ea-877e-4752-95bd-85a5edc50cf2","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":202,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"69873a15-f863-4986-9947-e15a5c8511a9","block_type":"box","text":"treated as a note.","page_number":202,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"f6e01e8b-e7f9-4d2c-bffe-9208e96de983","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":202,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"92e5f6ba-41b9-4fbe-b00f-c4a608175a79","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":202,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"de076cb8-12e1-4f15-ae6a-3c1e8fc08a28","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":202,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"431e43bb-df5e-4e22-bbc8-ed2f2c3d2606","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":202,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"447dda20-e17e-4871-a5d6-a7016e83d858","block_type":"box","text":"economic changes over the term of the notes.","page_number":202,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"48023348-2ec6-4ef7-9e9e-a3e3f825ba1c","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":202,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"8ba03acb-f31f-454c-831b-45e242c83358","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":202,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"1e03b952-425a-4b41-b087-d69ef4bbbb7a","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":202,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"4616e0bf-bea9-4cce-939c-b66e0c6ebc32","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":202,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"d05bf62a-fe44-47b3-8a46-2945f626f6d6","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":202,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"bb1a9f30-43e4-4639-a58d-3d988bca4cea","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":202,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"444248ae-6e7f-47aa-bafb-bcfc81a3a4df","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":202,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"ae86ba60-ba03-4326-b3ef-4043d014aefd","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":202,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"d3a75abd-4d52-431d-a61f-44f74b09e332","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":202,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"54e7182b-6f74-48d0-a1d1-ab42821753c2","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":202,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"5ff4abed-2451-4fa4-8c5a-65a05d5bbad9","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":202,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"3617892a-d80b-4a5b-8516-eb63054ff4f2","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":202,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"3502440d-c7e8-4747-aebb-1ad4a2f55e63","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":202,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"636075d3-3a2b-45f3-9673-e7e1d368cd20","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":202,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"06421cda-c438-4150-b700-9ea2164e9963","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":202,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"62ccda28-edde-4828-8ab1-b3a8ee774ef2","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":202,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"e214c8c6-8001-4f8b-8654-95281d471de7","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":202,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"5ef4fbfb-77ff-4204-90b9-3753178ab1e5","block_type":"box","text":"receivables or other financial assets.","page_number":202,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"29b1442e-987d-48da-b929-caf621022716","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":202,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"b0c1c216-8f64-4c17-9e18-1ebab1c51fce","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":202,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"29818e93-526b-4203-ac52-85d7e16cd8ad","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":202,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"83df23af-f4c7-4faa-b08d-5a3ef4d0d88e","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":202,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"04b0915a-e278-4101-8087-ae782a76e70f","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":202,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"e1a03163-fdf2-4574-9b3a-00c79c026cf0","block_type":"box","text":"occurred.","page_number":202,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"11b8b493-3b59-4bcc-827e-a0dfe0aafb54","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":202,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"f9c28bad-dec0-46a2-a735-1c1a5c838f01","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":202,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"acfee0e0-c0e5-49e4-a881-8155a94bbf79","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":202,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"56161317-b688-4fb7-abf3-843fb6188042","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":202,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"fbc2892f-0b6d-4aa2-9c8d-e5ffec12c6cd","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":202,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"d1371480-2c0b-436d-b7f0-70804b5d91dc","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":202,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"41ffa80c-8617-4367-a332-711ab3ccddfa","block_type":"box","text":"rates.","page_number":202,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"7c9f6839-1367-44f2-bfef-81ed1166e875","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":202,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"815a1386-af04-47b9-8d59-ff7bfc5ab8c3","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":202,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"ac740dc7-9238-4863-9a45-3c45317451d2","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":202,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"fe593403-c2fd-46ad-a33b-7ebdfaec3df8","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":202,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"20c44c48-c360-40f9-bc31-f2ee4e87b653","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":202,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"558768ad-e08e-4970-8981-483687df2c18","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":202,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"10cfb27f-b42b-4a35-9bdc-42b6c56119c9","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":202,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"524c80df-d509-4530-bd59-3337238a4678","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":202,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"cfcbfc8f-75b2-4b0d-ab21-a5cb27a88080","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":202,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"bebadb48-ffdf-4a87-9790-67af35c4f6cd","block_type":"box","text":"i.e.","page_number":202,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"235cf478-11a9-4183-86bf-d9ae22cf308c","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":202,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"fd655fbe-0744-4f44-a2ad-b1148705da28","block_type":"box","text":"the obligation’s documentation).","page_number":202,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"4c4f4644-17b6-405a-a6fc-dacd51cdb90d","block_type":"box","text":"A-6","page_number":202,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3327475e-252c-4b08-821c-a574031d22df","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80dc863d-b19f-4f42-928e-59fc5347e47a","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":203,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"a959acbd-21f5-4eae-8731-4d9b526c9919","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":203,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"b569db62-c7d1-4f53-b9b2-77a25aefb6f8","block_type":"box","text":"agents in the form of a rating letter.","page_number":203,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"b9a776bc-38c6-49d4-b9b9-4522cb605ff6","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":203,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"29f918d1-832d-40ef-80ca-71f84a47980e","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":203,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"e61b7486-dfcb-4d45-8f54-9529c672cc94","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":203,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"b5a6aa25-d171-4e84-922f-99d64685e60d","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":203,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"ef617a97-dcd9-4de8-9709-85a4b065cce4","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":203,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"1d02e803-a1c0-4e53-aca8-4205d72f7579","block_type":"box","text":"e.g.","page_number":203,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"b2b6bfa7-44b2-4dd1-8c88-975e7fe4772c","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":203,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"148f13be-0851-48cc-a5bb-fa4e7463cb41","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":203,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"82f8f98e-fd14-4987-a6e2-ab57c56d7af8","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":203,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"99600a99-5559-4af0-870b-905abe3bcee1","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":203,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"19f59cc6-da3a-4689-8e58-a9ed1baea847","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":203,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"7df4f825-7315-4e53-b584-80505a82afc9","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":203,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"a08bbaa7-d792-4a9c-af63-019308dd3498","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":203,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"65564b01-c20d-40ce-8aed-b6bd077e8a00","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":203,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"c8c178c7-93a8-40f7-9a9c-99adbf63fd18","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":203,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"4b84560c-2351-4817-af42-960e6805dceb","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":203,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"fb69691d-279d-4a3d-b962-2fc9854903ca","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":203,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"856785cb-0688-4463-8327-cdb09e11bbdc","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":203,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"1bd78667-7684-4306-8d72-870fcdced9e3","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":203,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"7475193f-31da-411a-af88-92fbf376f6e2","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":203,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"55e72fe4-e6c1-4084-a16d-735c9bf40337","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":203,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"c943c7d7-044e-4560-8464-78478a2a3e9a","block_type":"box","text":"Ratings.","page_number":203,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"7cdea787-9f90-47a0-ac97-860bfe1c6def","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":203,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"cd8f5f57-5ebe-4047-ae9f-d0738929bb9a","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":203,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"2682f789-cc8d-4cda-ad0a-2cfea428741e","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":203,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"25c21984-a7e7-4e33-9e6b-99f65e9f9a51","block_type":"box","text":"obligation ratings.","page_number":203,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"60aacc70-5ae7-4207-b914-7e7a772efcaa","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":203,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"46573039-74b4-4f90-bc6c-b340b52b0cb7","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":203,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"561580c1-ef0b-4a94-8d99-c2d928ccd73c","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":203,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"5074ca31-0204-4cdb-93f4-7458de305df8","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":203,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"71140b30-58fb-4315-8cf4-b84cdcac62dd","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":203,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"e6394f3b-60ea-42a8-8948-f4bc80aa8dc4","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":203,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"ae9183bf-7427-4771-bbfe-d1e0b78204bc","block_type":"box","text":"to foreseeable events.","page_number":203,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"2b327943-2f3b-429b-becf-dee39eb082eb","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":203,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"9a2f4541-bc26-4867-9950-ed75cd4446e4","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":203,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"9933530d-89b1-4e9a-be7b-3b313d8aa890","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":203,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"17e10ad6-a00a-45bf-a939-3b462dc30502","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":203,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"89bb51c5-2e04-4ed5-94c6-af932828ed4c","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":203,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"cb6775f4-acf9-488e-8740-d0f70db81883","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":203,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"7d85c385-617b-4d3b-a5e3-6be2405a7b2d","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":203,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"4587bc7a-92c2-4bb4-b7a8-476729f119f5","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":203,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"a52eda6b-b6c0-4bb0-8d8c-f52587eca179","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":203,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"2cef583a-0a4f-4a7f-b605-42cd53ba0762","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":203,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"9b8444ca-0299-48e8-812b-73594ad49eb7","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":203,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"21a0d91a-1e8e-4e3b-ba55-fe9e6aeb46bc","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":203,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"1b611bc5-8bb3-4fbc-aad0-a1b50c1487c1","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":203,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"86fcf46a-e15f-4e98-9aa2-79608911f694","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":203,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"a55737b8-4835-4e44-b405-825c8907703c","block_type":"box","text":"relative status within major rating categories.","page_number":203,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"33f8001f-9352-49a8-bc26-84616e519de2","block_type":"box","text":"A-7","page_number":203,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"db0063df-9a23-49f7-8538-44f58f01832b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18a94feb-ed8d-49eb-9eaf-2d40343ea5ad","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":204,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"392c8909-0eed-4389-9f74-0f0a06167efb","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":204,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"1c728660-8200-4350-a3c8-05a82414bfc4","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":204,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"22404430-6f24-482a-affc-58870293bb91","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":204,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"663af02c-9d7c-46c6-bf42-19b818977cee","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":204,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"043d7988-1197-4ab5-97ef-b55235355ef0","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":204,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8a032375-7ee0-4f84-be1d-d534c196b808","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":204,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"c84a67b1-66d4-4e94-a284-87fc6a4a800c","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":204,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"16a3d767-152e-41ae-9d97-d872796e6301","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":204,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"acab0cc4-e663-4afd-84dd-2657db833429","block_type":"box","text":"finance markets.","page_number":204,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"bf53664d-5b80-480f-87ef-e824a20c5a86","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":204,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"f23da154-b14e-45a5-aa8f-cc7ea2c48036","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":204,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"d0fa575e-1087-4311-9499-65e3bc0bee35","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":204,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"f38e2511-a743-4d31-a82d-1817bc4cd81e","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":204,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"875799e9-acaf-46e5-9496-708f2e00be20","block_type":"box","text":"commitments.","page_number":204,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"ab02a226-e846-4dc9-a234-e8671940e3df","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":204,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"e0b65b3e-af45-4122-a531-761b2b410a2b","block_type":"box","text":"adequate.","page_number":204,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"67449363-e12f-4031-91ef-2858ae65f2de","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":204,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"77945dd1-1f7f-4fb4-8bef-2baee947b41f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":204,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"9007b4e2-3818-4349-94be-521519c59bf7","block_type":"box","text":"economic conditions.","page_number":204,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"91fcf78f-a0c0-436a-928d-947ae8f9b520","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":204,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"3d1a7dc7-8c9a-4d20-8f07-ed05b9da9895","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":204,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"0e27e840-53f8-4919-bb4d-5f67e271a53e","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":204,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"ea19d3b4-0246-4d9c-828b-23e38d1e393b","block_type":"box","text":"ratings only.","page_number":204,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"6526c980-2688-461f-888d-7d50998168b6","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":204,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"19271f40-c14e-430d-b00e-724ce329b057","block_type":"box","text":"obligation.","page_number":204,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"433ee483-2830-4b89-b40b-c9a77c3798ae","block_type":"box","text":"A-8","page_number":204,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4588910d-1c48-4fd0-a09f-246fe5beab42","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"367733a5-d157-41e4-a160-ea06f9536d44","block_type":"box","text":"APPENDIX B","page_number":205,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"34bfb38b-88b6-4148-ba8b-f70272f9345a","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":205,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"795c9e8a-0322-436d-abb6-9e0907ddd6f5","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":205,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"c09b7fe8-e804-4aa6-aa6c-f7cec1b9160e","block_type":"box","text":"Effective Date: January 1, 2025","page_number":205,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"1338c486-7434-4316-a77b-64065e8364ef","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":205,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"4b4cab97-5515-485f-b100-f6961970a4ab","block_type":"box","text":"□","page_number":205,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"c4fa9c74-f593-4484-94ae-11dd49edaa50","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":205,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"d0c80777-c2b4-43b0-bdb1-f1625507a4e7","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":205,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"785c992f-59b5-4fd1-9708-478aed94a487","block_type":"box","text":"□","page_number":205,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"c4ed7bb9-b323-486b-937a-f807f076f5b8","block_type":"box","text":"Money Market Funds","page_number":205,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"77723ef2-3e49-44e7-92cd-8e95311a5ca0","block_type":"box","text":"□","page_number":205,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"1f060bee-b3ce-4eeb-afe0-8b46726015ee","block_type":"box","text":"Closed-End Funds","page_number":205,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"0ccfcc14-3e61-4405-b765-fd54efe65876","block_type":"box","text":"□","page_number":205,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"ee7e5bcb-5fb5-40e6-a8e6-656ac3cec6e3","block_type":"box","text":"Other","page_number":205,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"33fceca5-92ef-4f8c-9d42-c6c51495f781","block_type":"box","text":"Objective and Scope","page_number":205,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"d5014229-6301-4c05-9876-8bf75584e61f","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":205,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"aed6e3b8-ed74-4cc0-a3b2-c071cc7a45e8","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":205,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"92043afb-e7ca-4cd8-92b5-2b2d8d443aba","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":205,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"5afa6da8-7493-4744-85aa-ef24dcb1c1ff","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":205,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"72052fe0-9598-4aff-bc98-709a9c108d97","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":205,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"3854aa8f-30ce-476a-bb6f-2e65aa94d4da","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":205,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"bf90cbdd-8504-4796-8227-dbc2c10bac97","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":205,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"3016be26-8f45-4e15-b53b-1abbefff039f","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":205,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"8931f1eb-21dd-4257-baae-5d29bbf287f0","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":205,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"07ecd21b-9eb3-4269-90b4-ccb3edd2fc75","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":205,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"881f224d-cd6c-4e53-a46b-c528a88a6d0a","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":205,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"bfadda38-bad9-4f2f-948d-59d48cf488c9","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":205,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"2f560984-60ed-4ea9-a0e0-00bd042e2f9f","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":205,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"0324f78e-acc7-4088-be88-09c4925b1846","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":205,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"0ba98280-bacd-4c80-a1c2-a64f6c347266","block_type":"box","text":"Conflicts Management","page_number":205,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"074adafa-07c9-4e81-b78b-22b1acff46dd","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":205,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"fe96e8e1-2af0-4fec-8e1d-f67a59a494c0","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":205,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"23bf6293-ce9a-4365-a9ed-6bc70d1525c7","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":205,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"bb9140da-8bfc-4b96-87ba-d34ec31dc2ed","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":205,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"55bf92de-5c8e-446c-871e-5fa966f69e6b","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":205,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"a9bc5686-558d-4446-a102-91e8e147c7f1","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":205,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"7d42d876-d47b-4e50-9919-4970d36374bd","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":205,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"1bc09b7c-fe9f-4f0a-bdf3-8e05cf8a6a27","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":205,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"0e1b2e4f-dd09-46cc-a9ca-693d4a1f3980","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":205,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"6ea3fbcd-3180-4df3-a5f9-9d5be4134ab7","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":205,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"91679c50-c749-4309-84a7-cd2d58e8e53b","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":205,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"8d9fc666-a98d-48b7-9c4a-98e99d11f8ad","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":205,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"8d9321e0-f9ff-4602-af55-82f4c29663c5","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":205,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"d75996f6-a262-4c2a-9d1c-6e0b1f96395a","block_type":"box","text":"connection with proxy voting.","page_number":205,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"a7e42060-4932-4d6f-b677-a24866bdc13a","block_type":"box","text":"Reports to the Board","page_number":205,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"91ccc629-8cdf-4fb0-8f77-00731eb0fe43","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":205,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"6f4be953-f006-439e-9011-d25f7bb65d26","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":205,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"7e7ff0fb-02fc-41e3-891e-519a72a9585c","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":205,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"718feb42-bbd3-4c90-b3b9-a4cf1e401f28","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":205,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"2af650de-6b96-4851-a082-bdf5b4e8b6aa","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":205,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"738193fd-efae-48d2-ae06-da97b2c6fc0f","block_type":"box","text":"BlackRock","page_number":205,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"8102e765-e9ff-455d-bacc-28465c9eae7c","block_type":"box","text":"Public Page 1 of 2","page_number":205,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"4f2f68d5-2572-49d1-9324-d84b57cec682","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef5505cf-4d1b-48c8-9b0a-641c0a1234a2","block_type":"box","text":"Appendix A","page_number":206,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"e28cdff3-a87f-4417-8220-1ee01d93ed37","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":206,"box":{"x":135,"y":98,"width":347,"height":9}},{"id":"c0cafe7a-a8d3-426a-807b-b4fd7c716c47","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":206,"box":{"x":135,"y":120,"width":413,"height":9}},{"id":"56ab5c96-d033-4edf-ac7c-a94e57c53960","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":206,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"eec25d85-ee49-432b-9a1c-d3291874ea3b","block_type":"box","text":"BlackRock","page_number":206,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"9b787080-82db-4cda-89e5-6fb0fea1d678","block_type":"box","text":"Public Page 2 of 2","page_number":206,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"0563b30d-6a69-4e22-be73-a1a6e386fe5f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20c21df6-9257-4519-b428-0c88a9fff777","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":334,"y":45,"width":311,"height":11}},{"id":"0f705cb2-51e7-4d9e-ad3a-be0676e190bd","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":207,"box":{"x":337,"y":67,"width":304,"height":11}},{"id":"b1ef6a6f-b6f4-4767-bb40-2b9236e3ab26","block_type":"box","text":"Effective as of January 2026","page_number":207,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"0fb021b2-7b49-47ad-aea6-d730a4faf485","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"335427cf-d3b7-4e1e-a4a7-97e370a45584","block_type":"box","text":"TABLE OF CONTENTS","page_number":208,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"0730a1f2-4a49-40fd-8527-cf4583b065c5","block_type":"box","text":"Page","page_number":208,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"4e626be6-60bf-41ce-9cdf-19b075309c18","block_type":"box","text":"OVERVIEW","page_number":208,"box":{"x":74,"y":84,"width":79,"height":9}},{"id":"303e4b32-6ce0-4045-b3f0-cf83c3b6bd67","block_type":"box","text":"....................................................................................... 3","page_number":208,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"2e2599d0-4020-4599-aab6-d8d44733ff0d","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":208,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"803d4a3f-fb44-4a75-b11c-0267d390a590","block_type":"box","text":".................................................................... 4","page_number":208,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"c87b5384-df1a-4e99-b150-b5d4e99fe891","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":208,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"18db930e-b86d-494f-9124-98b3d7f4fee1","block_type":"box","text":"............................................. 4","page_number":208,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"5381b665-62c6-4781-b3b7-fa03b188a857","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":208,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"eef219f9-67fc-4b6e-96cc-7575262cd013","block_type":"box","text":".......................................... 4","page_number":208,"box":{"x":528,"y":134,"width":376,"height":8}},{"id":"d2fc3591-ee4a-476a-ae85-12f3d969547d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":208,"box":{"x":74,"y":150,"width":433,"height":9}},{"id":"3012e20a-3cf6-4267-9832-7baebc121e26","block_type":"box","text":"............................................ 5","page_number":208,"box":{"x":512,"y":150,"width":392,"height":9}},{"id":"82e6716d-cc0b-4425-94a3-48a54617dc33","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":208,"box":{"x":74,"y":166,"width":178,"height":9}},{"id":"b4002ef2-22bc-4ef5-bb60-7461c78d8805","block_type":"box","text":"........................................................................... 6","page_number":208,"box":{"x":259,"y":166,"width":645,"height":9}},{"id":"60dd3188-0c32-4ee6-834a-c617fe768278","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":208,"box":{"x":74,"y":183,"width":207,"height":9}},{"id":"a390b261-d2f6-493b-b42e-1a6071af8d6f","block_type":"box","text":"....................................................................... 8","page_number":208,"box":{"x":292,"y":183,"width":612,"height":9}},{"id":"d07e0526-8030-4aef-8797-bb15d19edf1d","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":208,"box":{"x":74,"y":199,"width":325,"height":9}},{"id":"5f908b78-2f9d-4aa4-96e5-4fe4202edc14","block_type":"box","text":"......................................................... 9","page_number":208,"box":{"x":406,"y":199,"width":498,"height":9}},{"id":"a25c52b8-ed9c-4701-b14b-03ad6ada654c","block_type":"box","text":"CAPITAL STRUCTURE","page_number":208,"box":{"x":74,"y":215,"width":156,"height":9}},{"id":"3e6af04f-7ec2-4ba8-8ea9-9c8d64e753e3","block_type":"box","text":".............................................................................. 9","page_number":208,"box":{"x":234,"y":215,"width":670,"height":9}},{"id":"4a2f383f-d037-4b35-8d6a-2754d6f57231","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":208,"box":{"x":73,"y":232,"width":315,"height":9}},{"id":"24530b8c-642d-4109-befe-a44ea7741feb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":208,"box":{"x":398,"y":232,"width":506,"height":9}},{"id":"4ec7c76c-5ecf-4983-aa6b-654a0e2b59e0","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":208,"box":{"x":74,"y":248,"width":430,"height":11}},{"id":"c96f94dc-9524-4b9a-a2da-d5018f359ce7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":208,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"8c415949-d36f-47fa-b7f5-6763748e2b6c","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":208,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"1b87b34c-1387-444e-b2cb-56601a7a4ef0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":208,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"1ceb876e-2b87-41f5-ad16-bf37668b094d","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":208,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"c6af3cc0-9ecb-4951-9811-7f8bb28a6784","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":208,"box":{"x":283,"y":281,"width":621,"height":9}},{"id":"627637a1-84fe-4519-90dd-7814c1fbbc28","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":208,"box":{"x":74,"y":297,"width":259,"height":9}},{"id":"3c5026a8-509d-49fa-9298-16b3b3f1226f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":208,"box":{"x":340,"y":297,"width":564,"height":9}},{"id":"7d7fe386-7ed5-4bf1-9bb5-c1b10e2eada1","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":208,"box":{"x":74,"y":314,"width":489,"height":9}},{"id":"f389f40b-5052-4ea4-86a1-395e60a7badf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":208,"box":{"x":569,"y":314,"width":335,"height":8}},{"id":"becef80e-cfb3-4f64-b442-967591245152","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":74,"y":330,"width":151,"height":9}},{"id":"95941fc4-780b-4f8f-ab49-9f09b5b76935","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":208,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"7f0dc2d5-bd59-4fe9-b888-c71d57402c6c","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"985e2250-09fe-4dc3-b732-9ef2eb56aecc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":208,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"8e5b0b58-23d3-4130-9766-cddeea4d212b","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":208,"box":{"x":73,"y":363,"width":736,"height":9}},{"id":"cb521f6c-1394-4c9c-ae60-7c9b451cbae9","block_type":"box","text":". . . . . . . 16","page_number":208,"box":{"x":813,"y":363,"width":91,"height":9}},{"id":"bd64c75d-6f49-43b1-ba3b-3bdb9d42733b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"02c2fe22-2707-4df9-a9a3-27094915e3a9","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"004cfef8-47cb-4c76-9fb0-f146c4bc0ff0","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae80fb55-42a4-4c72-a446-4721a21e4c6a","block_type":"box","text":"OVERVIEW","page_number":209,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"b194f7ee-edb6-495c-8e7b-aa0095c08aad","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":209,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"aca067ad-8aeb-415d-84a8-f7c2ebbbc76a","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":209,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"82a8114a-7ab2-4fb0-a854-04da1a22c1d0","block_type":"box","text":"issuers.","page_number":209,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"76152d6a-eecb-4841-b563-7711cab7977f","block_type":"box","text":"1","page_number":209,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"4569eedb-1c2d-4452-92d2-b2662ad3688b","block_type":"box","text":"BAIS works in partnership with BlackRock’s investment teams, excluding index equity","page_number":209,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"6f288da3-7df1-4a8d-8619-69ef93a7f912","block_type":"box","text":"2","page_number":209,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"cb319dbd-e788-4e0b-a9ac-42abcd805320","block_type":"box","text":", providing expertise","page_number":209,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"5c8ccefa-d180-4859-b52d-bc6a73866d3f","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":209,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"da005260-4609-4d58-91be-59ac519208de","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":209,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"e8160a5c-37cd-4d6d-86b5-119c584b087b","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":209,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"69fb349f-66fe-4558-9cbb-3e741ce3a43b","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":209,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"4c53184b-4cf2-4b8c-81cc-197046f55edb","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":209,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"e7e49cc9-77c4-479c-977e-e05e93d5dc67","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":209,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"17238186-d1e7-4e38-af51-aa75c0e6d7e3","block_type":"box","text":"The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these","page_number":209,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"4c03d057-29be-4a32-a4e5-e60c11b7e293","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":209,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"77748506-ccf0-448f-bb19-1773b9f1191f","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":209,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"88f8810c-309c-474c-93b8-b45fafe147e5","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":209,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"c6bd35c4-9eb0-4d7f-ab5e-0af1a8117f69","block_type":"box","text":"1","page_number":209,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"25208b8d-22d9-4da5-a484-30de4d5dbf16","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":209,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"2adcf06c-d404-45db-a887-506585666161","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":209,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"595c466f-b9a3-49fa-b28e-56048e193024","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":209,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"d3830e5a-17c7-4601-a4ee-8cbe5d630161","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":209,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"7799bc3c-1e85-47b6-bd4f-d59f83b5e104","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":209,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"5d759121-4c44-4db2-add8-90f5baab28b9","block_type":"box","text":"2","page_number":209,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"fc9658c0-0efe-4ed9-bc48-39e35fffea4b","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":209,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"be5c985c-26ab-4b64-a3c9-5a4860387d39","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":209,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"2a229462-1ccc-4a36-baac-55bfd0950539","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":209,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"97aa4810-f5fc-40ce-949f-c4650676c5dc","block_type":"box","text":"policies.","page_number":209,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"5891672b-44d6-41c4-b587-25ece975e01c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b6d2bd56-342e-4cc5-ad3a-19eb46ea0506","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4fc0de01-b54f-4847-991c-df059791859b","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42aaf47c-d6cd-4cfd-b729-03593056af88","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":210,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"4400ce06-26eb-4960-93ba-faed5baf61fc","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":210,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"74a6ffe8-8289-46cd-b4de-ad430a953d8a","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":210,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"7c6425f3-39c6-4815-b375-882de5cb4b43","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":210,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"1bf5e6f6-42d5-4e26-b6c6-fcb8d62eff4a","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":210,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"97186aa6-9bfd-4fe9-b444-f19036ae2e75","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":210,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"8b260848-28b9-4312-95e2-c1562dc0e580","block_type":"box","text":"this work with research, data and analytics.","page_number":210,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"6c6269a7-16e5-4e0e-a92f-9d0fd4f423ef","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":210,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"71a73e6e-f85f-4e31-9058-04940f7122d7","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":210,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"c42fb034-953e-444a-82c6-459a4ee5a314","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":210,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"d0aebf3c-1a65-42ff-8cfd-b04def349aee","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":210,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"5e4f9944-1e7a-4dac-a078-9bacf261bd01","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":210,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"4231211a-35c5-49aa-833b-9bfd019e5db2","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":210,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"d3005f6e-d3aa-471c-ad70-2a1ad30168c2","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":210,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"03142ad6-dba3-44c4-af5f-12bd9c91f7e7","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":210,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"4de06a3c-8c3c-42e5-8316-72edd20b4df4","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":210,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"4152b745-064c-40eb-ae82-26f12f9833cf","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":210,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"f43cc11e-a203-4402-9c7a-ecdb28f3b9ba","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":210,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"8fc945f4-a515-4078-8efa-b945593797e9","block_type":"box","text":"shareholder meetings.","page_number":210,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"770713f4-e9b3-4a40-890a-b5fdbe9a5108","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":210,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"ac642b7c-079b-4671-8d15-5e54f9256d45","block_type":"box","text":"investing.","page_number":210,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"e1e6e946-58da-4613-a00d-9a662a7a687c","block_type":"box","text":"3","page_number":210,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"303128a1-422e-4743-a96d-befcbb5e00c9","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":210,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"37632b96-61ab-4094-85e4-1bc87df866ef","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":210,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"66c9ed42-de4e-4b64-be28-f16345c77b2e","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":210,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"05462047-5599-49ef-84a5-55249c9526d1","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":210,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"60e39a6a-0ba2-415d-ba81-775236551a30","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":210,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"7ef36767-2b30-49e0-a258-5af8d8c61849","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":210,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"78c19af4-49cf-4c5d-bbe9-bec0db82ded2","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":210,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"e1fbb3d9-f7d3-47f5-8ed3-299da864f166","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":210,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"6a20c4aa-0a74-4e4d-ab3d-51feafff9b92","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":210,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"5ae76fd5-0ed3-4f56-a83c-961f89b4dd2a","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":210,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"2aad01d0-2f55-4ab7-9990-e8443a41ceec","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":210,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"850dc1f0-baeb-4ae7-ae21-ea81389765dd","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":210,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"41aff2bc-626b-4537-8931-b85f0224aa8a","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":210,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"961428e8-615d-492a-8ac7-98baf1ab8595","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":210,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"0f3457fa-3a54-4dae-8a4d-b3cba46f9291","block_type":"box","text":"management teams and board directors","page_number":210,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"fea1f573-eb82-4e75-8f9d-33ae68dd0e32","block_type":"box","text":"4","page_number":210,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"6d13d629-7c1d-47b8-be55-399f8a9b3609","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":210,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"2465b9e8-c552-45fc-96ae-3c978c75aba4","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":210,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ac801d5e-85ce-4a08-bb2c-4162571179e7","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":210,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"04294c92-3f3e-4bf4-b1db-cd88dadbae4a","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":210,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"0dd4a252-8442-4e8c-82d3-4e89ccee4588","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":210,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"d23f2ebe-2e4a-4a55-9af7-213d4b358e8c","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":210,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"aa67c384-5f1b-478a-bc24-17a059d9a831","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":210,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"784390bb-339c-47ac-acab-b366b0338a55","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":210,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"919b1d5b-5dca-47cd-b6c4-0e5b6c509121","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":210,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"d44f1de1-452c-4fe9-93b8-794c1eb81794","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":210,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"cde3356f-905b-427d-acfb-584e7a28eaed","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":210,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"56d05337-924e-4697-abb5-7aedbd764237","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":210,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"c8fc5333-fdfa-4844-8e19-a476f4dfee45","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":210,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"894e01a9-7ae5-45a9-9004-7a35814b08d3","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":210,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"8cc56887-7789-44ae-a926-d44694039d37","block_type":"box","text":"3","page_number":210,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"21ff76c2-1270-49d5-9720-075a99f6326f","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":210,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"c041c254-5036-4694-99a2-5b1718a6f02a","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":210,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"0c31dcf1-8298-4d9f-b13f-c7dce50c2bc7","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":210,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"2b92cbd6-57a5-4754-8f16-dbacf9af8cf0","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":210,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"42555c3a-4a22-467f-a5aa-4711cd09a757","block_type":"box","text":"4","page_number":210,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"06d8240b-3473-4b31-a5d3-d9e6cda463e5","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":210,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"a367bca1-acf5-4aee-bc8b-03e067418c22","block_type":"box","text":"boards and their members, where relevant.","page_number":210,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"e68f203e-4c82-475b-9951-08316dfee00c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"073e22dc-7954-4820-bfc4-4b7a34a4af4f","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":210,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"caba5d18-74da-4272-b16f-e1bd2511a453","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"932f43db-36d0-4478-83c1-d482c455186c","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":211,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"8e09aa94-a815-4473-bdb1-f85ec73b37bd","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":211,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"2c470b6b-3163-4bf3-889e-6e397141e8a8","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":211,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"28b299aa-6c8a-4bb7-bd51-414967ab94ca","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":211,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"5147c352-f3d3-4437-9232-8ab795e971e7","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":211,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"5e77d98f-ef8c-4669-979a-587b4b6b9704","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":211,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"7e5d2f19-3fcf-420f-9d57-1fd05a8af8cb","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":211,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"fd72211b-406b-413d-9b70-4d7b23959a9e","block_type":"box","text":"5","page_number":211,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"621328a2-6b04-41ca-9e03-7f62a52cde67","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":211,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"a14da5d2-c970-44d2-ae5e-fe430b42af1b","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":211,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"b4225585-b2da-4fe8-882c-56cf9e242d82","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":211,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"d5689709-6aff-42f7-919c-9dfae3461e0a","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":211,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"66ccc52e-1724-4f10-b9a2-55418060d19a","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":211,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"7b6cdb8b-2794-43f3-ac7f-481e32506b16","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":211,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"151901d6-11a6-4cfe-9b52-6e452c66484c","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":211,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"1aaef72b-5651-4755-b3ee-633a787e3dcb","block_type":"box","text":"5","page_number":211,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"e0aa581a-32b9-4072-a646-129fd35d4c0c","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":211,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"7e50fc40-125b-4207-99dc-aa90c24646f9","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":211,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"c2e76ce0-eccb-4abc-84e1-6af7440d7654","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":211,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"13625aae-bad7-492b-8e80-f15e7b9f1bcc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1e2b2700-978d-4c93-9dfa-c48e197f0d1a","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":211,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ff66bda7-6632-4f8f-b106-0cb6f7891e11","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"031f7624-fb82-4772-9fbb-0ec191808c27","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":212,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"38f436df-112c-42fe-9bad-88591e1c2b84","block_type":"box","text":"Roles and responsibilities","page_number":212,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"02ccbf8b-a6d0-451e-abe4-5ec3f13d292d","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":212,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"952c6ce8-07a6-4946-8e47-ad8a484a05cc","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":212,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"cc40c614-f4a5-4eb3-843a-b976d2efba28","block_type":"box","text":"6","page_number":212,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"e0396d47-d2ae-42ea-94b5-7bb4c1b81d72","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":212,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"16d79744-37be-42ed-b5d2-617b70c68f72","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":212,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"c5a6b584-4776-44ba-a123-9c0ac3db4e04","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":212,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"bafb61c3-b0b7-4903-bdc9-72e777c0141f","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":212,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"da435340-ab0f-4d3d-a50d-39f5aaf11600","block_type":"box","text":"performance over time.","page_number":212,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"887d5816-ce52-4f0c-b2f0-e5f7a7f8775d","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":212,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"83108ab4-6135-4597-8740-8bee3fb15aca","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":212,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"600e59a6-665e-4f31-a5c7-000f1a70f599","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":212,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"ad44a186-7b60-4ae1-9773-dc783a9a53e1","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":212,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"8e9e77a5-6e82-4f84-b9fd-1d16f30100d7","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":212,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"1a00698c-bca2-4e1e-99e5-d48c0621ac68","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":212,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"4cf94be8-0845-4e08-ac6a-b918a58f758f","block_type":"box","text":"Composition and effectiveness","page_number":212,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"10d235e8-da4a-436d-b225-ff82fbdab8b4","block_type":"box","text":"Appointment process","page_number":212,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"3caba8fc-de85-41d2-a2f2-d0f70fedd479","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":212,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"566b364f-aff4-40ff-9cce-2e40198d7108","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":212,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"2696b646-42ae-420e-a82d-e7d76b5feb70","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":212,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"bb26f20e-308e-45a5-99ba-7abe3a71a466","block_type":"box","text":"e.g.","page_number":212,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"74beb5e2-9929-4029-b26c-25c91579a7a4","block_type":"box","text":", sector, maturity, geographic","page_number":212,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"cdaa939b-30c3-4284-abb1-051688e0a6e7","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":212,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"d6235641-a177-46cf-9339-9a5e5f0a4450","block_type":"box","text":"e.g.","page_number":212,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"f885cfa4-1c73-489b-8bf3-6fd1e89a2f68","block_type":"box","text":", financial expertise, industry track record). To","page_number":212,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"e1ebaafa-e0d8-4bbc-9698-887943a6b820","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":212,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"877c9ec4-c8cc-4d32-8710-7b74e127b5d7","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":212,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"5f35925c-89df-4cd8-a8bc-7204a8002608","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":212,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"3d843d8a-83ab-4089-b85f-c9a49d316ba7","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":212,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"488543c8-c850-45ce-9cf8-3b9acdec2962","block_type":"box","text":"and local market requirements.","page_number":212,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"cf5c070b-67ec-4cab-97a3-38456211f5a2","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":212,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"e47297f2-e38c-4bde-8b26-7d4eb7599979","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":212,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"0d1ec969-d79b-4e32-9229-06ec93f13464","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":212,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"9b940874-b6e0-4810-a35d-2661cdb65d7c","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":212,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"44d72286-247b-46c5-a651-8aa1adcad10c","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":212,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"a85cb23d-a347-4eb4-bbac-8b5f1f358aef","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":212,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"e8da1b87-bd67-4ac8-87ad-97f274ec3c95","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":212,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"f61ae3de-e24e-4695-a1b5-8465157e2cb6","block_type":"box","text":"Independence","page_number":212,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"c7dc7789-06a4-440d-9ca4-da415f9d5230","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":212,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"e3d6ab20-7cc5-4923-b3d3-c4130251f639","block_type":"box","text":"e.g.","page_number":212,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"c5740398-c042-46ef-9130-a6fa6c926bae","block_type":"box","text":", government or","page_number":212,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"0e379e9a-46f0-4278-a65d-214ffcffeda3","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":212,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"cd95810b-2abc-4717-9839-a29db582a8c3","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":212,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"729318b9-a534-4358-b3c0-b6fa147da9a7","block_type":"box","text":"conflicts of interest or undue influence.","page_number":212,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"1c800a54-267f-4898-b7b6-783dee9c64f2","block_type":"box","text":"7","page_number":212,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"3d12ac94-a8dd-4e60-8575-b67f966a1e9f","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":212,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"5c799d34-54db-41e9-8dc0-30a61273a51b","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":212,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"cf7f83ed-1797-4df5-add9-b5e1d7d5d8a8","block_type":"box","text":"independence should meet those local requirements.","page_number":212,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"9a8a7266-f954-419d-82fe-4329d0c0b46a","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":212,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"920d33e9-8c93-4289-a744-0af4f345a1c4","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":212,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"c1083875-4bdc-4a48-904d-c5e2608cc2dc","block_type":"box","text":"composition if this is a perennial issue.","page_number":212,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"914a8fc7-8da0-4b3c-8342-27e7853ba6b3","block_type":"box","text":"6","page_number":212,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"9f9c6f1f-4177-4f7c-9735-7c059cc8dfa2","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":212,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"e8f34a8b-1f99-4317-a6d7-76483e79fc45","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":212,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"39ce3b4e-df05-4e27-b486-ecdbb5aa9317","block_type":"box","text":"7","page_number":212,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"1c0ff2ff-6a5e-4228-a65a-bafd8a2e47b7","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":212,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"e065c27b-8bf5-4a77-9e00-6c888a1e5494","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":212,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"6e6d8076-ac49-4541-bb21-93a2049c244e","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":212,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"ecec3d9d-6ab4-41d8-9441-632de2d1ec7d","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":212,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"195ec5b4-5a76-49b5-8d13-c2d30e3c6377","block_type":"box","text":"of the company and shareholders.","page_number":212,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"711cb752-3517-4dbc-b8e9-b67c70723a84","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b239853e-f96a-4d9d-aeaf-1073e039335e","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":212,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"dea98da0-9946-4b79-8344-a1ef8a3b7d3d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92ee64dd-0330-43e7-96a7-fb1b5c6af3f7","block_type":"box","text":"Independent board leadership","page_number":213,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"7a31e535-ca18-498b-8aca-aa02455178cd","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":213,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"ae7442f6-1f32-44f5-8ef8-64844b0cb191","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":213,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"9255166c-83e7-4d24-9a6d-da0529c2066d","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":213,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"76a13c6c-8676-47b8-a078-cafd56cc5bfb","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":213,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"40bf4d80-ecf4-4edd-9098-374ea5798003","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":213,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"5e1e9212-de0c-4c9d-ba10-88b4e0eb9269","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":213,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"9bdf8e08-b6ee-42a8-86c1-84f90865ec3d","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":213,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"8f445099-ef61-4cf7-ac7d-243789be6734","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":213,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"20c4b27d-04bb-496e-a186-3ff24f32f524","block_type":"box","text":"how it serves the interests of shareholders.","page_number":213,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"8b2eb640-0035-42ea-b98e-e66d952eeb75","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":213,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"ed068fc1-c506-49b6-ad6c-b78352a509ad","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":213,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"1cf65ec9-7383-4252-8c0a-c99582bd4fca","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":213,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"937906d8-ca71-4934-a45d-8837ca410d4c","block_type":"box","text":"Tenure and succession","page_number":213,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"2b4ff423-3cfe-43be-acf4-595328989e2a","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":213,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"b31f054d-c112-4a95-b91d-5b3279d571f0","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":213,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"49027f05-1604-4080-883e-5e20f703a75b","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":213,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"1bf36d94-3888-40d7-80f7-9e3d53808641","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":213,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"c1122fc7-6288-4d01-b689-a580d102c7a4","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":213,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"349c8c7f-185a-4c80-b97c-dcd841c9042f","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":213,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"63321fc5-62d5-4725-be56-f0b17a9c8172","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":213,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"527a4f0a-307b-4df9-931a-e0b10fdd001f","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":213,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"46b4f7e3-00c1-4043-8dcb-4efed695614d","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":213,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"80066eb6-f924-4fbf-9f9c-f45da65a74f1","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":213,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"65928619-5f5c-4454-8267-cf6b5db461f8","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":213,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"dcd9cfca-0356-441c-9208-8f3d5d48f4c4","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":213,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"699781aa-dc14-4052-ab98-4394fb3a8598","block_type":"box","text":"for their continued service is not evident.","page_number":213,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"a541cbb7-b680-44bd-8879-c312411f2d67","block_type":"box","text":"Capacity","page_number":213,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"2060a450-c7a8-47b9-bf28-0095c1e24c2d","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":213,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"da82e9f7-9ba8-4078-98b3-8b4e19c424a5","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":213,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"7a32b921-b823-4569-bf02-ddd3eec27e1c","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":213,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"8d57a1a3-1f9c-42ac-b5da-d4ca38e58e73","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":213,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"79cd4867-5d4a-4885-8308-89a5af30aed3","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":213,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"fe88a2bd-25cb-482b-be0c-6a7267df24a0","block_type":"box","text":"determinations across markets.","page_number":213,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"b291813b-ffd8-40a5-aac8-ca2a0370b953","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":213,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"babdf31d-5a19-4581-8ce7-c0b1aad8f569","block_type":"box","text":"their duties to the board and company.","page_number":213,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"c02a893a-3770-48b0-ba75-dc9b2039870d","block_type":"box","text":"Director elections","page_number":213,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"d83ee744-0c49-4cf5-bcad-d7b26893e05b","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":213,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"a88dadc2-32fa-4b21-bc89-16ed070e35f9","block_type":"box","text":"structure","page_number":213,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"dea03fbf-316c-443f-9b2a-d41e91550df9","block_type":"box","text":"8","page_number":213,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"f180997a-f296-4ea1-9b1e-55cd54afda58","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":213,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"67f56cd5-789d-466b-89e4-7366b1bbaf07","block_type":"box","text":"basis of its business model (","page_number":213,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"3bb37482-f6d3-4fc2-83c6-4f7063cf2480","block_type":"box","text":"e.g.","page_number":213,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"f2de650b-4ce2-4f77-b97f-2dead5ec4b07","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":213,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"5e026f4a-9ae0-4b6f-8f6c-591db5bff2c6","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":213,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"c7eb4498-4b0f-44c4-942f-018e1276763f","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":213,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"6a3a73f2-987a-4b9c-9c33-45968a73339f","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":213,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"c700583a-ecd7-42a8-91e1-33c7be6fed5b","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":213,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"f5987695-5fdf-4700-9c34-37254267974a","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":213,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"0a98f689-35b7-4714-923d-43e4072f31df","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":213,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"45e24862-b346-4339-83be-83ceb8351da0","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":213,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"5def5bad-d13a-42a3-a3fd-2481c9176a24","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":213,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"fae6cae3-1904-4122-b103-e57c1328290e","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":213,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"ee9d11b6-a55c-4483-ae02-6caa5c4709c6","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":213,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"ffcc8c07-7d34-446e-9ca1-7766c9adb24e","block_type":"box","text":"8","page_number":213,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"6b1c34c5-fa9b-4260-83b6-52212a7489fa","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":213,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"9934af81-ab78-4e3b-95bf-261cfe89ba25","block_type":"box","text":"directors stands for election in any one year.","page_number":213,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"4c4bcd13-b4e1-4f17-a9e6-3f9c880df8bf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0a21a292-f265-4d05-b273-b3bae3cf690b","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":213,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"914b58e0-bf8c-4c40-b5a2-69482676589f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"748c3678-c896-4e3e-a4a0-4d6c9e840923","block_type":"box","text":"Committees","page_number":214,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"32e47013-91f3-427a-98e7-900d4d0316a6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":214,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"46c4fe50-df9a-43bf-8bc6-f8bf5649176f","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":214,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"3d02acd8-0986-4d98-9fba-6ade1c210a3b","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":214,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"4c6d0e14-b7ae-46d0-afb8-0d4c259fe0a2","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":214,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"e9aef6f0-4fd0-407d-acd3-7541684b8edc","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":214,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"1906dd38-571b-406d-8349-3e4ad06cc420","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":214,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"2d4e9d48-bf16-4914-879c-b5e5a3352540","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":214,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"714863c7-4021-417b-8aab-667ad9ad8355","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":214,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"5bfe51da-e504-4b0b-bdb5-94dc4b42a59f","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"4699a9f4-589d-4052-a416-d8949e2cf075","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":214,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"06ef936a-4060-47ed-8134-93c2d9b74d63","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":214,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"d350e866-0a8e-4488-a90c-649d89ea6ec6","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":214,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"52dea137-1640-4b10-b661-f1170b296fff","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"ce931405-3b00-463e-8de3-768dd525d255","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":214,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"37bee145-7cac-4159-9234-639f8ae5e944","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":214,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"a0617dc9-afb0-48da-a0c1-b8923476a26a","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":214,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"f91dc724-9a05-4bb6-9e0d-f10601776c2c","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":214,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"122a7c25-d032-4364-9e28-80aedaf5de43","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"fa99edc2-f250-4e60-87c1-d52e2309277e","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":214,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"f0f16108-0565-48a6-b8f1-5dfd22c96948","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":214,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"500387a4-2d53-4495-86f3-c68fdb5cded9","block_type":"box","text":"firm-wide compensation policies.","page_number":214,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"b4b68b50-7ac2-4aec-a63a-6b6488889d40","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":214,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"f804f56c-e634-4883-87fb-720832c3ca66","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":214,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"de54c87d-fe0a-460b-ae4b-e002450c93bf","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":214,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"0017edb9-2597-4ba1-ac37-82ad7d1f98df","block_type":"box","text":"Board and director evaluation","page_number":214,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"24a6957f-f7ba-4715-ac7a-0a73063d444f","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":214,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"9a03d5ee-8e24-4b6b-a9e1-d833e613f19e","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":214,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"a3cdf10e-531d-484a-aca6-5783d164b718","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":214,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"77276a63-685b-4b0a-a9e9-de060f5b59d9","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":214,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"1f712cce-dd3f-4676-a271-156bf1b44661","block_type":"box","text":"a result.","page_number":214,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"b4f67c4a-f064-4c8a-900d-4eeb230fc60e","block_type":"box","text":"Access to independent advice","page_number":214,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"6b6f6026-f9f5-48c5-ae8b-5a4e7575fadd","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":214,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"205f6a0b-09f5-4fa7-91d1-d46defa25b44","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":214,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"09cee316-83cc-408c-bbdf-03a51b9ae4dc","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":214,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"6ef5099b-2be4-4e18-b702-5bef5cae4367","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":214,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"1641d76d-c018-4e6e-8654-a5dcf170782b","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":214,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"e80c8dfa-c40c-4633-808c-580e121213f1","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":214,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"0a5ea81b-1533-4a0b-b082-cc2cad2b3280","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":214,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"b75a1c81-7a78-4968-bcf8-d5cef2734ddd","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":214,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"01d81b42-9939-40f6-a347-8b2e31413aac","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":214,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"8484d308-59a6-49f2-9f06-271894f1bb86","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":214,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"154d9260-e55f-4446-a58d-ce7a5528886f","block_type":"box","text":"performance.","page_number":214,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"66b0309e-a6f8-4ff2-9550-40579f1fe3f6","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":214,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"1483958e-4c26-42ea-abd4-0e7ae08f22a5","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":214,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"b20e7abb-37fe-4690-af5b-7b5b7e292b80","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":214,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"5a945dd1-bce0-4582-a532-85826502eefc","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":214,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"5da7109e-b920-4677-9d5d-38c8960961e1","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":214,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"9e077f26-90d0-4570-b5bc-3e9ce34a467b","block_type":"box","text":"recruit and motivate.","page_number":214,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"1230c30f-0d22-4de7-a59e-777ff3276f8c","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":214,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"99d487ae-adf2-4cb6-93b7-42aa013d7608","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":214,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"8977a425-12b5-4473-a724-4fbc473ffe5a","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":214,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"56984098-260e-4b0a-8c72-38412ddf2fd7","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":214,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"ab477154-6216-4f4b-b535-14d7642e34bd","block_type":"box","text":"arrangements include:","page_number":214,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"e1f994a5-3d98-4041-a7b1-eae44230c82f","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"b99be0e4-567e-494d-8f15-ff32ee1d571e","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":214,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"5727be5f-5ab9-479e-9968-df2296c7a6e7","block_type":"box","text":"the company’s size, sector and market.","page_number":214,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"71bc1e18-7bfe-4d59-adc7-c86445faf65f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c86e47cd-a039-4887-b411-587deda6815f","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":214,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2dc1896c-06fa-4af9-8ea8-8a12c147ead3","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e6c1544-ce8f-4f3c-9fb5-6f9708d6f3ca","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"383c809d-3284-49af-933c-6fe32bd5786d","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":215,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"9fcc111a-9d11-41ff-9ae9-e7ee0c7da5f9","block_type":"box","text":"strategic objectives.","page_number":215,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"55c0cd6a-2a51-43e3-8f3e-c8845e9e4c0f","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"165e471d-9f90-4423-9e65-a02a3f35eb05","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":215,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"fd9db7bb-2af4-4f5e-ba4f-629d54229930","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"b3a3dcdc-fac4-40bb-aa16-252d70d4b25d","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":215,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"dd9d7a68-5779-4665-a441-1e5c6f941cff","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":215,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"471e6025-7e2a-4614-9435-0f815e2c4a78","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"4f7f3022-48d0-4ccf-95b6-51468810e802","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":215,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"2ce7d65f-5a6c-4834-8086-ca005d64464e","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"faa335ef-f045-4511-baa7-472148d28810","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":215,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"6fd29db8-b8e0-4b51-8410-152bb82b3270","block_type":"box","text":"transparently.","page_number":215,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"5404607d-ebdd-46ad-ba88-80dc74e3376c","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"fc9ec044-8810-4313-92c0-72b1a3127e62","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":215,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"3b1a5695-5c2c-4126-a086-f4759e1235e3","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":215,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"741a1923-a69e-4057-99cd-345ed1f5b94e","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"621a5ce0-9a9b-433a-8055-dd313d8e61db","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":215,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"ba90f977-6446-43b1-8164-f089a16a030f","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"813b7424-0bb1-4efb-bd9a-0c655573affa","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":215,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"77cf00f5-7491-4b52-a5b6-685bd241e0dc","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":215,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"23ccdea0-9ac9-408d-b235-0298e198ea66","block_type":"box","text":"misconduct.","page_number":215,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"65d61937-92a3-4679-845b-fd5ce8bb0976","block_type":"box","text":"•","page_number":215,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"be8a531e-d1df-4fa6-ae19-1c345be6955f","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":215,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"9d40f79c-5789-432d-951e-a6db8ca50dbd","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":215,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"5a545b59-16d2-4715-b94f-fb7069e7a01d","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":215,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"043931bf-3504-4416-8809-890e76a53ff9","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":215,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"509b9e5b-72e1-43d7-81ad-14779f081963","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":215,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"73c83ee1-887b-4d58-8059-d7ea7c898de4","block_type":"box","text":"committee, or the most senior independent director.","page_number":215,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"901b2000-5355-4d87-bb99-0726b93f5ab9","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":215,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"219c114c-37c6-4c2a-9bc4-f55052dd3c76","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":215,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"ba8011fd-e88c-4be0-b617-b20e8e857588","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":215,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"7f442a4d-a973-424e-849b-57d061f286d6","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":215,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"3595cca0-b2d4-4ecd-90b6-f76b75a3c57b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":215,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"21453ad8-6319-404c-9f23-158394af78fa","block_type":"box","text":"CAPITAL STRUCTURE","page_number":215,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"93a98afc-1abd-4c62-99de-a069e2918c00","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":215,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"df6ad37f-c591-4bd9-a031-c132ed9e7aa5","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":215,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"b97a5f64-c83a-4f86-b59c-e7b59cf77df9","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":215,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"e4ebd75e-c13a-4ead-baaf-542cc9bdcbe9","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":215,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"675cc1c7-d7ca-456b-ba08-05eb2c5b0b40","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":215,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"5de8a4d0-f249-48e2-981c-4f33ced12605","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":215,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"eba970d7-194b-409c-ba84-081f7aa2ba60","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":215,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"e5c04d21-a9f2-40f5-b760-3ed036ab9af3","block_type":"box","text":"Share issuance","page_number":215,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"80223a8e-6e19-45aa-b18c-684993abb85c","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":215,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"ac8b3cc7-5064-467c-9a9d-5bf56f4375e2","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":215,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"5e795ac8-76ab-46f5-9654-ca73e87ae7d6","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":215,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"d4f6ca49-cf9a-4eb2-8437-15b3115fc568","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":215,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"73c64ba5-a79a-4cfe-8571-1ce389f45f6a","block_type":"box","text":"market environment.","page_number":215,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"815fb5be-69a3-4655-baf1-9183cd32a6d7","block_type":"box","text":"Share buybacks","page_number":215,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"8e7ceadf-3f0d-4e5f-96f1-342e31573cfc","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":215,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"918ec1e9-f9c6-4ddf-bc5a-b67bb4825608","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":215,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"e53710c2-67d8-4f0a-953c-5a6779824017","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":215,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"7c73586a-29b8-4c78-8432-656e1e48b3b8","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":215,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"27535593-a0a2-4508-9e83-2d2ab71069ce","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":215,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"1a88fc75-5fad-4282-abb7-e1547a6ce810","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":215,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"cfeeea06-f332-4bd2-ac95-7756a8c44856","block_type":"box","text":"of the company and the market environment.","page_number":215,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"b05734c5-04df-4d2a-bdc7-6f4040edc690","block_type":"box","text":"Dividends","page_number":215,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"aef15e44-ddda-4028-bdb1-5ca3a9c80528","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":215,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"e052e749-4f94-45c6-bea5-b9cdbbda5630","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":215,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"706b64c6-eac6-4956-ba6b-d354ac35e23f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"19aae854-38b4-409a-a27c-e250da13b8ed","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":215,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8cf5357c-5f64-4b6b-a223-02408810c1c8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cec3ed39-4ddb-4790-a3fc-189992cc3da0","block_type":"box","text":"Differentiated voting rights","page_number":216,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"dce9cff6-d406-4dfe-a61c-d9ed20a639a3","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":216,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"f3721831-ea45-4b52-bb98-a23fa8fd4288","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":216,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"19c117cb-7940-4e57-bf3f-29add787a772","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":216,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"e9e840f5-8659-4d82-847c-512d541f0730","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":216,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"d772c3dd-8fc4-432e-94d1-b1c7d2bf511a","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":216,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"16456b6e-ad87-4a1f-88a0-999899e0c4d7","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":216,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"cbf7ab26-8837-410f-ae93-b092437050bc","block_type":"box","text":"analyses of proposals.","page_number":216,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"ad8c08e7-8347-40ad-894b-b8bd82d4468c","block_type":"box","text":"Mergers and acquisitions","page_number":216,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"c3ad1d72-6e79-43aa-9568-c406a27c744c","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":216,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"7df909e6-fab6-42a7-8ac8-e3a98dd66090","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":216,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"9b568c56-06b3-4429-bf9b-92a4cfd715f5","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":216,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"1f9f6728-428a-40de-9bd6-eee8fe13215c","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":216,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"06e485f5-4ee9-4921-a964-1bf29a5c5d5a","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":216,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"a4be3230-6950-4679-abf4-c275f0b2a97a","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":216,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"642a4fd2-90b0-4a60-a4e3-84989ecf4127","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":216,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"8bf7d8e0-0c76-4ab0-819f-cfa42097efd4","block_type":"box","text":"Anti-takeover defenses","page_number":216,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"a83bf1dc-4f1e-445d-8b1d-13121324ceb5","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":216,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"56830f3b-a60b-4cab-b793-6bb8beb02417","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":216,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"f0bc6c3d-d831-4294-935f-b1633e983055","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":216,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"e359b3da-ecda-436c-abd2-4266d5d64527","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":216,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"d4e8e148-c4ca-4e29-b94c-c01abb37cf81","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":216,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"c78298be-7618-4c3b-b8fa-07f839515a1d","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":216,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"9d8c3516-cc7d-4132-99dd-8c01c0cfde74","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":216,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"2ee0888c-2bd1-4129-b0a7-3d3e0e7a4c6f","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":216,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"228e5166-262d-4319-9c3e-1bb8c44829d4","block_type":"box","text":"Shareholder activism","page_number":216,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"91844417-5254-40bc-8616-8d98057f236c","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":216,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"d31d9542-057a-44ac-8ecf-23a21e271cd6","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":216,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"cee3bdfc-b44f-4de7-b546-ba905ed70680","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":216,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"9c3f69a0-5472-4766-8817-06073358a61f","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":216,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"38f3aed1-5d7d-4a09-acc2-e27c544265b8","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":216,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"89b93be0-ffb3-49f5-8e52-06d269b2de5f","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":216,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"fe9479d3-5478-4d52-9553-628bfe14b9ec","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":216,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"00a885e2-5c40-4368-8429-afb761c8b758","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":216,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"5eb7b089-03f8-44c3-ad1b-312477da1d71","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":216,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"0159fc52-09bf-4882-a174-10d5bc0ed2bf","block_type":"box","text":"protecting shareholders’ interests.","page_number":216,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"38a9ec24-f8b8-41e7-be4a-183609514ef4","block_type":"box","text":"Significant shareholders and related party transactions","page_number":216,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"d2222ff5-46b7-45f9-a1a2-30fd05b75df5","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":216,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"ad54a8b4-3908-4e48-a9bb-eb5081f18137","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":216,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"2c329b6e-f0de-43f9-af2e-435d773ccf6f","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":216,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"2af9fe4b-240e-40e8-9882-f0db87b2ee3a","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":216,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"97c444bd-dd14-4799-8ce7-f882b3a0c219","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":216,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"d93c2b3f-bbd0-4d8a-a7d0-a7ae4ea4fb80","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":216,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"f24d319f-53a4-462e-88ab-f9311872f83c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":216,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"11922096-dd12-4e86-a6f1-5d47d4b4cecc","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":216,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"f67e2d9d-ef5b-48b3-848c-91d4cff22ac8","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":216,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"9956333a-26a7-4e4a-a787-50f88fc9df73","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":216,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"38a86f6b-47e3-4207-9318-e9732110878f","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":216,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"5bb0e9c2-3c72-4207-b508-ee4ef5450aee","block_type":"box","text":"audit.","page_number":216,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"5060fb71-202b-4f4e-8513-52dddc58f6f2","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":216,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"e8ea95c6-f995-46ef-9173-61c44beee0c9","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":216,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"e35016d8-fbfb-441a-b2fe-77f1696cdf83","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":216,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"95f535bd-25e6-4ffc-839a-6d2b0a67fa93","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2aab287e-1502-4a0e-ac09-c5b3efb18458","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c62937ba-4287-440e-bc08-9d7816c8756d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"530239ee-4fb9-4359-bad8-b30e64be3807","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":217,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a7237062-921d-42d5-93a3-a1c5ee84a027","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":217,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"9a4e50ca-e9fb-4813-a9de-75eb735998b8","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":217,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"27bcb40d-3bdf-4417-a3e8-27db7da260f4","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":217,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"86f1c960-8d33-4201-a750-cc8523cbd806","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":217,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"25e88d18-47a7-4930-965e-b5e28d1aa75d","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":217,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"88f76f12-e728-4103-86e9-e60b075a6088","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":217,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"938348e7-371a-46ef-b7f2-8d89ffaa9aaa","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":217,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"5326646a-a841-40d2-9060-cd3ab6df2010","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":217,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"508e1055-be1f-4a8d-916f-8eedd2c09cef","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":217,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"df25e5ec-a40e-48e2-9669-a07efb4092cc","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":217,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"a039b854-3b02-462f-926c-507aaee48125","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":217,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"9cdcbe7d-5bac-4362-a3a6-cb287407c81a","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":217,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"a1bbc9e8-ff75-4f55-8e09-5d59daa9e56b","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":217,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"0473d026-9125-4919-8804-ac55a1aea8a7","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":217,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"9d186301-8307-49cf-a659-552dbc563816","block_type":"box","text":"9","page_number":217,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"c3cc9b8c-4613-4b60-87b6-e43fe5dacfcb","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":217,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"8384122a-34c0-433c-930a-8afe3caa7550","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":217,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"be5cee93-b3a2-48b8-b85f-59e7d770e545","block_type":"box","text":"standards specified by policy makers.","page_number":217,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"ce859fde-9b88-4327-82ba-bf3cb0bb76e3","block_type":"box","text":"10","page_number":217,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"ac09fea9-924f-45ce-ab70-7d2eb86b49b9","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":217,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"ac790283-cf22-41c5-9409-0417d5559aca","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":217,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"f44e8503-7d40-460c-bdcb-1ae213f5c422","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":217,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"59a202de-d4d2-4a22-91e7-5aa4ebc59c71","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":217,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"19ced42b-813d-4332-909a-683da3ad15c9","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":217,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"eee8ff79-5b13-4611-b9b3-a7d3817acdf5","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":217,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"8fcf7fa4-360d-4c04-8732-2da0f7ead7c1","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":217,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"c57716e3-75d0-4caf-bcd5-7ca012318d91","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":217,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"ce22bc63-e053-45d5-ba18-662e803e14c1","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":217,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"48caf143-ddff-4326-a5e8-ab4f0ee85e8e","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":217,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"79ed0edf-bb3f-4d28-8d07-6b52a8cac229","block_type":"box","text":"remained independent.","page_number":217,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"b11d3e26-1fa9-4c7f-890e-a132fa8e8b39","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":217,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"b96cc288-8670-4d66-8970-649a087efd7f","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":217,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"514fa49a-db9c-466a-a04f-5ee81663c1ac","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":217,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"cbac3feb-8e7c-4c8e-b467-3b835b01cf35","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":217,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"775088a7-776f-4ebf-9051-93156d69b45c","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":217,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"599e0608-0a9d-4189-853d-38a18a1082bb","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":217,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"73f8d0f5-535c-4c6e-b2b0-8d83a8d58019","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":217,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"bf4521d9-4251-4914-8483-abeb9a2b294c","block_type":"box","text":"General shareholder meetings","page_number":217,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"e22f1f4b-b8eb-40c1-99d3-0aac83351628","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":217,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"a66cce3d-1d88-4ebb-bb92-4b7f9b95c9a2","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":217,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"1873b4e6-9b7d-49fe-9c3c-79cdde0dc8d0","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":217,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"e7689e9f-128a-4527-8b6c-98c2a15cd29d","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":217,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"3757d742-2bb0-4e93-8a80-d1c6aafa0109","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":217,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"5ba87913-bcc2-41b4-bb71-5522f65cb714","block_type":"box","text":"an in-person meeting.","page_number":217,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"8152c67e-2605-4585-b328-c1876f9d1cfe","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":217,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"a14475bf-c722-452a-9134-929474798b51","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":217,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"b648865e-98c0-4a13-9afc-2ccfd0989aad","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":217,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"79679b31-726b-4aaf-a9f1-f7d22d732bce","block_type":"box","text":"participation.","page_number":217,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"07d43800-0957-479f-b899-7e0f0242d415","block_type":"box","text":"9","page_number":217,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"89816a1e-2ee3-4d77-8244-7ac8375087e8","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":217,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"b093e309-1152-4ba7-8724-3d8ea6e24aed","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":217,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"e587c74a-79b4-4177-884e-e969fd3fb563","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":217,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"846a7ae6-6262-45bd-8089-a934feb970cc","block_type":"box","text":"Disclosures.”","page_number":217,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"62c22039-e1f0-4394-b028-d83aabd533d1","block_type":"box","text":"10","page_number":217,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"4c9367e3-3621-4f6b-bce9-7826fd5b20c4","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":217,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"92d5b2f6-d30c-42e5-8cf6-13b018526526","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":217,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"3988d1a2-724f-49fb-86c1-dd6967919ddb","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":217,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"11935da2-8cc2-494e-b556-5ca737fefb70","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"51443a76-8817-4048-b7b3-1130f2e94ad7","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3c4a0c31-6f75-46bb-8ddb-a16aaecb9d18","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56103d14-bb5f-47d2-9230-09a25dff968d","block_type":"box","text":"Bylaw amendments","page_number":218,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"d1db1b00-bdac-41a8-a605-2002165f4b94","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":218,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"7a6e04c0-c091-4cf5-940c-5a9fa805b969","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":218,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"93b0b8a9-6ccc-4c26-b2df-e5751304fd9b","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":218,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"0b3c83be-b3fc-4b60-9cdd-05c117637a36","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":218,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"7d7bb7ba-b9b1-488f-8954-a0bf63d38315","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":218,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"4dca7070-a396-48d3-accd-63d9ac35784e","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":218,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"171dda83-bd4c-4391-9ecd-4397dbe24084","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":218,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"b25c7f63-e1ad-4fcd-a996-e15e84e356c6","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":218,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"51f96fc3-dc4c-463b-b278-5851326d4e1a","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":218,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"9a3c014b-f251-48cb-9c32-8239dc786b99","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":218,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"fcf35181-1be1-4361-ac4e-603980223766","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":218,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"5bb3fadc-6dcd-4bfa-9c39-4868faf65c88","block_type":"box","text":"nomination process.","page_number":218,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"816ff498-0653-492b-b273-efea1085497d","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":218,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"22f1f1e2-3dbc-4c00-9858-333be5754b24","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":218,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"52814a2e-7ce6-4c16-8ec3-da31bddeeae0","block_type":"box","text":"Change of domicile","page_number":218,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"684b3d77-21d9-4718-83ac-9d2cedca4f50","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":218,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"8b5793fd-6ff7-411f-a336-dfa70ae766ca","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":218,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"c90d0643-9286-41ac-babd-ac0357a960b2","block_type":"box","text":"immaterial.","page_number":218,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"6b72ebb2-1cb9-4663-95ac-fb68fa826ff9","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":218,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"d445fa00-c7c4-402b-839b-3deff5009311","block_type":"box","text":"with our clients’ financial interests.","page_number":218,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"ece11515-8696-401b-8e27-e949ff44189b","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":218,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"9000fc10-b4ad-454d-9839-a0e72b9765b0","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":218,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"b5f5dbb9-04fb-4b7f-8da5-b69299debe68","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":218,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"a22c0a94-d1f3-4ab9-9288-2045a7d40179","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":218,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"7ff4dd4c-9b17-48f1-9bb9-f92b355d5dcc","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":218,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"ba73742b-bbc2-4763-9dc0-04bb7ef40332","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":218,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"ceac665c-5426-408e-b18c-7cf280719201","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":218,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"99ce146d-3959-4479-9e7b-917e72ae1958","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":218,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"1c84aba4-147b-4f29-a933-29073e581350","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":218,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"70e01540-ecb4-4359-b00d-e7ccb384d9fe","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":218,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"a20eaf51-4c13-4c88-b249-fb209e32e486","block_type":"box","text":"relevant to a company’s business.","page_number":218,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"e11b7c91-e8c5-402d-a9c8-a2acd1010fa4","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":218,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"915275e2-e746-47ca-ab1f-034e5a790626","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":218,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"dff84991-31a5-4805-bd69-0a2f34dc23ff","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":218,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"09ed83e7-02bd-4fb3-8f46-cd1e6d116730","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":218,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"15d9a2df-58c3-4922-b005-005a618d81e8","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":218,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"547dc69f-4a10-4235-bc8f-9e6687e56edc","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":218,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"d7885b8a-ba03-4c6c-963b-22caa6fdd456","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":218,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"711ce436-a23a-4f93-a135-6c0ff2bd7c49","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":218,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"b03abeec-0f30-4193-9882-dd2bdf743090","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":218,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"0ce9c4f7-4e5b-41f4-a744-26730ebfe936","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":218,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"75148869-efec-4788-a32c-c3125b45e889","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":218,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"73fba7d6-05c2-456c-adcb-3b6ce5eb46be","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":218,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"1b1dda98-8645-491d-9f40-7ea4be3a4b2b","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":218,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"b1e41e87-e0ab-4bfe-ab04-efcd4facd195","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":218,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"e298e8cd-9523-48f9-9a9f-06c90b5e6d2d","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":218,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"3239fb27-69a7-4331-b122-0d65021795f0","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":218,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"cd5c5a96-e985-4505-abee-10b1987f1169","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":218,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"60043638-f7d4-4869-a14b-32c83c71414d","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":218,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"3612d954-3127-4adb-9273-73afe885de05","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":218,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"01cab236-0508-4f95-9841-b46b90117473","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":218,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"f9c55985-9cb7-47d5-a970-9b85988e9012","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cc4ca067-38d5-4193-b539-9b049089e7b0","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":218,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"edb6b8dc-d5ee-4c32-8d44-853f826619a9","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6895e5f-a5ce-464d-9a0f-a8181cc99d80","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":219,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"977c97c6-0f0f-4cbe-b321-3a4cd0b475c8","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":219,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"f80cf9ea-bd30-4a84-9993-f7a005a475a1","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":219,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"80550426-e289-440b-8fc4-202c4ff202d1","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":219,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"400298e1-1dcf-4d5c-a3f6-74ac60b973f6","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":219,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"f5b180c9-04c2-48a2-ac55-3bea39afdacc","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":219,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"04e54b8b-3738-4f33-a0dc-372f9d04dd45","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":219,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"e1940470-0c4d-4feb-ac99-2d763508cc45","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":219,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"38d96c6c-b7fe-412f-a873-0c570941765d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8669dcbf-d872-418c-b84b-5a4396c8efd3","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"64afb089-4cb8-49d0-9369-309ee1ed4b06","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abd827c0-b000-4e3b-a63d-bcfed3bc2923","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":220,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"0ca96f37-7679-47a6-907c-c33e167afb81","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":220,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"a6fd213b-db14-4412-812f-d0311b6faecb","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":220,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"d3fee109-2892-4b2c-86e0-79ac350b95da","block_type":"box","text":"11","page_number":220,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"ff8dd1a5-b454-44f5-98e7-527b09201673","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":220,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"d1654f54-bdb3-422a-83ae-358420a98476","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":220,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"2c20837d-8441-4a98-be75-851427c339d4","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":220,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"bce860f5-12e7-456a-88c2-828ee259c846","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":220,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"4acfa466-7aa5-4a01-a87c-79ce449fefda","block_type":"box","text":"regulatory requirements.","page_number":220,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"ef7fa0f9-b0b8-48a5-a5ba-86db37ef98cb","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":220,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"1778ae07-89ed-4507-a13e-7087d0987be8","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":220,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"30cc4bce-6f33-4717-ac89-200c48fe21a6","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":220,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"7a94efcb-f4b0-43ca-93e8-f7a190de3037","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":220,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"f109593c-9ba8-4b32-8008-85fc94522870","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":220,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"e11abcc2-1ed6-4add-bab9-1a41c724b372","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":220,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"c61641f4-537d-4c01-902b-5fdab575e5bd","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":220,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"cef353c8-eb4a-4a21-83be-9d6eae83b5bc","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":220,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"fbb65f43-9d5b-43ff-8734-c4347a6bb602","block_type":"box","text":"returns.","page_number":220,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"0b870c6f-faef-479e-836f-af023ca9cc87","block_type":"box","text":"KEY STAKEHOLDERS","page_number":220,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"5f043811-1596-4746-91c9-8e3cca79bf9b","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":220,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"82731928-a5ba-4859-b577-64ca7ea14299","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":220,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"bd6a5592-40bc-4fbe-8137-9c7a0d641188","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":220,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"30e5d11a-e4e5-4aae-ad8f-53806b516245","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":220,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"479421bc-79d8-44bd-9521-57164a19bc82","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":220,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"323e579f-5e5a-469a-aebc-00960868aa5c","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":220,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"68704eb3-bce5-46a5-ba11-5f19da6ea5db","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":220,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"8bf84205-b058-42b1-a542-aa708cf018f9","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":220,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"14a75c9c-f4b9-4ec9-83f6-932a0260858f","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":220,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"f492464e-d659-4ef8-8322-346a70654226","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":220,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"abe8cbef-653c-47f9-ab80-4cbff7871f2b","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":220,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"0e3cd469-a771-4643-9830-0e12b464e899","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":220,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"d5106da1-fb1a-44a6-98d2-84b465071ede","block_type":"box","text":"i.e.","page_number":220,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"07e767ff-9a5f-4509-913b-0e1f582eb21e","block_type":"box","text":", one in which global","page_number":220,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"86770cb3-6652-428f-b9f4-159f6f2aa22f","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":220,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"86d68b72-89a0-4dfe-8708-e26a36582db1","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":220,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"983493f9-65eb-480c-9631-da8b5084718a","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":220,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"8c3f3a2e-20ed-4997-8c63-92baf619e060","block_type":"box","text":"client.","page_number":220,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"f9d579ea-52b9-483b-8d50-845197c67a16","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":220,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"fc089dd8-0754-43ea-b526-ea51ded2f662","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":220,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"e1a7b4ab-6b0c-4837-ada9-e77cf6294914","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":220,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"92d91298-0a3b-4a0a-b951-ba94cf0c8434","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":220,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"49428ec5-de86-4f6f-a4f5-42550b02a5a9","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":220,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"2263f079-5000-4ac6-9aab-b00aac4ce792","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":220,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"355d3d6a-f464-45ed-b0a1-4bc4c155dd85","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":220,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"7aa35797-225b-4521-8564-75aaba08897a","block_type":"box","text":"1 and 2 emissions.","page_number":220,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"8ea05374-5ec4-4685-9812-6b0e20374f30","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":220,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"3a5d9798-8ea7-4cf7-95ba-182f997ae0d2","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":220,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"e34271b3-4b4c-44b1-bb15-dd35312b2fad","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":220,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"a6562471-4197-4b22-8cbb-2bffffbbf9bc","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":220,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"ee863d5b-beb5-4ffa-9cb0-b6f424863196","block_type":"box","text":"11","page_number":220,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"64e7ee94-1254-4f99-85ab-8f6090abb697","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":220,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"6ce548dd-465a-44e4-a1f9-accfc64673df","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":220,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"0acfdab8-3ffd-4529-a0b7-d868e5c09e9a","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":220,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"85426168-a3c2-4678-aa1d-ea3df66e1f7b","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":220,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"62f714b5-3103-4e9f-8ae6-e52d62fe7ae6","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":220,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"a6030fec-c666-4095-8486-a2880a30d65e","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":220,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"e664eb8e-aea9-404f-b80f-0efc038c4fb2","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":220,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"c3f9a0e6-8acf-47ac-b9da-5f22926b6aa2","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":220,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"7b8d0c3e-b627-4e86-a8da-06ce483f90c7","block_type":"box","text":"sound governance framework.","page_number":220,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"e9c3f4e8-786d-4bd5-bd29-38603cbd03d0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"995d95e5-b38d-4bdd-a511-19bd2bd52a2b","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":220,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"54bac1fd-6e31-42f6-b67b-b78417b6ac1d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3265758d-c9b1-44d0-8ccf-b912ed41885d","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":221,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"f01404da-0b5f-4438-94fc-a2f5e255ab59","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":221,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"3b2599b8-9d98-434e-a290-34f218a4c263","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":221,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"1857883f-80dd-4b43-85b0-15784f08c414","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":221,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"d181b355-4fd3-4c4e-b357-4c30e6277b1f","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":221,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"bcb93ae2-6d0e-4874-8b2d-fa6a770e5666","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":221,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"9e79f621-b9c0-4a4a-9938-b5cf1818ada2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ca95a8b2-5f43-4614-bcf9-5c700b785590","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":221,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"885703c6-af4d-4034-b45c-16674283c4e4","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b534e54-b760-45e6-9bdb-adf3c2c87527","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":222,"box":{"x":121,"y":45,"width":736,"height":9}},{"id":"d223994e-26ec-49cc-bd39-40ee6a7174dd","block_type":"box","text":"Oversight","page_number":222,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"72d2924c-ef8e-4398-9ef9-552949c1d04e","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":222,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"d0632769-745f-43c7-a778-a438eeda8bbf","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":222,"box":{"x":69,"y":101,"width":778,"height":11}},{"id":"30d5cc9c-d171-4bdd-ac07-3901bef9b684","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":222,"box":{"x":70,"y":116,"width":814,"height":11}},{"id":"a3484daa-762a-4279-88ed-7cff23ac846d","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"6d1c22be-ba74-4ead-860c-9ee1ae625cc4","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":222,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"bdd97957-05dd-45b2-a84b-b88eb6ed835e","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":222,"box":{"x":101,"y":164,"width":744,"height":11}},{"id":"c9fe95e8-be5a-4730-b8e5-fb5843b07070","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":222,"box":{"x":70,"y":179,"width":786,"height":11}},{"id":"c99d0302-4fcc-4b37-88c0-435d4aa4a332","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":222,"box":{"x":70,"y":194,"width":839,"height":11}},{"id":"0984629a-d726-4c7b-8a5b-1fed980b96d8","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":222,"box":{"x":68,"y":209,"width":822,"height":11}},{"id":"99f87fd6-801a-479b-91d9-c0f629ae2f11","block_type":"box","text":"relevant active equity investors.","page_number":222,"box":{"x":69,"y":224,"width":223,"height":11}},{"id":"68b90003-4cdd-4f11-b77a-a993c28a445d","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":222,"box":{"x":102,"y":242,"width":797,"height":11}},{"id":"f3cde75e-9be6-401c-b9d1-a20254d8304c","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":222,"box":{"x":68,"y":257,"width":810,"height":11}},{"id":"766ca91b-67ef-4a2c-bad3-eede077032a3","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":222,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"e5969810-cb35-434d-9099-ded51f8ec9fc","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":222,"box":{"x":69,"y":287,"width":801,"height":11}},{"id":"e49c985c-02c3-4d20-a967-ead27b3a734d","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":222,"box":{"x":70,"y":302,"width":836,"height":11}},{"id":"adbecc49-1a40-49dd-bb32-76ddb968980b","block_type":"box","text":"third-party vote services providers” below).","page_number":222,"box":{"x":68,"y":317,"width":305,"height":11}},{"id":"d7da1115-d67d-49e2-b024-3ce8987f6377","block_type":"box","text":"Voting guidelines and vote execution","page_number":222,"box":{"x":68,"y":339,"width":269,"height":11}},{"id":"d70c7510-35e9-454b-ac1d-4c1d22e5fb34","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":222,"box":{"x":102,"y":357,"width":790,"height":12}},{"id":"ed86371e-0c4c-4bfa-93f9-c9a1c680e177","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":222,"box":{"x":69,"y":372,"width":838,"height":12}},{"id":"14d97ad1-5442-4557-acd5-6ae7c8b170c3","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":222,"box":{"x":69,"y":387,"width":831,"height":12}},{"id":"066a3b0a-c530-4c60-a017-be1197614c9d","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":222,"box":{"x":68,"y":402,"width":809,"height":11}},{"id":"0d762701-ac42-4535-8dfe-3436d667d3b4","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":222,"box":{"x":67,"y":417,"width":749,"height":11}},{"id":"6f278bd7-1f10-47a9-ba61-5ce328e92ce0","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":222,"box":{"x":69,"y":432,"width":825,"height":11}},{"id":"0e56f040-acb8-49dd-abd9-07666dac30c7","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":222,"box":{"x":69,"y":447,"width":445,"height":11}},{"id":"3c083493-664c-44b2-9115-4207da947fa7","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":222,"box":{"x":101,"y":465,"width":803,"height":12}},{"id":"cbca519c-9abb-462e-acae-c6c79583289b","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":222,"box":{"x":69,"y":480,"width":806,"height":12}},{"id":"769aaaf3-1258-416f-aedc-35d3f08f7ab2","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":222,"box":{"x":69,"y":495,"width":752,"height":11}},{"id":"a769a91d-f7f6-4069-98ad-8274188640d8","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":222,"box":{"x":101,"y":514,"width":782,"height":11}},{"id":"5009f288-337d-410a-9e3f-d71b47e6cc12","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":222,"box":{"x":69,"y":529,"width":837,"height":11}},{"id":"a7534daa-d252-437a-9698-a82958e97e75","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":222,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"9a3004cc-decb-461a-bfb8-464b26bbf1cb","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":222,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"4fadd718-24fd-4f29-a7e6-48e8b009e268","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":222,"box":{"x":69,"y":573,"width":829,"height":11}},{"id":"6830c915-03b1-4d97-8cae-09386feefe18","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":222,"box":{"x":69,"y":588,"width":802,"height":11}},{"id":"3caa8fc9-3720-4f9b-8d35-bdc0246ffcf7","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":222,"box":{"x":69,"y":603,"width":718,"height":11}},{"id":"3dc659ed-e044-46dd-aae7-6ed16c58306b","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":222,"box":{"x":102,"y":622,"width":792,"height":11}},{"id":"c00a9dca-9d1e-4ce7-a22c-d7acca4c15b6","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":222,"box":{"x":68,"y":636,"width":791,"height":12}},{"id":"874a1277-c6c6-41e2-ad18-f4dc3ebe89f7","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":222,"box":{"x":69,"y":651,"width":805,"height":12}},{"id":"7de74fed-f85d-48a4-8907-2d11d421d3e0","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":222,"box":{"x":70,"y":666,"width":784,"height":11}},{"id":"e145bf99-3c57-4969-9295-2ae47c8a5c17","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":222,"box":{"x":69,"y":681,"width":775,"height":11}},{"id":"5da77c82-d30f-4e3b-885c-956da0a492b3","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":222,"box":{"x":69,"y":696,"width":824,"height":11}},{"id":"edde59ec-fd4c-4607-b1b9-6ab26d0dc996","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":222,"box":{"x":70,"y":711,"width":806,"height":11}},{"id":"a9d571df-4eb6-44ed-a6b3-f19e5fbf4cd8","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":222,"box":{"x":69,"y":726,"width":704,"height":11}},{"id":"9cb15ed5-10af-47a2-8fff-9c5ce01b3fc9","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":222,"box":{"x":102,"y":744,"width":796,"height":11}},{"id":"82624ed9-8927-45be-a44e-df6a74201c10","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":222,"box":{"x":68,"y":759,"width":799,"height":11}},{"id":"d5831bce-500c-42bd-98fa-9217e1cbd60d","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":222,"box":{"x":69,"y":774,"width":829,"height":11}},{"id":"fda008d9-4f4d-47aa-9239-3c5edaec182c","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":222,"box":{"x":69,"y":789,"width":661,"height":11}},{"id":"2fcb32d6-2cb6-4db0-83ab-af6b8bf2d863","block_type":"box","text":"Voting Choice","page_number":222,"box":{"x":68,"y":811,"width":101,"height":11}},{"id":"9c615e9c-60d5-4486-adfe-9c5753fdde9e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":222,"box":{"x":102,"y":830,"width":800,"height":11}},{"id":"67486000-d43c-408b-8ff4-95a495fa236d","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":222,"box":{"x":68,"y":845,"width":447,"height":11}},{"id":"e70d27a8-b773-4744-8acc-83f082ba2d69","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":222,"box":{"x":101,"y":863,"width":786,"height":12}},{"id":"1a6be272-6544-40b6-af86-17ef6bd34fe6","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":222,"box":{"x":70,"y":878,"width":834,"height":12}},{"id":"b91108a0-21c0-48e8-938a-c8ad243bb4ae","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":222,"box":{"x":69,"y":893,"width":774,"height":11}},{"id":"80d6e847-fb22-4516-a20a-ac8d7e817ba9","block_type":"box","text":"strategies.","page_number":222,"box":{"x":69,"y":908,"width":74,"height":11}},{"id":"fffcc3df-a959-4692-b03d-3c0a0e462536","block_type":"box","text":"12","page_number":222,"box":{"x":145,"y":908,"width":9,"height":5}},{"id":"bbce3ff9-db14-4b2f-9b6d-794a100a2b19","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6e53a498-98ec-4cc2-a0fd-d524fcb45827","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":222,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ec39fe0f-dd6f-49bf-a243-b411d7edbc63","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a99cc4e8-d4a0-42f3-bf83-9854d78b5b88","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":223,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"e7a386b5-486e-41a5-9075-9af471ffe3fa","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":223,"box":{"x":69,"y":59,"width":834,"height":11}},{"id":"2f1679f1-7b86-40af-9ca9-818dc5b258ae","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":223,"box":{"x":68,"y":74,"width":823,"height":12}},{"id":"7f0226f6-237b-41f2-ab2e-5f857593a49b","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":223,"box":{"x":69,"y":89,"width":360,"height":12}},{"id":"53516100-344c-4d01-991b-e2d4818b49d6","block_type":"box","text":"13","page_number":223,"box":{"x":431,"y":90,"width":9,"height":4}},{"id":"c191956c-7bed-434f-973a-d097965b6806","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":223,"box":{"x":69,"y":112,"width":403,"height":11}},{"id":"13581504-8191-4847-8522-66c811044757","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":223,"box":{"x":101,"y":130,"width":794,"height":11}},{"id":"55a02cc8-31f9-4f9d-838f-4f7bc4a7f1c6","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":223,"box":{"x":68,"y":145,"width":770,"height":11}},{"id":"66a380fc-9b94-4c48-9c52-5bf3c2820ade","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":223,"box":{"x":70,"y":160,"width":807,"height":11}},{"id":"49cf60de-9381-4eb1-b158-618f606b2ff5","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although","page_number":223,"box":{"x":69,"y":175,"width":839,"height":11}},{"id":"7f4a0ec8-4fd8-44f4-b788-379b1c949125","block_type":"box","text":"proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their","page_number":223,"box":{"x":70,"y":190,"width":839,"height":11}},{"id":"d8b6bc93-a045-4796-962f-597952714ed9","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":223,"box":{"x":68,"y":205,"width":840,"height":11}},{"id":"0d788279-f4bb-4a0b-86d6-0a802d873ded","block_type":"box","text":"our Guidelines are important inputs into our voting decisions on behalf of clients.","page_number":223,"box":{"x":69,"y":219,"width":578,"height":12}},{"id":"4e87f23c-76a8-450b-8179-aed3acf9e776","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":223,"box":{"x":102,"y":238,"width":795,"height":11}},{"id":"9f6dcbcf-cb71-469f-b7ba-1a3d3179797a","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":223,"box":{"x":68,"y":253,"width":795,"height":11}},{"id":"0fb393f4-1610-4c1f-8a0b-62ae3f0b9784","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":223,"box":{"x":69,"y":268,"width":799,"height":11}},{"id":"c0ca6046-092e-4de6-a222-24b2c7e3cfaa","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":223,"box":{"x":69,"y":283,"width":819,"height":11}},{"id":"e4cf46c0-5c67-4ddd-ae0c-8600cdad878f","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":223,"box":{"x":68,"y":298,"width":785,"height":11}},{"id":"13e04946-d403-42c8-b32c-344bf749a8f3","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":223,"box":{"x":69,"y":312,"width":837,"height":12}},{"id":"cf68b6b3-4304-4d3a-a38c-727b636cd305","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":223,"box":{"x":69,"y":327,"width":775,"height":11}},{"id":"411379cc-ae2f-4653-a218-d143d0b80e77","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":223,"box":{"x":102,"y":346,"width":807,"height":11}},{"id":"65bdb6b6-49e4-4293-9c0d-81674081f9fa","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":223,"box":{"x":69,"y":361,"width":788,"height":11}},{"id":"efeab311-22c5-4eaa-b323-a1949e3896c5","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":223,"box":{"x":70,"y":376,"width":760,"height":11}},{"id":"4b59054d-9246-4f79-9764-8f4a14b57858","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":223,"box":{"x":69,"y":390,"width":824,"height":12}},{"id":"7ff7d30b-4a89-46ce-af5b-867254fd6f68","block_type":"box","text":"policies.","page_number":223,"box":{"x":70,"y":406,"width":56,"height":10}},{"id":"31e59fd1-b243-44be-855f-e8ed98c0ff82","block_type":"box","text":"Conflicts management policies and procedures","page_number":223,"box":{"x":69,"y":428,"width":342,"height":11}},{"id":"6cf13ace-4b92-4389-aaeb-1021db34b501","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity.","page_number":223,"box":{"x":102,"y":446,"width":801,"height":12}},{"id":"126ef4de-af62-4034-a869-2bba6ab133e4","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":223,"box":{"x":69,"y":461,"width":809,"height":12}},{"id":"c861cde3-8f9a-44fe-b95a-14d372c1415a","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":223,"box":{"x":69,"y":476,"width":831,"height":11}},{"id":"dd3e3f7c-50a9-4f97-ad89-32d2c2e5be62","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":223,"box":{"x":68,"y":491,"width":598,"height":11}},{"id":"04d5b55a-9086-4e4d-bdf7-7397a93d0469","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":511,"width":6,"height":5}},{"id":"e83b2dfc-5e95-44f8-b9d8-3cee5f7f12de","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":223,"box":{"x":102,"y":508,"width":660,"height":12}},{"id":"66bc6df8-2ad9-4d04-8da0-f8a1699b78e3","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":529,"width":6,"height":4}},{"id":"450cad15-85bb-47ac-b88c-1c576fe46858","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":223,"box":{"x":102,"y":526,"width":772,"height":11}},{"id":"a897fe29-ab52-4487-9527-6a8e3633bb75","block_type":"box","text":"resolutions","page_number":223,"box":{"x":102,"y":541,"width":78,"height":9}},{"id":"0ac9a7d3-4edf-496f-9a17-b2afc2cf0ab4","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":561,"width":6,"height":5}},{"id":"6a711be0-db79-49c8-8e69-cce8245c7f23","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":223,"box":{"x":102,"y":558,"width":766,"height":11}},{"id":"08dbc586-3460-4af6-958d-289298b6d2cb","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":578,"width":6,"height":5}},{"id":"69140f70-292e-4196-9b37-63d723016f42","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":223,"box":{"x":102,"y":575,"width":767,"height":12}},{"id":"e9375662-76e3-4404-bd2d-805ddc042f36","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":596,"width":6,"height":4}},{"id":"625b15bf-761e-4305-a4fb-3a4cb368bf08","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":223,"box":{"x":102,"y":593,"width":698,"height":11}},{"id":"d4d09381-befd-4692-bb72-d4b65ca9a256","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":613,"width":6,"height":5}},{"id":"58f08154-197a-4665-8bc0-83b689bb7422","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":223,"box":{"x":102,"y":610,"width":789,"height":11}},{"id":"bca578fb-e632-4e12-b639-608def1bb9c1","block_type":"box","text":"managed by BlackRock","page_number":223,"box":{"x":102,"y":625,"width":163,"height":11}},{"id":"472f3864-42da-425d-87ae-b3153978299b","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":223,"box":{"x":102,"y":644,"width":785,"height":11}},{"id":"210955e6-a826-4810-b71e-4207a068d1f6","block_type":"box","text":"following:","page_number":223,"box":{"x":68,"y":659,"width":66,"height":11}},{"id":"be14a2aa-b34d-4d83-af9e-0fe710899c44","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":679,"width":6,"height":4}},{"id":"1ce4850d-3c5c-4c7e-90c8-bbedd8370b08","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":223,"box":{"x":101,"y":676,"width":741,"height":11}},{"id":"ac19c6ba-db1e-4a7c-af5d-351125ecf303","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":223,"box":{"x":101,"y":691,"width":383,"height":11}},{"id":"9177e315-96ca-462b-a8c4-db5b4c4d2589","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":711,"width":6,"height":5}},{"id":"51feac35-20d7-48aa-a71b-f6c7c21a5220","block_type":"box","text":"Established a reporting structure that separates BAIS from employees with sales, vendor management, or","page_number":223,"box":{"x":102,"y":708,"width":757,"height":12}},{"id":"4f213d19-ce50-406f-a080-a9f6e0f6513e","block_type":"box","text":"business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":223,"box":{"x":102,"y":723,"width":802,"height":11}},{"id":"0e542377-636e-4cbf-a2d9-8c483bbbec0d","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":223,"box":{"x":101,"y":738,"width":794,"height":11}},{"id":"12d4af88-fd71-4ff4-9a8b-8c9fc8db426f","block_type":"box","text":"relationship with such parties. Clients or business partners are not given preferential treatment or differentiated","page_number":223,"box":{"x":102,"y":753,"width":801,"height":11}},{"id":"8f053089-c65b-466d-9c8a-076f9d315c03","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":223,"box":{"x":102,"y":768,"width":762,"height":11}},{"id":"ac19c818-c1a8-4394-9148-8906c29a1b41","block_type":"box","text":"information to make a more informed voting decision or to better understand a company’s perspectives on","page_number":223,"box":{"x":102,"y":783,"width":759,"height":11}},{"id":"6f697243-c8c1-4c0b-beb7-7e6ab09837ba","block_type":"box","text":"financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with","page_number":223,"box":{"x":101,"y":797,"width":802,"height":12}},{"id":"1f3ea27e-af04-4338-a640-d0e0fc138a64","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor","page_number":223,"box":{"x":102,"y":813,"width":719,"height":10}},{"id":"2d117283-13b6-45b5-93ea-661630d0049c","block_type":"box","text":"management, or business partnership roles, in discussions regarding our approach to stewardship, general","page_number":223,"box":{"x":102,"y":827,"width":766,"height":11}},{"id":"f99fba9d-83e8-4e6a-87f5-db6a819146e5","block_type":"box","text":"12","page_number":223,"box":{"x":69,"y":857,"width":9,"height":4}},{"id":"3269dd3e-cd28-45a8-9899-25879e1fc4a2","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the","page_number":223,"box":{"x":83,"y":856,"width":814,"height":12}},{"id":"735a84cd-3f03-41f7-8d6a-2c8a6dfd9619","block_type":"box","text":"policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast","page_number":223,"box":{"x":70,"y":871,"width":838,"height":12}},{"id":"088ef35d-07de-4ed9-9148-03c724e5dd07","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":223,"box":{"x":68,"y":887,"width":354,"height":11}},{"id":"03751e45-280d-4855-9664-9cc125563152","block_type":"box","text":"13","page_number":223,"box":{"x":69,"y":905,"width":9,"height":4}},{"id":"d31e4ef4-10c8-41e4-b649-447653a63697","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":223,"box":{"x":84,"y":904,"width":820,"height":12}},{"id":"82ece9aa-5ffb-4d0e-b623-2407a10c2f85","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2b7c52fa-bf13-4cc9-9cb8-2f722303389e","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":223,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9765e4ac-2140-4c18-bc46-85001cd8fbe9","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d8ae14d-5074-4a16-a22e-f31e2c0eecb8","block_type":"box","text":"corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client","page_number":224,"box":{"x":101,"y":45,"width":758,"height":11}},{"id":"5d8c0e19-8302-46c8-8d11-2f79c2690c3e","block_type":"box","text":"service levels are met","page_number":224,"box":{"x":102,"y":60,"width":157,"height":8}},{"id":"ff5cb149-1c35-41f0-a01d-68db9ca2b271","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"20a44268-0566-45fb-8a02-dacf4ca40d1b","block_type":"box","text":"Determined to engage, in certain instances, an independent third-party voting service provider to make proxy","page_number":224,"box":{"x":102,"y":77,"width":777,"height":11}},{"id":"42f2eb9b-f836-4eb5-a2bc-ba28185da118","block_type":"box","text":"voting recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy","page_number":224,"box":{"x":101,"y":92,"width":779,"height":11}},{"id":"0cc07f65-383e-46d8-a3a7-0f2f09b9e39a","block_type":"box","text":"regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the","page_number":224,"box":{"x":102,"y":107,"width":738,"height":11}},{"id":"c595fc51-0087-4fad-bf6b-820455004552","block_type":"box","text":"independent third-party voting service provider provides BlackRock with recommendations, in accordance with","page_number":224,"box":{"x":102,"y":122,"width":782,"height":11}},{"id":"02334858-5da4-4048-b912-38b046595572","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service","page_number":224,"box":{"x":101,"y":136,"width":749,"height":12}},{"id":"f234ab9e-307e-44f9-a049-b8794551c42f","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":224,"box":{"x":102,"y":151,"width":765,"height":11}},{"id":"3c4cda77-6478-4f53-9aa4-6e525a4b9ff0","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting","page_number":224,"box":{"x":102,"y":166,"width":797,"height":11}},{"id":"a02b0b0f-47b9-4101-beaf-18e863a6717c","block_type":"box","text":"recommendations for certain perceived or potential conflicts of interest, including:","page_number":224,"box":{"x":102,"y":181,"width":584,"height":11}},{"id":"164aafe1-1264-4952-9a95-fc4f1b40ccde","block_type":"box","text":"•","page_number":224,"box":{"x":102,"y":201,"width":6,"height":5}},{"id":"adec9e7b-4ecf-4ad1-aa14-a70239e2430e","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":224,"box":{"x":135,"y":198,"width":570,"height":11}},{"id":"6d758606-dc3c-4ae4-b715-6ea17fa57bc5","block_type":"box","text":"•","page_number":224,"box":{"x":102,"y":219,"width":6,"height":4}},{"id":"524cde9b-e682-458e-a8e1-3949caf979d9","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":224,"box":{"x":135,"y":216,"width":748,"height":11}},{"id":"6557cf2d-1952-418c-a0d2-71fabe8be5d5","block_type":"box","text":"the board of directors","page_number":224,"box":{"x":134,"y":231,"width":153,"height":9}},{"id":"4ece647f-335f-4105-9dc2-1be7c73089c4","block_type":"box","text":"•","page_number":224,"box":{"x":102,"y":251,"width":6,"height":4}},{"id":"2966a2d4-d07c-4cf8-929d-4d9c6c29231e","block_type":"box","text":"public companies that are the subject of certain transactions involving BlackRock Funds","page_number":224,"box":{"x":135,"y":248,"width":626,"height":11}},{"id":"40b7928e-0783-4f9a-a20b-a85e3b57e25c","block_type":"box","text":"•","page_number":224,"box":{"x":102,"y":268,"width":6,"height":5}},{"id":"a4aa1a73-1ad6-4782-99ae-3300f24240d2","block_type":"box","text":"public companies that are joint venture partners with BlackRock, and","page_number":224,"box":{"x":135,"y":266,"width":490,"height":10}},{"id":"d53a97fb-6712-4e36-bfc7-f8c0d6935cdf","block_type":"box","text":"•","page_number":224,"box":{"x":102,"y":286,"width":6,"height":4}},{"id":"a5e03455-8aa8-418b-9315-27174983c273","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":224,"box":{"x":135,"y":283,"width":740,"height":11}},{"id":"7dca82db-eb59-40ac-817a-11531f8cb510","block_type":"box","text":"party voting service provider","page_number":224,"box":{"x":135,"y":298,"width":200,"height":11}},{"id":"e6e07a77-4c1d-4575-8456-d3e8ce61986d","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but","page_number":224,"box":{"x":102,"y":316,"width":790,"height":12}},{"id":"1411b091-e5ce-4c6e-83ce-66df84ac288e","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":224,"box":{"x":69,"y":331,"width":834,"height":11}},{"id":"890c44b7-23b0-45dc-beb1-778e5e08034d","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":224,"box":{"x":69,"y":346,"width":806,"height":11}},{"id":"35914912-b787-4cd1-afe9-6d8ce10bffde","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":224,"box":{"x":69,"y":361,"width":813,"height":11}},{"id":"14853dbe-33d6-4def-ba48-fd0ee20ec565","block_type":"box","text":"third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting","page_number":224,"box":{"x":68,"y":376,"width":804,"height":11}},{"id":"9de478b6-01ca-4eb7-9094-14497e4c7578","block_type":"box","text":"service provider.","page_number":224,"box":{"x":69,"y":391,"width":115,"height":10}},{"id":"de406132-3a08-43ec-874a-d677e61bd09e","block_type":"box","text":"Securities lending","page_number":224,"box":{"x":68,"y":413,"width":131,"height":11}},{"id":"3ea09756-db93-4a6e-b59d-7e2b28f2b1a1","block_type":"box","text":"If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well","page_number":224,"box":{"x":102,"y":432,"width":785,"height":11}},{"id":"6346b800-7c46-49fd-96f4-f380b0bc173d","block_type":"box","text":"regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns","page_number":224,"box":{"x":69,"y":446,"width":819,"height":12}},{"id":"0de015f6-8469-4538-bafb-1714962e9bc8","block_type":"box","text":"which in turn may allow fund providers to offset fund expenses.","page_number":224,"box":{"x":68,"y":461,"width":452,"height":11}},{"id":"81720d67-853d-46dc-9538-4a5140cc79da","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":224,"box":{"x":101,"y":480,"width":779,"height":11}},{"id":"8daa1a7d-b719-4bfb-a352-8d26d4b63883","block_type":"box","text":"loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset","page_number":224,"box":{"x":70,"y":495,"width":816,"height":11}},{"id":"a865fa02-4a94-4652-a9bb-0ff77ad15a19","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of","page_number":224,"box":{"x":69,"y":510,"width":836,"height":11}},{"id":"ea7ded48-239f-4139-9239-68d7ae3168fe","block_type":"box","text":"cases, the decision to recall securities on loan as part of BlackRock’s securities lending program in order to vote is","page_number":224,"box":{"x":69,"y":525,"width":824,"height":11}},{"id":"cc252d40-9fb2-445c-ae53-54be0c0f5ec3","block_type":"box","text":"based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending","page_number":224,"box":{"x":69,"y":539,"width":823,"height":12}},{"id":"5a187952-bc9b-41d1-94af-35c02563ae57","block_type":"box","text":"revenue alongside the potential long-term financial value to clients of voting those securities (based on the","page_number":224,"box":{"x":69,"y":554,"width":761,"height":12}},{"id":"40680051-2ac3-4460-a09e-d56aa9e511fd","block_type":"box","text":"information available at the time of recall consideration). BAIS works with active portfolio managers, as well as","page_number":224,"box":{"x":70,"y":569,"width":789,"height":11}},{"id":"42c34e48-226f-4cd4-a224-b3732dca213b","block_type":"box","text":"colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":224,"box":{"x":69,"y":584,"width":821,"height":11}},{"id":"d89fc452-1dc0-4576-86e0-9c663ad0d80f","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":224,"box":{"x":102,"y":603,"width":770,"height":11}},{"id":"65b6cbde-8e81-4ee6-ae92-603b1ef2f8e3","block_type":"box","text":"shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in","page_number":224,"box":{"x":69,"y":618,"width":813,"height":11}},{"id":"78c748cc-e232-4c29-9c34-407553f47043","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue","page_number":224,"box":{"x":69,"y":632,"width":825,"height":12}},{"id":"469a52c3-9968-435c-adb0-441b716ca972","block_type":"box","text":"loss to clients and would therefore recall shares to be voted in those instances.","page_number":224,"box":{"x":70,"y":647,"width":568,"height":9}},{"id":"4d012325-1fe2-4d39-a53f-9abb81685a31","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":224,"box":{"x":102,"y":666,"width":790,"height":11}},{"id":"bf14870d-9df5-4a90-9ca8-1698ab178faf","block_type":"box","text":"and may modify it as necessary.","page_number":224,"box":{"x":69,"y":681,"width":228,"height":11}},{"id":"18dc8ec6-c7a9-45c4-9c71-7731cb2455d8","block_type":"box","text":"Reporting and vote transparency","page_number":224,"box":{"x":69,"y":703,"width":239,"height":11}},{"id":"0acbba41-744f-4f4f-a121-d98f64ce17f9","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":224,"box":{"x":102,"y":722,"width":788,"height":11}},{"id":"e3b670c0-0b81-4c0d-a4f9-e6b22db3b0eb","block_type":"box","text":"our engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":224,"box":{"x":69,"y":737,"width":791,"height":11}},{"id":"a9af2edd-6bdf-48e0-92cc-c58a154ae7de","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"145d67a6-1235-4312-98cf-22a8ef5c6a2d","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":224,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b6991308-33b7-4b09-aba1-0011e985f828","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb4a3ebd-15c5-4982-8ac9-cc23ec8033e0","block_type":"box","text":"Want to know more?","page_number":225,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"b0836f0f-5412-4d51-894a-27575ea5440e","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":225,"box":{"x":69,"y":791,"width":510,"height":13}},{"id":"e66785ab-0172-41ae-8d3f-9f19bd54b8a6","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is","page_number":225,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"2363a446-ba25-4af1-954c-2763658e6695","block_type":"box","text":"at the sole discretion of the reader.","page_number":225,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"922001d3-76d7-4e1a-9c2c-a69c112f79f1","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":225,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"ecd91582-b58b-48d0-8c75-9841527158dc","block_type":"box","text":"©","page_number":225,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"c3dc8150-58d2-40d3-84e9-1b14ef9a2f47","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":225,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"411f56dc-25d8-41f0-ab5e-55e53d659824","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":225,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"e14a7b2a-da2a-4746-991f-ebef37ffff21","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"13fd11d0-a5a2-4e5c-a00c-89000fffa239","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":225,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2492b464-2899-4cc7-a800-6ae14b5079a7","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec240a46-3e7b-48f5-bf45-456855b0f5f8","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":226,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"5243e131-6154-4322-9e41-d72366fab88c","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":226,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"ea8b135a-1875-4fc8-99f1-6c5024f3fb5c","block_type":"box","text":"Effective Date: January 1, 2025","page_number":226,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"97b6efb7-836c-441f-9031-17dbcbc77865","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":226,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"7e14a6ea-6b5a-435d-ad7e-3e638bf5dca5","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":226,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"596cfea2-a96b-4f20-b121-614dbcfbd8dd","block_type":"box","text":"□","page_number":226,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"1352b619-af7f-41b2-982d-5de6a7539a7e","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":226,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"0c69912a-0594-4f9c-89b4-c8c4048b3914","block_type":"box","text":"□","page_number":226,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"5bdc5c5a-0680-4bbf-b3ef-49000df4edee","block_type":"box","text":"Money Market Funds","page_number":226,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"126fdea0-e41f-4e15-a28e-158f688374c4","block_type":"box","text":"□","page_number":226,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"b25c2f81-494d-424f-a50a-31eb715fb06e","block_type":"box","text":"Closed-End Funds","page_number":226,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"82885fe0-58c4-4e61-9eec-60eab3f634d0","block_type":"box","text":"□","page_number":226,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"00e965fc-350f-4a3c-a3df-b2187ee86602","block_type":"box","text":"Other","page_number":226,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"5898ebca-26c0-40b2-8f13-8fe615beef80","block_type":"box","text":"Objective and Scope","page_number":226,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"72bba8eb-5486-4999-8099-a61996a668d5","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":226,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"1ec0dfbc-fc1f-4a52-aa1b-abc348f5fd09","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":226,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"7eb1b9a3-b305-4d5f-aaae-10c6fc369ffc","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":226,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"f8b7b60d-6396-422a-a83d-bad025e3efef","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":226,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"7b56c88a-b531-4368-9883-dee0cd914f74","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":226,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"333740ca-acf1-40d8-8cc0-5fed23e68eb7","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":226,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"518b35dc-46ef-4a4c-849b-561d8e28248d","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":226,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"70e6097e-f3a9-438c-ab1d-a8d6e8ce173f","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":226,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"2b5afbf1-10a9-4327-80a6-2f347936cd7c","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":226,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"3c5b7dce-51d6-4bf0-a4a6-ae0d4eb39461","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":226,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"591f6ec2-c6a0-4531-a093-6dc7b2d91723","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":226,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"c3917f12-8783-462d-b1ef-24956ec44ee9","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":226,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"c36c20b6-4d60-4ff3-849e-df90250e1a35","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":226,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"1836dfde-56b9-4a41-871e-56091e15a5a5","block_type":"box","text":"Appendix A.","page_number":226,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"d901cad3-9254-4e3d-b252-62226e227fd8","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":226,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"f6c7cab6-e3d1-4652-af3c-73b68dbefcb7","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":226,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"b22d5915-b1a2-475b-a8b2-1f0affdb1dc0","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":226,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"c78d512a-e6f7-4d49-8ae3-06d4debcfd8c","block_type":"box","text":"Conflicts Management","page_number":226,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"bb412d8a-e8e6-4d5b-893f-b13c9f122550","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":226,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"3501b45b-73ef-4e1a-b8a1-ad58a3921224","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":226,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"8021626c-91b6-470e-9973-047c02caf520","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":226,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"6976e3a7-0f42-40c7-8f18-40110a6e8db7","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":226,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"7b159908-bbcc-4b89-9a2b-f5ce3d3c3026","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":226,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"c04a62b4-2c87-4c31-9811-4bb37781b413","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":226,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"815fa6f0-2f38-4b44-bc7f-6aba6365ba96","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":226,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"8b644e38-5b2b-4269-9367-fbc07b907455","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":226,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"07227129-5409-40bf-aa63-11663c4cd535","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":226,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"47da9f2f-c65f-42e5-98da-9edc6712fc97","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":226,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"0e072f8b-83e4-43d6-bbcb-881bd6f60127","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":226,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"cce596fa-a069-4853-8e5b-11391af972bc","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":226,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"9c942cfc-8657-4a4e-bf4e-71f213ab309a","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":226,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"e3e5b484-1f3a-44d7-82ac-121577971845","block_type":"box","text":"connection with proxy voting.","page_number":226,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"8accc750-83d9-494b-94c4-11a9f3b8b214","block_type":"box","text":"Reports to the Board","page_number":226,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"7303acac-e696-4c51-8e34-67aa8434ef9d","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":226,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"63903bfc-1ee3-47cf-a343-12096422c5f3","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":226,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"27a2d78a-507d-4309-8d1b-0bdc4c73b5e0","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":226,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"1e78a2a5-fe6a-4efb-b074-ca784e9bb3b9","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":226,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"e03229c3-89ca-4e09-bd4d-afad10debc90","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":226,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"2bf0a8d0-3d11-4f4e-b276-5a6e94cbc441","block_type":"box","text":"been reported.","page_number":226,"box":{"x":102,"y":882,"width":104,"height":10}},{"id":"cfada0d7-2a36-41b7-9121-3d1509773779","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":226,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"8a5d3039-e29d-42d9-99b6-95c99b5378d6","block_type":"box","text":"BlackRock","page_number":226,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"4748bcd9-2135-4844-bcf3-350a3200b3d0","block_type":"box","text":"Public Page 1 of 2","page_number":226,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"f481f182-cd60-41d7-8122-1c9f0915d4b4","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0584e573-5193-4b22-82ba-3023feec22da","block_type":"box","text":"Appendix A","page_number":227,"box":{"x":101,"y":75,"width":82,"height":11}},{"id":"3fb0eff4-ddad-4bf6-a4ab-1f7dca321028","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":227,"box":{"x":135,"y":98,"width":389,"height":9}},{"id":"59cff5a8-a994-4665-8ed4-642c7701512d","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":227,"box":{"x":135,"y":120,"width":274,"height":9}},{"id":"150407e4-682a-44e0-be72-d2c300025af8","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":227,"box":{"x":135,"y":143,"width":261,"height":9}},{"id":"f015f225-2992-4974-bd00-25d9013410e2","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":227,"box":{"x":135,"y":166,"width":268,"height":9}},{"id":"762cb9fe-5ea4-49a3-806c-cc13b41c763f","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":227,"box":{"x":135,"y":188,"width":250,"height":9}},{"id":"117c9b96-a6f0-4ba6-808d-abe599a22777","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":227,"box":{"x":135,"y":211,"width":257,"height":9}},{"id":"657bf00a-c1cf-4d73-9360-37288141bd07","block_type":"box","text":"iShares MSCI ACWI Low Carbon Target ETF","page_number":227,"box":{"x":135,"y":234,"width":304,"height":11}},{"id":"89b7a2ec-703c-481c-8de2-97b85c95bbb4","block_type":"box","text":"iShares MSCI KLD 400 Social ETF","page_number":227,"box":{"x":135,"y":256,"width":242,"height":9}},{"id":"0ad62e30-8996-43ee-b48d-fd8f3ec2ce14","block_type":"box","text":"iShares MSCI USA ESG Select ETF","page_number":227,"box":{"x":135,"y":279,"width":245,"height":9}},{"id":"feac0ce8-19f5-4690-9494-72bf26e92bb5","block_type":"box","text":"iShares Paris-Aligned Climate MSCI USA ETF","page_number":227,"box":{"x":135,"y":302,"width":315,"height":11}},{"id":"840c252a-67b5-4618-994e-2d5494abac30","block_type":"box","text":"iShares Paris-Aligned Climate MSCI World ex USA ETF","page_number":227,"box":{"x":135,"y":324,"width":380,"height":12}},{"id":"70fc7262-fcb0-4340-8231-9394bfc6955a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":227,"box":{"x":651,"y":45,"width":259,"height":11}},{"id":"83ffd435-2f48-46b0-af01-99b3e60cc114","block_type":"box","text":"BlackRock","page_number":227,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"fdc7f6d9-881e-40ce-a905-8073c3305a0a","block_type":"box","text":"Public Page 2 of 2","page_number":227,"box":{"x":469,"y":943,"width":440,"height":11}},{"id":"f22234d1-679b-41ad-88b5-2cd6a001a039","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7324ba7a-f257-4e44-aa4b-f8fd1a3037e9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"23791b41-8e9b-4e7f-8acd-1234df86eb4d","block_type":"box","text":"Global Principles for Benchmark Policies","page_number":228,"box":{"x":341,"y":67,"width":296,"height":11}},{"id":"7ea47ef3-5b45-4c10-b9b1-234e6df3bed9","block_type":"box","text":"Effective as of January 2026","page_number":228,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"3dc340b8-8758-4d12-989f-f3ea84d387d4","block_type":"box","text":"BlackRock","page_number":228,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"8b43a0a6-2ebe-40ed-ab8a-2916f3b74999","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3aa98fba-3eff-46aa-9a08-39be8c45f022","block_type":"box","text":"TABLE OF CONTENTS","page_number":229,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"2a22ffeb-e825-41f1-9916-d0a7a33bb64f","block_type":"box","text":"Page","page_number":229,"box":{"x":876,"y":65,"width":28,"height":9}},{"id":"506ee35c-9e7b-4407-9d71-4d466d7db77a","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":229,"box":{"x":74,"y":84,"width":451,"height":9}},{"id":"b1267767-901e-4367-a831-0886ba1c513e","block_type":"box","text":".......................................... 3","page_number":229,"box":{"x":528,"y":84,"width":376,"height":9}},{"id":"598671e1-13e8-4e74-ba05-87d3f47df100","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":229,"box":{"x":74,"y":101,"width":337,"height":9}},{"id":"aeda024a-dc17-40fa-80ae-07508e71addb","block_type":"box","text":"........................................................ 3","page_number":229,"box":{"x":414,"y":101,"width":490,"height":9}},{"id":"71c0af3b-6722-4988-8f89-2407ae07da3a","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":229,"box":{"x":73,"y":117,"width":210,"height":9}},{"id":"dde61041-350d-45e2-9d8c-4967beafc603","block_type":"box","text":"....................................................................... 3","page_number":229,"box":{"x":292,"y":117,"width":612,"height":9}},{"id":"5b04c115-9696-4842-9daa-7bb426d2c130","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":229,"box":{"x":73,"y":134,"width":172,"height":8}},{"id":"28519e0b-1a21-4130-a79d-e1a922378634","block_type":"box","text":"............................................................................ 4","page_number":229,"box":{"x":251,"y":134,"width":653,"height":8}},{"id":"d4568c55-a3a1-43b6-8f1c-00392cb7ad20","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":229,"box":{"x":74,"y":150,"width":197,"height":9}},{"id":"3dd47091-88d9-487e-9a4a-00220c33c1e9","block_type":"box","text":"......................................................................... 4","page_number":229,"box":{"x":275,"y":150,"width":629,"height":9}},{"id":"5376320b-338f-4217-94f9-d827289c9bae","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":229,"box":{"x":74,"y":166,"width":190,"height":9}},{"id":"626f8155-b832-4ad2-a188-8d30a83c79fc","block_type":"box","text":".......................................................................... 5","page_number":229,"box":{"x":267,"y":166,"width":637,"height":9}},{"id":"c74a0e1a-a1e8-4c9a-99a3-e2eba1e3b420","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":229,"box":{"x":74,"y":183,"width":282,"height":10}},{"id":"b035c480-13d6-4851-9d73-a76d46a4d82c","block_type":"box","text":".............................................................. 5","page_number":229,"box":{"x":365,"y":183,"width":539,"height":9}},{"id":"f32e97ad-806e-4287-889a-f347f87f5735","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":229,"box":{"x":73,"y":199,"width":294,"height":9}},{"id":"b9af213f-8fde-4dd5-a8bf-105eea87e39d","block_type":"box","text":"............................................................. 7","page_number":229,"box":{"x":373,"y":199,"width":531,"height":9}},{"id":"01cd4d4a-c247-4e90-aec9-7c4e537266eb","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":229,"box":{"x":74,"y":215,"width":728,"height":11}},{"id":"8e26b6ca-5069-48f0-8439-65339a6bc62f","block_type":"box","text":"........ 7","page_number":229,"box":{"x":805,"y":216,"width":99,"height":8}},{"id":"1503cbda-6977-4214-9d4c-bd78b1f594f3","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":229,"box":{"x":74,"y":232,"width":322,"height":9}},{"id":"9f957f90-c2e3-423c-bc3e-8620277f7f53","block_type":"box","text":"......................................................... 8","page_number":229,"box":{"x":406,"y":232,"width":498,"height":9}},{"id":"a14e7d23-0a05-4cca-8fed-2e315711a05f","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":229,"box":{"x":73,"y":248,"width":595,"height":9}},{"id":"cfc734a8-1ec1-4cda-a7ca-bff48677e563","block_type":"box","text":"........................ 9","page_number":229,"box":{"x":675,"y":248,"width":229,"height":9}},{"id":"9e9f2985-0484-4af8-a162-0eb78ae9282b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":229,"box":{"x":73,"y":265,"width":207,"height":8}},{"id":"7c11c265-d952-4a2a-a895-ce7cc872e335","block_type":"box","text":"........................................................................ 9","page_number":229,"box":{"x":283,"y":265,"width":621,"height":8}},{"id":"1409fb2d-eac9-4e44-9b88-9ad92bf2e79a","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":229,"box":{"x":74,"y":281,"width":484,"height":9}},{"id":"c98675f2-fb9f-48c0-ab1f-d0563dd61d06","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":229,"box":{"x":561,"y":281,"width":343,"height":9}},{"id":"6ec9831e-c79a-4172-a8ef-cd78af71f9b9","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":229,"box":{"x":74,"y":297,"width":277,"height":9}},{"id":"8eee996a-1c39-41ba-baa3-96b78ae4e842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":229,"box":{"x":357,"y":297,"width":547,"height":9}},{"id":"0c32f5cc-4ab5-44b7-8f5c-5b49c39523ce","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":229,"box":{"x":74,"y":314,"width":620,"height":10}},{"id":"49d19e38-1a4c-4c5a-8d29-acc141ce25a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 11","page_number":229,"box":{"x":699,"y":314,"width":205,"height":8}},{"id":"9d9676ce-1758-4c65-8250-7d4044014902","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":229,"box":{"x":74,"y":330,"width":553,"height":9}},{"id":"a6081116-2b69-484c-92e5-e04e7e1721c2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":229,"box":{"x":634,"y":330,"width":270,"height":9}},{"id":"cd0ad766-962d-4479-8c89-a24b9f176851","block_type":"box","text":"VOTE EXECUTION","page_number":229,"box":{"x":73,"y":346,"width":129,"height":9}},{"id":"217f11f8-a590-473c-9e8f-00ebf980651b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12","page_number":229,"box":{"x":210,"y":346,"width":694,"height":9}},{"id":"f05234c1-3b13-41c3-84c3-84e47c90f198","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":229,"box":{"x":74,"y":363,"width":415,"height":9}},{"id":"e3b4a228-723f-411d-97a3-ed1aa4e4d17e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":229,"box":{"x":495,"y":363,"width":409,"height":9}},{"id":"b8f2e943-a844-4cb2-a3d5-5f2537d632b7","block_type":"box","text":"SECURITIES LENDING","page_number":229,"box":{"x":73,"y":379,"width":159,"height":9}},{"id":"bcea2dee-0e7d-416d-bc46-d106c539b11b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":229,"box":{"x":243,"y":379,"width":661,"height":9}},{"id":"3403dc17-a855-451d-a6e4-3923dbbedc21","block_type":"box","text":"VOTING CHOICE","page_number":229,"box":{"x":73,"y":396,"width":118,"height":8}},{"id":"6680735e-4509-4bf6-b930-56c690077d8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13","page_number":229,"box":{"x":194,"y":396,"width":710,"height":8}},{"id":"d02cbeb4-806e-4231-81c3-03f6da3e14f4","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":229,"box":{"x":74,"y":412,"width":293,"height":9}},{"id":"1cef8499-ed24-4ae3-859a-bb57810248a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":229,"box":{"x":373,"y":412,"width":531,"height":9}},{"id":"a4216c46-3c1c-41d1-b501-5a0d5da3ae2c","block_type":"box","text":"The purpose of this document is to provide an overarching explanation of BlackRock’s global approach to our","page_number":229,"box":{"x":75,"y":458,"width":778,"height":12}},{"id":"992b9bd5-3d6d-4f1b-829f-3d11127550db","block_type":"box","text":"responsibilities as a shareholder on behalf of our clients, the principles that guide our dialogue with","page_number":229,"box":{"x":74,"y":472,"width":711,"height":12}},{"id":"4f0439c2-07c5-438e-9971-d019f91a15dc","block_type":"box","text":"companies, and our commitments to clients in terms of our own governance and transparency.","page_number":229,"box":{"x":74,"y":486,"width":674,"height":11}},{"id":"0c65071a-1a93-44d6-8ae3-40c0ee2d3dd8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"71eda5d7-3367-4154-a14c-5f898bc394fb","block_type":"box","text":"Global Principles | 2","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a6c79708-6820-4be3-bc7c-c88cc75954c5","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54d921ed-be0b-4a05-860a-6ad87fbe1502","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":230,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"00ef9399-9274-44a1-addd-76435b847b70","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":230,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"c47a02d6-7179-4c6a-b9df-e60079c9ebf5","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. BlackRock offers a","page_number":230,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"bcfbd079-0979-4d86-9806-097b5ffd45bc","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":230,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"5d3c47d8-322f-45a9-bf47-a6e9f4b49d77","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":230,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"3384cc46-f1bd-4f24-9dcc-8647027bbe93","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the","page_number":230,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"da6be141-eb1e-419f-9d1c-d1d616ca53a1","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":230,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"0c3f57b7-032d-452b-993e-339c87dd8a28","block_type":"box","text":"1. Engaging with the boards and management of companies","page_number":230,"box":{"x":69,"y":171,"width":451,"height":11}},{"id":"bc0b4fd0-4b89-4e09-a3d1-e172082e1e29","block_type":"box","text":"in which clients are invested to deepen our","page_number":230,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"e0313904-2193-4ffb-9cbe-a834de0c56c7","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":230,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"dee163c4-fe4b-4cde-a0e0-bcfa283da717","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients.","page_number":230,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"b9d6f841-56dc-4842-be49-b0bc1c63dff5","block_type":"box","text":"1","page_number":230,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"4e73a72f-d525-45d9-8769-24f3e132da72","block_type":"box","text":"2. Voting at shareholder meetings","page_number":230,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"4070952b-0c80-4b26-a036-55e6a528b92a","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":230,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"39a71699-0ee3-4126-b00f-3a79d140e1ec","block_type":"box","text":"to vote on their behalf.","page_number":230,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"aa8c693a-474c-4ab3-b872-bbec944706d8","block_type":"box","text":"3. Contributing to industry dialogue on stewardship","page_number":230,"box":{"x":69,"y":256,"width":388,"height":11}},{"id":"1af12ccc-ac0a-4c0b-9e10-2b94d84a6e70","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":230,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"59c6dae5-ce98-4f57-aa69-7233dd254177","block_type":"box","text":"clients’ investments.","page_number":230,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"2ac18aaf-95ed-49ba-ba78-dc4a71553b2e","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":230,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"d203424d-e304-4054-a288-b7bc2e7b409c","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":230,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"e661f829-3ec6-4023-a5de-0dd48a2b2a4c","block_type":"box","text":"publications on our website and direct client communications.","page_number":230,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"bf141599-d99d-44a0-bb90-e5578886592e","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":230,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"81cd21d2-4457-47ae-a8a1-0d1788f38246","block_type":"box","text":"voting on corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies.","page_number":230,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"bafd96ca-c74b-4157-99c0-d10893b328cf","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":230,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"b91fbc93-e658-4edb-9af0-77f7e0b590a7","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":230,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"bd98ef16-99c0-45e7-bdc7-b893b9978a0a","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":230,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"f95bb93a-e769-4272-b33b-66e0337a8770","block_type":"box","text":"2","page_number":230,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"17d486d0-a36e-4025-a1fb-cea94dcb88e7","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":230,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"7aac6c4c-5d12-438e-9200-8cbb29eb3bcd","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":230,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"29ba155f-4728-4096-aff8-f93d131bd997","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":230,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"b7a1535f-5c57-4a7b-af98-5c3400693045","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":230,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"6e04359a-74b0-4611-9906-5ffd53f291b8","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":230,"box":{"x":102,"y":496,"width":802,"height":11}},{"id":"5df42df1-11e8-4613-8dd6-fb13aec26853","block_type":"box","text":"minority shareholders in public companies, BlackRock does not direct a company’s strategy or its implementation,","page_number":230,"box":{"x":69,"y":511,"width":813,"height":11}},{"id":"6950eb68-b8d0-49c1-9862-a36822a8a0c5","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":230,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"609631be-d795-47b7-936a-d488609d02c7","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on opportunities to help protect and","page_number":230,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"900cd574-4ab0-4286-acba-5362b44b17d0","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":230,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"106c27f2-17db-4ce5-9ed5-badbd9d77b4e","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":230,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"1c2e6301-027d-4fe1-89ef-b4f230dd57e7","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":230,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"5f021cd6-6152-4aba-bc0e-0f666e7509b3","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":230,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"5f302fed-e3b6-4298-8a14-b81cf53b2ece","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":230,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"03911f28-a52a-4a5e-a2f7-b9a66e3b2bdb","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":230,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"c9bac431-00b2-4502-8b55-241fd28cb496","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":230,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"a41ce22b-2d1e-4ba0-83a0-7fc0093f8c8b","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":230,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"dae207a7-e3cc-43b6-b3a3-47a479f149f9","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":230,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"da68985a-83b6-4187-9092-20e57c361720","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":230,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"8c0a2597-ed3b-439b-a064-ce65df14602b","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":230,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"5807782a-ff1e-4d96-8a88-796e0841808f","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":230,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"2e48a801-1ed9-4e36-9bdf-ecb257a8ea64","block_type":"box","text":"opportunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":230,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"68882abe-bd47-4241-a124-310c9e7b0342","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":230,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"fa863257-b511-4b4a-be6a-82470057f9dd","block_type":"box","text":"1","page_number":230,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"6f663f51-b2d0-46ef-ab7b-752096502f1a","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":230,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"fb0bf5b6-5ac7-48f2-96de-cbc34df69b0d","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":230,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"dea9bbd0-b824-40ac-90ae-55a58c29dea6","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":230,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"7a12d7a4-efdd-4a4f-9bf2-d63c328d00e4","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":230,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"8a760f66-4a1b-4d66-ae97-239329b061f2","block_type":"box","text":"2","page_number":230,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"e886252b-fcd4-4023-be97-ac60531207df","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":230,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"f70937e7-48c1-437b-b530-1e6993592bbf","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":230,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"0a84290e-feb7-4656-8611-c805a16d807e","block_type":"box","text":"material business risk or opportunity.","page_number":230,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"1522c68e-8554-4fb0-a7af-ea1d6274208b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"913faad9-0c87-41cf-b451-d4229e359b91","block_type":"box","text":"Global Principles | 3","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"581eb852-7020-4105-99c2-d931a9556afd","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8ae6a5f-be6e-4253-944b-fef9aa6faf1f","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":231,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"8c2de1d8-364e-4f18-a5ec-07bf3cd23c58","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":231,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"58d2fd5c-bab7-4076-b5da-fda95fc9607a","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":231,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"164bf58d-17a5-40d5-abf4-5a9a91c1f3a8","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":231,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"59141f98-ecf1-4365-852b-ec05d77aafdf","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":231,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"27d83853-0c38-4789-9e1d-6e5c6b2843f5","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research,","page_number":231,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"e1bcf20c-279d-437c-84a3-0f2a23825530","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":231,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"c7154643-bbf7-4971-bc14-805aab0bad9c","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies","page_number":231,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"46ec6feb-d1a3-4595-b218-4e00800c8ee8","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":231,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"93f390ec-f1d1-44e6-9ea9-7b0396b68b42","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":231,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"7c3b49a9-e3bb-4da0-b849-1415f74a2f1c","block_type":"box","text":"support the election of directors or other management proposals, or we might not support management’s voting","page_number":231,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"a99e45bc-b955-4845-898d-eb204f1f4e2f","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":231,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"fb052caa-6e35-4490-a964-b664fdc39bcf","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":231,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"10573a7c-9f40-4471-9012-263ae9340a0c","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached","page_number":231,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"649d06c4-27f1-4158-a474-d58b9832a01d","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":231,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"945ca48a-96b4-4bc3-9eba-bfc05d6e5890","block_type":"box","text":"3","page_number":231,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"013ae18c-6ff5-430f-bc91-45078a16e2cb","block_type":"box","text":"For example, in","page_number":231,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"f0ab3ccf-12c4-4cc7-a4d1-3cd6df5ca37b","block_type":"box","text":"most markets, shareholders have the right to:","page_number":231,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"4be6c524-d6d0-4712-849b-d0a209bfef89","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"f51594d8-5c12-4a73-9a13-1d102b62a777","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":231,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"88b985ff-712b-403e-a8bb-150b073975e5","block_type":"box","text":"charter or bylaws.","page_number":231,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"11175f90-e0e3-40bf-9c8d-c138d07ec241","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"98f436c4-a35b-4bf7-b376-624b2cc0ab7b","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":231,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"6b2bc1c7-e859-4eb6-a909-57c949888f2a","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":231,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"5d1abb82-cb79-4e92-a86a-738c3ebff56c","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"60e6338f-37b1-4ae0-98c0-a83cbd30b3f6","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":231,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"1bd9df66-1864-4a36-843d-94dc3555b782","block_type":"box","text":"are material — to make informed decisions.","page_number":231,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"98806880-0908-495a-99eb-933a7a780ded","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":231,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"c8c94d41-14d0-42ff-8e50-fa8e96010d0d","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a","page_number":231,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"a6b0d212-acf5-4dbc-ab05-84fc923b7175","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":231,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"8ec7906a-3522-4ea4-8928-4e38cf7474b8","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":231,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"11347529-2d89-45da-b6ef-c6fc36e597c5","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"bd54254e-b4b9-4891-a619-5f735397ba31","block_type":"box","text":"Boards and directors","page_number":231,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"29cf01d5-5466-4136-adee-34899298d040","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"d74067b3-c01d-44cb-ad1d-908148793203","block_type":"box","text":"Auditors and audit-related issues","page_number":231,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"6148b248-dab5-4153-a15d-422f6be6715c","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"120d7d9d-2151-449f-a40e-69d1436ae1dd","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":231,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"b807cc9a-3e26-470b-aaf5-83968e531264","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"d7c21506-7875-4dd0-94b9-5f6484cc0ac2","block_type":"box","text":"Executive compensation","page_number":231,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"2af33cf1-9f47-4577-ac8e-ec5276fde9b6","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"e340fd8a-0136-4cd6-b10c-2d74f5df23d7","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":231,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"014b74f4-6c65-47be-80c2-badbe76c2ba1","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"e424bf9c-f79b-4200-9271-50d5d81b2bd4","block_type":"box","text":"Shareholder proposals","page_number":231,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"f3f53e4a-9aa5-4065-8962-76f879b5866f","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":231,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"1fc1aadb-23a3-4cc3-a343-2a2a472ad5e1","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":231,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"8c02b97f-81a7-4eb4-a3c6-de67d479d9bf","block_type":"box","text":"which companies operate.","page_number":231,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"76cc0a50-b519-4b5e-af2d-166071b2cb08","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":231,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"fb401636-cfbd-426c-8506-431f07323242","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":231,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"cad713f0-ffd2-423d-990c-67d3a00d75f4","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":231,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"a0f50920-2c7e-4cf4-8529-a13c4c61ee75","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":231,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"b1fb4200-993d-4ba9-844f-0eacaed0c152","block_type":"box","text":"4","page_number":231,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"be8316d7-8c0f-4b7d-a922-dee01dfa7d29","block_type":"box","text":"3","page_number":231,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"f1ecb754-b24f-4cee-8962-252be86557d6","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":231,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"7882bd62-9a7d-43f2-9c07-440bf43fc0a9","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":231,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"0005250a-d90e-4979-8a09-f2bc9bebc52a","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":231,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"000b57b7-f382-4306-aeea-faf5abe5f500","block_type":"box","text":"4","page_number":231,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"7a31edb6-612c-4584-8d2c-7ea5fa4f660b","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":231,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"9f20c0b4-c2ce-4954-b0c4-7a9c7c2b018e","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":231,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"3da4336a-e96e-47d6-8ef3-5bf6d7ce80d4","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":231,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"d99510a6-b03f-44ec-a74b-1a753628a680","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":231,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"5f22fec8-3226-48fc-805f-9e41ff8f4231","block_type":"box","text":"guidelines.","page_number":231,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"63518722-58c8-4289-b4aa-8554d25c5274","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"86a99536-fa07-4fbc-9a0b-67ac23f127aa","block_type":"box","text":"Global Principles | 4","page_number":231,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c90495c2-e200-4d91-b1f2-dbba1e6d997f","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3ebf34c-0ede-4564-ad45-075261f7b2d8","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":232,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"9da02dbe-6bab-4a5c-aad0-bb68a64597bc","block_type":"box","text":"Oversight role of the board","page_number":232,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"dff9630a-0890-4aa6-89bf-6e95e7c45318","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":232,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"cfa85f77-a7e4-4d50-88c2-dc7d4db80935","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":232,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"59a73e18-f3ae-4571-aba3-23ebb829844f","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":232,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"48326213-ba44-4352-84c3-a1c3a9ea62b9","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":232,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0efc539e-3d22-4ad5-a2cd-f27d9dda2a61","block_type":"box","text":"long-term financial performance.","page_number":232,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"dd7bcd2d-1ccb-4578-b846-7973b51b73e4","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":232,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"15131800-8a9c-4085-9052-5515da857bf1","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":232,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"40234499-fb7c-4e05-9a70-d7a4e3dc1f3b","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":232,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"6f0d8c03-41bf-4ae3-a8d9-aae87adb076b","block_type":"box","text":"the business environment in which a company is operating.","page_number":232,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"9077be37-f53e-4f90-ad1a-caab523df9ae","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":232,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"94267457-e2f4-4681-9000-81bd0605bdd5","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":232,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"cb846a33-b6da-4726-bc50-9117ca49885c","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":232,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"a19aba65-7bdf-4a44-8194-a2def6605672","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":232,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a9a963c0-e48d-4de0-bcc7-d5dc6a347aa9","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":232,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"92cda1b8-f902-4a3f-a6a5-a0baaea97f4b","block_type":"box","text":"mitigating such risks.","page_number":232,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"952196f7-8664-4702-b34e-599c7e0637da","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":232,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"65496df9-359f-4d3d-9e56-16af97ea4558","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":232,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"d9244d14-252e-46df-b69e-0b4774a132df","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":232,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"cb9c2907-a498-4b84-90ff-6b924da2ee8e","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":232,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"65f396dd-418c-47a1-acd9-d95c9e2747b2","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":232,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"dee1e8f0-1ac7-4bb2-81f2-708579bd69d0","block_type":"box","text":"strategy.","page_number":232,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"b2900f32-de08-43e2-8fdd-a34716da39ae","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":232,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"f8ac0472-af71-4d78-8d1c-fb4f25e032c1","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":232,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"602be822-9ecc-4161-8bab-1920936157b5","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":232,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"a5043811-fb59-4d23-b464-a41b326b32c9","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":232,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"5ca10fd1-b047-4813-818f-6ee9d920f2c6","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":232,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"2eb32064-5d2f-49af-a084-37da77f2995d","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":232,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"0e0ef3ab-5d7d-43e6-b1e3-5dab45a1fd26","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":232,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"02661618-8eba-416a-bd7f-6f9d88210157","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":232,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"553d05ac-657e-4713-9406-4a0cbc20c18b","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":232,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"4614a576-01c6-4975-a0b9-f8da89af63a5","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":232,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"8d0a7569-b8ee-47cb-8547-2b13a32a5ee0","block_type":"box","text":"Regular accountability through director elections","page_number":232,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"d1ab5807-d054-45bf-988d-50a19d6d1fe8","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":232,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"f1c50258-40fa-42dd-bb27-f4eacea57440","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":232,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"cbd342b3-5039-4942-aaf8-302c8720285c","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":232,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"3113efa1-9da3-42f8-8cad-3c2ac5be33d0","block_type":"box","text":"5","page_number":232,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"01dd18fe-6714-4b6f-aef4-eab851e3e2ff","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":232,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"eb046b4a-cfc7-4486-a0f4-148b25906ee2","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":232,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"e5b81799-b755-49da-97bc-6766a89f29c9","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":232,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"0a07a28a-94c8-4eb7-b295-2071ae14554e","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":232,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"dce7362b-aaae-4e62-8941-7a44b82f1cf9","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":232,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"598516cd-6a8c-4493-a232-9abcdabdbe0a","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":232,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"e728e841-2ca5-49d8-9759-0f30664648a5","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":232,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"e76c3d9f-06c5-4c90-9bf0-4a95e1de1289","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":232,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"68ecd3b1-675d-4fb8-aca2-4ef9d6b81bf0","block_type":"box","text":"5","page_number":232,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"ceae5e7b-cf1c-4622-8f39-a32dc788cd7f","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":232,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"ca77bb16-3d86-4368-bb93-6a0dcf78e476","block_type":"box","text":"market regulation or voluntary best practice.","page_number":232,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"73d0e788-1b67-4927-bde9-6cae0280dfd2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1d3259d5-6a44-47b6-9af8-74cbd89b8f01","block_type":"box","text":"Global Principles | 5","page_number":232,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b09cd991-7043-43ab-978e-877288b982f6","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba5b4d0c-eefd-4db2-ae95-771f1b0f753f","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":233,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"a35605dc-0418-4578-8f91-30c11bfddc8d","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":233,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"c76bbdac-6e4b-4b36-9f1a-f3d9c7e158b0","block_type":"box","text":"recently.","page_number":233,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"f818648b-fa44-4f5f-b333-92e1c9537da8","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":233,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"f9040c8c-e7c3-4bfd-92f8-aadc0fd21d57","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":233,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"75d9d3e7-c26c-4a6b-bfc0-693756b63c16","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":233,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"2de337f2-4a2e-40c1-b8e5-1c527e5952b1","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":233,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"8bb03479-c48b-44ba-8b62-3a714e2e300d","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":233,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"fc85b4e0-ad63-4c5f-9118-96ee45f53832","block_type":"box","text":"Director independence","page_number":233,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"d40b6a7b-ac05-4eb4-bb33-1f2688c61653","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":233,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"89040deb-e246-4b53-81c4-e7eaa1693afc","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":233,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"d3c598d4-131d-417e-a017-e08fd4b66b69","block_type":"box","text":"6","page_number":233,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"39fc0bd8-723d-4845-895b-f65b1e535301","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":233,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"0d644c92-6cfb-4e10-8cd2-95db0054d054","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":233,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"b0bc8c59-702c-43ab-8938-697b4ff74484","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":233,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"ad7fff58-2ffb-4699-86d1-d151b01197df","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":233,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"bdcae1f1-3efb-41ae-a1eb-425ddd39d3cb","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":233,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"413638f2-e57b-4cae-91b6-74fadcf23760","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"5a7f2392-ae3a-4634-abf0-e2744bc7ca25","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":233,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"88641759-f64b-4252-a8a7-d83eaf7239c2","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"c6de30a7-c2f3-4a99-b3b2-a60940d9206e","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":233,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"fa97ca5d-9a03-4ba0-9b95-e156ff091510","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"2d20b2a2-15cf-41bb-a18f-3940bc3ce0c9","block_type":"box","text":"Interlocking directorates","page_number":233,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"12819133-9ce5-4a92-8163-85bc808ca27e","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"f7c17601-5f0d-4352-8911-f91fce394fb8","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":233,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"3e2b5e99-c00f-4318-8201-051bef80eb37","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":233,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"35e21def-e517-494f-9955-61f260a4c962","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":233,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"85dfc11b-ebba-4c42-987e-a3c2d924b3ce","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":233,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"9cd1de43-9d2c-4761-a141-cb2dcb99cd5e","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":233,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"c79e0106-8c41-4e2e-9570-7fe5c8d71fc6","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":233,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"df0bddf7-793e-4a77-8d82-893e15ff60f4","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":233,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"ba402e02-f80b-4b1d-9a1d-a97c8840948d","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":233,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"668d3e3b-3804-428a-ac11-b10ce33ee649","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":233,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"caf2b1ad-73eb-44e2-aa7b-5e9850431ba1","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":233,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"c31c3362-9aaa-4ff2-890c-539fa9b78312","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":233,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"dccc6113-f4dc-4ab6-ac61-089be705832d","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":233,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"d5494894-02c7-4376-b127-98f7d5004924","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":233,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"7b8d4b77-cb3d-4778-85b4-649a7818d585","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":233,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"59776a6b-92aa-4bb7-8e8e-93932d413365","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":233,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"3cbde62e-8ec6-4261-a7f7-14216dc86795","block_type":"box","text":"Sufficient capacity","page_number":233,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"248054c2-934a-4829-b3f6-32724d5b1627","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":233,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"39c6422d-6556-4045-a50c-5cec6e8f014d","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":233,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"07402f0c-2eef-465b-933a-2a223f119e45","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":233,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"8a153163-9d69-4c2a-859d-b8d81a2736a3","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":233,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"d63d6471-6e63-4b8c-9a8a-d82ff0699691","block_type":"box","text":"Board composition","page_number":233,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"ab85f455-9fd7-4d31-a8ae-165eceea5484","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":233,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"f16f8700-4bd5-48ae-9560-859ad6198e0c","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":233,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"786bed45-3108-49cb-a006-7d343b01cfff","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":233,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"ae7c65dc-84d2-4449-8652-95902ff164d5","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":233,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"e3cc2f36-598a-492d-986c-d5c12ca1b3fc","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":233,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"a94807b7-3caf-427c-9ef7-936ae8facc7c","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":233,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"f7d91a53-e5e3-422a-bfdb-78135424897f","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":233,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"1dfd4eb2-4d4b-45b0-8693-c36eba609c4e","block_type":"box","text":"6","page_number":233,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"24961b93-1703-40d2-bca5-2640ec075217","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":233,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"3b22e94b-cbc0-4b33-ae07-f4a515e4f7f9","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":233,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"bf46535d-f5b4-45ed-9dc5-03137fa62e37","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5c9032e0-7ff1-4312-aef1-9697bf1d89a5","block_type":"box","text":"Global Principles | 6","page_number":233,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"69df26cc-b147-46d8-a7c7-8c8322231409","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a118452-0715-4af7-b6ce-73a33d0f5b21","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":234,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"4fd93829-5296-4307-987e-958a540a0e10","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":234,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"7c93193c-f29f-40a0-95aa-d656b44ebf2d","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":234,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"4776a2c9-09a8-45c9-a6be-37201ee397fc","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":234,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"6e2f4b2f-ec53-47d4-80db-6cc327bbf81b","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":234,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"e22be1ad-3979-4f20-8878-bd8c071a90a0","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":234,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"e7d572df-521c-4819-ae0b-553f8207b22e","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":234,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"f1613225-0c3a-4ce5-9fbe-5de8cab67a3f","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":234,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"b1fce2fa-21d0-4c4d-b2fd-383082536fc1","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":234,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"dbca5ad9-87dc-49a4-9040-dc111d70e001","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":234,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"e33d392f-a3c7-4bf5-985d-9de60834b93e","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":234,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"2bc90c29-5cf9-4df5-aa0f-c99daac130f6","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":234,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"350115ee-415f-4e5b-955a-ac71a0013161","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":234,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"2191aaa3-0ff1-4720-90cd-a14308359fde","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":234,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"9e2a0691-5748-4f38-8b54-4ff6a43eeab1","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":234,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"9fef3ad6-fa12-4d9a-a171-81c9439b3d30","block_type":"box","text":"systems.","page_number":234,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"d151d243-bf27-4eef-a408-6dc6873829ab","block_type":"box","text":"7","page_number":234,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"5d1b048d-bfb9-4c90-8422-731fc8966337","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":234,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"7f0c7bf4-d977-49ba-84f9-30f9aad45d48","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":234,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"a13497ca-f07c-4a3b-88b4-150128a17285","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":234,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"44adcc77-3ec4-4a87-abb8-6681ee511111","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":234,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"e03f109b-be3e-4fdf-b756-65cff7590dd9","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":234,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"ef96daf8-8585-4b6e-9970-acac4c913ad1","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":234,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"7f9bf101-d95e-4ddd-ad15-b8536374b122","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":234,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"f8dad7e1-0f68-4ce1-ad3b-4ccffcfc2307","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":234,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"861c5f5d-19d8-4000-a4f2-65aca24e846a","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":234,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"22ed7192-847e-4543-858d-64e2fd4d8f8a","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":234,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"cdc8b900-1be4-4258-af6a-47cc2ed29b22","block_type":"box","text":"or internal audit function.","page_number":234,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"ed322773-bb20-48eb-9977-e32ee3432dc3","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":234,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"505c7f58-2a08-45ad-8cee-0be5ca408c18","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":234,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"82803d0a-056f-430c-8906-efbed2be6d2d","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":234,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"11917e8c-5489-4fda-b688-5315bcda419e","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":234,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"dd5615d8-3cba-449c-9dcb-2cb38cc7bcc7","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":234,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"ec951fe6-b7da-439e-a9ab-a64aed337237","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":234,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"27283d05-fd08-4455-b6ee-862fb1b56820","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":234,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"b5fd5c2e-76bd-4075-86e0-22b011094f9c","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":234,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"bd00db4f-8b18-48f1-a335-00f2ddbae628","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":234,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"7197cde4-bdea-417e-bf1b-014eeb3d1eaf","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":234,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"6a257574-3561-45cc-82cd-bc6db785928e","block_type":"box","text":"risk.","page_number":234,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"1e291d36-7f78-40bb-b28d-9035ff9a3200","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":234,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"8c0f01a0-611b-4c6d-abc4-2bad883b2834","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":234,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"883d026d-cfd1-480f-921d-fce01627e416","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":234,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"16fb3a93-f637-493a-b460-70cb98e58fe8","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":234,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"aabb4ba9-4cc1-4cc8-aaf1-4e1d20b34fc5","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":234,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"5d8ac325-bc2d-46f8-a1c5-b4be40d87f4e","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":234,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"7972b561-319b-4f57-9115-0106157b47b9","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":234,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"6c1ed375-b291-4c33-9708-aa7dbc879d17","block_type":"box","text":"7","page_number":234,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"42f66d7e-ac5f-4b85-babd-51aedea16ea4","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":234,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"2856bef3-e769-4187-a04e-63d6a233fc51","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":234,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"b7821d74-c1f2-4390-9355-c9fc51b11c81","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":234,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"ca5ce409-202c-41c9-a0d8-6d6b3c072671","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":234,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"cb6d3b2b-aa7b-4ec4-9f25-b904e3599639","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":234,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"ed0f0d2e-21a5-4ee0-9dd3-fba13a45d4cf","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"669cdd23-3436-49fa-9cab-bfe00f07d25f","block_type":"box","text":"Global Principles | 7","page_number":234,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"656ffaa6-67cb-43be-aada-e0e9c695d8d8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0268391f-ca62-4aa3-905d-2293f2c42010","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":235,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"139ad424-46d3-48d8-ae6b-ca743ceee60d","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":235,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"5e35ac6f-295a-452b-9c43-b380128ab040","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":235,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"483586b9-7b65-4913-9dcd-30aa99c8d86d","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":235,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"c3e668da-cc3d-4ead-b489-f17be4fbb3bb","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":235,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"95f575fa-e9e9-4978-92bf-fb7fc5cbb788","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":235,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"81c4f96c-5cb8-4cec-b8ff-db23ccc97db5","block_type":"box","text":"minimizing costs to shareholders.","page_number":235,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"a0edc1bb-182d-49f7-8da6-09c5f2dc477c","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":235,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"5ce00567-48b6-49cb-84e1-69f63b7a9826","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":235,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"68ce5ff8-1177-4da3-b97d-aa6acc1ba3d5","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":235,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"7e11b6bd-2684-44ef-a99d-89d28028216d","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":235,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"09dc8d34-f66a-4fc9-ac3c-8b7df50cb93f","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":235,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"6b5010c1-69cf-4c4d-8cc8-8b90fa6c51b9","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":235,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"7c2bf069-acd3-4155-8b3b-30eecc4586b2","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":235,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"6a9e2600-197f-400c-a2a2-584ae80e25b5","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":235,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"96cb57e5-382a-4c17-8a8a-3119542a28cb","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":235,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"361467b5-7dd8-4dec-8f8d-9f796fe72ff5","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":235,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"489447cb-3640-4afa-9dfa-29f8a1dc50d9","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":235,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"02b61aee-4e05-4649-a73b-28cde98bf596","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":235,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"90384c1a-aa89-45a4-a66c-78e4b48ebcd9","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":235,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"912c7833-70bf-44ec-88b7-f29be1057b2a","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":235,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"09323fdb-8f34-4545-9281-553b4530c5f8","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":235,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"e1981ea7-a875-4c5e-8474-dcc4c99aff50","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":235,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"7407676c-9a44-4d84-ba2e-4e293309eb96","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":235,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"1722c317-6f6c-4a96-bd7a-577bbf3dd7d9","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":235,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"da9c3eab-fbb9-408a-af62-c7402289d8ef","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":235,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"509f5b7f-5d3b-42fc-99cd-cebd21a43a52","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":235,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"0546ffa5-50ef-46c2-8896-85e106bd5b97","block_type":"box","text":"ownership.","page_number":235,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"7c0e1cb8-f031-41e6-af55-bac3b4934da2","block_type":"box","text":"8","page_number":235,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"e59511af-1409-4ddb-9975-6f96efcd1de5","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":235,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"a5b36f81-c067-440b-8b2a-5defae98889e","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":235,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"08746ae8-e1c9-4831-ba5a-fabab32992de","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":235,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"8bdf4c71-8361-4cfc-8e29-a136f1aff407","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":235,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"fefb2957-1018-426c-bf39-9658ba7ac27d","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":235,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"0856ad34-b025-41cd-b7af-9a6b682627df","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":235,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"1db01437-7df3-414c-b951-1a6633a88de8","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":235,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"09fb808b-149f-4f7d-91b6-866171bfbc82","block_type":"box","text":"results over a period of years.","page_number":235,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"f9256b8c-c23f-4084-a950-c759186136df","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":235,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"7a884ce5-7658-4240-88d3-0551674dfa1a","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":235,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"ad40c788-db7d-4a8e-b87e-674b31a6c560","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":235,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"f1e748da-5b4c-4c5f-a8f9-be1a31529ee9","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":235,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"0f7fe4f2-accc-44b0-8044-899362c7986e","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":235,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"25f1c658-8c2c-43ec-896d-f7348c68ef12","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":235,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"27ca6e29-6a5b-4309-b6d6-8894590994bc","block_type":"box","text":"executive compensation strategies.","page_number":235,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"a0d1db80-73b3-4c3f-a127-92bc150a64d7","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":235,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"9c0870f8-0d25-4d3a-8664-bc2a800b4d29","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":235,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"0544aecf-2e33-4884-9b24-db6902b0ca4b","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":235,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"b9de450a-6192-4d17-a181-7eb87a7138a4","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":235,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"4202cfc4-b6ed-4507-a7e4-242ae02c92b7","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":235,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"6159585e-d5ac-4a68-ae9b-19c9cada46eb","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":235,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"3f3e61aa-3f78-44f3-b3e1-c0310aeb7680","block_type":"box","text":"8","page_number":235,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"59633a3a-92b8-4259-b222-757d367e8254","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":235,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"bf3d5750-b3c1-4623-9660-214b24b9bc85","block_type":"box","text":"different markets.","page_number":235,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"7c940982-ea1a-46e0-8fa5-74fdff96067b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"66c4bc4a-50a5-4eeb-8634-9ed4d77ad949","block_type":"box","text":"Global Principles | 8","page_number":235,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"56cc8f31-31e6-4004-b49c-81510518913a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"624f344b-7f53-4ca9-9986-eaa967469a7a","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":236,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"2d11a9a2-cd06-4fea-9cd4-9836e901fcb7","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":236,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"e41041ed-1e1f-4531-aadb-aceab11c7f4c","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":236,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"3f30102c-62fa-4608-b2e4-bdcae847154e","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":236,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"b5241344-f369-4cf9-abc1-e52547554565","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":236,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"d580d691-52e8-4279-9bf4-dd35c12a7b4e","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":236,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"c865ae12-dcb5-4932-abe7-4a3dc9b45a55","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":236,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"068848a0-2f60-44f5-bc41-2dce6d2f95c1","block_type":"box","text":"whom they are charged with overseeing.","page_number":236,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"c5e0b57d-e86a-47b9-b6d1-461804eb9b2a","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":236,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"02bdc898-acf9-498d-94da-3de446480695","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":236,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"5cc41ca8-d4cb-481b-974f-4fccde7a81b6","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":236,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"4e1c88f4-dc0e-418b-a20f-be298e1b6a34","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":236,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"e3c59437-caee-4026-954d-48a9739f24fb","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":236,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"b672e87e-a9c5-47d3-915f-9645ccfa8542","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":236,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"6d565c64-1cbe-4f73-9992-8cbc4dd75abf","block_type":"box","text":"structures.","page_number":236,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"9fea7127-4a19-4bb9-856a-b33f4b45a989","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":236,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"3c9d4d33-eead-44b6-9997-b22b7d0b950b","block_type":"box","text":"Corporate form","page_number":236,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"4de7b14c-1d99-4b65-ab5e-92928ef49133","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":236,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"6d29c53b-35a7-47b0-bda8-e959cd3e1927","block_type":"box","text":"the company’s purpose and business model.","page_number":236,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"07f989d9-cac2-483f-9647-d9b4734f9267","block_type":"box","text":"9","page_number":236,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"e789cb13-7443-4c45-ae08-02192e0126d0","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":236,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"f42d3a1a-37d7-4267-a10d-1c2a827b69a8","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":236,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"753f3cda-d1d1-42b8-9df1-509d7af49761","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":236,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"01f3953f-11b6-46c5-8208-a0655946cc1b","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":236,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"7990c5a7-debe-45c3-9c95-64dc0cecc68d","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":236,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"c467d6ff-077a-496e-a8bd-30a11e1e7444","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":236,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"672739cc-0db7-477b-9311-7599bb5e4dc0","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":236,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"57584ed6-f53f-49b7-ab66-eca5e0cc93e0","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":236,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"14ced068-ee5c-4bfa-8919-9d2362b8dc71","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":236,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"44973502-9c30-4fd6-9663-474390a9ea56","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":236,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"2f33fca7-1d1a-4ff1-8806-fc5020857ae8","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":236,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"77b5aba2-a651-4aa6-945d-c04f29bb7249","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":236,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"e83298ad-6ed2-48f5-b407-c21496ad946a","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":236,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"f944b2c3-06cb-4233-ab92-53b9911a7652","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":236,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2e81e1e9-18b7-4f6e-ad02-4fa340103e7a","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":236,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"2f878a98-6661-4cbb-870e-5cce906bb18f","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":236,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"4053ee82-b81d-46b1-a841-e936ae490951","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":236,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"054dab0d-6e2e-4707-b615-6d18efafb816","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":236,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"cfa9fc25-03c8-4c25-a86e-c7899b7f62bc","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":236,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"d2b88199-6474-4ff6-80b9-04f45403eae9","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":236,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"8f8c12fa-dec8-478b-a4ae-0eba0c69fb35","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":236,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"b30a54da-1863-4aea-9f74-61512fd74d9d","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":236,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"9832caae-5b22-4d55-9920-253d6a32a92a","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":236,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"5097576d-7fe5-4bb1-b29f-68953ca782e3","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":236,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"881ced35-3f0c-4d60-83f0-0657ae370dc4","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":236,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"8db239f7-dad2-4365-afe4-a701ce31cb42","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":236,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"2626f11e-faa7-441b-ae51-eab056c9e18a","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":236,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"d650bfed-e4c5-4e74-b91d-c3b200bb8fd6","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":236,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"e2d26c6a-e2a5-4a86-a3db-8a5aa3f20c70","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":236,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"b4b444e2-7fc6-44ed-9cc2-99c8d8c70825","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":236,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"67a2cc12-4537-438d-b572-605d62ba9a47","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":236,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"959cbb6f-72c5-401f-bc70-beb9d99cfe90","block_type":"box","text":"9","page_number":236,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"a44d3943-5fab-46fd-9bf7-df8e5a7be5db","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":236,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"4f48c8b7-eb37-41b0-b725-56962703137b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b3fd4c16-0ec5-4fbc-9515-16f2df029401","block_type":"box","text":"Global Principles | 9","page_number":236,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b96aca42-8fe2-4821-94d9-e5ced8e3c573","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a653adf-5f49-404d-be8f-286529124320","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":237,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"10e9c1ff-15f0-437a-8fa2-356b098ea11b","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":237,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"3d947d9d-29d8-4036-af18-16f086047748","block_type":"box","text":"long-term financial interests.","page_number":237,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"de5c4835-6edb-40fc-a582-7c879c7fe35f","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":237,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"7c1852d7-c41f-4e4e-a0d1-0e5d2f9feb78","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":237,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"a3f13ea5-fbd1-4ddc-9675-8d5a12dc93a3","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":237,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"8aebe4e1-2d79-4f23-b710-e5334211a2c8","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":237,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"3defa683-8880-4254-ae10-3d2c35d144b0","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":237,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"3c44b91f-74b7-40b3-a1ab-69028717e91d","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":237,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"1ec0a139-95fc-47e6-81e9-4660f119e4db","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":237,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"1a493c7c-c394-4a62-b08f-49140181efa9","block_type":"box","text":"term financial value creation.","page_number":237,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"45306764-ee39-44b7-8b2a-5eec26fd77c8","block_type":"box","text":"10","page_number":237,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"03246893-3d64-421f-a81b-29a372df1a93","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":237,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"c9c19b95-aa46-4676-a448-ac6c47bfb883","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":237,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"392031d4-8baf-402f-b2c3-09e69d950abe","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":237,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"46b5ecb4-c022-4b11-bf1a-6c71903290fb","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":237,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"17407209-400f-402a-a968-b61345aea04e","block_type":"box","text":"industry-specific metrics.","page_number":237,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"d47025a1-ff2d-41a4-93c1-21881a9098af","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":237,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"011668e0-30f9-4ed1-a125-c04c12bcc0bf","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":237,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"76c3485f-112c-403e-97b4-9160e7c3d4d4","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":237,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"0cf41c79-149d-492c-a1a3-2c42209fa5c4","block_type":"box","text":"11","page_number":237,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"a6dc6bd7-b8cf-4e10-9a16-bee6cf6bbb10","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":237,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"239e6af2-74a9-4ff7-92b9-e6b00f056d2f","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":237,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"5e5f0381-08b9-4293-b0c4-fd42da099428","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":237,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"37458853-1586-4f63-bc5b-4cd0064533db","block_type":"box","text":"specific.","page_number":237,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"ba75a6a4-7e04-4f53-b97f-288002383c5d","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":237,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"4575e100-a88d-4603-92b2-96d85291fdee","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":237,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"85631390-e095-4507-b3a2-4149bb09e9f0","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":237,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"b04ae21e-a092-4d15-adc4-efa8be3601a5","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":237,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"61be62b0-5d16-4ddd-b0c2-670bfb31960e","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":237,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"a88f715d-2b1a-48ce-abc6-b01bee73ac5a","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":237,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"24453936-fd1c-4ca4-9aeb-367d30fcdc53","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":237,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"cd7bc37f-02c1-435f-aa75-0c67fbadb981","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":237,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"24e7f9b4-339b-4140-83d6-88ebdae24237","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":237,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"d62dec59-c9da-46d1-a0ad-18ee6b4b4a68","block_type":"box","text":"10","page_number":237,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"cd73bdd3-c7a1-4803-991a-e5ce89519447","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":237,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"28a5ee5b-a14b-4828-b3b5-8bc865396a65","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":237,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"a0157e5a-9318-42a5-b946-49589d3e3609","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":237,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"99b6198e-2c5c-45d4-9696-effbcfff66ca","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":237,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"bc9c3cdc-5c95-48d6-8043-63a65a0c1555","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":237,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"d8160afa-3e68-4e51-991b-2ea178af75f8","block_type":"box","text":"11","page_number":237,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"2b1ae0ce-3d74-4f99-9cd5-ea6a5424444d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":237,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"015596cf-1cab-4dd8-914d-eb756bcc9e5f","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":237,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"356ebb19-d82a-40dd-b844-b3d7483e78dc","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":237,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"a409e99b-91fc-476f-951f-08a135564c60","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":237,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"9a9940db-6338-4ffe-9f5a-8fc48f272506","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":237,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"48561e73-7e65-4748-8a99-3350fa130f62","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":237,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"47bd0b58-dc42-4743-8a1f-89e16e03289f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8fee2685-b087-4269-b807-a19d3c533566","block_type":"box","text":"Global Principles | 10","page_number":237,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"04ff7b12-958b-4c9c-98d2-8628a5657427","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c2a6514-8075-4288-ac93-6fa9d999cf23","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":238,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"83de6e2d-3bdc-40cb-8210-12ce5c10eea8","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":238,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"84de5dfd-3593-46ae-9ed3-f603fdca5e69","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":238,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"7617a064-155b-44c5-b396-84f486f5074c","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":238,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"a6894f1b-04b8-437e-a975-6f74ca0e3f85","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":238,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"9416cacb-4eb9-410a-a762-640d908befe2","block_type":"box","text":"12, 13","page_number":238,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"030ad8db-df66-4c63-8394-e092dbe4b279","block_type":"box","text":"From company disclosures and","page_number":238,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"1fa51449-c962-4e20-9ac1-423573b7ad4d","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":238,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"ecaaee92-34d3-48fb-a337-88b85bf99b72","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":238,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"e13d30c8-bb09-45a1-9cc4-bb097fd768ed","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":238,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"6ad589d3-e8cb-4274-80c8-2ae5b601ed62","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":238,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"1db8a13f-4286-4aab-be98-3d58ffe095a8","block_type":"box","text":"viewed as best practice in the market.","page_number":238,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"827a6b8b-5eb1-463a-ac37-c4350264014c","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":238,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"44b24c96-260f-4bb0-b180-b7e2ad9074bd","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":238,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"6cd93c50-9632-4a47-9920-2fe26fb7e99c","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":238,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"1f3b7e68-e1f6-49a3-87b6-00c69e19d8cc","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":238,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"428f51b8-dfdc-4746-a96b-790890d79f0e","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":238,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"9ef028d4-b28c-4049-aaf6-beafc7e7ec65","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":238,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"c043e404-d368-4fff-bed8-cb0a136db293","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":238,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"834fe063-fbd8-4da3-af36-e515e25e033b","block_type":"box","text":"interests of their investors.","page_number":238,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"0f7436db-c6a2-4c4b-a536-58f0a0504267","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":238,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"9038504a-082e-4eb6-87fd-db43b755f78b","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":238,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"500ea5b3-735d-45c4-b1a5-36b0dbcfc5c9","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":238,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"04335049-02e9-4109-bd85-b76979706147","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":238,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"4f267839-a6dc-4264-9f37-3fe9c42952a7","block_type":"box","text":"good-faith basis as methodology develops.","page_number":238,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"67f46ee9-63d3-444c-9f5a-30ac88003975","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":238,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"75e60140-a49c-4d6f-b398-15a9ddc96f31","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":238,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"d11ee51b-fb49-49f0-a8b9-bccfd5a9f55a","block_type":"box","text":"generate long-term financial returns.","page_number":238,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"f867bc90-9df1-4a23-9c56-0de9e28f1fa2","block_type":"box","text":"14","page_number":238,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"c5690856-2abd-47fc-9bf2-60fe2970a620","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":238,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"f64b2d21-386b-4b87-9eb0-9ad52563c70f","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":238,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"823da173-316b-4465-8f8b-2b24f0769b3a","block_type":"box","text":"15","page_number":238,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"41f619f1-730b-40c6-b23d-9215797627ca","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":238,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"fd096fba-9227-4ca5-ab20-f29b69745202","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":238,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"801ece91-7d3f-4558-a84c-c6a4c69b632f","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":238,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"603bc747-e983-4e4d-b304-49208ca363a3","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":238,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"6c0ab9ba-f488-46a9-aaf9-6ec38da3320b","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":238,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"96054c5d-827b-4aeb-b6e4-5d8da9779485","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":238,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"4788354c-e380-4d57-b746-fb16e573418a","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"4328ad36-f794-44da-9cc2-3915c84ece0e","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":238,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"d1f70904-5440-4da4-9d63-fa69333b1650","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":238,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"dffe97e0-80f6-447a-bed0-459a7cb7c8de","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":238,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"ce33ea08-4c5c-4525-a6f5-4b058dc3a4aa","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":238,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"208f1d44-3f83-42b0-96c8-a9257acc1fcf","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":238,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"a4c8bcd0-8444-4810-b17d-b3ac60eb75dd","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":238,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"590ce25f-6b73-4daf-a2a1-bd8d6e2305a8","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":238,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"692c93c0-bf7d-4da5-a286-011bc780fabb","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":238,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"0398af77-f1bd-48c0-b933-fd4811521d05","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":238,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"1f749c34-70ae-4888-b227-9023fc8d8d98","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"bda45170-0e43-46ef-8aa6-5f7da56b7912","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":238,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"c2e01a86-feea-49e4-af8f-8800105f1020","block_type":"box","text":"2025.","page_number":238,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"572d135f-3783-4035-9016-de51bd16c4ed","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"3f223de7-b6d1-4fb2-a132-a8155319bb4f","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":238,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"0fbd50ce-1029-484b-a832-5e41889dd217","block_type":"box","text":"2025.","page_number":238,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"d5b49056-61ec-44fa-a794-1e31d61388f3","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"665b75fb-913a-4542-8008-dc84daff0228","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":238,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"c961cc8d-cd65-473d-91ea-1c5c497f58b6","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":238,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"e66677e8-533b-44ac-99fe-f87126423af9","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":238,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"06aab0ca-34a3-4c8e-89cc-7d19c4e91c14","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":238,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"22208b8b-e272-46e9-abf7-add2155f1043","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":238,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"c9ef5fdd-2c0a-4077-a46e-a477b280f73d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"714eba72-f9a5-4de6-8a2e-28edbec641b7","block_type":"box","text":"Global Principles | 11","page_number":238,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e83ebd90-5a13-4d1a-885d-1be2ad58f2c0","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ceb6911-0c78-406e-84bc-ac4164db67f8","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":239,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"829d84cb-924c-4400-bffe-43556beb0644","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":239,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"041d1edd-6c3e-4163-bcdd-95e28c1c21db","block_type":"box","text":"16","page_number":239,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"7d5ea844-8c93-4a71-85af-28784f326758","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":239,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"e387f947-9538-4ffd-8c12-726cf8254af5","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":239,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"4f0c1207-5054-47be-b5f8-92ec207b49f1","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":239,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"a591b72a-22ef-4d36-9679-812c6e5c5118","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":239,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"4b0127e7-5ebc-49fa-a4fc-e1482c6c369a","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":239,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"a559d594-83b2-43f7-a77b-ea45127f947f","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":239,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"98572d76-6c7e-4a86-a615-57a0523c8d56","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":239,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"0b1de4cc-dc72-4c06-bd09-f1a4f549339e","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":239,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"0419ec92-a4cc-477d-803c-47bc660473b7","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":239,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"15266485-3e9d-43fd-ad26-d30622e3d74d","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":239,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"3ee52286-da66-4041-b142-e7cfc1541ee0","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":239,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"3d227755-253b-4aec-a78c-dc3cffa143c6","block_type":"box","text":"impacts.","page_number":239,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"9a0fc9f8-11c9-4edd-b3b1-9b70e0ccdc88","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":239,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"cd8b7bf4-a489-4a1f-aef1-9c117315c01e","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":239,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"83c8a49b-3afc-4f44-8933-f017b9ff3ab6","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":239,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"b8378040-283e-4556-bf75-1931ec48f4f9","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":239,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"474886f0-c2cd-4b6b-9baa-42483c4505d2","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":239,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"043f702e-7404-4a68-976d-9640a67517ce","block_type":"box","text":"clients at the global and regional level.","page_number":239,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"d06a7f21-169e-4d97-acf0-b1225f966b8f","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":239,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"88ae1468-09a3-4675-95b8-e040331306e4","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":239,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"5c01749a-9171-49da-8a40-600ad02d9c2d","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":239,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"15fbcb61-f38a-4402-a7f4-238c2f62a863","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":239,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"35bb78d9-0275-4183-b1a3-02981ec2ff11","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":239,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"19f063e1-4119-49f8-bb3b-e9088e852b8c","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":239,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"25768f2e-1621-457a-b792-de86d2b555a4","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":239,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"8acee56b-0047-43ad-96b6-727dbf6e3799","block_type":"box","text":"are independent from the investment stewardship function.","page_number":239,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"f2c4b374-04e3-4160-b190-1ad4bfcf7232","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":239,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"6444e429-abc1-4996-a2c2-96577a08664c","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":239,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"247538ac-a062-44ba-afe5-fd9b18a7eb64","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":239,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"5b53ff07-1901-4d54-919d-bb2e0aeda1f7","block_type":"box","text":"VOTE EXECUTION","page_number":239,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"9444ecdd-e8d7-4d47-8cb3-8afef2ddb6d1","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":239,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"441f4b84-95be-4ede-b6e1-b54f62162d57","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":239,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"caff0ba4-b845-4462-a3d4-fa1f2a22c058","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":239,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"f7e7cb6a-1412-40b5-be15-c22afda5b94b","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":239,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"95a67d93-bf36-44a4-b12e-210e7213219a","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":239,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"f9c71b0a-7053-45ff-a46f-c9016fe7c0e1","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":239,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"7fcfd5d9-6a85-4bd2-a818-9e8d0e909baf","block_type":"box","text":"management policies and procedures,” below).","page_number":239,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"50034feb-d1e4-498d-a5f9-eb6a01f211a0","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":239,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"ecced26b-8bd1-4c4c-a5e0-371cd4f0427f","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":239,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"c05be270-9159-44f3-977b-de18b027eca4","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":239,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"92f3e9e0-f511-4e6c-bb9c-3fe46c487cd9","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":239,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"02afe3ae-2601-4baf-82c2-d988bfa195a6","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":239,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"34c2c855-f1ae-44b8-b836-36ebfa732f66","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":239,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"74c68278-3cc1-416f-8f80-a68a9a355db7","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":239,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"66b1c80c-7e3c-44a7-87d9-536a5e5badff","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":239,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"da705bec-2087-485d-bf93-307c3d23c35f","block_type":"box","text":"16","page_number":239,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"e63a7000-b4ad-4799-a907-cb883b814e78","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":239,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"486575ce-49c5-4c87-a33e-4afc1f6cd5ff","block_type":"box","text":"December 2025.","page_number":239,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"e895ecfb-932b-43cd-abcb-e3cc2479c528","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"eaa8d810-4958-4ee7-b9c5-4ec163806ca1","block_type":"box","text":"Global Principles | 12","page_number":239,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"fa3e8a91-2470-4f0f-a96c-9e01f43f6cdf","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fc93288-dcc7-4c41-8b02-c42c9c179464","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":240,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5019cb88-d50d-4cab-8aa1-b8553db489fc","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":240,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"8a59a484-de2a-48c7-b027-70fc42aad1a9","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":240,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"01e2fa9b-ca6a-451c-b1ff-b11aca054991","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":240,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"0b1709b7-aa10-4955-ba4b-da36d2337da3","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":240,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"f97f90df-9dd5-4305-91b6-4ed7f16ce4db","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":240,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"9841c075-ac09-4004-a4eb-b280c4a6ac0e","block_type":"box","text":"enterprise-level vendor management activities.","page_number":240,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"9c74b869-b640-46e4-8317-53110e22ea3f","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":240,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"e27b3652-1a56-46ae-9b6f-aa25ab22cf70","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":240,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"985a111a-889b-498c-a3a5-9022774daf31","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":240,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"61aa514b-840b-4c04-b13d-481c37f8bdbf","block_type":"box","text":"BlackRock employees.","page_number":240,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"55fdc649-7c24-4669-a1bf-e1bcad73f1b7","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":240,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"21c311cd-20a4-47ad-96e6-646bc57e13b3","block_type":"box","text":"SECURITIES LENDING","page_number":240,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"93356526-0d2f-4f96-b57d-f6ff748f9d25","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":240,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"eb7baa09-c820-4bd8-99e2-8affdb1f343b","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":240,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"bce8e12b-0ed5-46d5-8d87-219cd9b7c587","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":240,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"b54d5922-a338-4ee7-a8cd-43517a57a4b9","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":240,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"671f0224-a540-4188-909e-ccf9c547ae0e","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":240,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"19b1269e-d7a6-4eaf-9481-36146f3e156a","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":240,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"39192adb-c82e-47e5-b193-134f4d130d71","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":240,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"ffa2bae5-da89-40ae-b7b4-804b246af9f9","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":240,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"bf7ede2e-c2c1-4260-8613-4779fcf69875","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":240,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"c894035f-29b5-46eb-81b4-b78065f32d82","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":240,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"3efa0725-99a5-418a-9a39-a383a251d37a","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":240,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"a04b74e2-256a-44fa-baf4-bd8aa6589b43","block_type":"box","text":"of recall consideration).","page_number":240,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"1779b60f-86b9-41cb-8df1-03d2bd99a926","block_type":"box","text":"17","page_number":240,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"a5fec52c-61cf-402f-b135-b49c89e52dd2","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":240,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"77e8f531-c4f5-40a1-8cfb-0750a62a55b9","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":240,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"e7211502-c20d-40d9-a695-14c685efa2fb","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":240,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"665a45e0-fd77-4d8d-9b82-762e7b7ddf36","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":240,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"9ec4cabc-97c8-4dcb-8fe8-9b47ee03ec85","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":240,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"b8f94f2f-8723-4d47-9d95-4fa5f28e0f6a","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":240,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"c71a7bcd-1c4c-43ca-89b4-d313514156d4","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":240,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"d3178b6c-f7ae-4e5c-afce-96a033b15e82","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":240,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"80f88c5b-e532-48b5-a553-fbea55cf8e37","block_type":"box","text":"and may modify it as necessary.","page_number":240,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"4cd1e149-4a45-4060-bb43-140fb2f6ebca","block_type":"box","text":"VOTING CHOICE","page_number":240,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"a81b2377-010c-40de-a4a1-e1c1c6f47f23","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":240,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"e3ee0a54-d75a-429f-9e0f-979223cddd9e","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":240,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"bdb0f1ff-27b2-4cd6-b080-a06840565b09","block_type":"box","text":"18","page_number":240,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"ee6fb525-3d44-4080-9c5a-267b1cc569a4","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":240,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"b5c5a0f0-8fb3-4c18-a42f-e3ffe052a41b","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":240,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"0ce541be-bc52-4167-87ec-a685ddb17617","block_type":"box","text":"17","page_number":240,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"2121de7e-abe8-44b2-99dd-b0fcd7e606a7","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":240,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"0be97797-0708-4815-be05-4f288f515e87","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":240,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"5934accf-278f-4326-8bcf-1226c159be27","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":240,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"cb75673d-9443-4f35-9cfe-80b52a07034e","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":240,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"4234fd6a-421a-4ed2-9f36-7569958fddd6","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":240,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"df9f5875-6308-4224-83da-b92a576eaf11","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":240,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"17f905e9-7847-4bcd-8e79-0ca7409c55dc","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":240,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"c8543bee-51ff-43d5-baa9-6844d50d4676","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":240,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"99199954-323a-455e-bbe3-762ddfefd4f9","block_type":"box","text":"18","page_number":240,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"6b6d0ebb-e3dd-49c3-876a-283f4d3164cd","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":240,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"da9fbbf4-5f31-4060-8e59-a5f53e2770ab","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":240,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"5cb96a94-fd2f-4c61-8b59-9feaae6faa1e","block_type":"box","text":"including the decision to lend securities.","page_number":240,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"b3fc1035-749e-4db7-82d3-fcb60d25fea4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"98570cf1-edc1-4bad-851d-69bcf9736b06","block_type":"box","text":"Global Principles | 13","page_number":240,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"4861ed34-907f-40c9-b959-9589ddfa5a81","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e912618-21ba-4d7e-877a-aaef693aadd0","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":241,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"ffc306db-6740-40f5-94fc-93d8a643abac","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":241,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"fad3889b-8542-4be0-9ac0-e351e341fb67","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":241,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"4520e38b-1a9b-45b4-8343-85153def2b8f","block_type":"box","text":"19","page_number":241,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"fa84a169-c277-4892-9d04-262bc42114aa","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":241,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"3799fbcf-70f1-4c90-be67-33fda75554b7","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":241,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"d0a5516b-a173-494e-88c0-aea210dd659c","block_type":"box","text":"20","page_number":241,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"582d0772-9409-486f-8441-6b46bde8a9ad","block_type":"box","text":"As a result, the shares attributed to BlackRock portfolios in company share registers may be voted differently","page_number":241,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"655fbaee-4ea3-419e-b216-2263c0d72a4a","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":241,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"c6f46e2c-f926-45b5-a68b-907549a2f0ea","block_type":"box","text":"accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":241,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"65b4dea3-37a8-4aa4-acb7-2bae55c784e8","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":241,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"8d6ab26f-f2c9-43a1-8723-3c2e0540a546","block_type":"box","text":"21","page_number":241,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"6b7c46b1-3c55-408c-8445-4147e76cffb9","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":241,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"032d2f37-6934-4307-bfe3-1c846266dbbb","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":241,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"fb5f3657-db94-4428-9db9-e670c00df041","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":241,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"9054ba96-3e20-4f92-a06e-920507dae9d8","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":241,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"12c0b7c1-5df2-4e19-af83-26d357c3017a","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":241,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"f302e121-828a-4883-88b0-a4c9b69acfbf","block_type":"box","text":"priorities, as well as quarterly reports detailing our proxy voting and engagement activities.","page_number":241,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"1ff03832-76ee-46f9-9fe3-420ab269dd94","block_type":"box","text":"19","page_number":241,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"5d14ae48-3d6f-46b0-9c67-a79c02975e5b","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":241,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"d56c1e33-21d3-429a-9faf-8123b4ace414","block_type":"box","text":"preferences from a set of voting policies from third-party proxy advisers. BlackRock can then use its proxy voting","page_number":241,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"1e79a11b-1beb-4068-90ff-e91cf28ab25b","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":241,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"2d923247-b22f-4545-8174-1f405d1656dd","block_type":"box","text":"20","page_number":241,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"28d87410-77d1-443b-af82-6ac60cfc4e5e","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":241,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"27e03af4-3168-4940-a83b-1141ea420920","block_type":"box","text":"21","page_number":241,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"9c4712c3-3d9c-446d-9926-8c949076fbd0","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":241,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"73a98b33-b6eb-4ac2-a6b6-a625f35dfbc6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2800393c-bf6e-4240-9bf8-adfd31f84b66","block_type":"box","text":"Global Principles | 14","page_number":241,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"85078c6d-4c8d-40b7-89ea-748aff07e2cc","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9461584-e8c9-4d1a-98fe-3c1d25695fdb","block_type":"box","text":"Want to know more?","page_number":242,"box":{"x":68,"y":762,"width":152,"height":8}},{"id":"4b8aa563-6107-4a59-b4b1-451b51f9a4d2","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":242,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"846b196c-6ae9-419e-9156-d22afa223fc0","block_type":"box","text":"principal.","page_number":242,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"4fa5ee7b-a1fd-4b7f-8f4a-fa4fe26c489e","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":242,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"bf61f538-c92a-4946-83ce-1f342feb58fb","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":242,"box":{"x":69,"y":883,"width":303,"height":11}},{"id":"e5c1b959-c54a-496e-b3fa-3a3eb3c17926","block_type":"box","text":"BLACKROCK","page_number":242,"box":{"x":379,"y":883,"width":92,"height":8}},{"id":"565bef0f-7ca0-48ef-95cb-5060e8ae1c87","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":242,"box":{"x":478,"y":882,"width":417,"height":11}},{"id":"edabb20c-30a6-4284-af53-7b0c0493417f","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":242,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"15fecabd-9d9c-4f7d-bd9b-bad2e339ff49","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":242,"box":{"x":69,"y":942,"width":486,"height":13}},{"id":"d4ad2471-4c09-47f5-99e2-a423adcfae44","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ab853ba-e949-4754-8b70-1577df621e06","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":243,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"abd0d289-8285-42e0-982c-f0a703b89185","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":243,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"90a049f5-1c22-4546-905a-d83b11c8c32f","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. BlackRock offers a","page_number":243,"box":{"x":70,"y":82,"width":806,"height":12}},{"id":"958c3490-0c44-4548-8e01-ac5687bd4c63","block_type":"box","text":"range of proxy voting policies to reflect clients’ individual investment choices and goals.","page_number":243,"box":{"x":69,"y":98,"width":624,"height":11}},{"id":"7c6e33a7-ebdd-4401-a6f5-192badff70e3","block_type":"box","text":"BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients’ assets","page_number":243,"box":{"x":102,"y":120,"width":781,"height":11}},{"id":"83c555c1-c5eb-4eb4-a4df-e22de0b25b4b","block_type":"box","text":"invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the","page_number":243,"box":{"x":70,"y":135,"width":769,"height":12}},{"id":"114d41b7-f523-4733-a3fc-aff00f602025","block_type":"box","text":"investment horizons of the majority of our clients. BIS does this through:","page_number":243,"box":{"x":70,"y":150,"width":514,"height":12}},{"id":"43522ecd-ffd6-44bf-ba2f-9fb21c8465ba","block_type":"box","text":"1.","page_number":243,"box":{"x":70,"y":171,"width":11,"height":9}},{"id":"a37cf35e-336a-4e3e-946a-cd22b2ce5217","block_type":"box","text":"Engaging with the boards and management of companies","page_number":243,"box":{"x":102,"y":171,"width":418,"height":11}},{"id":"6bb5a976-2eb3-45a2-af69-6ca183d239ae","block_type":"box","text":"in which clients are invested to deepen our","page_number":243,"box":{"x":527,"y":171,"width":305,"height":11}},{"id":"59526da5-39ef-4c96-a97b-baf1241f8103","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":243,"box":{"x":102,"y":186,"width":784,"height":11}},{"id":"bbe207c8-1ac8-4dab-a8c8-5412d46441e7","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients.","page_number":243,"box":{"x":102,"y":201,"width":526,"height":11}},{"id":"70e2f072-e828-4fc2-93a4-eb4702fac71f","block_type":"box","text":"1","page_number":243,"box":{"x":630,"y":201,"width":4,"height":5}},{"id":"dc9f0ac7-4966-4afc-b1e9-5c24ef56f878","block_type":"box","text":"2.","page_number":243,"box":{"x":69,"y":221,"width":12,"height":9}},{"id":"e4821aea-8993-4087-93a1-26530538c14c","block_type":"box","text":"Voting at shareholder meetings","page_number":243,"box":{"x":101,"y":221,"width":228,"height":11}},{"id":"100982b1-1a27-4b20-b96b-f8869253b6fb","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":243,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"c4d30858-bc59-4e89-94cb-6086599b14c9","block_type":"box","text":"to vote on their behalf.","page_number":243,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"6a774d3c-716c-48e2-9184-788e67129d27","block_type":"box","text":"3.","page_number":243,"box":{"x":69,"y":256,"width":12,"height":9}},{"id":"c61614d9-77d4-45c5-89ef-0fce2aede450","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":243,"box":{"x":101,"y":256,"width":356,"height":11}},{"id":"9abe9301-ccd0-4c57-a219-b0f43d781bb0","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":243,"box":{"x":462,"y":257,"width":412,"height":10}},{"id":"c66843a1-eb73-425a-96bb-a532d7e37cce","block_type":"box","text":"clients’ investments.","page_number":243,"box":{"x":101,"y":272,"width":147,"height":8}},{"id":"4cc6b09f-1f7b-4bf0-a765-f23dc89d347c","block_type":"box","text":"4.","page_number":243,"box":{"x":69,"y":292,"width":12,"height":8}},{"id":"d33f4240-e2ad-4768-ac32-0b32fc3fc567","block_type":"box","text":"Reporting on our activities","page_number":243,"box":{"x":102,"y":292,"width":193,"height":11}},{"id":"e86a83a0-0d12-442e-8d6a-af6946c5bb5d","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":243,"box":{"x":301,"y":292,"width":579,"height":11}},{"id":"1fc1b250-38a1-42de-8d5f-829a97c06ac0","block_type":"box","text":"publications on our website and direct client communications.","page_number":243,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"775248ec-a378-4400-8994-c7f59114b710","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":243,"box":{"x":68,"y":337,"width":635,"height":11}},{"id":"ee9e4f0e-3d44-47ab-a263-70098b8ec6c7","block_type":"box","text":"2, 3","page_number":243,"box":{"x":704,"y":337,"width":17,"height":6}},{"id":"125ca195-cd0e-4452-bd59-f03d43c94e52","block_type":"box","text":"Some of our clients are pursuing decarbonization as an investment objective, including many of our largest","page_number":243,"box":{"x":102,"y":360,"width":761,"height":11}},{"id":"72b534c7-d070-4708-b777-ef55744ea444","block_type":"box","text":"European clients, who have made net zero commitments.","page_number":243,"box":{"x":70,"y":375,"width":407,"height":11}},{"id":"d77533b6-68ea-42dc-89be-4cfc428bff48","block_type":"box","text":"4","page_number":243,"box":{"x":479,"y":375,"width":4,"height":4}},{"id":"0bef5c3a-c1e9-4d08-a174-82538e9e60ec","block_type":"box","text":"To support our clients’ unique and varied investment","page_number":243,"box":{"x":488,"y":375,"width":376,"height":11}},{"id":"7524c4c5-7f0e-431a-aa12-11d77ed91f75","block_type":"box","text":"objectives, in July 2024, BlackRock launched the Climate and Decarbonization Stewardship program.","page_number":243,"box":{"x":69,"y":390,"width":718,"height":11}},{"id":"2990046c-6b0a-405a-9efe-4f6b32aaca30","block_type":"box","text":"The Climate and Decarbonization Stewardship team (the dedicated team) applies these proxy voting guidelines","page_number":243,"box":{"x":101,"y":413,"width":789,"height":11}},{"id":"8154e95c-4675-42e0-9b2d-08099aafd5cc","block_type":"box","text":"(the Guidelines) to those funds that BlackRock offers to clients that have climate and decarbonization objectives and","page_number":243,"box":{"x":69,"y":428,"width":833,"height":11}},{"id":"14a5ee9c-5189-4072-8955-d4f36fd00617","block_type":"box","text":"where the funds’ respective governing body has explicitly approved the application of the Guidelines (referred to in","page_number":243,"box":{"x":68,"y":443,"width":814,"height":11}},{"id":"adde2421-3d04-4233-9c47-e44638745243","block_type":"box","text":"this document as “in-scope funds”).","page_number":243,"box":{"x":68,"y":458,"width":256,"height":11}},{"id":"f0f42611-a435-4e09-b774-85ba5e1426ca","block_type":"box","text":"5","page_number":243,"box":{"x":326,"y":458,"width":4,"height":5}},{"id":"eadaf081-1cdc-458c-8c2d-04d7b1399596","block_type":"box","text":"Separately managed account (SMA) clients have a range of options, including","page_number":243,"box":{"x":336,"y":458,"width":551,"height":11}},{"id":"ad4bdac5-03d3-408d-a247-4667fc5bab33","block_type":"box","text":"instructing BlackRock to apply these Guidelines to their SMA holdings.","page_number":243,"box":{"x":70,"y":473,"width":499,"height":11}},{"id":"fe44e87e-23aa-4753-af2d-1a402d85ae0c","block_type":"box","text":"THE CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":243,"box":{"x":242,"y":503,"width":493,"height":9}},{"id":"9d653f9a-3132-4f8c-b109-63dc4ce1bd20","block_type":"box","text":"These Guidelines set out the dedicated team’s approach to engaging and voting on matters related to climate","page_number":243,"box":{"x":101,"y":526,"width":784,"height":11}},{"id":"440dd7fd-9436-4380-b9e1-1a4e43631029","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by in-scope funds and accounts that","page_number":243,"box":{"x":69,"y":541,"width":806,"height":11}},{"id":"cd72637f-84d0-48b7-903c-57afa308e9af","block_type":"box","text":"apply these Guidelines.","page_number":243,"box":{"x":69,"y":556,"width":165,"height":11}},{"id":"5678169a-a4de-4f86-ad63-ff612881b98d","block_type":"box","text":"The Guidelines differ from the Benchmark Policies in that they consider, in addition to financial objectives,","page_number":243,"box":{"x":101,"y":579,"width":755,"height":11}},{"id":"40e76638-bf51-443a-9fd6-e27fa506b499","block_type":"box","text":"companies’ strategies to align with the transition to a low-carbon economy. They also incorporate the more ambitious","page_number":243,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"f6f09234-8688-486a-a453-f61c706a75c5","block_type":"box","text":"goal of the Paris Agreement - namely to limit average global temperature rise to 1.5°C above pre-industrial levels.","page_number":243,"box":{"x":68,"y":609,"width":806,"height":11}},{"id":"bbd47c5c-958b-43d9-b884-16ca27edca9b","block_type":"box","text":"6","page_number":243,"box":{"x":876,"y":609,"width":4,"height":5}},{"id":"70ea0a6c-af5e-4d64-b573-00985485695e","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an important role in the transition to a low","page_number":243,"box":{"x":101,"y":632,"width":766,"height":11}},{"id":"607cbb6f-5a0f-4e56-b27f-5f56ff5436d6","block_type":"box","text":"carbon economy. This includes companies which produce goods and services that contribute to real world","page_number":243,"box":{"x":69,"y":647,"width":753,"height":11}},{"id":"f602fc56-17b4-4f19-a3f4-b45417d2bea2","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":243,"box":{"x":69,"y":662,"width":836,"height":11}},{"id":"8c996d0f-f3e8-46e3-8852-5f218ed5a4d4","block_type":"box","text":"1","page_number":243,"box":{"x":69,"y":692,"width":4,"height":4}},{"id":"6c635fba-06a6-43ef-bb66-be0b182fb4eb","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":243,"box":{"x":79,"y":691,"width":790,"height":11}},{"id":"909141ad-1b9f-467e-87d0-3c39d3f0d819","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":243,"box":{"x":69,"y":706,"width":836,"height":12}},{"id":"f376d96a-125d-42a1-9e02-5e727bb75372","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":243,"box":{"x":68,"y":721,"width":805,"height":12}},{"id":"ce3e7b95-295f-4491-9d57-9610be56a327","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":243,"box":{"x":69,"y":737,"width":405,"height":11}},{"id":"d67359cc-9d0c-4570-a339-06a5aa525b20","block_type":"box","text":"2","page_number":243,"box":{"x":69,"y":755,"width":4,"height":4}},{"id":"ba9d6923-06f9-4ad0-9d7b-7f80e9eb2c06","block_type":"box","text":"BlackRock has heard from a growing number of clients globally that they have made, or are planning to make,","page_number":243,"box":{"x":79,"y":754,"width":780,"height":11}},{"id":"489125ea-c873-40b6-8787-7b0ec393343a","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":243,"box":{"x":69,"y":770,"width":793,"height":11}},{"id":"09142d23-5e5e-45eb-948f-1441d9cf614d","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":243,"box":{"x":69,"y":784,"width":820,"height":12}},{"id":"91f11a19-a144-4711-a196-dba38ec24a44","block_type":"box","text":"commitment to offer clients choice.","page_number":243,"box":{"x":69,"y":799,"width":252,"height":10}},{"id":"91999650-a350-4856-97c7-42c6ea1af272","block_type":"box","text":"3","page_number":243,"box":{"x":69,"y":818,"width":4,"height":4}},{"id":"d4529251-ebb7-42cd-b40c-0975ae393930","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these Guidelines are explained in","page_number":243,"box":{"x":79,"y":817,"width":788,"height":11}},{"id":"76c8647d-8414-404e-ad78-2a3977e4e035","block_type":"box","text":"appendix 1.","page_number":243,"box":{"x":69,"y":833,"width":81,"height":10}},{"id":"e4edfd24-1379-4f17-8471-8041c49522ec","block_type":"box","text":"4","page_number":243,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"67c8ebe7-7b57-4501-b517-cf23a9360266","block_type":"box","text":"Includes a select group of our largest client relationships. Net zero commitments are sourced from respective","page_number":243,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"5708196a-359e-4b79-8d90-f7ce25b45e58","block_type":"box","text":"company websites, as of January 2025.","page_number":243,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"33171b64-7054-44ed-91b3-a38409cd707d","block_type":"box","text":"5","page_number":243,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"08a3ce63-ab0d-4fbd-9cae-5648af6acf55","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":243,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"a30128f7-db5f-4d31-abd7-e8b14f8b0541","block_type":"box","text":"6","page_number":243,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"80bbfc3a-3cb4-4cb3-8ed0-70e94fe890ff","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":243,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"d192b819-c9a2-4b12-8c22-42ea040ae497","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58475c10-d97f-4401-9032-dc7b1e16c6ca","block_type":"box","text":"particularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":244,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"c2f64483-db4f-456d-a4d2-75d4841222ef","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":244,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"be14e683-3573-42c5-a773-03827aa18a2c","block_type":"box","text":"7","page_number":244,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"b881e4a6-af2a-4d1c-b83d-5ad26bf9e659","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":244,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"097d5b50-7d6d-4641-a2e9-1651f669d033","block_type":"box","text":"Benchmark Policies.","page_number":244,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"bd3da1e4-19d2-4de2-b6f2-b7e3ade43417","block_type":"box","text":"8","page_number":244,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"6cb06fff-680c-4fef-841f-500de1051b47","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":244,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"457a6121-a106-419b-a1c6-28aa36157006","block_type":"box","text":"decarbonization as an investment objective, BIS undertakes our stewardship responsibilities in line with our","page_number":244,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"1e39b6cd-6e8a-488e-8f4c-576315c94d3c","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. This includes","page_number":244,"box":{"x":70,"y":128,"width":775,"height":11}},{"id":"8868c41b-113f-40e0-99bc-e9c439d1a66f","block_type":"box","text":"consideration of climate-related risks and opportunities in a company’s business model, where material to the","page_number":244,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"991d4e84-0097-4f32-ac0a-4302ec86aaff","block_type":"box","text":"company’s ability to deliver long-term financial returns.","page_number":244,"box":{"x":69,"y":158,"width":388,"height":11}},{"id":"b14fcca8-73b0-43e0-b56e-99ed3c9ce062","block_type":"box","text":"Please see Appendix 2, which sets out the key differences between the BIS Benchmark Policies and these","page_number":244,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"ef621556-3b87-48a4-9e83-52a518f512f1","block_type":"box","text":"Guidelines on items related to climate risk and the transition to a low-carbon economy.","page_number":244,"box":{"x":69,"y":196,"width":617,"height":11}},{"id":"e3eb16f8-3958-4b29-95be-979b339ae4c5","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":244,"box":{"x":111,"y":226,"width":757,"height":9}},{"id":"61128713-6f3e-41f3-a0f9-67792576a54f","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":244,"box":{"x":102,"y":249,"width":785,"height":11}},{"id":"dd0bf249-c27e-4c79-8b58-4154483d7bd1","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but sectors and markets","page_number":244,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"29238409-67f2-40b6-bb80-385a1e924f8a","block_type":"box","text":"can decarbonize at varying speeds given the dynamic and uncertain nature of technological feasibility, consumer","page_number":244,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"a8e1f765-2fee-433d-b5dc-c98808a57239","block_type":"box","text":"demand, and government policies, among other factors.","page_number":244,"box":{"x":69,"y":294,"width":395,"height":11}},{"id":"62578665-50cf-4dd0-8c69-c937ffd5063b","block_type":"box","text":"9, 10","page_number":244,"box":{"x":466,"y":294,"width":21,"height":6}},{"id":"1ecbb980-f86d-4ff8-a54e-028b9f394cdd","block_type":"box","text":"To better understand the shape and speed of a transition to a low-carbon economy, BlackRock has developed the","page_number":244,"box":{"x":101,"y":317,"width":808,"height":11}},{"id":"6ee35eb9-fa00-455f-ac52-636dcd29b843","block_type":"box","text":"BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":244,"box":{"x":70,"y":332,"width":559,"height":11}},{"id":"ce2682d7-a5be-4e0e-871d-b1f03a22703b","block_type":"box","text":"®","page_number":244,"box":{"x":630,"y":332,"width":6,"height":5}},{"id":"decd07f5-ab63-4eeb-a242-cf237dda4077","block_type":"box","text":"technology. BIITS is a research","page_number":244,"box":{"x":641,"y":332,"width":223,"height":11}},{"id":"2e085b0e-73bb-443f-abfa-9f91d503d07b","block_type":"box","text":"based, analytical forecast of how the low-carbon transition is most likely to play out based on what we know and","page_number":244,"box":{"x":69,"y":347,"width":799,"height":11}},{"id":"0a47b968-abad-492c-a44f-3c5e9f08544f","block_type":"box","text":"expect today. It can help inform a top-down assessment of a company’s business risk arising from the transition. BII","page_number":244,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"fd220c6a-6973-408a-8040-ee4a0f220fe3","block_type":"box","text":"based its key assumptions on rigorous research, and the input of BlackRock’s portfolio managers and other experts.","page_number":244,"box":{"x":69,"y":377,"width":834,"height":12}},{"id":"d988b47d-7164-4f3d-b912-c23557785dbb","block_type":"box","text":"These Guidelines draw from the proprietary insights generated by BIITS and Aladdin Climate","page_number":244,"box":{"x":101,"y":400,"width":655,"height":11}},{"id":"00cca474-e64a-4cb8-98aa-f874f5ac218d","block_type":"box","text":"®","page_number":244,"box":{"x":756,"y":400,"width":6,"height":5}},{"id":"3173875e-61c1-428a-ae4a-77a1c6dde9d2","block_type":"box","text":", BlackRock’s Risk","page_number":244,"box":{"x":764,"y":400,"width":131,"height":10}},{"id":"1e695028-0c31-4faf-b053-d3744455b9c3","block_type":"box","text":"and Quantitative Analysis Group, and the broader BIS team to help inform and guide engagement and voting activities","page_number":244,"box":{"x":69,"y":415,"width":838,"height":11}},{"id":"d56465e8-4c83-4071-947d-aad452da4507","block_type":"box","text":"on behalf of clients invested in in-scope funds and SMAs.","page_number":244,"box":{"x":69,"y":430,"width":408,"height":11}},{"id":"be88c1fb-2c9c-4794-951a-455a19bc74a1","block_type":"box","text":"11","page_number":244,"box":{"x":479,"y":431,"width":9,"height":4}},{"id":"86b4d0d2-5de0-475d-8d09-778f99072761","block_type":"box","text":"In doing so, the dedicated team takes into consideration","page_number":244,"box":{"x":495,"y":430,"width":401,"height":11}},{"id":"0c4ea07a-956a-4083-9abb-329f6e358175","block_type":"box","text":"the fact that the necessary data to assess individual companies currently has limitations, but is improving.","page_number":244,"box":{"x":68,"y":445,"width":763,"height":12}},{"id":"45c60f16-28c0-4893-9174-4829da55fe4a","block_type":"box","text":"THE GUIDELINES’ DESIGN PRINCIPLES","page_number":244,"box":{"x":347,"y":476,"width":284,"height":8}},{"id":"94b507be-da02-4a46-86cc-6d11e2a9ab7f","block_type":"box","text":"The framework of these Guidelines is designed to:","page_number":244,"box":{"x":101,"y":498,"width":357,"height":11}},{"id":"ac2881fa-d8e5-4872-9a85-73df8db5b657","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":521,"width":6,"height":5}},{"id":"bc6c76fb-5402-498b-8152-06953f742c55","block_type":"box","text":"Prioritize sectors and companies that play an important role in the transition to a low-carbon economy:","page_number":244,"box":{"x":102,"y":518,"width":751,"height":11}},{"id":"ef3a27da-6790-4499-be13-f83bae79bbd8","block_type":"box","text":"This","page_number":244,"box":{"x":859,"y":519,"width":28,"height":8}},{"id":"58f1437f-6309-487e-a5d3-30db3b0e0c84","block_type":"box","text":"includes companies which produce goods and services that contribute to real world decarbonization or have a","page_number":244,"box":{"x":102,"y":534,"width":782,"height":11}},{"id":"1a048c10-ed38-4419-8cd1-ed7db56bdd3c","block_type":"box","text":"carbon intensive business model and face outsized impacts from the low-carbon transition.","page_number":244,"box":{"x":101,"y":549,"width":648,"height":11}},{"id":"be7d6268-f2f4-46a2-ac83-ae7a50516729","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":572,"width":6,"height":4}},{"id":"90fa7ae8-ceed-477b-a1b2-9d62b09a08a6","block_type":"box","text":"Apply a nuanced approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":244,"box":{"x":101,"y":569,"width":772,"height":11}},{"id":"e1e41e7e-5339-47a6-b837-27c8432c68f0","block_type":"box","text":"across sectors and markets:","page_number":244,"box":{"x":101,"y":584,"width":208,"height":9}},{"id":"e0f1fa40-77fe-46bf-87fb-fd18e053e1bd","block_type":"box","text":"The Guidelines take into consideration the varying speeds at which sectors and","page_number":244,"box":{"x":315,"y":584,"width":566,"height":11}},{"id":"60e2a56f-03a2-48af-bcb1-901f6506bcdc","block_type":"box","text":"markets are decarbonizing based on technological feasibility, consumer demand, government policy, regulatory","page_number":244,"box":{"x":102,"y":599,"width":789,"height":11}},{"id":"4c7e841c-164c-4e57-9981-c746559cc1e1","block_type":"box","text":"frameworks and other factors. Further, the Guidelines recognize that these factors are uncertain and dynamic.","page_number":244,"box":{"x":101,"y":614,"width":785,"height":11}},{"id":"d573d5e4-2347-456e-b60e-188b58f31729","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":637,"width":6,"height":5}},{"id":"db5d72ac-c26d-49f2-9892-5fff64709073","block_type":"box","text":"Take a long-term, pragmatic approach to the low-carbon transition that minimizes disruption to portfolio","page_number":244,"box":{"x":101,"y":634,"width":759,"height":11}},{"id":"93fe7114-e32e-43e3-b75e-ddd8e8c18c44","block_type":"box","text":"companies and their key stakeholders:","page_number":244,"box":{"x":101,"y":649,"width":282,"height":11}},{"id":"8ae0d8b8-250b-4e7d-ba82-f9954cf0aece","block_type":"box","text":"The Guidelines recognize the challenges that many companies face in","page_number":244,"box":{"x":389,"y":649,"width":496,"height":12}},{"id":"8a8a51bd-4baa-417d-a343-afdfbd260bfc","block_type":"box","text":"adapting their business models to the low-carbon transition. It reflects a view that a smooth transition — where","page_number":244,"box":{"x":102,"y":664,"width":794,"height":12}},{"id":"4e472abe-7dc3-4866-84a1-747346672fe5","block_type":"box","text":"companies adapt while continuing to deliver financial returns — is a better long-term investment outcome and","page_number":244,"box":{"x":101,"y":680,"width":783,"height":11}},{"id":"367d21c4-4bca-428c-a182-67412cc91940","block_type":"box","text":"7","page_number":244,"box":{"x":69,"y":709,"width":4,"height":5}},{"id":"3daba805-34bb-4b8a-9c83-48001d95568f","block_type":"box","text":"These companies may already be low-carbon operators or be demonstrating momentum in reducing emissions in","page_number":244,"box":{"x":78,"y":709,"width":803,"height":11}},{"id":"8c4f0a49-eace-44db-ba75-01d84e2ac1e9","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":244,"box":{"x":68,"y":724,"width":832,"height":11}},{"id":"8bae3955-dc31-4de5-9f01-bf807298ec83","block_type":"box","text":"current business model to contribute to the transition to a low-carbon economy.","page_number":244,"box":{"x":69,"y":739,"width":565,"height":11}},{"id":"cfce9577-ba17-4a4d-abe5-4bbff7a2bf57","block_type":"box","text":"8","page_number":244,"box":{"x":69,"y":757,"width":4,"height":5}},{"id":"734d9a30-84c8-44ce-a305-6d55eb197a36","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":244,"box":{"x":78,"y":757,"width":789,"height":11}},{"id":"513eb94f-8016-4f76-8480-467595d40b75","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":244,"box":{"x":70,"y":772,"width":829,"height":11}},{"id":"b57f2bc9-8cc7-40d4-b8f0-f81c5ff70c78","block_type":"box","text":"based approach, and are focused solely on advancing clients’ financial interests.","page_number":244,"box":{"x":69,"y":787,"width":576,"height":11}},{"id":"f2a000dd-ac43-4f7f-a0ea-3c3fb7669948","block_type":"box","text":"9","page_number":244,"box":{"x":69,"y":805,"width":4,"height":4}},{"id":"6bd4548c-8812-41ef-9ad2-4eef7712a293","block_type":"box","text":"BII’s latest research shows that while decarbonization continues, its pace is increasingly uneven across sectors and","page_number":244,"box":{"x":79,"y":805,"width":828,"height":11}},{"id":"304b2ead-7b20-49a1-9304-fea46b0c0e4e","block_type":"box","text":"regions, and overall slower than previously expected.","page_number":244,"box":{"x":69,"y":820,"width":375,"height":11}},{"id":"ac6e8b50-c4a7-43bb-8526-c8fc0ee8cf2e","block_type":"box","text":"10","page_number":244,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"188edc46-d49a-4bd8-83ec-16a5836c618a","block_type":"box","text":"BlackRock, “Evolving energy transition, evolving opportunities,” February 2025.","page_number":244,"box":{"x":84,"y":837,"width":565,"height":12}},{"id":"c5e4f20d-6800-4bc0-94a0-49e4fe33741b","block_type":"box","text":"11","page_number":244,"box":{"x":69,"y":855,"width":9,"height":5}},{"id":"4d008e15-be7d-4a5c-8aa1-9bb06b725f9e","block_type":"box","text":"Aladdin","page_number":244,"box":{"x":83,"y":855,"width":51,"height":9}},{"id":"34064046-b365-41f9-b8fa-49bce13c3172","block_type":"box","text":"®","page_number":244,"box":{"x":135,"y":855,"width":6,"height":5}},{"id":"9fcf4b07-b5b5-4b39-9feb-7d620cc545de","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":244,"box":{"x":147,"y":855,"width":745,"height":11}},{"id":"08bb178f-4c13-4795-80c5-7dcbca397bcf","block_type":"box","text":"analytics. Aladdin","page_number":244,"box":{"x":69,"y":870,"width":123,"height":11}},{"id":"f0e118ea-ae14-4f7a-bc0f-fb3dcd845c09","block_type":"box","text":"®","page_number":244,"box":{"x":193,"y":870,"width":6,"height":5}},{"id":"a1365e94-8289-4272-b2bb-a33373fcf123","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":244,"box":{"x":205,"y":870,"width":418,"height":11}},{"id":"1d0c9811-b774-4468-8c5d-7025aee982de","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e47b5a4-0449-4edd-a2a9-218ea1f07838","block_type":"box","text":"less disruptive to other key stakeholders than a disorderly transition. Further, the Guidelines consider the","page_number":245,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"5d54ecaf-458e-4268-a6c3-d1c4c0e0546e","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":245,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"7331395d-c81d-4592-a6c6-cf7a73c9ff19","block_type":"box","text":"does not.","page_number":245,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"212831a3-d13e-4133-94ed-8e6d17ea9e4c","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"7a3e1f03-1b4f-4b2e-acc4-c8873b46d616","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":245,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"e7442fbe-4bca-470d-bffd-f436df557139","block_type":"box","text":"limitations:","page_number":245,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"c581e598-11ec-4f9b-8396-f96f0c1e397b","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":245,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"4177d68e-77dd-4b4e-ae96-e5ec08abe43e","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":245,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"532e62b8-3da9-4eee-b996-3dce1430c10b","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":245,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"0c244b3e-549e-497e-a86c-a03959a81a68","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7e36cc7b-f178-455a-b069-8672cd8ea23e","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":245,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"9f37b14c-88dd-4187-920f-a167a96b8b7e","block_type":"box","text":"The boards and executive leadership","page_number":245,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"2e00ba1f-34a0-4230-a4fb-264c4cd72928","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":245,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"d86dc352-aa2f-45ce-88d8-4882b2c362e6","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":245,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"391937bd-b7e8-409e-b03d-8b50151ff9af","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":245,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"1b5a9517-ed1a-4435-92fc-54f665d6477b","block_type":"box","text":"Voting approach under the Guidelines","page_number":245,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"f7b515dd-0736-4fc9-8924-e2210305e551","block_type":"box","text":"12","page_number":245,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"1a07d94a-4c22-4991-8fbb-8fe943fb8180","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":245,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"47493e5b-f205-4571-8da3-39e9252415dc","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":245,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"6107ec53-4f90-4d61-aa05-b406f62e13f2","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":245,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"1dcc2d63-8bc8-46c6-822f-98208d1f0be2","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":245,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"0241ad29-4aab-4903-b9e4-edd774050087","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":245,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"52076437-96a1-4687-a284-ea862f7194d1","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":245,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"51f502ff-cba2-4c6f-9ff6-a17a08a2063e","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":245,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"f45e36e4-fb5c-4e9f-8ebc-cc03f1e78df1","block_type":"box","text":"Corporate Disclosures","page_number":245,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"3bc2c5a2-5b83-4953-8096-38d7b8e6e8b4","block_type":"box","text":"13","page_number":245,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"da4b07fe-a045-4233-9b58-1d5eee68e970","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":245,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"cd4cd5e7-fbba-4300-a160-77cf4f64a558","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":245,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"61d4de28-db9a-40e6-b811-521d8805503e","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":245,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"7e98e7cf-e642-40c5-9991-c9f495dde3ff","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":245,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"82496c86-c84e-4152-94f6-1ba78efde001","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":245,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"d47f5d1d-c14c-4b7d-900a-63b620f407bd","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":245,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"cfd4a5f8-9d3b-493d-93af-ce58d6c19317","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":245,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"81ce7347-cf40-45b1-9217-e82f72e53107","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":245,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"c0b5c467-b428-4eda-b93f-ca12d5492f2e","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":245,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"5517c462-3fab-4be3-a260-1153a633ffed","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":245,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"ff4179d0-d6ad-4134-bf2f-21ade47f70d0","block_type":"box","text":"14, 15","page_number":245,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"2c0f2df1-578c-4224-aca7-648ce2a8f97f","block_type":"box","text":"IFRS","page_number":245,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"2c54de31-0943-40af-a1be-9d660929d24e","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":245,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"3daa26d1-608c-46c0-af41-75a8302ef0a8","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":245,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"82ff3375-ad17-4176-9348-39b74c73321f","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":245,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"e0d6e22f-7fca-4baa-96ea-b860531501f6","block_type":"box","text":"and assurance standards are developed.","page_number":245,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"98830365-363a-44d5-a95d-00dfadd40280","block_type":"box","text":"12","page_number":245,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"79873ee4-53e3-4443-9556-a052c9cd8a7c","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":245,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"c7fa8f05-4a62-4f00-951e-0d816163fe5a","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":245,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"48b40c8f-b16e-4912-acf5-bd3f771268bf","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":245,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"b3a8a0df-2fb5-4691-8091-5a811459161d","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":245,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"afdada13-2f19-49f1-a503-59b6493ba164","block_type":"box","text":"13","page_number":245,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"a4c9f2d2-9f11-4084-99bc-ef9f166fd25c","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":245,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"4eac044f-50f4-4028-a753-6fe78b853468","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":245,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"2f4a6f10-ef87-43d9-9444-4521b81df530","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":245,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"447a41fc-c59f-405f-b6f7-2fa109fffcdf","block_type":"box","text":"14","page_number":245,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"295a8413-fe06-4f35-a367-4b505180a23e","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":245,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"3e5ff912-e914-4039-a129-8f5594d9beb0","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":245,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"8f17e6bb-8019-4a4e-a2db-7518a49993fd","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":245,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"9cbcd3ee-88d0-4c5f-8534-c24132d2fae9","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":245,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"36ef85bf-0c89-4f54-b137-f8d31df9e8c8","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":245,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"06b993bf-40d8-4ca0-a283-79e9df447e99","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":245,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"1a889967-9766-4ed9-af7a-48210c0b4d2f","block_type":"box","text":"15","page_number":245,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"cb2a574c-fbb9-4fbc-82b7-5419c64b69b8","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":245,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"631e64ff-fc5a-437d-9d4b-1af23de951d6","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":245,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"e2c4456f-e154-4610-ad3d-859a19abda59","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":245,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"f2d15b06-2585-426c-909a-22917ff223f7","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":245,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"c5c591f3-6711-4321-95c0-87c9f18796c8","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":245,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"cb6ec6c6-b650-4608-83eb-687e02b077a8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3e68f4f-0835-4cfc-87b6-0810fb33223e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":246,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"de3376f2-2a62-4885-b0c5-7f7a8d7d7789","block_type":"box","text":"16, 17","page_number":246,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"64a2c204-145e-48ad-a5c0-f1bc1fb765cb","block_type":"box","text":"In addition, the dedicated team looks to","page_number":246,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"68e29e4b-7af6-4249-9c13-236fd902a608","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":246,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"99c203e5-31b3-4fd4-b1ff-451ad3f287d2","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":246,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"8f79503b-af04-40f6-b2f2-bcc3b7706556","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":246,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"13cfc841-9813-46af-be43-ac2458a39b31","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":246,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"c81f6659-244a-45b1-ae2a-67b72d9183d4","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":246,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"fe86a540-8b1f-426a-91f6-0942e9d961dc","block_type":"box","text":"18","page_number":246,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"8b692a0e-998c-43d8-b808-72e61aeae4d6","block_type":"box","text":"However,","page_number":246,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"d2b4d701-1817-4717-a5ad-9f15afa1dae2","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different parts of","page_number":246,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"de9e0ea8-ff99-4f39-a568-4f9507d91988","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":246,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"e1499474-a2c0-4070-8ccc-cb4249c2818c","block_type":"box","text":"their decarbonization targets. For some companies that play an important role in the low-carbon transition, scope","page_number":246,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"afcac9b8-9383-4dc8-a24f-ae4a194c11b0","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":246,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"3602530b-3951-47df-92cf-754d29a0fa92","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":246,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"ef4e92a6-5750-4a7c-876a-76adb019552a","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":246,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"41064cb8-4113-40e5-940c-e087c2b49489","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":246,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"479490dd-fce5-4063-a5ed-5c28a3e61f7d","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":246,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"dafb18ee-9db1-43fb-a998-001f82ee4f21","block_type":"box","text":"transition risks.","page_number":246,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"6e8dccf0-e51c-4484-af32-8fcdf411cd8e","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":246,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"05d3398c-01b7-4dec-963d-f60cd8cd9d64","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":246,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"abd769f7-0fcf-4cb4-be91-67536fb57317","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":246,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"8f375559-cef8-4d75-8fa9-51dfdf599331","block_type":"box","text":"Transition plans","page_number":246,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"17c3724e-8c3d-47ba-881f-4bcab28210e3","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":246,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"cbb0c5d1-54c6-410d-bd27-f1b13b06e7aa","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":246,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"64e80607-5adb-4a99-a4d6-3cf6d4266f48","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":246,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"8d533836-2d4c-4d54-886b-9270a46b1e20","block_type":"box","text":"(see Appendix 1).","page_number":246,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"1a6e7e97-8ffc-4489-b0f9-510cca4deb00","block_type":"box","text":"19","page_number":246,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"b6fd64ba-85eb-4533-8ba8-5a17dcb02d49","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":246,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"da0a9b0d-63f0-421b-9525-99e860e8aca7","block_type":"box","text":"transition plans.","page_number":246,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"30ae56fd-6772-4f26-b67d-19f9364189ac","block_type":"box","text":"20","page_number":246,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"3cb0edcc-860c-4a88-817f-fbc1b3a29e94","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":246,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"90f1abed-5420-4d15-837e-24c0b30f52ad","block_type":"box","text":"reporting approaches.","page_number":246,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"1687d826-7f94-4c5a-b014-c596c720a222","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":246,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"45e72cc2-3732-458a-9b46-5968bd7ab527","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":246,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"647fca59-d9c9-4ff7-96c4-597a2b8f4251","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":246,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"b061dbf0-54b1-4d02-a3bf-3e323e92133b","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":246,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"1d4153ce-b4a4-49a5-807b-7dd1bbe463ce","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":246,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"558ca410-7b9c-40f2-b34e-39156000d2fd","block_type":"box","text":"informed voting decisions.","page_number":246,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"ca7d2808-2082-41ee-a32f-a8fb429026d2","block_type":"box","text":"16","page_number":246,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"c1ff5379-8795-4c74-8771-06705ec7f1ac","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":246,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"c9396ef6-24f6-4f51-8cd0-f69e4a7b4be9","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":246,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"29e2d074-53a8-4461-931b-0384f12655a1","block_type":"box","text":"December 2025.","page_number":246,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"f6b6105f-2f24-4666-b89b-94a4cff8d569","block_type":"box","text":"17","page_number":246,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"c020a160-32c2-4a35-bad6-8a6d913f20b6","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":246,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"4a02697f-17af-4aa3-a895-0dc898040634","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":246,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"e2f715b7-7331-4ddc-8306-c8be9a390e6b","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":246,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"aedd706b-b0b7-47ca-8eb4-aeeb592c8b97","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":246,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"b6f01fdc-83da-4986-b972-e822410a0650","block_type":"box","text":"18","page_number":246,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"4ebb2fee-df75-45fa-aae7-a085d2d030f9","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":246,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"58aa6571-9c41-420d-9e61-a7b41641c64c","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":246,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"d4258a9d-5831-4155-b5a4-40bb109a6900","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":246,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"9edd36f5-34e8-4479-ac57-54d88aaa3b2f","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":246,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"a28d026f-1f1e-4c7f-bb9e-c959d16a4970","block_type":"box","text":"material to their business models.","page_number":246,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"1190d473-0824-460d-9773-d54449f14ff6","block_type":"box","text":"19","page_number":246,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"b678a3fa-3a4b-49a2-a4a3-8d2114c8bb66","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":246,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"5fc3b910-fb0d-46a1-acce-ac6688f6d95c","block_type":"box","text":"December 2025.","page_number":246,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"7819f845-d615-4ee4-a51d-e82f4cb21edc","block_type":"box","text":"20","page_number":246,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"50761e66-2ba6-461e-a0ef-5d3915dacc2b","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their","page_number":246,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"4e686250-c207-4157-ad46-457c18ddf807","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":246,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"357fc8cb-8207-407f-9389-d8ac50b8d4c8","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":246,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"da4f2c06-af88-45ac-a34a-e6ce760a361d","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":246,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"94ccad8e-a2ba-432b-9573-02d464cae3c8","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":246,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"e247beb7-db6c-4469-9a2d-f64dd17581bb","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. Website accessed in","page_number":246,"box":{"x":68,"y":883,"width":821,"height":11}},{"id":"e833e359-1240-496d-89f0-53b154e695de","block_type":"box","text":"December 2025.","page_number":246,"box":{"x":70,"y":898,"width":118,"height":9}},{"id":"4804b4d3-58bf-402a-b205-a54ed0fb9f23","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9acbffd1-009f-477d-88a5-9f28cfa7036b","block_type":"box","text":"Boards and directors","page_number":247,"box":{"x":69,"y":45,"width":151,"height":9}},{"id":"5e41ccac-a561-4b71-a1a2-f23a1611a7a7","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":247,"box":{"x":101,"y":67,"width":775,"height":12}},{"id":"0bc2bbfd-a703-4b68-869a-1adae15b245b","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":247,"box":{"x":69,"y":83,"width":782,"height":11}},{"id":"b6afa941-f034-4474-80fd-7d53402a3e03","block_type":"box","text":"transition strategy. In assessing the role and effectiveness of the board in this regard, the dedicated team seeks to","page_number":247,"box":{"x":68,"y":98,"width":825,"height":11}},{"id":"09b39a62-e796-4c05-8723-2a8ea94d3a47","block_type":"box","text":"understand whether:","page_number":247,"box":{"x":69,"y":113,"width":145,"height":9}},{"id":"bc9f7291-8978-4a8d-9b5d-4da1988f0264","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":136,"width":6,"height":4}},{"id":"06d7f023-72ef-47c6-a6ae-cfb0fc09739f","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":247,"box":{"x":101,"y":133,"width":711,"height":11}},{"id":"51367fb7-07e7-4d9a-ba59-d5c37e50e189","block_type":"box","text":"opportunities in the company’s business model. The Guidelines consider the whole board to have responsibility","page_number":247,"box":{"x":102,"y":148,"width":796,"height":11}},{"id":"59d896c8-265d-4aa4-af2c-80fbea5befc1","block_type":"box","text":"for oversight of the company’s long-term strategy, including those aspects related to the transition to a low","page_number":247,"box":{"x":101,"y":163,"width":765,"height":11}},{"id":"dd0ac14f-e051-4de1-89bd-568f21518159","block_type":"box","text":"carbon economy.","page_number":247,"box":{"x":101,"y":178,"width":119,"height":11}},{"id":"fa14c743-9f63-4ae6-a2c7-3548892cc2f4","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":201,"width":6,"height":5}},{"id":"e3d8b5c4-6c9d-4165-a387-f4f8e54ca84a","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":247,"box":{"x":102,"y":198,"width":747,"height":12}},{"id":"c1b1fa2e-5148-42c4-b78a-11739fb52c50","block_type":"box","text":"accountability for delivery by senior executives.","page_number":247,"box":{"x":102,"y":213,"width":333,"height":12}},{"id":"ef75c812-7fc7-4aa8-a2d8-ef0a37ad9378","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":237,"width":6,"height":4}},{"id":"90bb33ce-8848-4e2a-8bb1-c3dbe121132c","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":247,"box":{"x":101,"y":234,"width":758,"height":11}},{"id":"fdd70d35-3893-4529-85c7-8b10833d485e","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the company’s","page_number":247,"box":{"x":101,"y":249,"width":772,"height":11}},{"id":"3e4d4d3e-e1f7-4ee2-a585-7ff84dd670cd","block_type":"box","text":"stated low-carbon transition strategy.","page_number":247,"box":{"x":102,"y":264,"width":260,"height":11}},{"id":"fbbefa91-77f6-489b-ade2-078b3d802c6d","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":287,"width":6,"height":4}},{"id":"34f15abb-3b06-4f00-a1ed-3905e85cbd2d","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":247,"box":{"x":101,"y":284,"width":807,"height":11}},{"id":"2cab0e6c-9d3a-492b-bc09-7c49ba69fa4d","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":247,"box":{"x":101,"y":299,"width":465,"height":11}},{"id":"1538f62e-505e-42d2-a671-22c21690d68c","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":322,"width":6,"height":5}},{"id":"d36ac40f-56f2-45d1-b473-e91a3fb1a065","block_type":"box","text":"The company has set scope 1 and 2 GHG emissions reduction targets, science-based and independently verified","page_number":247,"box":{"x":101,"y":319,"width":804,"height":12}},{"id":"7f463fcc-cecf-4cb4-9f4a-7bdca38be4d5","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average global temperature rise","page_number":247,"box":{"x":101,"y":335,"width":806,"height":11}},{"id":"ff5400ab-93c5-49fa-bf0a-e5e8eab23678","block_type":"box","text":"to no more than 1.5°C above pre-industrial levels.","page_number":247,"box":{"x":101,"y":350,"width":354,"height":10}},{"id":"791250a5-4667-4e03-9a78-b33d964b9320","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":373,"width":6,"height":4}},{"id":"40cbe557-bbe2-4132-8b0d-7d1211cf566b","block_type":"box","text":"There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over time and its","page_number":247,"box":{"x":101,"y":370,"width":788,"height":11}},{"id":"a5a803d3-509a-4f2e-9ce4-c8c51487e1fa","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":247,"box":{"x":102,"y":385,"width":282,"height":11}},{"id":"397d73a4-6dcd-45e9-85e7-e23b6905208a","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":408,"width":6,"height":4}},{"id":"f87d653e-f915-40ce-ab53-babc9077813e","block_type":"box","text":"The company is monitoring its most significant scope 3 emissions and disclosing these where it is confident in","page_number":247,"box":{"x":101,"y":405,"width":790,"height":11}},{"id":"5e527032-8292-446c-bb1c-b59152c1868b","block_type":"box","text":"the data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":247,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"e24726fc-96f4-4602-8934-2631dea83761","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":247,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"074d9fe3-c1ed-47cf-89a3-c7865dce393c","block_type":"box","text":"with the different constituents in their value chain.","page_number":247,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"acce516e-fada-4b12-921b-5d0d6be27301","block_type":"box","text":"21","page_number":247,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"00ec1f08-cf9e-4099-9cea-8250c2f93334","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"3436cc9e-6d05-4744-bba3-ec2f9ad85e5b","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":247,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"d7eca0b2-7a4a-4453-9478-5a4b0928b00a","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":247,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"581076df-269e-417c-8b69-b273c8dfb272","block_type":"box","text":"22","page_number":247,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"41850df5-fff4-456b-b3ad-3dfd66f57d61","block_type":"box","text":"The dedicated team looks for","page_number":247,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"f9ad0afd-ac2d-4c0f-86a5-22f1c0d4ba34","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":247,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"71c3c17b-e495-49ed-b015-bc87b2cd63a8","block_type":"box","text":"related to the low-carbon transition.","page_number":247,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"afa6026e-99ff-460a-b649-8353d7c07aff","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":247,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"bb4f2e1f-188b-40f3-8158-5b4ec24c78fa","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for","page_number":247,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"9f1db4a3-27e0-4182-b204-dbf1182242f8","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":247,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"304b66b9-d1ad-4e76-bbc3-a7a2ed8a2ddb","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. Where the dedicated team","page_number":247,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"eb5263a6-a864-49b2-a400-950f848f2292","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":247,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"91808c95-c912-4362-9d4f-0f972b6da0a0","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":247,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"84de91d2-a660-4132-8736-2d32ef3a2681","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":247,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"960e2fb4-b7ef-4951-96a6-a09a4c632182","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. In certain markets, the","page_number":247,"box":{"x":69,"y":659,"width":808,"height":11}},{"id":"f2be1c29-adfa-4db9-a2ab-071eee0dcf43","block_type":"box","text":"team may withhold support for the discharge of the supervisory board or equivalent and/or board reports.","page_number":247,"box":{"x":68,"y":675,"width":758,"height":11}},{"id":"6d9f532e-23cd-43fd-af44-8acc77727d76","block_type":"box","text":"23","page_number":247,"box":{"x":828,"y":675,"width":9,"height":4}},{"id":"b93df7e3-4db6-4074-b7f6-f46281ed52eb","block_type":"box","text":"21","page_number":247,"box":{"x":69,"y":704,"width":9,"height":5}},{"id":"80b61cf5-997b-4e12-9f5b-5ebdbfaa9ade","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":247,"box":{"x":84,"y":704,"width":825,"height":11}},{"id":"70d50e14-7102-4b0e-90d6-d51be12dc6a3","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":247,"box":{"x":70,"y":719,"width":835,"height":11}},{"id":"9f26bf56-754c-4645-ab7f-c232fcd9c79e","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":247,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"e56126ab-25d9-467d-b8ae-92721853b0fa","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":247,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"e53d0341-6c06-4567-a77c-d1a4827c6d49","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":247,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"5fd9df24-d11b-45b2-aeb3-954df70b6b3c","block_type":"box","text":"Website accessed in December 2025.","page_number":247,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"9733541e-2bda-4c9d-9dee-3a60294774cd","block_type":"box","text":"22","page_number":247,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"54d6ebaa-7bbf-4004-815e-2f44989874a9","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":247,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"39ab91a2-e6ac-4d5f-a3e3-668c09c0c4cd","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":247,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"9e6c5402-88e8-4ff4-b879-1d600a4dbb69","block_type":"box","text":"23","page_number":247,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"1ccc2950-e581-4dd7-b1fb-15582e48ff22","block_type":"box","text":"Board report votes are generally advisory and relate to reports issued by the board of directors that may contain","page_number":247,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"5e9c139f-65ec-45d0-97c3-6461a09a1f67","block_type":"box","text":"information on a company’s sustainability efforts, operational resilience, or financial condition, among others.","page_number":247,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"e028429a-08eb-4252-859c-b4e1b055e6e1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb9f95ce-7691-45be-882d-6f9b61f12f29","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year, and the","page_number":248,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"8a532ce1-cda6-4631-97d9-068e92d52f33","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":248,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"eb0c3ebc-ce25-4077-b877-e0cb83d04fc6","block_type":"box","text":"may escalate by not supporting the re-election of additional responsible directors.","page_number":248,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"cd9c1148-fe97-4b4b-9ea2-9e1cd5c42fd9","block_type":"box","text":"24","page_number":248,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"7242ecb0-ede9-4f3b-9281-dbe4e3b3616b","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":248,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"0c55bffb-f323-4540-b5e2-955524f0f705","block_type":"box","text":"In certain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":248,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"73486eef-0ace-4410-b9ff-a1613ac0b031","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress reports. The Guidelines consider these","page_number":248,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"8ffe9cc0-1619-4cac-a323-e6808fa2919d","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":248,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"aaf3a274-2100-4a5c-800a-cd221641f43b","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally supports management’s climate","page_number":248,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"0db92722-3287-4cfd-9915-f800df4bb37b","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":248,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"a2e90cd3-ec37-4829-8a71-e12a4ceafbae","block_type":"box","text":"transition. Similarly, the dedicated team generally supports management’s proposal on a progress report if the","page_number":248,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"7e39cdeb-64bb-40a4-aa3f-04e8ef95f520","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":248,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"6413a6e7-0abe-4804-8c08-e79a08282d6d","block_type":"box","text":"transition plan and targets.","page_number":248,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"b3efc337-9368-4b2b-8a3e-66ab91dbaff5","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":248,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"a9c7036f-9cac-47bf-b6d9-7d19cddb5dbc","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":248,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"bd7c8726-4faa-4321-8d9b-337868545f2a","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":248,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"ac87dd72-de5a-4980-80d7-e0c06f668e91","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":248,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"bcfda478-f8b7-4f87-b999-3cb0bca6c18d","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":248,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"3c35e02d-f37f-4ead-8ea5-3b736160256f","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in support of a proposal, it is not necessarily","page_number":248,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"3207d725-8d4a-4c35-a7da-aa3d7a6b5975","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent.","page_number":248,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"962f2203-190c-4925-bf47-ca19f2dd09b1","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":248,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"79f19bf7-892c-400e-b5e1-97481dedb800","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":248,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"663a594c-8df2-483c-9709-0bc58a60271f","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may support","page_number":248,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"d08ff50b-c50c-4c26-8457-2cb7e718a0ad","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":248,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"14841c00-cd07-4a76-b10f-0d8d4b5a07ec","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"bb28c41b-a02a-4545-a0df-f726cdd71d6b","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":248,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"af985210-7c4a-4898-a4bd-853231f362f9","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":248,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"3fb0a430-9725-48f0-bc02-ead5aadff754","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"92847877-1d9c-41b3-b06a-1a40a9855713","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":248,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"8c82b165-02e8-4fa6-b918-e6cca6493a9e","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":248,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"8322e9e1-565a-4bee-a1a7-43c7e42d9e7d","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"764b8670-cbed-4901-b425-c27591e0679e","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":248,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"334978be-fc6a-45f9-a867-702b8d02bcb7","block_type":"box","text":"•","page_number":248,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"28b657f6-e576-40b3-aed6-c5c479569e22","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":248,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"64dc2780-6fff-4fd2-8ffa-c0cfef8e73e8","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":248,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"eae400dc-6e92-48f9-9150-454664df577b","block_type":"box","text":"25","page_number":248,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"87d3770f-319d-40cd-98a1-2efa4afef320","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management","page_number":248,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"14be93fe-3c09-44f5-8264-a9a6a62932f8","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":248,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"fc22b876-8310-4a16-8c17-fec11029ce9a","block_type":"box","text":"RELATED MATTERS","page_number":248,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"775e3436-88d7-4084-9b88-9f01b84191ec","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":248,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"4cca4202-49c3-47be-8e22-d4de0e11aa27","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":248,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"b5b3e7f8-f6a0-47df-87fe-71b190227336","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":248,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"3db44259-5240-47b7-add4-8c292f415282","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":248,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"e6e4e2e1-39d6-42da-9a26-4a57d68da632","block_type":"box","text":"Executive compensation","page_number":248,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"aac93e67-aae9-420d-bddc-ef45ade07d8a","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":248,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"9232485a-dca6-45dc-9ba3-e6adc3c4eb95","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":248,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"56322a1e-9852-4257-bfe4-41ab9fb2c751","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":248,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"b2d9109e-6b42-4ac2-8028-29f0d1d4ba54","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":248,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"c9805963-015b-4921-a3a9-7cdb2cdb0224","block_type":"box","text":"24","page_number":248,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"ce1d9b01-c7c8-4f1b-8c3c-8531413e25ee","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally","page_number":248,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"7d6ef9ed-ba03-4164-a94e-8771e50eed1c","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":248,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"ff8397be-64e0-42d1-899c-919e1995c873","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":248,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"53450409-f0e2-41aa-a6df-17d81bbaf43a","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":248,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"1c04661f-2d2e-41ec-ae88-bc6d63025eab","block_type":"box","text":"25","page_number":248,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"42b8089f-289b-4205-a833-e52727008017","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":248,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"1ed6ceb6-4cf1-4ce4-92da-54ba0ed753aa","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":248,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"ad4b664f-00a3-405c-8855-616f7305362d","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":248,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0ab4991-09c8-42b2-9591-eb9ca2ac254f","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":249,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"1a13b1da-e802-4827-af7e-671769252b57","block_type":"box","text":"strategy and risk management.","page_number":249,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"3691df67-e666-41ce-86d6-5448fc2e7dae","block_type":"box","text":"Auditors and audit-related issues","page_number":249,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"be938765-62f9-40b5-a6cf-7f79eb042910","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":249,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"39750820-cea2-4395-aeb5-5ca85443967e","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":249,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"58e9820d-9997-4b11-9e07-e81869d5353f","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":249,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"85172a94-6ab7-427a-8398-d120bac75134","block_type":"box","text":"context of its audit report. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":249,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"7903a401-0c4a-4cd5-9381-17d53bcfff84","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":249,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"0fc5eb0c-6b68-4083-ad07-dd8694c8f4df","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":249,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"772e1cc3-15ec-4954-83f7-b92e4fd4ae1a","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":249,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"f4b2cf36-5a9e-47a7-8081-2b76a4801a4a","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":249,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"683c6a6a-790d-444f-b6f5-7684778281fe","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":249,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"379d602b-c3f4-4235-92c0-3aebed32538f","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":249,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"abefa1ff-3ac3-44f3-baa4-11efe3219945","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":249,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"051bfcda-17dd-48b8-b7b1-99ddb5b5b88a","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":249,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"6e28edf0-3e2f-4274-aec9-e55a487a3cb0","block_type":"box","text":"sustainability-related risks and opportunities that may be relevant to a company’s business model and long-term","page_number":249,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"7c318676-6a38-4083-955f-f714fb3e27c3","block_type":"box","text":"financial performance. These include a company’s impacts or dependencies on natural capital and key","page_number":249,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"c62fe8c9-2ed4-4335-8588-d184143cae48","block_type":"box","text":"stakeholders.","page_number":249,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"b0363311-17f3-490b-a96a-9bbc18766b24","block_type":"box","text":"26","page_number":249,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"35d838e5-6e6e-4d0b-bbba-6b57080085f7","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":249,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"9b751d87-23f9-4b14-af15-348445411a7a","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":249,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"e042ddd2-b782-42e9-adb7-59eb59122540","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":249,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"fb9ff7f3-b9b4-4fed-b086-349985f61616","block_type":"box","text":"team may engage companies that face risks and opportunities related to land use and deforestation, access to fresh","page_number":249,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"24bfd55f-946c-4749-b6c6-8b5ad4dbed75","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":249,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"b03ce307-f5b4-4ee7-a2d1-9311f57df361","block_type":"box","text":"26","page_number":249,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"b7323c29-e0a1-4de4-a926-3cf53173c68f","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":249,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"6e8b0922-4bcb-4bce-ad41-4209ab25ff4d","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":249,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"71c58681-d1cf-48e6-be27-660f41ab631c","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":249,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7823d3c8-82a5-4109-9a10-07d5fd5a51c0","block_type":"box","text":"Appendix 1","page_number":250,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"cc10c971-4fd9-4867-bd66-4ba01b1276f7","block_type":"box","text":"Terminology","page_number":250,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"a50a12a6-4d29-4b49-aa70-8cd087464cd8","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":250,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"e1387efb-120a-498a-84af-2f03b06b1395","block_type":"box","text":"Climate risk:","page_number":250,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"0d8f9964-a692-4edc-afac-ae6cb865b47b","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":250,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"fcca582f-3491-40df-989c-bc58c8bfc6bd","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":250,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"18d1a227-6c1f-4988-b726-8e4547788d94","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":250,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"3c40d16f-4db4-4602-a6c8-5f6e89c97afa","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":250,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"d3582e95-7a10-457e-81be-04aa11793b38","block_type":"box","text":"The global economic shift toward lower","page_number":250,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"bd7d1aa2-441b-405a-8c3c-efd3a1aadc1d","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":250,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"0c923c79-c6ac-4e83-b07a-1648d581649b","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":250,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"88a748dd-949b-45b3-9765-a41678ac86cf","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":250,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"64370f59-925d-403b-aa2e-3079b0a2679d","block_type":"box","text":"Decarbonization:","page_number":250,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"88018d21-ca18-4abf-b496-cf296376afb9","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":250,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"bfc5eb06-eccb-4c71-bd69-3b9e0fa96069","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":250,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"875ed0cc-bd46-46dd-a288-f6470afad74a","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":250,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"22238baa-eea5-47b7-b88f-5d72657be020","block_type":"box","text":"e.g., methane.","page_number":250,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"17866956-069f-4c3d-84ca-43f5d56a8039","block_type":"box","text":"Climate-related risks and opportunities:","page_number":250,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"1e213eeb-d385-44fc-82b9-dffee1b64ff9","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":250,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"c7b19abc-9731-49f8-a81b-e475c67fd6a9","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":250,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"717919e9-fcb1-4939-90f6-aab5e165e632","block_type":"box","text":"to physical climate change.","page_number":250,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"bcb5dc19-2c38-45df-ae41-15b085bf93e0","block_type":"box","text":"Climate-related transition plan:","page_number":250,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"3d1f7f28-77fd-49a0-b560-7077250d7b28","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":250,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"8a35e5ff-6f70-4c33-a7fc-2e141e16ced3","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":250,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"f40ebe99-be30-42b2-94d6-e09f0d218a26","block_type":"box","text":"greenhouse gas emissions.”","page_number":250,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"72fa7403-cc01-4bf6-a214-80fe5cff420a","block_type":"box","text":"27","page_number":250,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"4fbbf4a5-dfb9-458c-82f0-95140bca3343","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":250,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"0dbe1f16-8415-4d51-8529-d49e1cb3a3ca","block_type":"box","text":"Targets that “","page_number":250,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"197e7fb4-03d2-412f-b702-8f1a08207900","block_type":"box","text":"are in line with what the latest climate science","page_number":250,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"e088b19a-cd4a-4342-939f-fe3c1ee118a8","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":250,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"30ef49d4-204d-49b9-8e4b-6ca2904d21e7","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":250,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"922f9aee-7cd1-4cf5-94ba-9e1f129704f4","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":250,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"c6831f97-8ff2-416d-a83b-55fc04fdc9b8","block_type":"box","text":"with the Paris Agreement goals.”","page_number":250,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"6b0244b9-f0d1-4d1e-8e02-9bd083685995","block_type":"box","text":"28","page_number":250,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"5410e1c2-cb69-4f5a-b796-26df7081f192","block_type":"box","text":"Scope 1:","page_number":250,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"fdf60b3d-3a10-480e-b6c7-e918b7ccb6be","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":250,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"94d3e3a7-0d3d-4a51-aceb-83d2231cb248","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":250,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"706afa5f-3649-42b2-a3d8-228bb4ffb6fe","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":250,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"b8d77223-db9e-4cec-b09e-1f81c01dd9c9","block_type":"box","text":"29","page_number":250,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"b33d1fbb-29ba-4970-9edb-26a6440728d8","block_type":"box","text":"Scope 2","page_number":250,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"17b81a2f-93bc-43a4-83ee-03eaa1be59a6","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":250,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"d7e87063-044f-4aed-813e-5cca7aa6abe2","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":250,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"b2bc41b3-afa8-419b-a1bc-5e7949a43fc7","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":250,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"982e4dc3-52b3-4640-a19b-a90a97650094","block_type":"box","text":"30","page_number":250,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"0ea8ec1d-df87-444d-a004-1176b2d2f26a","block_type":"box","text":"Scope 3:","page_number":250,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"20120160-272b-4d1a-96ff-cf9638bdf6d9","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the treatment","page_number":250,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"85801ae6-7483-409e-93a3-99108af51eb8","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":250,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"8edbac41-087b-403a-a756-d16730658e01","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":250,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"9403ce7e-0bed-49d0-9557-9e2b7f364804","block_type":"box","text":"31","page_number":250,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"840cca74-451e-4ce0-b59d-7a7f23d4a0f9","block_type":"box","text":"27","page_number":250,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"f4a9e4e5-2466-4672-8c8c-5ba238ff8725","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":250,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"596a7c80-51fd-4405-ab6f-77ecf20df2ff","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":250,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"3c57ccc1-777d-4836-96c5-fc7c9164946b","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":250,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"7d05c476-7a97-45ec-93da-8744bb4a1efb","block_type":"box","text":"28","page_number":250,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"7e410155-fdf0-4516-81ed-b89f4219d1fc","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":250,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"329ea3c1-07f2-4b2c-a06e-1b7c402fb1fe","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop","page_number":250,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"e85a6f0d-9a92-412c-912e-911732d2eab5","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":250,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"a3d4ee1f-55b9-49a2-9f90-c03d8e52d4f2","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":250,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"8552f6b6-6ccd-46b5-aca6-c282319d42cb","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":250,"box":{"x":69,"y":787,"width":666,"height":11}},{"id":"70183b16-78a8-452e-b6c6-c7b14999951a","block_type":"box","text":"29","page_number":250,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"c315cd94-c239-4555-8367-1bf30cc91986","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":250,"box":{"x":84,"y":805,"width":670,"height":11}},{"id":"c91edf0a-c5f7-44c4-9920-46fd6028eeb9","block_type":"box","text":"30","page_number":250,"box":{"x":69,"y":823,"width":9,"height":4}},{"id":"8fba905f-e1b4-472e-a5ae-e294647ed2ad","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":250,"box":{"x":84,"y":822,"width":670,"height":12}},{"id":"5d591429-b284-4064-821b-699d2be84321","block_type":"box","text":"31","page_number":250,"box":{"x":69,"y":840,"width":9,"height":5}},{"id":"6aa0d996-e52c-41bf-8c7b-40af7d6d1d40","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":250,"box":{"x":84,"y":840,"width":670,"height":11}},{"id":"8ce7a9e9-2ef6-4c34-bf7b-5a4d781181c5","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":250,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5593313-1583-41a6-aa84-9abc4afee254","block_type":"box","text":"Appendix 2","page_number":251,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"35b3b778-1563-4d39-9321-754de8317452","block_type":"box","text":"Comparison of key differences between how the BIS’ Benchmark Policies considers climate-related risks,","page_number":251,"box":{"x":101,"y":67,"width":771,"height":11}},{"id":"dedff70b-3aa6-4200-9763-b804d1141ab0","block_type":"box","text":"where appropriate, and these Guidelines:","page_number":251,"box":{"x":68,"y":83,"width":299,"height":10}},{"id":"3a106098-675d-43b2-b0d2-d88156ca240f","block_type":"box","text":"32","page_number":251,"box":{"x":368,"y":83,"width":10,"height":4}},{"id":"c403f161-f13b-42c4-9b0c-6aca61fdef63","block_type":"box","text":"BIS Benchmark Policy","page_number":251,"box":{"x":309,"y":106,"width":161,"height":11}},{"id":"6b992ff3-b4bf-4cc8-896f-3af96e6038b6","block_type":"box","text":"33","page_number":251,"box":{"x":470,"y":107,"width":10,"height":4}},{"id":"b22ef2d3-f1dc-4c6d-9419-529ed2032726","block_type":"box","text":"Decarbonization Policy","page_number":251,"box":{"x":658,"y":106,"width":165,"height":11}},{"id":"e9916c10-c0d5-470e-8bca-4997fb1c77cd","block_type":"box","text":"Key concepts","page_number":251,"box":{"x":75,"y":122,"width":98,"height":11}},{"id":"d85f425b-9bcd-4bf9-912f-118582d46fef","block_type":"box","text":"Focuses on financial performance","page_number":251,"box":{"x":232,"y":121,"width":240,"height":11}},{"id":"c2dfdffe-637f-4603-845f-de2b22d1336e","block_type":"box","text":"and engages companies on","page_number":251,"box":{"x":231,"y":137,"width":195,"height":11}},{"id":"0814e89e-627f-4c17-be84-eecccd8580ea","block_type":"box","text":"climate and transition topics when","page_number":251,"box":{"x":231,"y":152,"width":244,"height":11}},{"id":"28ab6a98-a950-4d14-ac87-4e5c8f8f8ee5","block_type":"box","text":"material to their business","page_number":251,"box":{"x":232,"y":167,"width":181,"height":9}},{"id":"6735a288-4b95-4036-9a18-9840a1b938b5","block_type":"box","text":"Prioritizes the disclosure of how a","page_number":251,"box":{"x":232,"y":186,"width":239,"height":9}},{"id":"b22f7cd7-98b3-4b9a-b728-b587f3bc8a31","block_type":"box","text":"company is managing material","page_number":251,"box":{"x":231,"y":201,"width":215,"height":11}},{"id":"ee27dffa-918d-4a8e-a479-efe80839a342","block_type":"box","text":"climate and transition-related risks","page_number":251,"box":{"x":231,"y":216,"width":246,"height":9}},{"id":"a57c37ad-391a-482c-9acd-aa3d6670217d","block_type":"box","text":"and opportunities","page_number":251,"box":{"x":231,"y":231,"width":125,"height":11}},{"id":"700890e7-53f6-45c8-b948-4c5d48a3df62","block_type":"box","text":"Considers both financial performance","page_number":251,"box":{"x":578,"y":121,"width":267,"height":11}},{"id":"56cd0c76-63e6-4a47-97d5-f6ac539bdeb2","block_type":"box","text":"and decarbonization objectives","page_number":251,"box":{"x":578,"y":137,"width":218,"height":11}},{"id":"fd2b16b3-50ee-481b-a0b9-287461a2e8a9","block_type":"box","text":"consistent with funds’ and clients’","page_number":251,"box":{"x":577,"y":152,"width":244,"height":9}},{"id":"772f6862-d610-4a70-9012-6b2b5cde8999","block_type":"box","text":"investment objectives","page_number":251,"box":{"x":578,"y":167,"width":153,"height":11}},{"id":"e70c8679-d599-41da-872f-bb68382607c9","block_type":"box","text":"Assesses the alignment of a","page_number":251,"box":{"x":577,"y":186,"width":203,"height":11}},{"id":"4c40ddea-8097-4484-a4f6-dbf3d63fa94d","block_type":"box","text":"company’s business model","page_number":251,"box":{"x":577,"y":201,"width":193,"height":11}},{"id":"1ec3da46-ac94-48d6-a36b-31314298116d","block_type":"box","text":"with the ambition to limit global","page_number":251,"box":{"x":577,"y":216,"width":223,"height":11}},{"id":"c2aae98c-0bd0-4260-b141-48d022d8d782","block_type":"box","text":"average temperature rise to","page_number":251,"box":{"x":578,"y":231,"width":196,"height":11}},{"id":"e48911b7-e333-4ae1-8d93-4d07df9fb3e1","block_type":"box","text":"1.5°C above pre-industrial levels","page_number":251,"box":{"x":578,"y":246,"width":230,"height":11}},{"id":"bdd78123-9990-4471-bdd8-7ef7ded46f03","block_type":"box","text":"Prioritized","page_number":251,"box":{"x":75,"y":269,"width":72,"height":9}},{"id":"64192401-6ae4-4736-b5bc-0891c6e9c2bd","block_type":"box","text":"companies for","page_number":251,"box":{"x":74,"y":284,"width":103,"height":11}},{"id":"e6825a73-ece3-4c5c-ae41-ed3d991298a2","block_type":"box","text":"climate-related","page_number":251,"box":{"x":74,"y":299,"width":109,"height":9}},{"id":"a3784b46-c407-402c-a90d-aa8a7e1c88d6","block_type":"box","text":"engagement","page_number":251,"box":{"x":74,"y":315,"width":90,"height":10}},{"id":"25e4ca1a-3b88-4245-9120-fa5c282327b5","block_type":"box","text":"Largest Scope 1 and 2 GHG emitters Largest total value chain GHG","page_number":251,"box":{"x":232,"y":269,"width":557,"height":11}},{"id":"7d31ed40-3e08-4146-aa3f-44f8ead215f9","block_type":"box","text":"emitters (Scope 1, 2, and 3)","page_number":251,"box":{"x":578,"y":284,"width":201,"height":11}},{"id":"463420ac-ebe8-4b39-86cb-3852014e1a5c","block_type":"box","text":"Emissions","page_number":251,"box":{"x":75,"y":337,"width":72,"height":9}},{"id":"2182981c-ef92-41e6-9039-36653f89971d","block_type":"box","text":"reporting","page_number":251,"box":{"x":75,"y":352,"width":66,"height":11}},{"id":"1f90e59e-2253-4ad4-a734-5f96e3545f5e","block_type":"box","text":"Seeks reporting of Scope 1 and 2 Seeks reporting of Scope 1, 2 and","page_number":251,"box":{"x":231,"y":337,"width":592,"height":11}},{"id":"c85fff5e-22dd-406d-b4f9-e5a3b301d733","block_type":"box","text":"significant 3","page_number":251,"box":{"x":578,"y":352,"width":86,"height":11}},{"id":"463aa76f-80b2-4831-89ac-092f335b6df8","block_type":"box","text":"Emissions targets","page_number":251,"box":{"x":75,"y":375,"width":130,"height":11}},{"id":"b709c7b5-b5b6-45ff-949d-2b2b9c219ea2","block_type":"box","text":"& decarbonization","page_number":251,"box":{"x":74,"y":390,"width":131,"height":9}},{"id":"062ef26f-1c91-49d7-91b5-528cb0d602ce","block_type":"box","text":"efforts","page_number":251,"box":{"x":74,"y":405,"width":48,"height":9}},{"id":"0daa2a25-42e2-4cfc-acaf-c6db86e89dcb","block_type":"box","text":"Seeks the disclosure of Scope 1 and","page_number":251,"box":{"x":231,"y":375,"width":262,"height":11}},{"id":"28911115-f32f-457e-b0f6-2ecd0619d146","block_type":"box","text":"2 targets","page_number":251,"box":{"x":231,"y":390,"width":64,"height":11}},{"id":"2f18118a-527e-440d-89b0-3325222dd90a","block_type":"box","text":"Seeks Scope 1 and 2 targets and","page_number":251,"box":{"x":578,"y":375,"width":239,"height":11}},{"id":"331f8a09-17e4-4933-b973-710de10c70f0","block_type":"box","text":"assesses decarbonization efforts","page_number":251,"box":{"x":578,"y":390,"width":238,"height":9}},{"id":"9770a8b8-adb4-468b-bef7-ca82ae724f7e","block_type":"box","text":"Temperature &","page_number":251,"box":{"x":74,"y":428,"width":108,"height":11}},{"id":"308a618e-5cc6-4a6e-b2c5-91f414c12981","block_type":"box","text":"scenario","page_number":251,"box":{"x":74,"y":443,"width":61,"height":9}},{"id":"0f6945f5-9f72-4d4c-b06f-5497395bdd53","block_type":"box","text":"alignment/","page_number":251,"box":{"x":74,"y":458,"width":82,"height":11}},{"id":"2d6fb838-f459-4552-8c3c-49092ea8a063","block_type":"box","text":"pathways","page_number":251,"box":{"x":75,"y":473,"width":68,"height":11}},{"id":"1103ac67-6069-443e-a76c-c47cef5e4507","block_type":"box","text":"Seeks disclosure from companies","page_number":251,"box":{"x":231,"y":428,"width":241,"height":11}},{"id":"ff17385f-7d2f-4392-8209-26faf6a7182e","block_type":"box","text":"that identifies and discusses the","page_number":251,"box":{"x":231,"y":443,"width":233,"height":9}},{"id":"7346d203-9715-410b-a967-64108099dc39","block_type":"box","text":"most plausible decarbonization","page_number":251,"box":{"x":232,"y":458,"width":219,"height":11}},{"id":"67ce1a4a-69ff-45aa-80f6-bf8e5bc77a3e","block_type":"box","text":"pathway","page_number":251,"box":{"x":232,"y":473,"width":57,"height":11}},{"id":"2096b942-f11d-4ab3-8c68-bde00cee8be9","block_type":"box","text":"Assesses temperature and","page_number":251,"box":{"x":577,"y":428,"width":191,"height":11}},{"id":"0fb9f95c-c6d9-4f9f-890b-b786a663849f","block_type":"box","text":"scenario alignment/pathways","page_number":251,"box":{"x":578,"y":443,"width":209,"height":11}},{"id":"89729335-fc31-479c-a22b-e3825115e0db","block_type":"box","text":"to 1.5°C degrees","page_number":251,"box":{"x":577,"y":458,"width":121,"height":11}},{"id":"33e9b904-e862-4ac0-ad95-f74925704e6d","block_type":"box","text":"Science-based","page_number":251,"box":{"x":74,"y":496,"width":104,"height":9}},{"id":"87582f19-c1ef-4821-9479-2597cf15b5f4","block_type":"box","text":"targets","page_number":251,"box":{"x":74,"y":511,"width":53,"height":11}},{"id":"717aed11-4e50-442f-8a48-f6e26b0821a7","block_type":"box","text":"commitments &","page_number":251,"box":{"x":74,"y":526,"width":116,"height":9}},{"id":"70a8714d-7456-46db-84e3-4b9062e69aa3","block_type":"box","text":"verifications","page_number":251,"box":{"x":74,"y":541,"width":89,"height":9}},{"id":"4bf89257-b49a-4a90-913c-1cd38f6ed263","block_type":"box","text":"Disclosure topic but not vote","page_number":251,"box":{"x":232,"y":496,"width":203,"height":11}},{"id":"7246209a-75a1-4ca9-a940-56d10d2018df","block_type":"box","text":"escalation criteria","page_number":251,"box":{"x":231,"y":511,"width":126,"height":9}},{"id":"24b4b822-937d-4433-9817-d0cd839424f0","block_type":"box","text":"Seeks science-based targets and","page_number":251,"box":{"x":578,"y":496,"width":235,"height":11}},{"id":"092444ff-a37b-4f89-9cfd-d23fe2bca1a9","block_type":"box","text":"verifications where possible; may","page_number":251,"box":{"x":577,"y":511,"width":237,"height":11}},{"id":"eb4a65f9-3f9e-412f-8a60-48859fb943cd","block_type":"box","text":"take voting action where absent","page_number":251,"box":{"x":577,"y":526,"width":227,"height":11}},{"id":"d46d41f2-84a2-4446-84b0-8b8f4b5e4a36","block_type":"box","text":"Company’s role in","page_number":251,"box":{"x":74,"y":564,"width":130,"height":11}},{"id":"2c535a99-4fce-47a3-98e9-a3307ffc1166","block_type":"box","text":"the transition","page_number":251,"box":{"x":74,"y":579,"width":98,"height":9}},{"id":"dc914522-08f8-4251-9d27-6922666fac6e","block_type":"box","text":"Disclosure topic but not vote","page_number":251,"box":{"x":232,"y":564,"width":203,"height":11}},{"id":"8eacb75c-24f3-4b38-9f07-d6663a395f5d","block_type":"box","text":"escalation criteria","page_number":251,"box":{"x":231,"y":579,"width":126,"height":9}},{"id":"10e43409-d4fa-4713-89c3-9bb068541fab","block_type":"box","text":"Assesses activities benefitting from","page_number":251,"box":{"x":577,"y":564,"width":254,"height":11}},{"id":"2578102c-f0fb-4209-8cd9-430a76c7064e","block_type":"box","text":"and/or contributing to the transition","page_number":251,"box":{"x":578,"y":579,"width":254,"height":11}},{"id":"33881f52-5670-4a75-89fe-50ecf6828de8","block_type":"box","text":"to a low-carbon economy","page_number":251,"box":{"x":577,"y":594,"width":176,"height":11}},{"id":"0d116d14-ba17-4901-91f2-49887909fb21","block_type":"box","text":"Shareholder","page_number":251,"box":{"x":74,"y":617,"width":87,"height":9}},{"id":"0189cda0-3479-49f8-ab16-805036963d09","block_type":"box","text":"proposals","page_number":251,"box":{"x":75,"y":632,"width":69,"height":11}},{"id":"702316b9-8312-494f-92da-5453083ad452","block_type":"box","text":"Case-by-case approach with focus","page_number":251,"box":{"x":231,"y":617,"width":240,"height":11}},{"id":"f25fb276-819f-4fe4-9ec5-5f72cc3e12bd","block_type":"box","text":"on implications for long-term","page_number":251,"box":{"x":231,"y":632,"width":202,"height":11}},{"id":"69569884-e8ee-4040-9304-0b75a6f17947","block_type":"box","text":"financial value creation","page_number":251,"box":{"x":231,"y":647,"width":163,"height":9}},{"id":"dc9b89be-b239-4ad1-95b2-7c0d1a3e448a","block_type":"box","text":"No support for shareholder","page_number":251,"box":{"x":232,"y":666,"width":192,"height":11}},{"id":"8bc38e4c-e7b1-4f60-b152-332261a7495a","block_type":"box","text":"proposals that seek to direct","page_number":251,"box":{"x":232,"y":681,"width":205,"height":11}},{"id":"05cb5c0d-d6f9-4ebc-bad5-b7f2da9b0369","block_type":"box","text":"management strategy","page_number":251,"box":{"x":232,"y":697,"width":153,"height":10}},{"id":"631b9c9d-53aa-49c4-8375-6b3f61d05cdb","block_type":"box","text":"Case-by-case approach with","page_number":251,"box":{"x":578,"y":617,"width":195,"height":11}},{"id":"d744a9ff-5b97-4a2a-9b97-34bdf6086d43","block_type":"box","text":"further consideration given to","page_number":251,"box":{"x":577,"y":632,"width":209,"height":11}},{"id":"21a23d60-e0e4-4055-a7f5-0a24112de4c8","block_type":"box","text":"decarbonization objectives in","page_number":251,"box":{"x":578,"y":647,"width":204,"height":11}},{"id":"0556c445-90d6-45e5-ad0e-9bb3ba2c71ba","block_type":"box","text":"addition to financial performance","page_number":251,"box":{"x":578,"y":662,"width":235,"height":11}},{"id":"2bf4151a-e629-4c13-a7e6-27ef79c2093f","block_type":"box","text":"No support for shareholder","page_number":251,"box":{"x":578,"y":681,"width":192,"height":11}},{"id":"e75e847d-7fa3-4965-88bc-71d0a8b02ed5","block_type":"box","text":"proposals that seek to direct","page_number":251,"box":{"x":578,"y":696,"width":205,"height":11}},{"id":"3ee78268-129c-4993-afe9-398e5c8f31bd","block_type":"box","text":"management strategy","page_number":251,"box":{"x":578,"y":712,"width":154,"height":10}},{"id":"72b6e528-4d37-4e25-a8a8-8e684fae1d78","block_type":"box","text":"32","page_number":251,"box":{"x":69,"y":750,"width":9,"height":5}},{"id":"70441873-4860-4e52-9ff1-50b9b9affebe","block_type":"box","text":"There may be some regional variations in voting under these Guidelines in light of company circumstances, policy","page_number":251,"box":{"x":83,"y":750,"width":809,"height":11}},{"id":"830970bf-3c4f-4abe-b035-fe4409121b78","block_type":"box","text":"requirements in a particular market or a country’s Nationally Defined Contributions, amongst other things.","page_number":251,"box":{"x":69,"y":765,"width":755,"height":11}},{"id":"467adc4d-e4ab-44c7-9b78-852c60346bc3","block_type":"box","text":"33","page_number":251,"box":{"x":69,"y":783,"width":9,"height":4}},{"id":"d7634e8c-7ca0-43c7-a319-ceca1c06a799","block_type":"box","text":"The BIS Global Principles, regional voting guidelines, and Engagement Priorities (collectively, the BIS Benchmark","page_number":251,"box":{"x":83,"y":783,"width":798,"height":11}},{"id":"37897e3c-4971-442d-8675-e8b876372243","block_type":"box","text":"Policies) set out the core elements of corporate governance that guide our investment stewardship program. The","page_number":251,"box":{"x":69,"y":798,"width":803,"height":11}},{"id":"164e8500-b2b2-4f11-9973-925311eac592","block_type":"box","text":"Benchmark Policies apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":251,"box":{"x":70,"y":813,"width":800,"height":11}},{"id":"971b2676-459c-45d7-8ce5-ac6c80d70f3f","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":251,"box":{"x":69,"y":828,"width":648,"height":11}},{"id":"3886bf65-25a6-4c12-8bb4-6e3e8891b05a","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":251,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ddb84eb-ffcc-4aa0-a3fe-c6f18cfc2e14","block_type":"box","text":"Want to know more?","page_number":252,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"5b1f335f-c28b-4ba1-9f8c-a7396f729cde","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":252,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"cfb7cc20-447d-405f-a9e8-1c3d88cccc73","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":252,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"8e5b4ced-4890-4090-80c5-e20fdd36acd1","block_type":"box","text":"principal.","page_number":252,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"4c2ef15f-f6e6-411d-8718-2c318ea29c5e","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":252,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"49245ae9-26f0-4d59-bbc5-826c892378a2","block_type":"box","text":"©2025 BlackRock, Inc. All rights reserved.","page_number":252,"box":{"x":69,"y":883,"width":303,"height":11}},{"id":"a631f50e-b739-488d-a283-ef77eba4ff92","block_type":"box","text":"BLACKROCK","page_number":252,"box":{"x":379,"y":883,"width":92,"height":8}},{"id":"dbc2fa56-71df-4106-92d8-1fc098d21db3","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":252,"box":{"x":478,"y":882,"width":417,"height":11}},{"id":"b0e705a9-a0d8-474a-868c-84ac92d7a4f6","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":252,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"9e80a118-fe1a-43d3-9e79-6e25c4b17025","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":252,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b75d7cf0-3813-4171-a221-b2fbbdc82322","block_type":"box","text":"[This page intentionally left blank]","page_number":253,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"20b2f01f-5c70-4e70-85cc-cd7b743d9fa8","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":253,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a04a17d3-0968-473b-b470-f8c30a56668a","block_type":"box","text":"[This page intentionally left blank]","page_number":254,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"5cf713ec-7dd0-4d1b-9332-443177f69cb1","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":254,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a924e4a-450d-48da-8155-ee2e0564bb03","block_type":"box","text":"[This page intentionally left blank]","page_number":255,"box":{"x":370,"y":489,"width":238,"height":12}},{"id":"fb129e81-54fe-47a6-8d13-c83a375e98b2","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":255,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3327e866-ba7d-4b45-a34d-66282bfa39ec","block_type":"box","text":"SAI-TA-0126","page_number":256,"box":{"x":69,"y":943,"width":85,"height":9}},{"id":"8f9c2c6b-f777-41e0-908d-36eaabbaf4a4","block_type":"box","text":"BNM1026U-6033078-19204809","page_number":256,"box":{"x":647,"y":981,"width":171,"height":7}}],"unit":"per_mille","page_width":[{"value":594,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]},{"value":612,"pages":[21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256]}],"page_height":[{"value":774,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]},{"value":792,"pages":[21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252,253,254,255,256]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":256}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"a08b7628-5a47-4f5c-81fe-fefb4fa0a52b"},"user_id":1000002,"date_created":"2026-10-19T22:13:41.073000Z","date_modified":"2026-10-19T22:13:41.073000Z","private":false}